Wells Fargo Leads MBA 2015 Commercial/Multifamily Mortgage Servicing Volume Rankings
ORLANDO–The Mortgage Bankers Association released its year-end 2015 ranking of commercial and multifamily mortgage servicers’ volumes. At the top is Wells Fargo Bank NA with $501.5 billion in U.S. master and primary servicing.
PNC Real Estate/Midland Loan Services ranked second with $485.2 billion, followed by Berkadia Commercial Mortgage LLC with $225.0 billion, KeyBank NA with $195.7 billion and GEMSA Loan Services, L.P. with $101.5 billion.
Wells Fargo, PNC/Midland, KeyBank and Berkadia ranked as largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities, collateralized debt obligations and other asset-backed securities; PNC/Midland, Prudential Asset Resources, GEMSA and MetLife led servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop LLC, and Berkeley Point Capital LLC led Fannie Mae servicers; and Wells Fargo, PNC/Midland, KeyBank and GEMSA led Freddie Mac servicers.
PNC/Midland ranked as the top master and primary servicer of commercial bank and savings institution loans; of loans for the credit companies, pension funds, real estate investment trusts and investment funds; and of loans for FHA and Ginnie Mae. Wells Fargo led servicing for loans held in warehouse facilities. Berkadia led for other investor type loans.
Specific breakouts in the MBA survey include:
–Total U.S. Master and Primary Servicing Volume
–U.S. Commercial Mortgage-backed Securities, Collateralized Debt Obligations and Other Asset-Backed Securities Master and Primary Servicing Volume
–U.S. Commercial Banks and Savings Institution Volume
–U.S. Credit Company, Pension Funds, REITs and Investment Funds Volume
–Fannie Mae Servicing Volume
–Freddie Mac Servicing Volume
–Federal Housing Administration Servicing Volume
–U.S. Life Company Servicing Volume
–U.S. Warehouse Volume
–U.S. Other Investor Volume
–U.S. CMBS Named Special Servicing Volume
–U.S. Named Special Servicing Volumes across All Investor Groups
–Total Non-U.S. Master and Primary Servicing Volume
MBA also asked firms to provide information about loans on which they are the named special servicer–that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The largest named special servicers were PNC/Midland, LNR Partners LLC, CWCapital Asset Management LLC and C-III Asset Management, LLC. PNC/Midland was largest special servicer for CMBS loans.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Situs Asset Management LLC led master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Manulife Financial/John Hancock.
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. Tabulations can and do double-count across servicers loans for which multiple servicers each fulfill a role.
The report includes a ranking of more than 100 master and primary servicers. To purchase a copy of the report, please click http://www.mba.org/documents/research/YE15ServicerRanking.pdf.
