At Over $400B, Wachovia Tops MBA’s List of Multifamily, Commercial Loan Servicers for 2008

By Anuradha Kher, Online News EditorSan Diego–Wachovia Securities with $412.9 billion in U.S. master and primary servicing topped the Mortgage Bankers Association’s (MBA) annual ranking of commercial and multifamily loan servicers (as of the end of 2008) released during MBA’s Commercial Real Estate (CREF) Convention currently being held in San Diego. PNC Real Estate/Midland Loan Services with $310.3 billion, Capmark Finance Inc. with $260.9 billion and Wells Fargo with $182.6 billion followed Wachovia on the list.  Wachovia, PNC/Midland, Capmark and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wachovia, Capmark, and Deutsche Bank are the largest Fannie Mae/Freddie Mac servicers. Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans. MBA also asked firms to provide information about CMBS 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 top four special servicers were LNR Partners, CWCapital & CWCapital Asset Management, Centerline Servicing Inc. and PNC/Midland.