Well Fargo, PNC Lead List of Top Commercial, Multi-Family Servicers

by devteam February 4th, 2013 | Share

Wells Fargo ranks as the largestrnservicer, by dollar volume, of commercial and multifamily mortgages accordingrnto a new report from the Mortgage Bankers Association (MBA).  The bank holds $429.1 billion in U.S. masterrnand primary servicing.  Its portfoliornconsists of 35,125 loans with an average balance of $12.2 million.</p

Wells Fargo is followed by PNC Real Estate/MidlandrnLoan Services with a portfolio of 28,047 loans averaging $9.2 million for arntotal of $337.6 billion.  In third placernout of the 105 financial institutions surveyed was Berkadia Commercial Mortgage LLC with $197.3rnbillion (28,047 loans at $7.0 million.) rnRounding out the top five are Bank of America Merrill Lynch with $112.5rnbillion, and KeyBank Real Estate Capital with $101.2 billion.</p

The same five institutionsrnare also the largest master and primary services of commercial/multifamilyrnloans in U.S. CMBS, CDO and other ABS issues but Wells Fargo is far and awayrnthe largest with a portfolio of almost 25,000 loans with a total principalrnbalance of $319.5 billion.  This isrnnearly twice the size of second-ranked PNC/Midland’s $122.7 billion portfolio ofrnabout 10,700 loans.  The next three banksrnhad portfolios of under $100 billion.  </p

PNC is the top servicerrnof both Fannie Mae and Freddie Mac loans and FHA and Ginnie Mae loans at $62.8 billionrnand $13.7 million respectively.  WellsrnFargo services $44.1 billion in Fannie/Freddie loans and Prudential AssetrnServices is the second largest servicer of FHA/Ginnie Mae loans at $9.3 billion. </p

PNC/Midland ranks as therntop master and primary servicer of commercial bank and savings institutionrnloans.  A primary servicer is generallyrnresponsible for collecting loan payments from borrowers, performing propertyrninspections and other property-related activities. A master servicer isrntypically responsible for collecting cash and data from primary servicers andrnthen providing that cash and data, through trustees, to investors. GEMSA is therntop credit company, pension funds, REITs, and investment funds servicer; WellsrnFargo the top for loans held in warehouse facilities, and Berkadia is first forrnother investor type loans.</p

MBA also asked firms tornprovide information about loans on which they are the named special servicer -rnthat is, where the firm stands ready to service the loan should specialrnproblems develop, such as delinquency. The largest named special servicers werernCWCapital Asset Management LLC, and LNR Partners, Inc. LNR Partners is thernlargest special servicer for CMBS loans.</p

Here is the full report.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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