Wachovia Securities has retained its position at the top of the Mortgage Bankers Association's annual ranking of commercial and multifamily mortgage loan servicers in total primary and master servicing volume, at $306.6 billion.Following Wachovia are Capmark Finance, with $229.3 billion; Midland Loan Services, with $213.4 billion; Wells Fargo, with $132.9 billion; and KeyBank Real Estate Capital, with $105.5 billion. (These companies are also the top primary and master servicers, in the same rank order, for commercial mortgage-backed securities, except that Bank of America NA ranks fifth instead of KeyBank.) Rankings of servicing for life company loans place GEMSA Loan Services at the head of the list, the trade group reported, followed by Prudential Asset Resources, Midland, NorthMarq Capital, and Capmark. Midland is ranked No. 1 for servicing of Fannie Mae and Freddie Mac loans, followed by Deutsche Bank Commercial Real Estate, Wachovia, Capmark, and ARCS Commercial Mortgage. Wachovia is No. 1 for servicing of commercial bank and savings institution loans. The MBA can be found online at http://www.mortgagebankers.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
6h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
10h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24