MBA Releases 2016 Year-End Commercial/Multifamily Servicer Rankings
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SAN DIEGO, CA. (February 20, 2017) - The Mortgage Bankers Association (MBA) today released its year-end ranking of commercial and multifamily mortgage servicers' volumes as of December 31, 2016. At the top of the list of firms is PNC Real Estate/Midland Loan Services with $517.5 billion in U.S. master and primary servicing, followed by Wells Fargo Bank N.A. with $505.2 billion, Berkadia Commercial Mortgage LLC with $221.7 billion, KeyBank National Association with $205.6 billion, and CBRE Loan Services with $112.0 billion.
Wells Fargo, PNC/Midland, KeyBank, and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS); PNC/Midland, CBRE Loan Services, Prudential Asset Resources, and MetLife are the largest servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop, LLC, and Berkeley Point Capital, LLC are the largest Fannie Mae servicers; Wells Fargo, PNC/Midland, KeyBank, and CBRE Loan Services are the largest Freddie Mac servicers.
PNC/Midland, Capital One Financial Corp, and KeyBank rank as the top master and primary servicer of commercial bank and savings institution loans; PNC/Midland, Situs, and Trimont Real Estate Advisors of loans for the credit companies, pension funds, real estate investment trusts (REITs), and investment funds; PNC/Midland, Red Mortgage Capital, LLC, and Walker & Dunlop, LLC of loans for FHA and Ginnie Mae. Wells Fargo is the top servicer for loans held in warehouse facilities. Berkadia is the top for other investor type loans.
A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles. The tabulations can and do double-count across servicers loans for which multiple servicers each fulfill a role.
Specific breakouts in the MBA survey include:
- Total U.S. Master and Primary Servicing Volume
- U.S. Commercial Mortgage-backed Securities, Collateralized Debt Obligations and Other Asset-Backed Securities Master and Primary Servicing Volume
- U.S. Commercial Banks and Savings Institution Volume
- U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
- Fannie Mae Servicing Volume
- Freddie Mac Servicing Volume
- Federal Housing Administration (FHA) Servicing Volume
- U.S. Life Company Servicing Volume
- U.S. Warehouse Volume
- U.S. Other Investor Volume
- U.S. CMBS Named Special Servicing Volume
- U.S. Named Special Servicing Volumes Across All Investor Groups
- Total Non-U.S. Master and Primary Servicing Volume
MBA also asked firms to provide information about loans on which they are the named special servicer - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The largest named special servicers were PNC/Midland, Wells Fargo, LNR Partners LLC, CWCapital Asset Management LLC, and Rialto Capital Advisors, LLC. PNC/Midland is the largest special servicer for CMBS loans.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Situs Companies ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by CBRE Loan Services.
The report includes a ranking of more than 100 master and primary servicers. You can download the report here.