ORLANDO – With $213.7 billion in master and primary servicing, GMAC Commercial Holding Corp. tops the Mortgage Bankers Association’s annual ranking of multifamily and commercial loan servicers at the end of 2003. The ranking was released Tuesday at the organization’s 14th annual Commercial Real Estate/Multifamily Housing Convention & Expo, taking place in Orlando Feb. 1-4.
Wachovia Securities took the No. 2 position with $120.2 billion in master and primary servicing, followed by Midland Loan Services Inc. at $83.3 billion and GEMSA Loan Services LP at $61 billion.
Rankings are based on primary and master servicing, and also are broken out by investor type to show the top life company, commercial mortgage-backed securities (), Federal Housing Administration (FHA) and Fannie Mae/Freddie Mac servicers.
GMAC, GEMSA, Prudential Asset Resources and Midland are the largest servicers for life companies and other private investors, while Washington Mutual, Berkshire Mortgage, GMAC and ARCS Commercial Mortgage Co. LP are the largest Fannie Mae/Freddie Mac servicers. GMAC, Reilly Mortgage Group Inc., Prudential, Midland Loan Servicing Inc. and Greystone Servicing Corp. Inc. are the largest FHA servicers.
MBA also asked firms to provide information about CMBS loans on which they are the “named special servicers” – that is, where the firm stands ready to service the loan should special problems, such as delinquency, develop. Because named special servicing is not directly comparable with master and primary servicing and the economics of special servicing are different, special servicing is not included in the MBA. Instead, MBA also released servicing totals that include named special servicing. The leading named special servicers were Lennar Funding Corp., Midland, GMAC and ARCap REIT Inc.