Mortgage Daily Logo
mortgage news from industry experts

Biggest Commercial Servicers

Biggest Commercial ServicersWachovia again tops MBA ranking

February 9, 2009

By MortgageDaily.com staff

With its acquisition of Wachovia Corp., not only has Wells Fargo & Co. become the biggest residential originator — but it now ranks as the biggest commercial mortgage servicer. Commercial mortgages held by banks appear to be performing worse than other types.Wachovia Securities serviced 91,591 commercial mortgages for $412.9 billion as of Dec. 31, the Mortgage Bankers Association reported today. The portfolio makes Wachovia — which was acquired by Wells on Dec. 31 — the biggest servicer of U.S. commercial mortgages.

The trade group made its announcement from San Diego, where it is holding its annual commercial mortgage conference this week.

Wachovia also ranked No. 1 in MBA’s 2007 year-end commercial servicer ranking, when it serviced 731 loans for $407.9 billion, and in the association’s mid-year 2008 ranking, when it serviced 76,375 loans for $434.3 billion. Earlier this month, MortgageDaily.com ranked Wells as the biggest residential originator in the country with $230 billion in 2008 originations.

No. 2 this year was PNC Real Estate – Midland Loan Services, which serviced 34,187 commercial mortgages for $310.3 billion as of Dec. 31, MBA reported. Midland serviced 28,017 loans for $273.7 billion as of June 30.

Capmark Finance was next, with a servicing portfolio of 34,252 units for $260.9 billion, then Wells Fargo, which serviced 19,823 loans for $182.6 billion. No. 5 was Bank of America, N.A., which had a portfolio of 10,522 loans for $135.0 billion.

KeyBank Real Estate Capital was No. 6, followed by GEMSA Loan Services, L.P.Prudential Asset Resources and Deutsche Bank. The acquisition of Washington Mutual Bank on Sept. 25 by JPMorgan Chase Bank, N.A., thrust the New York-based banking behemoth into the 10th spot.

Wachovia also was the biggest servicer of commercial mortgages backing commercial mortgage-backed securities, collateralized-debt obligations or asset-backed securities, MBA said. Its portfolio of securitized loans was 19,415 units for $278.4 billion.

PNC-Midland was the No. 2 biggest servicer of securitized loans, followed by Capmark, Wells and BoA.

In addition, Wachovia topped the ranking of servicer for commercial banks and savings institutions, with 30,738 loan for $44.2 billion. JPMorgan was No. 2, followed by Wells, PNC and KeyBank.

With an agency portfolio of 5,505 for $49.6 billion, PNC was the biggest servicer of multifamily loans managed by either Fannie Mae or Freddie Mac. Wachovia was next, then Capmark, Deutsche and Centerline Servicing Inc.

PNC was also the biggest servicer of FHA and Ginnie Mae commercial mortgages, with a portfolio of 1,949 loans for $9.6 billion. Capmark was the second-biggest servicer, followed by Prudential, Wells and Heartland Bank.

GEMSA was the biggest servicer of commercial mortgages for life insurance companies, managing a portfolio of 2,507 loans for $41.1 billion. PNC was No. 2, Prudential was No. 3 and Northwestern Mutual was No. 4. The fifth biggest servicer for life insurers was NorthMarq Capital.

Another recent report from MBA indicated that commercial mortgage originations during the first nine months of 2008 tumbled 57 percent from the same period in 2007. Third-quarter production was off 11 percent from the second quarter and 53 percent lower than a year earlier.

The report indicated commercial mortgage debt outstanding stood at $3.44 trillion on Sept. 30, down $3.3 billion from the second quarter. Commercial banks accounted for 43 percent of commercial mortgages outstanding, while securitized debt represented 22 percent and life insurers held 9 percent.

Outstandings included $799.7 billion in CMBS, down from $821.2 billion on Dec. 31, 2007.

Delinquency of at least 60 days was 0.06 percent on life insurance company loans as of Sept. 30, while delinquency was 0.16 percent at Fannie and 0.01 percent at Freddie. CMBS late payments, reported based on delinquency of at least 30 days, was 0.63 percent.

Delinquency at banks and thrifts, reported based on 90-day delinquency, was 1.38 percent. Given that savings institutions are only reporting 90-day delinquency — the latest level indicates significantly worse performance at banks than other sectors.

next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION