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Top Commercial Mortgage Servicers

Wells Fargo maintains top spot

Aug. 13, 2013

By Mortgage Daily staff

The three biggest servicers of commercial real estate loans as of the end of 2012 maintained their standing in a mid-year report -- though two saw the size of their portfolios decline. There was a shakeup among the fourth and fifth biggest players.

Wells Fargo maintained its dominance among commercial mortgage servicers, though the size of its CRE servicing portfolio retreated.

As of June 30, Wells Fargo serviced 33,843 loans for $431.044 billion. The portfolio diminished from Dec. 31, 2012, when the company serviced 35,215 units for $429.131 billion.

The standing was reported in the Mid-Year 2013 Commercial/Multifamily Mortgage Servicer Rankings from the Mortgage Bankers Association. The study ranked a total of 105 companies.

Wells Fargo also was the biggest servicer of loans included in commercial mortgage-backed securities, collateralized-debt obligations and other asset-backed securities. It was the second-biggest servicer of loans guaranteed by Fannie Mae and Freddie Mac and placed fourth among FHA and Ginnie Mae servicers.

No. 2 overall was PNC Real Estate-Midland Loan Services, where the servicing portfolio was 37,015 loans for $352.758 billion. Like Wells Fargo, PNC maintained its prior standing and also saw a decline in its portfolio from six months earlier, when it stood at 36,848 loans for $337.585 billion.

However, PNC was the biggest servicer on CRE loans owned by commercial banks and savings institutions, commercial mortgages guaranteed by Fannie and Freddie, and on FHA and Ginnie loans. PNC additionally ranked No. 2 among servicers on CMBS, CDO and ABS loans; life insurance company loans; and on mortgages owned by credit companies, pension funds, real estate investment trusts and investment funds.

Next on the overall ranking was Berkadia Commercial Mortgage LLC, which serviced a total of 28,993 loans for $234.981 billion. Unlike the first two biggest CRE loan servicers, Berkadia pushed up its total portfolio from 28,047 CRE loans for $197.262 billion as of the end of last year -- when it also ranked No. 3.

Berkadia was the third-biggest servicer for FHA and Ginnie, and it came in at No. 4 on CMBS, CDO and other ABS loans. Berkadia was the fifth-biggest servicer of Fannie and Freddie loans.

The new No. 4 commercial mortgage servicer based on total portfolios was KeyBank Real Estate Capital, which serviced 16,112 loans for $165.437 billion as of the middle of 2013. KeyBank was the No. 5 servicer in the last report.

In the latest report, KeyBank was the third-biggest servicer of securitized loans as well as on commercial bank and savings institution loans. It was fourth among Fannie and Freddie servicers.

Rounding out the five-biggest commercial mortgage servicers was GEMSA Loan Services LP with an overall portfolio of 8,719 loans for $98.447 billion. GEMSA moved up from the sixth position in the previous ranking.

GEMSA was the biggest servicer for loans owned by credit companies, pension funds, REITs and investment funds, while it was the fourth-biggest life insurer servicer. It held the No. 5 title for loans included in CMBS, CDOs and other ABS.

Among servicers of bank loans, Trimont Real Estate Advisors was the second-biggest. On the overall list, Trimont was 12th, while it was No. 5 for credit company, pension fund, REIT and investment fund loans.

HSBC Bank USA, N.A., was fourth on the list of servicers of bank loans, and was 20th on the overall list.

Bank of America, which was the seventh-biggest overall servicer, was No. 3 among servicers of credit company, pension fund, REIT and investment fund loans and fourth among bank loan servicers.

Situs landed in the fourth spot among servicers of loans owned by credit companies, pension funds, REITs and investment funds. It was only No. 25 on the overall list.

Walker & Dunlop LLC was the third-biggest servicer of Fannie and Freddie loans.

Prudential Assets Resources was the biggest life insurer servicer and grabbed the second spot among FHA and Ginnie servicers.

Red Mortgage Capital LLC was No. 5 when it came to FHA and Ginnie loans.

MetLife was the third-biggest servicer of life insurance company loans, and Northwestern Mutual was No. 5.

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