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MBA Reports Q2 Commercial Originations, Top CMBS Servicers

GMAC ranks as top servicer

August 22, 2003

By MortgageDaily.com staff

The Mortgage Bankers Association of America (MBA) yesterday released two commercial mortgage surveys for the second quarter.

On the front end, commercial originations jumped more than $10 billion from the first quarter to $29.5 billion, according to MBA's Commercial Mortgage Banker Origination Survey for the second quarter. During the second quarter of last year, originations were $22.9 billion, the survey said.

About half of the reported originations were multifamily, while office mortgages made up 20% and retail accounted for 15%. The remaining categories were industrial, hotel/motel, health care and other.

Conduits for commercial mortgage-backed securities (CMBS) funded $11.1 billion, life insurance companies funded $5.8 billion, and commercial banks funded $3.9 billion, the report said. Government sponsored housing enterprises Fannie Mae and Freddie Mac collectively funded $5.5 billion in multifamily loans, while FHA loans were $1.1 billion.

Hotel/motel loans were down 50% from the first quarter but up 35% from the same time last year, while health care loans were up 120% from the first quarter and up nearly 200% from last year.

On the back end, MBA released its second quarter rankings for CMBS servicers.

At the top of the list was GMAC Commercial Mortgage Corporation with $66.3 billion in primary servicing volume, according to MBA's Quarterly CMBS Servicing Survey. A close second was Wachovia Securities, with $62.9 billion, followed by Midland Loan Services ($48.6 billion) and CapMark Services L.P. ($24.6 billion). Rounding out the top five was Wells Fargo Commercial Mortgage Servicing with $22.3 billion.

Issuance of U.S. CMBS should reach approximately $70 billion in 2003, Standard & Poor's (S&P) said in an announcement this week. The ratings agency said CMBS issuance in 2002 was approximately $60 billion, while issuance in 2001 was a near-record $74 billion.

S&P said overall performance in the CMBS sector has been "relatively robust."

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