When it comes to servicing the country’s commercial real estate loans, there has been a shakeup among the biggest players versus a year earlier.
PNC Real Estate/Midland Loan Services serviced 32,559 CRE loans with an aggregate principal balance of $517.522 billion as of Dec. 31, 2016.
That made the company the biggest CRE loan servicer. PNC replaced Wells Fargo Bank, N.A., which held the No. 1 position as of a year previous.
Those details and more were spelled out in the Commercial/Multifamily Mortgage Servicer Rankings Year End 2016 from the Mortgage Bankers Association.
PNC also was the biggest servicer of CRE loans owned by commercial banks and savings institutions; mortgages held by credit companies, pension funds, real estate investment trusts, and investments funds; and Fannie Mae loans. In addition, the firm was the biggest servicer of Federal Housing Administration and Ginnie Mae loans as well as life insurance company loans.
No. 2 on the overall list was
Wells Fargo, which serviced 31,115 loans for $505.190 billion. The Sioux Falls, South Dakota-based company was the biggest servicer of Freddie Mac loans and CRE loans included in commercial mortgage-backed securities, collateralized-debt obligations and other asset-backed securities.
Wells Fargo additionally was the biggest servicer of loans held in warehouse.
Berkadia Commercial Mortgage LLC landed in the third overall position with a servicing portfolio of 20,051 loans for $221.652 billion.
With a commercial mortgage servicing portfolio of 21,166 loans for $205.605 billion, KeyBank, N.A., with the fourth-largest overall loan servicer.
No. 5 overall was CBRE Loan Services, which serviced 5,271 loans for $112.008 billion.
