With aservicing portfolio of $49.7 billion as of Sept. 30, Midland Loan Services topped the Mortgage Bankers Association of America (MBA) third-quarter survey of commercial mortgage-backed securities (CMBS) servicers.
Charlotte, N.C.-based Wachovia Securities, formerly First Union Securities, came in second with a CMBS servicing portfolio of $41 billion, followed by New York-based ORIX Real Estate Capitalâ€™ $30.9 billion CMBS servicing portfolio.
Midland, based in Kansas City, Mo., also had the largest total master and primary servicing portfolio among the eight participating firms, servicing $66.3 billion of commercial loans for institutional investors such as life insurance companies,and credit companies, along with Fannie Mae, Freddie Mac, FHA and CMBS. GEMSA Loan Services, which was created by the recent merger of GE Capital Loan Services and L.J. Melody's servicing operations, was the runner-up with a $54.2 billion servicing portfolio.