The top four commercial real estate and multifamily mortgage loan servicers grew their portfolios compared with the prior year, benefitting from the increase in lending activity, according to the Mortgage Bankers Association midyear report.
Wells Fargo Bank and PNC Real Estate/Midland Loan Services are atop of the rankings of commercial real estate and multifamily mortgage servicers.
Wells, which had the No. 1 position in the 2013 mid-year report, remains the largest primary and master servicer with a portfolio totaling roughly $446.8 billion in unpaid principal balance, or more than 33,500 loans, up from $431 billion. But PNC, the second largest with more than 33,000 loans and total balance exceeding $378 billion, led in five categories of the 14 measured by MBA. One year prior, PNC serviced $352 billion.
Berkadia Commercial Mortgage LLC, whose servicing portfolio was nearly $243 billion as of June 30, ranked third. Also on the top ten list: KeyBank NA with a $167.1 billion portfolio; GEMSA Loan Services, L.P. with $95.7 billion; Prudential Asset Resources with $74.6 billion; NorthMarq Capital $42.5 billion; Walker & Dunlop, LLC with $39.8 billion; HFF LP with $35.3 billion; and MetLife with nearly $34 billion.
PNC is the nation's largest servicer of commercial bank/savings institution portfolio loans with nearly $37 billion, followed by KeyBank with $17.8 billion and HSBC Bank USA NA with $12.7 billion. PNC also was the largest servicer of Federal Housing Administration/Ginnie Mae loans, $15.3 billion; and mortgages originated by life insurance companies, nearly $41.8 billion. Berkadia and KeyBank also grew their portfolios from last year, while GEMSA's declined by almost $3 billion.
In addition PNC was the top ranking servicer of: credit-company, pension funds, REITs, and investment funds loans with a total volume of $25.5 billion; and the largest servicer of Fannie Mae loans with a total portfolio of $49.2 billion, nearly double the volume serviced by Wells, which ranked second in this category with $27 billion.
Wells Fargo was the leading servicer of securitized CRE loans, at $330 billion, while PNC is second at $131.4 billion and KeyBank ranked third at $107.6 billion.
Wells also is the No. 1 Freddie Mac multifamily loan servicer at $49 billion; PNC ranked second with $34.5 billion. And Wells had the largest portfolio of servicing rights on loans held in warehouse (which MBA defines as loan not categorized elsewhere), at $21.6 billion.
LNR Partners LLC was the largest special servicer of CRE loans, at $35.5 billion, with the entire portfolio consisting of securitized loans.