Wells Fargo tops the Mortgage Bankers Association (MBA) ranking of commercial mortgage servicers as of the end of December 2010 with $451.1 billion in U.S. master and primary servicing.
The announcement was made at MBA's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2011 under way in San Diego.
PNC Real Estate/Midland Loan Services ranks second with $337.4 billion, followed by Berkadia Commercial Mortgage with $194.9 billion, Bank of America Merrill Lynch with $126.6 billion, and KeyBank Real Estate Capital with $118.9 billion.
Wells Fargo, PNC/Midland, Berkadia, Bank of America Merrill Lynch and KeyBank are the largest master and primary servicers of commercial/multifamily loans in U.S., CDO and other asset-backed securities, according to MBA.
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 andfrom primary servicers and then providing that cash and data, through trustees, to investors.
Here are additional rankings from the new report:
· PNC/Midland, GEMSA Loan Services, Prudential Asset Resources, Northwestern Mutual, and NorthMarq Capital are the largest servicers for life companies.
· PNC/Midland, Wells Fargo, Berkadia, Deutsche Bank Commercial Real Estate and Prudential Asset Resources 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 is the top credit company, pension funds, REITs, and investment funds servicer.
· PNC/Midland is the top FHA and Ginnie Mae servicer.
· Wells Fargo heads the list for mortgages in warehouse facilities.
· Berkadia is the largest for other investor-type loans.
· The leading special servicers cited were LNR Partners, CWCapital LLC & CWCapital Asset Management, C-III Asset Management LLC, PNC/Midland, and Berkadia.
MBA tabulations do not double-count loans for which a single servicer performs multiple roles, in general.
Beyond the United States, Hatfield Philips International, an LNR Property Company, ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank, PNC/Midland, GEMSA, and Manulife Financial/John Hancock.