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SAN DIEGO (February 12, 2024) – The Mortgage Bankers Association (MBA) today released its year-end rankings of commercial and multifamily mortgage servicers by transaction volume as of December 31, 2023 at the 2024 Commercial/Multifamily Finance Convention & Expo.
Topping the list of companies is Wells Fargo Bank NA with $669 billion in Master Primary Servicing, followed by PNC Real Estate/Midland Loan Services ($646 billion), KeyBank National Association ($465 billion), CBRE Loan Services ($410 billion) and Berkadia Commercial Mortgage LLC ($405 billion).
Among servicing companies that own or buy mortgage-backed income real estate servicing in the United States, Wells Fargo, PNC/Midland, and KeyBank are the largest primary and master servicing companies for CMBS, CLO, or other ABS loans. PGIM Real Estate Finance is the largest credit company, pension fund, REIT, and investment fund loan company. Walker & Dunlop, Berkadia, and Wells Fargo are the largest Fannie Mae loan companies. KeyBank, Wells Fargo, and PNC/Midland are the largest Freddie Mac loan companies. Lument Real Estate Capital Holdings, LLC, Greystone, Berkadia, and Walker & Dunlop are the largest FHA and Ginnie Mae loan companies. The largest life insurance company loan companies are JLL, Northmark, and CBRE.
Berkadia, SitusAMC and CBRE are the top paid primary and master servicers of mortgaged income properties in the U.S. Citco Loan Services, JPMorgan Chase & Co and PNC/Midland are the top master and primary servicers of other types of commercial real estate related assets in the U.S. CBRE, Mount Street and Trimont are the top primary and master servicers of CRE related assets outside the U.S.
Primary servicers are generally responsible for collecting loan payments from borrowers, inspecting properties, and other real estate related activities. Master servicers generally collect cash and data from primary servicers and provide that cash and data to investors through a trustee. Unless otherwise noted, MBA counts that combine different roles do not double-count loans where a single servicer serves multiple roles. The counts may double-count loans where multiple servicers serve multiple roles.
The specific breakdown in the MBA survey is as follows:
Primary & Master Servicing Total, US Mortgages, Income Properties, Loans Held in Portfolio, Total, US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Total US. Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, CMBS, CDO or other ABS Loans. US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Commercial Bank and Thrift Loans. US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Credit Company, Pension Fund, REIT, and Investment Fund Loans. US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Fannie Mae. US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Freddie Mac. US Mortgages, Income Properties, Holding or Purchase Services, Primary & Master, Federal Housing Administration (FHA) and Ginnie Mae.U.S. Mortgaged Income Properties, Holding or Purchasing Services, Primary and Master, Purchasing Services by Life Insurance Companies, Primary and Master, U.S. Mortgages, Income Properties, Holding or Purchasing Services, Primary and Master, Warehoused Loans, U.S. Mortgages, Income Properties, Holding or Purchasing Services, Designated Specials, Total U.S. Mortgages, Income Properties, Other Fee Services, Primary and Master, Total U.S. Other CRE Related Assets, Primary and Master, Total, and Non-U.S. Total, Primary and Master, Total
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