Wells Fargo (WFC) topped the Mortgage Bankers Association’s list of top commercial and multifamily mortgage servicers’ volumes with $431.0 billion in U.S. master and primary servicing.
PNC Real Estate/Midland Loan Services came in a close second with $352.8 billion. Berkadia Commercial Mortgage LLC followed with $235.0 billion, while KeyBank Real Estate Capital and GEMSA Loan Services finished up the list with $165.4 billion and $98.4 billion.
Wells Fargo, PNC/Midland, KeyBank and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. Commercial Mortgage Backed Securities, Collateralized Debt Obligations and other Asset Backed Securities.
Prudential Asset Resources, PNC/Midland, MetLife (MET) and GEMSA are the largest servicers for life companies. PNC/Midland, Wells Fargo, Walker & Dunlop, LLC (WD), Key Bank, Berkadia and Berkeley Point Capital are the largest Fannie Mae/Freddie Mac servicers.
The MBA ranked PNC/Midland as the top master and primary servicer of commercial bank and savings institution loans. GEMSA was ranked the top credit company, pension funds, REITs and investment funds servicer.
PNC/Midland took the cake as the top FHA and Ginnie Mae servicer, while Wells Fargo was the top for loans held in warehouse facilities. Berkadia was ranked the top for other investor type loans.
A primary servicer owns the responsibility of collecting loan payments from borrowers, performing property inspections and other property-related activities. Typically, a master servicer is responsible for collecting cash and data from primary servicers and then providing that cash and data, via trustees, to investors.
MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles, unless otherwise noted.
Firms were also asked by MBA to provide information about loans on which they are the named special servicer — i.e. where the firm stands ready to service the loan should special problems develop, such as delinquency.
The largest names special servicers were LNR Partners, Inc., CWCapital Asset Management, C-III Asset Management, and PNC/Midland. LNR Partners is the largest special servicers for CMBS loans.