MBA Releases 2025 Year-End Commercial/Multifamily Servicer Rankings
The Mortgage Bankers Association (MBA) released its year-end ranking of commercial and multifamily mortgage servicers’ volumes as of Dec. 31, 2025, at its 2026 Commercial/Multifamily Finance Convention and Expo.
At the top of the list of firms is Trimont, with $680 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services, ($568 billion), KeyBank National Association ($468 billion), CBRE Loan Services ($458 billion), and Berkadia Commercial Mortgage LLC ($436 billion).
Among servicers with retained or purchased servicing of U.S. mortgaged, income-producing properties, Trimont, PNC/Midland and KeyBank are the largest primary and master servicers for CMBS, CDO or other ABS loans; Trimont is the largest for credit company, pension funds, REITs, and investment fund loans; Walker & Dunlop, LLC, Berkadia and CBRE Loan Services are the largest for Fannie Mae loans; KeyBank, PNC/Midland, and Trimont are the largest for Freddie Mac loans; Lument Real Estate Capital Holdings, LLC, Greystone, Berkadia and Walker & Dunlop are the largest for FHA & Ginnie Mae loans; JLL, NorthMarq, Bellwether Enterprise Real Estate Capital LLC, and CBRE Loan Services for life insurance company loans; and Trimont for loans held in warehouse. KeyBank and CWCapital Asset Management LLC are the largest named special servicers.
Berkadia, SitusAMC, and CBRE are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties; Citco Loan Services, JPMorgan Chase & Co, and Trimont rank as the top master and primary servicers of other types of commercial real estate related assets located in the United States; and SitusAMC, CBRE and Mount Street are the top primary and master servicers of non-US CRE-related assets.
A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles. The tabulations can and do double-count across servicers’ loans for which multiple servicers each fulfill a role.
Specific breakouts in the MBA survey include:
• Total Primary and Master Servicing;
• U.S. Mortgaged, Income-Producing Properties, Loans Held in Own Portfolio, Total;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Total
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, CMBS, CDO or other ABS loans;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Commercial Bank and Savings Institution Loans;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Credit Company, Pension Funds, REITs, and Investment Funds Loans;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Fannie Mae;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Freddie Mac;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Federal Housing Administration (FHA) and Ginnie Mae;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Life Insurance Companies;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Loans Held in Warehouse;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Other Loans;
• U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Named Special; Total
• U.S. Mortgaged, Income-Producing Properties, Other Fee-For-Service, Primary and Master; Total
• U.S. Other CRE-Related Assets, Primary and Master; Total
• Non-U.S. Total, Primary and Master, Total
The report includes a ranking of more than 80 master and primary servicers. Download the full report at: www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research/commercial-multifamily-mortgage-servicing
