Wachovia Exceeds $400 Billion Mark

Washington-Wachovia Securities, which services $413 billion of commercial mortgages as either a master or primary servicer, tops the commercial real estate servicing list just released by the Mortgage Bankers Association.

Following Wachovia is PNC RealEstate/Midland Loan Services, with $310 billion, Capmark Finance, with $261 billion, and Wells Fargo, with $183 billion. Rounding out the top 10 were Bank of America, KeyBank Real Estate Capital, GEMSA Loan Services, Prudential Asset Resources, Deutsche Bank, and JPMorgan Chase.

The MBA also collects data about "special servicers," who are named to take over management of delinquent loans. The top special servicers named in securitized loan transactions are LNR Partners, CWCapital, Centerline Servicing and PNC/Midland.

Primary servicers are generally responsible for collecting loan payments directly from borrowers, performing property inspections and other property-related activities. Master servicers operate in a fiduciary capacity, collecting cash and data from primary servicers and passing that on through trustees to the investors.

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