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Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.

PNC is Biggest Servicer of Agency CRE Loans

Wells' overall CRE servicing portfolio is largest

Aug. 26, 2011

By staff

While there were no changes among the top ranks of commercial mortgage servicers, the biggest servicer of agency loans managed to grow its servicing portfolio.

With 39,613 loans serviced for $442.9 billion, Wells Fargo & Co. maintained its standing as the biggest commercial mortgage servicer as of June 30. The portfolio of the San Francisco-based conglomerate has contracted from 39,125 loans for $451.1 billion as of Dec. 31, 2010.

That was according to the Commercial/Multifamily Mortgage Servicer Rankings released Thursday from the Mortgage Bankers Association.

Behind Wells Fargo -- again -- was PNC Real Estate / Midland Loan Services, where the servicing portfolio finished June at 84,359 units for $346.5 billion. PNC managed to grow its portfolio from 79,720 loans for $337.4 billion six months earlier.

Berkadia Commercial Mortgage LLC held on to its No. 3 ranking with 24,804 commercial real estate loans serviced for $184.2 billion. Berkadia, a unit of Berkshire Hathaway, saw its portfolio diminish from 26,119 mortgages for $194.9 billion at the end of last year.

After that was Bank of America Merrill Lynch's portfolio of 10,354 loans for $123.7 billion, then No. 5 KeyBank Real Estate Capital's 11,227 mortgages serviced for $107.7 billion.

Zeroing in on just securitized CRE loans -- including commercial mortgage-backed securities, collateralized-debt obligations and asset-backed securities -- the top-five ranking was exactly the same as the overall ranking.

Of Wells Fargo's total commercial mortgage servicing portfolio, 81 percent was securitized.

Among special servicers of securitized commercial mortgages, LNR Partners Inc. serviced 14,616 loans for $192.3 billion -- more than any other servicer in the category. CWCapital LLC & CWCapital Asset Management followed, and No. 3 was C-III Asset Management LLC.

The primary servicer ranking changed when including only loans owned by financial institutions.

PNC topped that list with 58,621 loans for $57.8 billion in its servicing portfolio. Deutsche Bank Commercial Real Estate followed, then TriMont Real Estate Advisors, KeyBank Real Estate Capital and HSBC Bank, USA, N.A.

GEMSA Loan Services LP had the biggest servicing portfolio among credit companies, pension funds, real estate investment trusts and investment fund loans.

On multifamily mortgages owned or managed by Fannie Mae and Freddie Mac, PNC was the biggest servicer with a portfolio of 5,973 loans for $57.1 billion. No. 2 was Wells Fargo, then Berkadia.

PNC was also the biggest servicer of commercial mortgages insured by the Federal Housing Administration or included in Ginnie Mae pools, while it additionally had the biggest servicing portfolio of loans owned by life insurance companies.

MBA's "loans held in warehouse" category was dominated by Wells Fargo, which serviced 1,352 loans for $28.0 billion. A distant second was PNC's 287 loans for $4.6 billion.

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