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Wells Fargo tops MBA's commercial/multifamily servicer list

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Wells Fargo (WFC) ranks first among master and primary servicers for its handling of $442.9 billion in commercial/multifamily loans tied to commercial mortgage-backed securities, collateralized debt obligations and other asset-backed securities, the Mortgage Bankers Association said Thursday. Wells Fargo serves as both primary and master servicer. While a primary servicer collects loan payments and performs property inspections, master servicers collect cash and data from the primary servicers and transfer it to investors through trustees. Wells Fargo ranked as the top U.S. master and primary servicer in the MBA's mid-year ranking of commercial and multifamily services, followed by PNC Real Estate/Midland Loan Services, which has a $346.5 billion block of business. Those firms are followed by Berkadia Commercial Mortgage ($184.2 billion in business) and Bank of America Merrill Lynch ($123.7 billion). PNC/Midland is the top master and primary servicer of commercial bank and savings institution loans, as well as Federal Housing Administration and Ginnie Mae loans, while Wells Fargo is the top servicer for loans held in warehouse facilities. GEMSA tops the list of servicers for credit companies, while Berkadia is the top servicer on other investor loan types. The leading special servicers – or firms that are ready to step in on troubled loans – include LNR Partners Inc., CWCapital LLC, CWCapital Asset Management and C-III Asset Management LLC. Click here to read the full report. Write to: Kerri Panchuk.

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