Wells Fargo ranks as the largest
servicer, by dollar volume, of commercial and multifamily mortgages according
to a new report from the Mortgage Bankers Association (MBA). The bank holds $429.1 billion in U.S. master
and primary servicing. Its portfolio
consists of 35,125 loans with an average balance of $12.2 million.
Wells Fargo is followed by PNC Real Estate/Midland
Loan Services with a portfolio of 28,047 loans averaging $9.2 million for a
total of $337.6 billion. In third place
out of the 105 financial institutions surveyed was Berkadia Commercial Mortgage LLC with $197.3
billion (28,047 loans at $7.0 million.)
Rounding out the top five are Bank of America Merrill Lynch with $112.5
billion, and KeyBank Real Estate Capital with $101.2 billion.
The same five institutions
are also the largest master and primary services of commercial/multifamily
loans in U.S. CMBS, CDO and other ABS issues but Wells Fargo is far and away
the largest with a portfolio of almost 25,000 loans with a total principal
balance of $319.5 billion. This is
nearly twice the size of second-ranked PNC/Midland's $122.7 billion portfolio of
about 10,700 loans. The next three banks
had portfolios of under $100 billion.
PNC is the top servicer
of both Fannie Mae and Freddie Mac loans and FHA and Ginnie Mae loans at $62.8 billion
and $13.7 million respectively. Wells
Fargo services $44.1 billion in Fannie/Freddie loans and Prudential Asset
Services is the second largest servicer of FHA/Ginnie Mae loans at $9.3 billion.
PNC/Midland ranks as the
top master and primary servicer of commercial bank and savings institution
loans. 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 and data from primary servicers and
then providing that cash and data, through trustees, to investors. GEMSA is the
top credit company, pension funds, REITs, and investment funds servicer; Wells
Fargo the top for loans held in warehouse facilities, and Berkadia is first for
other investor type loans.
MBA also asked firms to
provide information about loans on which they are the named special servicer -
that is, where the firm stands ready to service the loan should special
problems develop, such as delinquency. The largest named special servicers were
CWCapital Asset Management LLC, and LNR Partners, Inc. LNR Partners is the
largest special servicer for CMBS loans.
Here is the full report.