Wells Fargo Confirmed as the Largest Commercial and Multifamily Mortgage Servicer
Alessia Pirolo Feb. 4, 2013, 6:19 a.m.
With $429.1 billion in U.S. master and primary servicing as of December 31, 2012, Wells Fargo remains at the top of the commercial and multifamily mortgage servicers ranking released by the Mortgage Bankers Association at the MBA’s CREF/Multifamily Housing Convention & Expo in San Diego.
The bank is followed by PNC Real Estate/Midland Loan Services with $337.6 billion, Berkadia Commercial Mortgage LLC with $197.3 billion, Bank of America Merrill Lynch with $112.5 billion, and KeyBank Real Estate Capital with $101.2 billion. In 2012, PNC/Midland closed 36,848 loans with an average size of $9.2 million, while Wells Fargo closed 35,215 loans with an average size of $12.2 million.
The largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS issues are Wells Fargo with $349.4 billion in servicing PNC/Midland with $122.7 billion, Berkadia with $86.8 billion, Bank of America Merrill Lynch with $77.2 billion and KeyBank with $63.4 billion.
The largest servicers for life companies are PNC/Midland with $35 billion in servicing, MetLife with $34.9 billion, Prudential Asset Resources with $34.4 billion, GEMSA Loan Services L.P. with $32.7 billion, and Northwestern Mutual with $23.7 billion.
The largest Fannie Mae/Freddie Mac servicers are PNC/Midland with $62.8 billion in servicing, Wells Fargo with $44.1 billion, Walker & Dunlop LLC with $27.9 billion, Berkeley Point Capital LLC with $24.7 billion, and Berkadia with $23.2 billion.
PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA as the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland as the top FHA and Ginnie Mae servicer; Wells Fargo as the top for loans held in warehouse facilities; and Berkadia as the top for other investor type loans.