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Biggest Commercial Servicers

Wachovia ranks as biggest in MBA survey

September 4, 2008

By MortgageDaily.com staff

The biggest U.S. commercial mortgage servicer saw its portfolio increase more than $25 billion during the past six months.

With a portfolio of 45,309 loans for $55.6 billion, Washington Mutual Commercial Group was the 10th biggest U.S. commercial mortgage servicer, the Mortgage Banker Association reported in its Mid-year Survey of Commercial/Multifamily Mortgage Servicing Volumes as of June 30.

No. 9 was Deutsche Bank with 2,739 loans serviced for $59.5 billion, then Prudential Asset Resources, which serviced 6,219 loans for $60.7 billion, and GEMSA Loan Services LP, at 8,509 loans for $110.9 billion. Bank of America, N.A., was the next biggest servicer, with 11,302 mortgages for $137.3 billion.

KeyBank Real Estate Capital was No. 5, with a servicing portfolio of 13,255 loans for $137.7 billion, followed by Wells Fargo Bank, at 20,419 units for $179.4 billion.

Capmark Financial Group Inc. serviced 35,387 commercial mortgages for $258.3 billion, making it the third biggest commercial servicer.

No. 2 was Midland, which serviced 28,017 loans for $273.7 billion as of June 30.

Wachovia Securities was the biggest U.S. commercial mortgage servicer as of mid-year, with 76,375 units serviced for $434.3 billion. Wachovia was also the biggest commercial mortgage servicer as of Dec. 31, 2007, when it serviced 30,731 loans for $407.9 billion.

Among the 77 largest servicers, Natixis Real Estate Capital Inc. had the highest average loans size at $109.3 million. However, the company only serviced four loans.

Among servicers for commercial mortgage-backed securities, collateralized-debt obligations or asset-backed securities, Wachovia was again the biggest, servicing 20,731 loans for $292.8 billion. It also was the biggest servicer for commercial banks and savings institutions, at 13,690 units for $55.6 billion.

GEMSA Loan Services LP was the biggest servicer for credit companies, pension funds, real estate investment trusts or investment funds, at 1,793 loans for $34.9 billion. It was also the biggest life insurance servicer, with 2,562 loans serviced for $40.5 billion.

Among Fannie Mae and Freddie Mac servicers, Midland Loan Services Inc. / PNC Real Estate Finance was No. 1, with 4,381 loans serviced for $37.3 billion.

Capmark Financial Group Inc. was the biggest FHA and Ginnie Mae servicer, with a portfolio of 3,163 loans for $8.8 billion.

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