Who Were the Top Commercial/Multifamily Servicers in 2023? 

At its 2024 Commercial/Multifamily Finance Convention and Expo, the Mortgage Bankers Association (MBA) today revealed its year-end ranking of commercial and multifamily mortgage servicers’ volumes as of December 31, 2023.

With $669 billion in master and primary servicing, Wells Fargo Bank N.A. leads the list of companies. PNC Real Estate/Midland Loan Services ($646 billion), KeyBank National Association ($465 billion), CBRE Loan Services ($410 billion), and Berkadia Commercial Mortgage LLC ($405 billion) round out the top five.

Among servicers with retained or purchased servicing of U.S. mortgaged, income-producing properties, Wells Fargo, PNC/Midland, and KeyBank are the largest primary and master servicers for CMBS, CLO or other ABS loans; PGIM Real Estate Finance is the largest for credit company, pension funds, REITs, and investment fund loans; Walker & Dunlop, Berkadia, and Wells Fargo are the largest for Fannie Mae loans; KeyBank, Wells Fargo, and PNC/Midland are the largest for Freddie Mac loans; Lument Real Estate Capital Holdings, LLC, Greystone, Berkadia, and Walker & Dunlop are the largest for FHA & Ginnie Mae loans; JLL, NorthMarq, and CBRE for life insurance company loans; and Wells Fargo for loans held in warehouse.

CWCapital Asset Management LLC and KeyBank are the largest named special servicers.

Berkadia, SitusAMC, and CBRE are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties; Citco Loan Services, JPMorgan Chase & Co, and PNC/Midland rank as the top master and primary servicers of other types of commercial real estate related assets located in the United States; and CBRE, Mount Street, and Trimont are the top primary and master servicers of non-US CRE-related assets.

Specific Breakouts in the MBA Survey Include:

  • Total Primary and Master Servicing
  • U.S. Mortgaged, Income-Producing Properties, Loans Held in Own Portfolio, Total
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Total
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, CMBS, CDO or other ABS loans
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Commercial Bank and Savings Institution Loans
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Credit Company, Pension Funds, REITs, and Investment Funds Loans
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Fannie Mae
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Freddie Mac
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Federal Housing Administration (FHA) and Ginnie Mae
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Life Insurance Companies
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Primary & Master, Loans Held in Warehouse
  • U.S. Mortgaged, Income-Producing Properties, Retained or Purchased Servicing, Named Special; Total
  • U.S. Mortgaged, Income-Producing Properties, Other Fee-For-Service, Primary and Master; Total
  • U.S. Other CRE-Related Assets, Primary and Master; Total; and
  • Non-U.S. Total, Primary and Master, Total

To read the full report, including all rankings and methodology, click here.

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Demetria C. Lester

Demetria C. Lester is a reporter for MortgagePoint (formerly DS News and MReport) with more than eight years of writing and editing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Lester is a jazz aficionado, Harry Potter fanatic, and avid record collector. She can be reached at demetria.lester@thefivestar.com.
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