WASHINGTON, DC-The Mortgage Bankers Association has released its midyear ranking of commercial and multifamily mortgage servicers. Wells Fargo resides at the top of the list with $430.5 billion in US master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $357 billion. In third, fourth and fifth places, respectively, are Berkadia Commercial Mortgage LLC ($206.6 billion); Bank of America Merrill Lynch ($110 billion); and KeyBank Real Estate Capital ($100.1 billion).
MBA also finds that Wells Fargo, PNC/Midland, Berkadia, BofA Merrill Lynch and KeyBank are the largest master and primary servicers of commercial/multifamily loans in the US. MetLife, PNC/Midland, GEMSA Loan Services LP, Prudential Asset Resources and Northwestern Mutual are the largest servicers for life companies. PNC/Midland, Wells Fargo, Berkadia, Berkeley Point Capital LLC and GEMSA Loan Services are the largest Fannie Mae/Freddie Mac servicers.
It also reported that 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 loans held in warehouse facilities; and Berkadia the top for other investor type loans.
MBA doesn’t do a lot of analysis for this report, beyond gathering and calculating the data, Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research, tells GlobeSt.com. “It's a snapshot in time of these firms’ activity.” For a broader look at the market, he suggests another metric: overall commercial mortgage debt outstanding. “That's where you see broader trends affecting total servicing balances,” Woodwell says.
He notes that while the balance of loans has been relatively stable, that balance in CMBS has been declining while the balance of loans backed by the GSEs and life companies has increased. “These different trends among different investor groups can affect individual companies depending on their mix of loans,” Woodwell concludes.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
