Wells, PNC named top commercial real estate servicers in 2010

Wells Fargo (WFC) was the top commercial real estate and multifamily servicer by volume in 2010, servicing approximately $451.1 billion worth of loans. PNC Real Estate/Midland Loan Services (PNC) came in second, followed by Berkadia Commercial Mortgage, Bank of America Merrill Lynch (BAC) and KeyBank Real Estate Capital (KEY) to round out the top five. Rankings were released over the weekend by the Mortgage Bankers Association. PNC/Midland, which was also the No. 1 servicer of Fannie Mae and Freddie Mac loans, serviced approximately $337.4 billion in commercial and multifamily loans. About $57.4 billion, or a total of 6,067 loans, was attributable to the GSEs. Wells Fargo and Berkadia placed second and third in the GSE servicing sector of commercial/multifamily loans. Wells serviced 7,808 loans totaling $46.6 billion in 2010, while Berkadia serviced 2,633 loans at $26.4 billion. Across all categories in 2010, Berkadia serviced $194.9 billion worth of commercial and multifamily loans. Deutsche Bank Commercial Real Estate (DB) placed fourth in servicing loans for Fannie and Freddie at $26.4 billion and Prudential Asset Resources placed fifth at $14.8 billion. BofAML serviced $126.6 billion of commercial and multifamily loans in 2010, although the firm did not place in the top 37 servicers of Fannie and Freddie loans. With regard to Federal Housing Administration and Ginnie Mae loans, BofAML came in 30th with $11 million worth of loans. PNC/Midland was the top 2010 servicer of this type of loan ($10.2 billion) followed by Berkadia ($8.3 billion), Prudential ($7.2 billion), Wells ($6.7 billion) and Red Mortgage Capital ($2.9 billion). Warehouse servicers of commercial/multifamily loans by volume included the majority of top overall servicers. Wells Fargo serviced $28.4 billion worth of warehouse loans; PNC/Midland serviced $9.4 billion worth; KeyBank, who serviced a 2010 total of $118.9 billion, serviced $4.7 billion in warehouse loans; BofAML serviced $3.2 billion worth of loans; and Deutsche Bank serviced $1.4 billion. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.

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