(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2009. On top of the list of firms is Wells Fargo/Wachovia Bank with $476.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $308.5 billion, Capmark Finance Inc. with $248.7 billion, KeyBank Real Estate Capital with $133.1 billion, Bank of America with $132.2 billion, and GEMSA Loan Services LP with $104.8 billion.
Specific breakouts contained in the report include:
Total U.S. Master and Primary Servicing Volume
U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
U.S. Commercial Banks and Savings Institution Volume
U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
Fannie Mae and Freddie Mac Servicing Volume
Federal Housing Administration (FHA) Servicing Volume
U.S. Life Company Servicing Volume
U.S. Warehouse Volume
U.S. Other Investor Volume
U.S. CMBS Named Special Servicing Volume
Total Non-U.S. Master and Primary Servicing Volume
A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.
Wells Fargo/Wachovia Bank, PNC/Midland, Capmark, and Bank of America are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, Prudential Asset Resources, PNC/Midland, and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, and Capmark are the largest Fannie Mae/Freddie Mac servicers.
JP Morgan Chase Bank 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/Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans.
MBA also asked firms to provide information about CMBS 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 leading named special servicers were LNR Partners, Inc., CWCapital LLC & CWCapital Asset Management, Centerline Servicing Inc., and PNC Real Estate.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank and Capmark.