Wells Fargo, PNC Lead MBA Mid-Year Commercial/Multifamily Servicer Rankings
The Mortgage Bankers Association released its mid-year ranking of commercial and multifamily mortgage servicer volumes as of June 30 this morning.
At the top of the list is Wells Fargo Bank NA with $502.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $499.1 billion, Berkadia Commercial Mortgage LLC with $220.6 billion, KeyBank NA with $195.4 billion and CBRE Loan Services with $108.3 billion.
Other leaders:
–Wells Fargo, PNC/Midland, KeyBank and Berkadia are 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, CBRE Loan Services, Prudential Asset Resources and MetLife are largest servicers for life companies;
–PNC/Midland, Wells Fargo, Walker & Dunlop LLC and Berkeley Point Capital LLC are largest Fannie Mae servicers;
–Wells Fargo, PNC/Midland, KeyBank and CBRE Loan Services are largest Freddie Mac servicers.
–PNC/Midland ranks as 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 is top servicer for loans held in warehouse facilities; and
–Berkadia is the top servicer for other investor type loans.
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 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, Wells Fargo, LNR Partners LLC, CWCapital Asset Management LLC and C-III Asset Management LLC. PNC/Midland is the 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 Companies ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by CBRE Loan Services.
The report includes a ranking of more than 100 master and primary servicers. The full report can be download at http://www.mba.org/documents/research/MY16ServicerRanking.pdf.
