|A Philadelphia-headquartered holding company continued to overshadow the competition — remaining the top contender in an industry ranking of multifamily and commercial loan servicers for 2003.
The Mortgage Bankers Association of America’s (MBA) released this week its fourth quarter Mortgage Servicing Survey. The trade group said the survey only includes member firms servicing loans for third parties or affiliated organizations.
With master and primary servicing of $213.7 billion and close to 61,000 loans, GMAC Commercial Holding Corp. topped MBAs list for the second year in a row. GMAC’s figures dwarfed those of its nearest competitor, Wachovia Securities, which ranked second with $120.2 billion and a little over 16,000 loans.
The two companies filled the same top spots in MBA’s 2002 rankings.
Out of 113 firms in 2003s list, Midland Loan Services Inc. ranked third with $83.3 billion in servicing; GEMSA Loan Services LP placed fourth with $61.0 billion; and Wells Fargo Commercial Mortgage Servicing followed with $41.8 billion.
In rankings six through 10, respectively, were Prudential Asset Resources, Washington Mutual, ORIX Capital Markets LLC, Bank of America, and Key Commercial Mortgage — a newcomer in the top 10, according to MBA.
The largest servicers for life companies and other private investors were GMAC, GEMSA, Prudential, and Midland, said MBA.
Meanwhile, Washington Mutual, Berkshire Mortgage Finance, GMAC, and ARCS Commercial Mortgage Co. LP were the largest Fannie Mae and Freddie Mac servicers. On the general servicing rankings list, Berkshire took the No. 12 spot and ARCS was No. 14.
The largest servicers of Federal Housing Administration loans were reportedly Prudential, Midland and Greystone Servicing Corporation Inc. — No. 20 on the general list.
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,...