GMACCM Still on Top

The latest ranking of commercial mortgage servicers by the Mortgage Bankers Association shows little change at the top.

GMAC Commercial Mortgage was the top commercial mortgage servicer at the end of 2003, with a total servicing portfolio of $213.7 billion (based on total master and primary servicing volume), the Mortgage Bankers Association reported at its commercial real estate finance/multifamily convention here.

One notable development since the last MBA ranking is that GMAC bought up Atlanta-based CapMark Services last summer, swelling its commercial servicing portfolio by more than $60 billion and eliminating CapMark from the list.

Wachovia Securities ($120 billion), Midland Loan Services ($83.3 billion) and GEMSA Loan Services ($61 billion) were the other top ranked servicers for the period, the mortgage bankers' trade association said.

The largest servicers for life company and other private investor loans are GMAC, GEMSA, Prudential Asset Resources and Midland.

Washington Mutual, Berkshire Mortgage Finance, GMAC and ARCS Commercial Mortgage top the list of Fannie Mae/Freddie Mac servicers, the MBA reports.

And the largest FHA servicers are GMAC, Reilly Mortgage Group, Prudential, Midland Loan Servicing and Greystone Servicing.

Lennar Funding, Midland, GMAC and ARCap REIT are the leading "named special servicers" who will service the loans when problem situations arise.

While the MBA does not include special servicing volume in its various rankings, they believe that the numbers do provide "a measure of potential additional workloads, should real estate delinquencies increase."

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