The Mortgage Bankers Association (MBA) today released its midyear rankings of the top commercial mortgage-backed securities (CMBS) servicers of multifamily and commercial loans. GMAC Commercial Mortgage, Wachovia Securities and Midland Loan Services were again among the largest servicers in most major categories.

The results reflect company data as of June 30, 2004, and any mergers or acquisitions that took effect after that date are not reflected in the results. Figures for GMAC, for example, do include the servicing portfolio acquired through its acquisition of CapMark Services, the fourth-largest CMBS servicer in last year's survey. Also, the proposed sale of master servicing rights from GEMSA Loan Services to Wachovia is not reflected in these numbers.

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. A special servicer is an entity under contract to perform specific servicing functions in the event a loan defaults, such as managing the foreclosure or workout plans. Tabulations that combine different roles do not double-count loans for which a servicer performs multiple roles.

Only MBA member firms servicing at least $1 billion of total named (master, primary and special) servicing for loans in CMBS issues are included in this special midyear survey. MBA's full listing of third-party commercial and multifamily loan servicers is released each February. The rankings are presented in two ways: one, CMBS servicing only; and two, total servicing that takes into account other servicing by these firms, such as servicing loans for pension and life insurance companies.

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