Wells Fargo is not only the country's largest originator of home loans. It's also the largest servicer of commercial and multi-family mortgages.
According to the latest tally by the Mortgage Bankers Association, Wells Fargo ended 2011 with $437.7 billion of master and primary commercial mortgage servicing, far outdistancing No. 2 ranked PNC Real Estate/Midland Loans Services which had $355.1 billion.
The rest of the top five, according to the MBA, include: Berkadia Commercial Mortgage LLC with $176.5 billion; Bank of America Merrill Lynch ($115 billion), and KeyBank Real Estate Capital ($108.2 billion). MBA released the rankings at its annual commercial real estate finance and multifamily housing conference in Atlanta.
Wells Fargo, PNC/Midland, Berkadia, B of A/Merrill, and KeyBank also are the nation's largest master and primary servicers of commercial/multifamily loans. A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors.
The MBA survey breaks out the commercial servicing sector into a dozen categories.
PNC/Midland, MetLife, GEMSA Loan Services, L.P., Prudential Asset Resources and Northwestern Mutual are the largest servicers for life companies, according to the MBA commercial mortgage servicing survey.
PNC/Midland, Wells Fargo, Deutsche Bank Commercial Real Estate, Berkadia and GEMSA Loan Services are the largest Fannie Mae/Freddie Mac servicers.
PNC/Midland also ranks as the top master and primary servicer of commercial bank and savings institution loans. GEMSA is the largest credit company, pension fund, REIT and investment fund servicer, while PNC/Midland is the top FHA and Ginnie Mae servicer. Also, Wells is the largest servicer of loans held in warehouse facilities; and PNC/Midland is the top for other types of investor loans.
