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Stories about commercial lending on multifamily, office, retail and industrial properties.

PNC Biggest Servicer on Agency Multifamily

MBA issues June 1 commercial servicer ranking

Aug. 28, 2009

By staff

As Wells Fargo & Co. maintained its grip on its No. 1 commercial servicer ranking, two subsidiaries of The PNC Financial Services Group Inc. ranked as the biggest servicer of agency multifamily loans.

With a combined commercial mortgage servicing portfolio of 42,829 loans for $476.2 billion as of June 30, Wells Fargo N.A. and Wachovia Bank collectively ranked No. 1 in a report Thursday from the Mortgage Bankers Association. The Wells Fargo & Co. subsidiaries also topped the list as of Dec. 31, 2008.

No. 2 was PNC Real Estate - Midland Loan Services, with 32,087 loans for $308.5 billion in its portfolio. PNC maintained its standing from the end of last year.

Capmark Finance Inc. came in third with 32,357 commercial loans serviced for $248.7 billion. Capmark Financial Group Inc., which warned in April about its ability to continue as a going concern, was also the third-biggest servicer in the last report.

Coming in at No. 4 was KeyBank Real Estate Capital with 12,501 loans serviced for $133.1 billion, and No. 5 was Bank of America, N.A., which serviced 9,953 mortgages for $132.2 billion.

Top 10 Commercial Servicers as of June 30, 2009
June 30
Company June 30, 2009 # June 30, 2009 $ Dec 31, 2008 # Dec 31, 2008 $
1. Wells Fargo N.A. and Wachovia Bank N.A. (A Wells Fargo Company) 42,829 $476,209 111,414 $595,444
2. PNC Real Estate / Midland Loan Services 32,087 $308,483 34,187 $310,323
3. Capmark Finance Inc. 32,357 $248,739 34,252 $260,878
4. KeyBank Real Estate Capital 12,501 $133,138 11,606 $133,321
5. Bank of America, N.A. 9,953 $132,152 10,522 $134,977
6. GEMSA Loan Services LP 7,144 $104,775 7,479 $106,070
7. Deutsche Bank 2,446 $63,812 2,593 $58,503
8. Prudential Asset Resources 6,004 $62,826 6,157 $62,117
9. JPMorgan Chase Bank, a National Association 42,914 $50,410 46,071 $57,152
10. NorthMarq Capital 5,387 $37,903 4,270 $37,632

Wells Fargo also was the biggest servicer of loans backing commercial mortgage-backed securities, collateralized debt obligations and asset-backed securities. Wells' securitized servicing portfolio ended June at 31,668 loans for $398.8 billion.

PNC, Capmark, BoA and KeyBank respectively ranked as the No. 2 through No. 5 servicers of securitized loans.

JPMorgan ranked as the biggest servicer of commercial mortgages owned by commercial banks and savings institutions, while GEMSA was the top servicer for life insurers and for credit companies, pension funds, real estate investment trusts and investments funds.

PNC also was the biggest servicer of multifamily mortgages for Fannie Mae and Freddie Mac as well as for FHA and Ginnie Mae in the latest and prior reports.

Among warehouse lenders that provide financing for commercial mortgage bankers, Wachovia Securities was the biggest servicer, with 913 units for $30.9 billion in financing. Capmark, with 1,050 loans for $19.9 billion was next, followed by KeyBank, with 162 accounts for $8.1 billion.

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