Wells Fargo ranks as the largest servicer, by dollar volume, of commercial and multifamily mortgages according to a new report from the Mortgage Bankers Association (MBA).  The bank holds $429.1 billion in U.S. master and primary servicing.  Its portfolio consists of 35,125 loans with an average balance of $12.2 million.

Wells Fargo is followed by PNC Real Estate/Midland Loan Services with a portfolio of 28,047 loans averaging $9.2 million for a total of $337.6 billion.  In third place out of the 105 financial institutions surveyed was Berkadia Commercial Mortgage LLC with $197.3 billion (28,047 loans at $7.0 million.)  Rounding out the top five are Bank of America Merrill Lynch with $112.5 billion, and KeyBank Real Estate Capital with $101.2 billion.

The same five institutions are also the largest master and primary services of commercial/multifamily loans in U.S. CMBS, CDO and other ABS issues but Wells Fargo is far and away the largest with a portfolio of almost 25,000 loans with a total principal balance of $319.5 billion.  This is nearly twice the size of second-ranked PNC/Midland's $122.7 billion portfolio of about 10,700 loans.  The next three banks had portfolios of under $100 billion.  

PNC is the top servicer of both Fannie Mae and Freddie Mac loans and FHA and Ginnie Mae loans at $62.8 billion and $13.7 million respectively.  Wells Fargo services $44.1 billion in Fannie/Freddie loans and Prudential Asset Services is the second largest servicer of FHA/Ginnie Mae loans at $9.3 billion. 

PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution 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. GEMSA is the top credit company, pension funds, REITs, and investment funds servicer; Wells Fargo the top for loans held in warehouse facilities, and Berkadia is first for other investor type loans.

MBA also asked firms to provide information 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 largest named special servicers were CWCapital Asset Management LLC, and LNR Partners, Inc. LNR Partners is the largest special servicer for CMBS loans.

Here is the full report.