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Biggest Commercial Servicers

MBA ranks Wachovia as largest

February 5, 2008

By MortgageDaily.com staff

The biggest servicer of commercial mortgages serviced more than 30,000 loans for more than $400 billion.

Wachovia Securities ranked No. 1 on the Mortgage Bankers Association's Year-end Survey of Commercial/Multifamily Mortgage Servicing Volumes. The company serviced 30,731 loans for $407.9 billion as primary and master servicer as of Dec. 31.

Next on the list was Midland Loan Services, Inc. / PNC Real Estate Finance, which reportedly serviced 28,295 commercial mortgages for $268.6 billion. Capmark Financial Group Inc. was No. 3, with 36,827 loans serviced for $258.1 billion.

Wells Fargo Bank, N.A., was next, at 20,588 mortgages serviced for $175.6 billion, followed by KeyBank Real Estate Capital, which serviced 13,362 loans for $148.6 billion, according to MBA. Rounding out the top ten biggest primary and master servicers were Bank of America, N.A., with a portfolio of $129.7 billion; GEMSA Loan Services, L.P., at $100.1 billion; Prudential Asset Resources, with $58.0 billion; Washington Mutual Commercial Group, at $56.7 billion; and Deutsche Bank, at $54.1 billion.

MBA reported TIAA-CREF had the largest average loans serviced at $48.5 billion.

Midland Loan Services had the biggest Fannie Mae and Freddie Mac servicing portfolio, at $34.6 billion, while Capmark Financial Group Inc. was the biggest servicer of FHA and Ginnie Mae loans, with a government portfolio of $8.8 billion, according to the report.

Among special servicers of securitized loans, which stand ready to service loans should special problems such as delinquency develop, the trade group reported LNR Partners Inc. was biggest with a special servicing portfolio of $228.0 billion, followed by CWCapital LLC & CWCapital Asset Management, at $177.5 billion. Centerline was next with $114.0 billion.

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