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Biggest Commercial Mortgage Servicers

Wells Fargo loses some of its lead

Aug. 23, 2012

By Mortgage Daily staff


The biggest servicer of commercial real estate loans is losing ground to its rivals. The top-five ranking for securitized commercial mortgage servicers was identical to the overall ranking. One company has the agency market locked up.

With 36,704 CRE loans serviced for $430.548 billion, Wells Fargo & Co. was the biggest commercial mortgage servicer as of June 30. The San Francisco-based company's portfolio was down from 38,132 loans for $437.675 billion as of Dec. 31, 2011, and 39,613 loans serviced for $442.9 billion a year earlier.

Included in Wells Fargo's servicing portfolio were 25,696 mortgages for $350.304 billion that were included in commercial mortgage-backed securities, collateralized-debt obligations or other asset-backed securities -- making it the biggest servicer of securitized CRE loans.

The rankings were published by the Mortgage Bankers Association in its Commercial/Multifamily Mortgage Servicer Rankings - Mid-Year 2012. The report included primary and master servicing portfolio statistics on 102 commercial mortgage servicers.

The second-biggest overall CRE servicer was PNC Real Estate / Midland Loan Services, which serviced 97,051 loans for $357.034 billion. PNC's portfolio finished last year at 84,275 loans for $355.055 billion.

PNC's portfolio included 10,835 securitized loans for $118.028 billion -- the second-biggest in the securitized category. The Pittsburgh-based bank, however, was the biggest servicer of CRE loans for commercial banks and savings institutions with a portfolio of 71,877 loans for $73.830 billion.

Berkadia Commercial Mortgage LLC serviced 26,967 loans for $206.590 billion, landing it in third position overall. Berkadia's portfolio increased from 23,863 mortgages serviced for $176,489 billion at the end of December. The securitized portion of Berkadia's portfolio amounted to 11,329 loans for $92.827 billion, making it No. 3 in the category.

At Bank of America Merrill Lynch, the overall CRE servicing portfolio was 9,494 mortgages for $110.062 billion, making it the fourth-biggest servicer. BofA's portfolio included 4,446 securitized loans for $77.612 billion, landing it in the No. 4 position among servicers of securitized commercial mortgages. Its portfolio of CRE loans serviced for commercial banks and savings institutions was 2,786 loans for $2.512 billion, No. 5 in that category.

No. 5 overall was KeyBank Real Estate Capital, where the CRE servicing portfolio finished June at 11,141 loans for $100.069 billion. KeyBank's securitized servicing portfolio was the fifth-biggest at 7,754 loans for $71.116 billion, while its servicing portfolio for banks and thrifts was the third-biggest at 2,484 loans for $17.331 billion.

Among CRE loan servicers for financial institutions, TriMont Real Estate Advisors was the second-biggest with a portfolio of 777 loans for $19.048 billion.

HSBC Bank USA, N.A.'s, portfolio of commercial mortgages serviced for commercial banks and savings institutions was 765 units for $6.787 billion -- No. 4 in that category.

GEMSA Loan Services, L.P., serviced 3,359 CRE loans for $29.633 billion for credit companies, pension funds, real estate investment trusts and investment funds -- more than any other company. BofA was No. 2 at 272 loans serviced for $21,718 billion, then 4,299 loans serviced for $17.929 billion at PNC, 824 loans serviced for $7.259 billion at TriMont and 488 units for $5.250 billion at C-111 Asset Management LLC.

PNC was the biggest servicer for Fannie Mae and Freddie Mac with 5,804 loans serviced for $57.311 billion. Wells Fargo followed with 6,953 loans for $44.156 billion, then Berkadia, Berkeley Point Capital LLC and GEMSA.

PNC also ranked as the biggest servicer for Federal Housing Administration and Ginnie Mae loans with 1,856 loans serviced for $10.883 billion. No. 2 was Prudential Asset Resources, then Berkadia, Wells Fargo and Red Mortgage Capital LLC.

Among servicers for life insurance companies, MetLife led with a servicing portfolio of 740 loans for $36.727 billion. After that was PNC, followed by GEMSA, Prudential and Northwestern Mutual.

In the category of "loans held in warehouse," Wells Fargo led with a portfolio of 1,326 loans serviced for $25.470 billion. PNC followed, then KeyBank, BofA and Berkadia.

LNR Partners Inc. was the biggest special servicer of CRE loans with a portfolio of 12,591 loans for $166.6 billion.

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