Wells Fargo Leads MBA 2018 Year-End Commercial/Multifamily Servicer Rankings
SAN DIEGO–The Mortgage Bankers Association released its year-end ranking of commercial and multifamily mortgage servicers’ volumes (as of December 31, 2018), showing Wells Fargo again leading the rankings.
The report, released here at the MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, shows Wells Fargo Bank N.A., with $675.3 billion in master and primary servicing in 2018, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank N.A. ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion).
MBA ranked servicers with retained or purchased servicing of U.S. mortgaged, income-producing properties in the following categories:
–Wells Fargo, PNC/Midland and KeyBank led largest primary and master servicers for commercial mortgage-backed securities, collateralized debt obligations or other asset-backed loans;
–Cohen Financial led for credit company, pension funds, real estate investment trusts and investment fund loans;
–Wells Fargo, Walker & Dunlop and Berkadia led for Fannie Mae loans;
–Wells Fargo and KeyBank led for Freddie Mac loans;
–Red Mortgage Capital LLC, Walker & Dunlop and Berkadia led for FHA & Ginnie Mae loans;
–HFF LP, NorthMarq and CBRE led for life insurance company loans;
–Wells Fargo led for loans held in warehouse;
–PNC and Wells Fargo are the largest named special servicers;
–Wells Fargo, MetLife and PGIM Real Estate Finance led servicers for loans held in own portfolio for U.S. mortgaged, income-producing properties.
–PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties;
–Capital One Financial Corp. and Wells Fargo rank as the top master and primary servicers of other types of commercial real estate related assets located in the U.S.; and
–Situs and CBRE 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, 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 100 master and primary servicers. The report can be downloaded at www.mba.org/documents/research/YE18ServicerRanking.pdf.
