Wachovia Tops MBA's Commercial Servicer List

Wachovia Securities tops the list of firms in the Mortgage Bankers Association's midyear ranking of commercial and multifamily loan servicers.

According to the MBA, at the end of June, Wachovia Securities saw a U.S. master and primary servicing volume of $434.3 billion. In terns of the rest of the list, Midland Loan Services/PNC Real Estate Finance followed Wachovia with $273.8 billion, then Capmark Financial Group with $258.3 billion and Wells Fargo Bank with $179.5 billion.

Wachovia, Midland/PNC, Capmark and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, Prudential Asset Resources, Midland Loan Services/PNC Real Estate Finance and NorthMarq Capital are the largest servicers for life companies; and Midland/PNC, Wachovia, Deutsche Bank and Capmark are the largest Fannie Mae/Freddie Mac servicers. Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs and investment funds servicer; Capmark the top FHA and Ginnie Mae servicer; Wachovia the top for warehouse loans; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS 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 leading named special servicers were LNR Partners, CWCapital, Centerline Servicing Inc. and Midland/PNC.

Additionally, the MBA survey collected servicing volumes for loans on commercial/multifamily properties located outside the U.S. Capmark ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Hatfield Philips International, Deutsche Bank and Midland Loan Services/PNC Real Estate Finance.

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer typically serves in a fiduciary capacity and is generally 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.