MBA Ranks Commercial and Multifamily Servicers

Wells Fargo/Wachovia bank heads up the latest ranking of commercial and multifamily mortgage servicers issued by The Mortgage Bankers Association (MBA) for the first half of 2009.  The bank has a volume of $476.2 billion in master and primary servicing and is managing a total of 42829 loans.

A primary servicer is one which collects loan payments from borrowers and performs property related services such as property inspections.  A master servicer is generally responsible for collecting cash and data from primary servicers and distributed that to investors.

Following Wells Fargo was PNC Real Estate/Midland Loan Services with 308.5 billion (32,087 loans), Capmark Finance with $248.7 billion (32,357), KeyBank Real Estate Capital with $133.1 billion (12,501), and Bank of America with $132.2 billion (7,144 loans).  

J.P. Morgan/Chase and PNC/Midland ranked first and second among commercial and savings banks with portfolios of $41,200 million and $31,096 million respectively.  Gemsa Loan Services ($37,333) and TIAA CREF ($18,980) were the largest servicers in the category of credit companies, pension funds, REITs and investment funds.

PNC/Midland tops the list of servicers for government agencies.  The company is servicing $53,699 million in loans for Freddie Mac and Fannie Mae and $10,496 million for FHA and Ginnie Mae.

 The largest warehouse servicing volume is maintained by Wells Fargo/Wachovia at $25,630.

MBA also collected information on servicing volumes of commercial and multifamily properties located outside the U.S.  The largest master and primary servicer in this category is Hatfield Philips International.

The complete report can be read at http://www.mbaa.org/NewsandMedia/PressCenter/70138.htm.