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Biggest Commercial Servicers

Wells is biggest commercial mortgage servicer

Feb. 6, 2011

By staff

The second-biggest residential servicer was the largest commercial mortgage servicer last year. A list of the top U.S. commercial servicers was released as mortgage bankers converge in California for a commercial real estate lending conference.

The ranking of the biggest commercial mortgage servicers was released Sunday by the Mortgage Bankers Association.

The Washington, D.C.-based trade group published the report in conjunction with the start of its CREF/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt in San Diego. The conference continues until Wednesday.

The report reflected total primary and master servicing portfolios as of Dec. 31, 2010.

At the top of the list was Wells Fargo.

It was the second year in a row that Wells landed the top ranking and was made possible as a result of its December 31, 2008, acquisition of Wachovia Corp. and its Wachovia Securities -- which ranked as the biggest commercial servicer at the end of 2008.

Wells' portfolio totaled 39,125 loans for $451.1 billion at the end of last year, lower than 41,834 loans for $473.8 billion on Dec. 31, 2009.

Wells -- which ranked as the second-largest residential servicer last year -- also grabbed the top "CMBS, CDO or other ABS" servicer spot, and it was the No. 2 servicer of multifamily loans for Fannie Mae and Freddie Mac. It ranked fourth among FHA and Ginnie Mae servicers.

No. 2 on the overall ranking was PNC Real Estate / Midland Loan Services, which serviced 79,720 loans for $337.4 billion at the end of December. PNC's portfolio was 37,810 units for $323.0 billion at the end of the prior year. The company also came in as the second-biggest servicer of securitized loans and the second-biggest servicer on the ranking of credit companies, pension funds real estate investment trusts and investment funds. 

PNC was the largest commercial bank -savings institution servicer and the biggest servicer of loans for Fannie and Freddie, for FHA and Ginnie Mae, and for life insurers.

Third overall was Berkadia Commercial Mortgage LLC's 26,119 mortgages for $194.9 billion. Berkadia's portfolio sank from 30,144 units for $217.9 billion at the end of 2009. Berkadia also came in as the third-biggest third-party investor servicer and the third-biggest Fannie and Freddie servicer. It ranked second among servicers for FHA and Ginnie.

Bank of America Merrill Lynch landed fourth based on its total servicing portfolio of 10,789 loans for $126.6 billion, fewer and lower than 9,589 loans for $131.7 billion a year earlier. BofA's securitized portfolio also placed it in the fourth position in that ranking. BofA was the biggest residential servicer as of the end of last year.

Fifth-ranked KeyBank Real Estate Capital saw its total commercial servicing portfolio fall to 11,462 loans for $118.9 billion from 11,769 loans for $128.5 billion. KeyBank was additionally the biggest servicer of loans backing CMBS, CDO and other ABS and the third biggest commercial bank - savings institution servicer.

The second-largest commercial bank - savings institution servicer was TriMont Real Estate Advisors Inc., with 898 loans for $26.1 billion. TriMont's total portfolio was 1,365 loans for $28.4 billion.

Deutsche Bank was the fourth biggest commercial bank - savings institution servicer with its portfolio of 266 commercial mortgages for $21.0 billion. The total portfolio at Deutsche was 2,597 loans for $52.3 billion -- making it the No. 8 overall servicer. Deutsche also was the fourth biggest servicer for Fannie and Freddie.

The No. 5 commercial bank-savings institution servicer was HSBC Bank USA, N.A., with 1,500 loans for $9.5 billion. HSBC's total portfolio was 1,831 mortgages for $12.8 billion.

Among credit companies, pension funds, REITs and investment funds -- GEMSA Loan Services LP was biggest loan servicer with 4,276 loans for $38.5 billion. GEMSA was the sixth biggest overall servicer with a portfolio of 11,036 loans for $102.3 billion. It ranked second among life insurer servicers.

The third biggest in the credit companies, pension funds, REITs and investment funds category was C-III Asset Management LLC, where the company serviced 530 loans for $8.9 billion. C-III's total portfolio was 1,976 loans for $19.4 billion.

Prudential Asset Resources' 551 loans for $3.9 billion placed it fourth on the list of servicers for credit companies, pension funds, REITs and investment funds. The company was the seventh biggest commercial mortgage servicer overall with 5,794 loans for $65.1 billion. Prudential was the fifth biggest servicer for Fannie and Freddie. It ranked third among servicers for FHA and Ginnie and among life insurance companies.

The No. 5 biggest commercial mortgage servicer among credit companies, pension funds, REITs and investment funds was Situs Serv LP DBA Situs Asset Management LLC. The company serviced 630 loans for $2.6 billion. Situs' total portfolio was 3,554 loans for $8.3 billion.

Red Mortgage Capital LLC was the fifth biggest servicer of commercial mortgages among FHA and Ginnie servicers with 548 mortgages for $2.9 billion. The servicer's total portfolio finished last year at 1,512 loans for $13.5 billion.

Northwestern Mutual was the fourth biggest servicer among those that handle life insurance holdings, with 625 loans for $21.5 billion. The total portfolio at the firm was also 625 loans for $21.5 billion.

The No. 5 servicer for life insurers was NorthMarq Capital, with its portfolio standing at 3,072 loans for $18.7 billion. NorthMarq's total portfolio was 5,470 loans for $38.6 billion -- placing it ninth among all U.S. commercial mortgage servicers.

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