SAN DIEGO -- GMAC Commercial Holding Corp. remains the king of the hill among commercial and multifamily mortgage servicers, according to a new ranking compiled by the Mortgage Bankers Association and released Monday during its annual winter convention. As of year-end, 2004, GMAC served as either the master or primary servicer for loans totaling $208.1 billion. GMAC also finished first in last year’s ranking with $213.7 billion in master and primary servicing.
Wachovia ranks No. 2 on this year’s list with $184.8 billion in master and primary servicing. Midland Loan Services earned the No. 3 spot with $98.4 billion. In the increasingly sophisticated world of commercial real estate finance, a primary servicer typically collects loan payments from borrowers, performs property inspections and other property-related activities. A master servicer acts as a fiduciary and is responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors, according to MBA.
Rounding out the Top 10 list of master and primary servicers by volume are GEMSA Loan Services ($60.1 billion); Bank of America ($54.3 billion); Wells Fargo Commercial Mortgage Servicing ($51.4 billion); Prudential Asset Resources ($44.4 billion); Keybank Real Estate Capital ($34 billion); Washington Mutual ($33.7 billion); and Orix Capital Markets ($28.9 billion).
In a separate category, Wachovia ranked as the No.1 CMBS master and primary servicer by servicing loans amounting to $117.5 billion in 2004. GMAC Commercial ranked No. 2 with $111.5 billion, followed by Midland Loan Services at $72.27 billion.
Lastly, Deutsche Bank Mortgage Services was the largest Fannie Mae/Freddie Mac servicer at $17.5 billion. Washington Mutual finished in the No. 2 spot with $17.1 billion. GMAC rounded out the top three finishers with $13.6 billion serviced in 2004.