CMBS Servicers Continue to Post Growth.(commercial mortgage-backed securities )(Statistical data)

Major commercial mortgage-backed securities servicers have continued to add to their portfolios in the last year, based on a midyear survey of CMBS servicers by the Mortgage Bankers Association. Only firms servicing at least $1 billion of total master, primary or special servicing for loans in CMBS issues are included in this survey.

Wachovia Securities, with a $270 billion portfolio, heads up the list, based on master and primary servicing volume for all investor groups, including U.S. and international servicing. As of midyear 2005, Wachovia's comparable portfolio was at $203 billion and the firm was second to Capmark Finance (formerly GMACCM). In the current period, Capmark is placed after Wachovia, with a $245 billion portfolio, up from about $219 billion for last year.

Other top commercial mortgage servicers, on the same basis, are Midland Loan Services ($173 billion), Wells Fargo ($110.5 billion) and KeyBank REC ($90.75 billion). Midland's comparable portfolio at the last midyear survey was $142 billion, Wells Fargo's at $57 billion and KeyBank REC's at $39 billion.

Based just on CMBS primary and master servicing volume, Wachovia heads up the list again with $187 billion, followed by Capmark Finance with $140.1 billion. Other top CMBS servicers on this basis are Midland Loan Services ($115 billion), Wells Fargo Commercial Mortgage Servicing ($78.4 billion) and KeyBank REC ($64 billion).

Considering only master servicing volume on CMBS loans, Midland Loan Services leads with about $99 billion, followed by Wells Fargo with about $76 billion, KeyBank REC with about $58 billion, Bank of America with about $48 billion, and Wachovia Securities at about $42 billion.

The MBA defines a primary servicer as one generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities, while a master servicer typically serves in a fiduciary capacity.

Leslie Fairbanks, managing director, real estate services, Wachovia Securities, told Commercial Servicer that the firm continues to benefit from being part of a strong CMBS origination group. Also, "We have got very ...