Large CMBS Loan Servicers Survey Results Released

The Mortgage Bankers Association (MBA) today released its midyear update of commercial and multifamily loan servicers as of the June 30, 2007.  The top firms in the update were Wachovia Securities with $356.6 billion in U.S. master and primary servicing, followed by Capmark Finance with $252.3 billion, Midland Loan Services with $245.5 billion, Wells Fargo with $153.2 billion, and KeyBank Real Estate Capital with $133.2.
 
Specific breakouts include:

Total U.S. Master and Primary Servicing Volume
U.S. Commercial Mortgage-Backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
U.S. Commercial Banks and Savings Institution Volume
U.S. Credit Company, Pension Funds, Real Estate Investment Trust (REITs), and Investment Funds Volume
Fannie Mae and Freddie Mac Servicing Volume
Federal Housing Administration (FHA) Servicing Volume
U.S. Life Company Servicing Volume
U.S. Warehouse Volume
U.S. Other Investor Volume
U.S. CMBS Named Special Servicing Volume
Total Non-U.S. Master and Primary Servicing Volume

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wachovia, Capmark, Midland, Wells Fargo, and Bank of America are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; Wachovia, Washington Mutual, Wells Fargo, Deutsche Bank, and Key Bank rank as the top master and primary servicers of commercial bank and savings institution loans;  GEMSA Loan Services, Prudential Asset Resources, Midland Loan Services, NorthMarq Capital, and Holliday Fenoglio Fowler are the largest servicers for life companies; Midland, Deutsche Bank Commercial Real Estate, Capmark, Wachovia, and Centerline are the largest Fannie Mae/Freddie Mac servicers.

GEMSA the top credit company, pension funds, REITs, and investment funds servicer; Capmark the top FHA and Ginnie Mae servicer; Wachovia the top for warehouse loans; and Capmark the top for other investor type loans.

Firms provided information to MBA about loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners Inc., CWCapital LLC, Midland Loan Services, Centerline, and Capmark.

In past years the midyear update has focused on large servicers of CMBS loans, this year`s update was expanded to include all large commercial/multifamily servicers, regardless of investor group.
 
These and other reports are available at http://store.mortgagebankers.org or through http://www.mortgagebankers.org. Click here to view MBA`s Commercial/Multifamily Midyear Servicers Volumes - Special Midyear Update of Large Servicers.
 
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 people in virtually every community in the country.  Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation`s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 3,000 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA`s Web site: www.mortgagebankers.org.

 Angela C. Waugaman (202) 557-2829    awaugaman@mortgagebankers.org