Wells Leads Commercial, Multifamily Servicers: MBA
Wells Fargo/Wachovia Bank leads commercial and multifamily mortgage servicers in the first half of 2009. The servicer held $476.2bn of US master and primary servicing as of mid-year 2009, according to a survey of commercial and multifamily mortgage servicers by the Mortgage Bankers Association (MBA). Wells serviced 42,829 loans with an average loan size of $11.1m as of June 30. PNC Real Estate/Midland Loan Services followed Wells with $308.5bn of master and primary servicing on commercial and multifamily mortgages. PNC serviced 32,087 loans at an average size of $9.6m as of June 30. Capmark Finance took the No. 3 slot with $248.7bn in servicing volume, while KeyBank Real Estate Capital, Bank of America and GEMSA Loan Services rounded out the top six servicers with volumes of $133.1bn, $132.1bn and $104.8bn respectively. The MBA, which also surveyed servicers based on their status as 'special servicing'; LNR Partners led the special servicers with $195.1bn while CWCapital and Centerline Servicing rounded out the top three with $170bn and $112.9bn respectively. Write to Diana Golobay.