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Wells Fargo Ranks First in Commercial Mortgage Servicing, MBA Reports

Wells Fargo tops the list of the nation’s commercial mortgage servicers at midyear, according to the Mortgage Bankers Association. Wells Fargo recorded $462.8 billion in U.S. master and primary servicing volume through June 30.

PNC Real Estate/Midland Loan Services reported the second-highest volume, $307.9 billion, while Berkadia Commercial Mortgage registered $202.6 billion, followed by Bank of America Merrill Lynch with $133.4 billion and KeyBank Real Estate Capital, $124.7 billion, according to the MBA.

The totals include multifamily master and primary servicing as well as other commercial property types.

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.

Wells Fargo, PNC/Midland, Berkadia, Bank of America Merrill Lynch and KeyBank are the largest master and primary servicers of commercial, including multifamily, loans in U.S. commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset-backed securities, according to the Mortgage Bankers Association.

GEMSA Loan Services, PNC/Midland, Prudential Asset Resources, Northwestern Mutual, and NorthMarq Capital are the largest servicers for life companies. PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, Berkadia and Prudential are the largest Fannie Mae/Freddie Mac servicers.

PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo the top for mortgages in warehouse facilities; and Berkadia the top for other investor type loans.

The Mortgage Bankers Association also asked firms to provide information about CMBS loans on which they are the "named special servicer," where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners, Inc., CWCapital LLC & CWCapital Asset Management, C-III Asset Management LLC, PNC/Midland and Berkadia.

The survey also collected servicing volumes for loans on commercial properties located outside the United States. Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by, Deutsche Bank, PNC/Midland, GEMSA and Situs Asset Management.

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