Wachovia Securities was the nation’s largest commercial real estate loan servicer in 2008 with $412.9 billion in loans serviced, a new report shows. Wachovia Securities serviced 91,591 loans with an average value of $4.5 million, according to the annual ranking of commercial and multifamily loan servicers by the Mortgage Bankers Association (MBA).
The Washington, D.C.-based industry association, which represents the real estate finance industry, announced the rankings at its 2009 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, which is currently underway in San Diego.
Wachovia’s $412.9 billion volume includes both U.S. master and primary servicing. A primary servicer generally collects loan payments from borrowers, and performs property inspections and related duties, according to the MBA. A master servicer normally serves in a fiduciary role and is responsible for collecting cash and data from primary servicers to give to trustees, which in turn pass the money and information on to investors.
The second-largest loan servicer was PNC Real Estate/Midland Loan Services with $310.3 billion in U.S. master and primary servicing, followed by Capmark Finance Inc. with $260.9 billion and Wells Fargo with $182.6 billion.
MBA’s analysis determined that Wachovia was the top master and primary servicer of commercial bank and savings and institution loans, as well as the top servicer of mortgages in warehouse facilities. GEMSA Loan Services LP was the top credit company servicing pension funds, REITs and investment funds. PNC/Midland was the top FHA and Ginnie Mae servicer. Capmark ranked as the top for other investor type loans.
With regard to commercial mortgage-backed securities loans, the leading special servicers were LNR Partners, CWCapital Asset Management, Centerline Servicing and PNC/Midland. The special servicers are prepared to service loans if certain problems such as delinquency develop.