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Biggest Commercial Servicers

Wachovia is biggest CMBS servicer

August 30, 2007

By MortgageDaily.com staff

Wachovia Securities has been dubbed the biggest servicer of loans backing commercial mortgage-backed securities.

Wachovia, a unit of Charlotte, N.C.-based Wachovia Bank, serviced $356.6 billion in commercial and multifamily loans as of June 30 as a master and primary servicer, according to a ranking announced today by the Mortgage Bankers Association.

Capmark was No. 2 on the list with a servicing portfolio of $252.3 billion, followed by Midland Loan Services with a $245.5 billion CMBS servicing portfolio. Next was Wells Fargo, with a reported commercial servicing portfolio of $153.2 billion, then KeyBank Real Estate Capital with a $133.2 billion portfolio.

When commercial loans backing collateralized debt obligations and other asset backed securities were added to the list, the ranking was the same except for spot No. 5 which was held by Bank of America.

The top three servicers for commercial mortgages owned by savings institutions were Wachovia, Washington Mutual and Wells Fargo, MBA reported. Life insurance company holdings were most frequently serviced by GEMSA Loan Services, Prudential Asset Resources and Midland Loan Services, while Midland, Deutsche Bank Commercial Real Estate and Capmark were the biggest servicers for Fannie Mae and Freddie Mac.

"In past years, the midyear update has focused on large servicers of CMBS loans," the trade group said. "This year's update was expanded to include all large commercial/multifamily servicers, regardless of investor group."

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