Wells Fargo Top-Ranked Multifamily Loan Servicer in MBA Mid-Year Report
Wells Fargo (WFC) serviced 40,292 loans worth $462.8bn during the first half to rank as the No. 1 servicer of commercial and multifamily loans, according to the Mortgage Bankers Association's Mid-Year Rankings released Tuesday. PNC Real Estate/Midland Loan Services, Inc. (PNC) ranked second overall, servicing total capital worth $307.9bn during the six months ended June 30. Berkadia Commercial Mortgage LLC came in third with $202.6bn worth of loans serviced followed by Bank of America Merrill Lynch (BAC) with $133.4bn. The report also ranks banks by servicing category, as it relates to the firm's secondary market activity. On the secondary side, these include both commercial- and asset-backed securities counted separately. Collateralized debt obligation activity is reported as a stand-alone category, as well. The top four servicers in the MBA survey hold securities portfolios worth $381.6bn, $130bn, $120.4bn, and $95.3bn. PNC is the No. 1 commercial banking/savings institution, followed by TriMont Real Estate Advisors, Inc. and Deutsche Bank (DB). GEMSA Loan Services, L.P. is ranked as the No. 1 in the credit company/pension funds/REITs/investment funds subcategory. PNC placed second and TIAA-CREF (Teachers Insurance and Annuity Association, College Reitrement Equities Fund) placed third. PNC also leads the rankings for servicing loans from Fannie Mae and Freddie Mac with $56.8bn, with Wells Fargo (including Wachovia) coming in second at $44.8bn and Deutsche Bank third at $26.5bn. For FHA and Ginnie Mae securities, PNC again tops the ranking followed by Berkadia, Prudential Asset Resources, Wells Fargo and Red Mortgage Capital, LLC. Commercial and multifamily loans secured by collateral outside the U.S. are also ranked in a separate category by MBA. Overall, Hatfield Phillips International, an LNR Company, is ranked first with $33.6bn in serviced loans, Deutsche Bank is ranked second with $21.5bn and PNC is ranked third at $11.7bn. The rankings are for primary and master servicing. A primary servicer is responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Write to Christine Ricciardi. The author holds no relevant investments.