mba.org/crefresearch22244

COMMERCIAL / MULTIFAMILY MORTGAGE SERVICER RANKINGS

YEAR-END 2020

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22244

COMMERCIAL / MULTIFAMILY REAL ESTATE MORTGAGE SERVICER RANKINGS YEAR-END 2020

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

TOTAL

as of December 31, 2020

Avg. Loan Size ($m)

Total Primary and Master

Wells Fargo Bank N.A1 57,438$711,705 $12.4PNC Real Estate / Midland Loan Services2 31,448$668,364 $21.3

KeyBank National Association3 19,377$326,198 $16.8

Berkadia Commercial Mortgage LLC4 20,301$302,752 $14.9CBRE Loan Services5 9,345$263,667 $28.2

SitusAMC6 10,095$205,744 $20.4

JLL7 5,649$124,686 $22.1

PGIM Real Estate8 4,849$115,224 $23.8Walker & Dunlop, LLC9 7,509$107,770 $14.4

Trimont Real Estate Advisors10 2,290$74,299 $32.4

MetLife Investment Management11 1,011$69,481 $68.7Newmark12 3,298$66,335 $20.1

NorthMarq13 6,957$64,288 $9.2

Mount Street14 804$56,523 $70.3

Greystone15 5,857$52,104 $8.9Lument Capital16 7,041$47,748 $6.8

Freddie Mac17 11,998$42,235 $3.5

Barings Multifamily Capital LLC18 1,250$39,462 $31.6Northwestern Mutual19 787$39,095 $49.7

Grandbridge Real Estate Capital LLC20 4,286$39,032 $9.1

New York Life Investors21 653$38,214 $58.5

Bellwether Enterprise Real Estate Capital LLC22 3,960$32,622 $8.2Arbor Realty Trust23 4,595$30,198 $6.6

John Hancock24 1,841$27,584 $15.0

Principal Real Estate Investors25 1,367$24,868 $18.2M&T Realty Capital Corporation26 1,426$22,675 $15.9

Athene Asset Management27 1,814$20,079 $11.1

Gantry, Inc. - SAM Member 28 2,007$16,529 $8.2

Nationwide Life Insurance Company29 1,105$16,343 $14.8Merchants Capital Corp30 1,671$16,328 $9.8

Lincoln Financial Group31 6,299$16,231 $2.6

Pacific Life Insurance Company32 639$15,797 $24.7AEGON USA Realty Services, LLC33 1,250$13,476 $10.8

StanCorp Mortgage Investors, LLC34 6,089$12,486 $2.1

Voya Investment Management LLC35 1,669$12,382 $7.4

State Farm Life Insurance Company36 781$12,108 $15.5HSBC Bank USA, NA37 368$11,995 $32.6

Protective Life38 1,827$10,134 $5.5

Q10 Capital, LLC39 1,703$9,199 $5.4Colliers Mortgage Agency Finance | Commercial Finance40 997$9,144 $9.2

Thrivent Financial41 979$8,713 $8.9

Pacific Southwest Realty Services - SAM Member42 1,140$6,393 $5.6

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

TOTAL

as of December 31, 2020

Avg. Loan Size ($m)

Total Primary and Master

RGA Reinsurance Group of America Incorporated43 572$5,815 $10.2The Guardian Life Insurance Company of America44 234$5,449 $23.3

National Cooperative Bank, N.A.45 3,426$5,367 $1.6

ColumbiaNational Real Estate Finance, LLC46 500$5,118 $10.2Essex Financial Services LLC - SAM Member47 820$5,020 $6.1

Regions Capital Markets48 212$4,629 $21.8

Minnesota Life Insurance Company49 861$4,591 $5.3

Slatt Capital50 1,160$4,276 $3.7National Life Group51 300$3,954 $13.2

Draper and Kramer, Incorporated - SAM Member52 421$3,525 $8.4

Bernard Financial Corporation - SAM Member53 449$3,145 $7.0Housing & Healthcare Finance, LLC54 288$3,062 $10.6

Gershman Investment Corp.55 293$2,729 $9.3

RiverSource Life Insurance Company56 923$2,725 $3.0

Mutual of Omaha57 293$2,521 $8.6Ameritas Life Insurance Corp.58 865$2,250 $2.6

Marcus & Millichap Servicing Inc.59 315$2,002 $6.4

CBRE HMF Inc.60 117$1,972 $16.9Keystone Mortgage Corporation61 338$1,720 $5.1

Goedecke & Co., LLC62 124$1,653 $13.3

Centennial Mortgage, Inc.63 228$1,650 $7.2

Capital Funding, LLC64 76$1,589 $20.9Colliers International - Atlanta, LLC - SAM Member65 279$1,464 $5.2

Pinnacle Financial Parntners 66 526$1,460 $2.8

AGM Financial Services, Inc.67 71$1,239 $17.4Thomas D Wood and Company - SAM Member68 464$1,202 $2.6

First Housing Development Corporation of Florida69 344$1,088 $3.2

Colliers International New England, LLC70 79$1,042 $13.2

Davis-Penn Mortgage Co.71 126$891 $7.1Bonneville Multifamily Capital72 394$755 $1.9

Venture Commercial Mortgage - SAM Member 73 186$636 $3.4

Holliday American Mortgage - SAM Member74 130$578 $4.4Innovative Capital Advisors75 349$544 $1.6

Ziegler Financing Corporation76 45$399 $8.9

Tremont Realty Capital77 19$375 $19.7

BNY Mellon78 31$372 $12.0District Capital79 65$357 $5.5

PPM America80 15$338 $22.5

RRA Capital81 73$337 $4.6Eustis Commercial Mortgage Corporation - SAM Member82 50$311 $6.2

Rialto Capital Advisors, LLC83 28$271 $9.7

Stronghill Capital84 207$208 $1.0

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

TOTAL

as of December 31, 2020

Avg. Loan Size ($m)

Total Primary and Master

Boston Mutual Life Insurance Company85 132$197 $1.5OneAmerica Financial Partners86 31$108 $3.5

One Nevada Credit Union87 72$101 $1.4

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

TOTAL

as of December 31, 2020

Avg. Loan Size ($m)

Loans Held in Own Portfolio

Wells Fargo Bank N.A1 27,778$129,318 $4.7MetLife Investment Management2 1,011$69,481 $68.7

PGIM Real Estate3 2,208$62,844 $28.5

PNC Real Estate / Midland Loan Services4 2,517$60,124 $23.9Northwestern Mutual5 787$39,095 $49.7

New York Life Investors6 653$38,214 $58.5

Barings Multifamily Capital LLC7 511$29,686 $58.1

John Hancock8 1,841$27,584 $15.0Athene Asset Management9 1,814$20,079 $11.1

KeyBank National Association10 3,589$18,826 $5.2

Nationwide Life Insurance Company11 1,105$16,343 $14.8Principal Real Estate Investors12 816$15,743 $19.3

Pacific Life Insurance Company13 192$15,009 $78.2

Lincoln Financial Group14 1,403$14,365 $10.2

StanCorp Mortgage Investors, LLC15 6,089$12,486 $2.1State Farm Life Insurance Company16 781$12,108 $15.5

HSBC Bank USA, NA17 368$11,995 $32.6

AEGON USA Realty Services, LLC18 893$10,349 $11.6Protective Life19 1,827$10,134 $5.5

Thrivent Financial20 979$8,713 $8.9

Voya Investment Management LLC21 900$8,092 $9.0

RGA Reinsurance Group of America Incorporated22 572$5,815 $10.2The Guardian Life Insurance Company of America23 234$5,449 $23.3

Minnesota Life Insurance Company24 861$4,591 $5.3

National Life Group25 300$3,954 $13.2Arbor Realty Trust26 207$3,807 $18.4

Merchants Capital Corp27 419$3,479 $8.3

RiverSource Life Insurance Company28 923$2,725 $3.0

Mutual of Omaha29 293$2,521 $8.6Ameritas Life Insurance Corp.30 865$2,250 $2.6

Grandbridge Real Estate Capital LLC31 82$1,542 $18.8

Colliers Mortgage Agency Finance | Commercial Finance32 121$1,314 $10.9Colliers International - Atlanta, LLC - SAM Member33 261$1,259 $4.8

Thomas D Wood and Company - SAM Member34 464$1,202 $2.6

National Cooperative Bank, N.A.35 2,011$1,011 $0.5

Walker & Dunlop, LLC36 33$854 $25.9Berkadia Commercial Mortgage LLC37 59$551 $9.3

Innovative Capital Advisors38 349$544 $1.6

Venture Commercial Mortgage - SAM Member 39 166$507 $3.1Tremont Realty Capital40 19$375 $19.7

PPM America41 15$338 $22.5

Lument Capital42 50$300 $6.0

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

TOTAL

as of December 31, 2020

Avg. Loan Size ($m)

Loans Held in Own Portfolio

Stronghill Capital43 207$208 $1.0Boston Mutual Life Insurance Company44 132$197 $1.5

M&T Realty Capital Corporation45 12$179 $14.9

OneAmerica Financial Partners46 31$108 $3.5One Nevada Credit Union47 72$101 $1.4

Pinnacle Financial Parntners 48 9$25 $2.8

First Housing Development Corporation of Florida49 10$17 $1.7

Rialto Capital Advisors, LLC50 9$10 $1.1

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

TOTAL LOANS

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Wells Fargo Bank N.A1 29,636$581,768 $19.6PNC Real Estate / Midland Loan Services2 14,419$349,397 $24.2

KeyBank National Association3 12,131$254,184 $21.0

CBRE Loan Services4 7,920$138,149 $17.4Berkadia Commercial Mortgage LLC5 8,897$127,369 $14.3

JLL6 5,649$124,686 $22.1

Walker & Dunlop, LLC7 7,476$106,917 $14.3

Newmark8 3,298$66,335 $20.1NorthMarq9 6,957$64,288 $9.2

Greystone10 5,857$52,104 $8.9

PGIM Real Estate11 2,538$50,593 $19.9Lument Capital12 6,790$45,152 $6.6

Grandbridge Real Estate Capital LLC13 4,204$37,490 $8.9

Bellwether Enterprise Real Estate Capital LLC14 3,960$32,622 $8.2

Arbor Realty Trust15 4,383$26,303 $6.0M&T Realty Capital Corporation16 1,414$22,496 $15.9

Gantry, Inc. - SAM Member 17 2,007$16,529 $8.2

Barings Multifamily Capital LLC18 731$9,652 $13.2Q10 Capital, LLC19 1,703$9,199 $5.4

Colliers Mortgage Agency Finance | Commercial Finance20 844$7,077 $8.4

Merchants Capital Corp21 840$6,634 $7.9

Pacific Southwest Realty Services - SAM Member22 1,140$6,393 $5.6ColumbiaNational Real Estate Finance, LLC23 481$4,855 $10.1

Regions Capital Markets24 212$4,629 $21.8

National Cooperative Bank, N.A.25 1,415$4,355 $3.1Slatt Capital26 1,128$4,142 $3.7

Draper and Kramer, Incorporated - SAM Member27 421$3,525 $8.4

Housing & Healthcare Finance, LLC28 288$3,062 $10.6

Gershman Investment Corp.29 293$2,729 $9.3Principal Real Estate Investors30 147$2,235 $15.2

CBRE HMF Inc.31 117$1,972 $16.9

Keystone Mortgage Corporation32 338$1,720 $5.1Goedecke & Co., LLC33 124$1,653 $13.3

Centennial Mortgage, Inc.34 228$1,650 $7.2

Capital Funding, LLC35 76$1,589 $20.9

Pinnacle Financial Parntners 36 428$1,435 $3.4AGM Financial Services, Inc.37 71$1,239 $17.4

Colliers International New England, LLC38 79$1,042 $13.2

Davis-Penn Mortgage Co.39 126$891 $7.1Pacific Life Insurance Company40 447$787 $1.8

Bonneville Multifamily Capital41 393$723 $1.8

Holliday American Mortgage - SAM Member42 130$578 $4.4

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

TOTAL LOANS

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

First Housing Development Corporation of Florida43 65$542 $8.3Ziegler Financing Corporation44 45$399 $8.9

BNY Mellon45 31$372 $12.0

District Capital46 65$357 $5.5RRA Capital47 73$337 $4.6

Eustis Commercial Mortgage Corporation - SAM Member48 50$311 $6.2

Essex Financial Services LLC - SAM Member49 47$253 $5.4

Colliers International - Atlanta, LLC - SAM Member50 18$205 $11.4Venture Commercial Mortgage - SAM Member 51 18$81 $4.5

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

CMBS, CDO or other ABS Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Wells Fargo Bank N.A1 17,509$356,082 $20.3PNC Real Estate / Midland Loan Services2 10,027$251,217 $25.1

KeyBank National Association3 4,593$117,587 $25.6

Newmark4 1,068$17,691 $16.6JLL5 738$16,526 $22.4

Berkadia Commercial Mortgage LLC6 883$8,631 $9.8

CBRE Loan Services7 320$5,210 $16.3

NorthMarq8 389$4,185 $10.8Bellwether Enterprise Real Estate Capital LLC9 197$2,670 $13.6

National Cooperative Bank, N.A.10 742$2,514 $3.4

Greystone11 163$2,461 $15.1Arbor Realty Trust12 159$2,414 $15.2

Principal Real Estate Investors13 147$2,235 $15.2

Grandbridge Real Estate Capital LLC14 251$2,182 $8.7

PGIM Real Estate15 184$2,053 $11.2Gantry, Inc. - SAM Member 16 118$1,537 $13.0

Lument Capital17 64$836 $13.1

Slatt Capital18 94$697 $7.4Pacific Life Insurance Company19 355$616 $1.7

BNY Mellon20 31$372 $12.0

Goedecke & Co., LLC21 17$231 $13.6

Pacific Southwest Realty Services - SAM Member22 29$226 $7.8ColumbiaNational Real Estate Finance, LLC23 13$124 $9.5

Q10 Capital, LLC24 19$97 $5.1

Colliers International - Atlanta, LLC - SAM Member25 8$74 $9.2Colliers International New England, LLC26 4$71 $17.8

District Capital27 4$42 $10.4

Venture Commercial Mortgage - SAM Member 28 3$15 $4.9

Eustis Commercial Mortgage Corporation - SAM Member29 1$10 $9.8

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Commercial Bank/Savings Institution Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Berkadia Commercial Mortgage LLC1 38$364 $9.6NorthMarq2 60$347 $5.8

Grandbridge Real Estate Capital LLC3 60$282 $4.7

Gantry, Inc. - SAM Member 4 39$173 $4.4Slatt Capital5 53$159 $3.0

National Cooperative Bank, N.A.6 53$20 $0.4

Capital Funding, LLC7 1$18 $18.0

ColumbiaNational Real Estate Finance, LLC8 4$16 $3.9Venture Commercial Mortgage - SAM Member 9 3$13 $4.4

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Credit Company, Pension Funds, REITs, Investment Funds Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

PGIM Real Estate1 475$10,074 $21.2Barings Multifamily Capital LLC2 104$3,940 $37.9

JLL3 80$2,669 $33.4

PNC Real Estate / Midland Loan Services4 84$1,733 $20.6RRA Capital5 32$163 $5.1

Wells Fargo Bank N.A6 205$146 $0.7

Greystone7 15$50 $3.3

Newmark8 3$46 $15.4Q10 Capital, LLC9 7$10 $1.4

Keystone Mortgage Corporation10 1$1 $0.6

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Fannie Mae Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Walker & Dunlop, LLC1 2,626$48,818 $18.6Wells Fargo Bank N.A2 3,042$43,549 $14.3

Berkadia Commercial Mortgage LLC3 2,085$35,042 $16.8

CBRE Loan Services4 1,217$31,664 $26.0Newmark5 1,192$24,031 $20.2

Greystone6 2,588$22,570 $8.7

PGIM Real Estate7 885$21,645 $24.5

KeyBank National Association8 1,246$19,395 $15.6Arbor Realty Trust9 2,648$17,664 $6.7

PNC Real Estate / Midland Loan Services10 936$16,861 $18.0

Lument Capital11 2,336$16,371 $7.0M&T Realty Capital Corporation12 766$12,502 $16.3

JLL13 867$11,783 $13.6

NorthMarq14 677$9,875 $14.6

Grandbridge Real Estate Capital LLC15 811$9,683 $11.9Bellwether Enterprise Real Estate Capital LLC16 741$6,468 $8.7

Regions Capital Markets17 212$4,629 $21.8

Colliers Mortgage Agency Finance | Commercial Finance18 536$3,922 $7.3Barings Multifamily Capital LLC19 433$2,914 $6.7

National Cooperative Bank, N.A.20 619$1,821 $2.9

Merchants Capital Corp21 38$240 $6.3

District Capital22 12$178 $14.9Colliers International - Atlanta, LLC - SAM Member23 2$41 $20.6

Venture Commercial Mortgage - SAM Member 24 1$17 $16.9

Eustis Commercial Mortgage Corporation - SAM Member25 1$6 $5.9Q10 Capital, LLC26 2$1 $0.5

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Freddie Mac (including CME & Non-CME) Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Wells Fargo Bank N.A1 5,906$125,420 $21.2KeyBank National Association2 5,764$110,676 $19.2

PNC Real Estate / Midland Loan Services3 3,231$77,918 $24.1

CBRE Loan Services4 4,381$62,390 $14.2Berkadia Commercial Mortgage LLC5 2,872$51,250 $17.8

JLL6 1,905$44,719 $23.5

Walker & Dunlop, LLC7 1,773$37,073 $20.9

Newmark8 850$21,467 $25.3NorthMarq9 1,256$15,741 $12.5

Greystone10 2,074$13,758 $6.6

Grandbridge Real Estate Capital LLC11 731$11,121 $15.2PGIM Real Estate12 485$9,671 $19.9

Lument Capital13 1,839$8,427 $4.6

Bellwether Enterprise Real Estate Capital LLC14 431$4,588 $10.6

Arbor Realty Trust15 1,376$4,534 $3.3M&T Realty Capital Corporation16 190$4,428 $23.3

Barings Multifamily Capital LLC17 76$1,359 $17.9

Pinnacle Financial Parntners 18 403$1,106 $2.7Merchants Capital Corp19 41$1,071 $26.1

Gantry, Inc. - SAM Member 20 10$172 $17.2

Colliers International - Atlanta, LLC - SAM Member21 7$76 $10.9

Venture Commercial Mortgage - SAM Member 22 11$36 $3.3Pacific Southwest Realty Services - SAM Member23 4$8 $2.0

Q10 Capital, LLC24 1$3 $3.0

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Memo: Freddie Mac CME/K-Deals Loans included in Freddie Mac

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Wells Fargo Bank N.A1 5,713$120,855 $21.2KeyBank National Association2 5,654$108,765 $19.2

PNC Real Estate / Midland Loan Services3 3,111$76,219 $24.5

CBRE Loan Services4 4,093$57,642 $14.1Berkadia Commercial Mortgage LLC5 2,465$44,311 $18.0

JLL6 1,587$37,705 $23.8

Walker & Dunlop, LLC7 1,585$32,802 $20.7

Newmark8 799$21,016 $26.3NorthMarq9 1,006$14,459 $14.4

Greystone10 1,925$11,071 $5.8

Grandbridge Real Estate Capital LLC11 653$10,207 $15.6PGIM Real Estate12 351$7,196 $20.5

Lument Capital13 1,651$7,078 $4.3

M&T Realty Capital Corporation14 168$3,944 $23.5

Barings Multifamily Capital LLC15 61$1,008 $16.5Arbor Realty Trust16 56$926 $16.5

Pinnacle Financial Parntners 17 11$73 $6.6

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

FHA & Ginnie Mae Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Lument Capital1 2,551$19,518 $7.7Greystone2 826$10,716 $13.0

Walker & Dunlop, LLC3 1,097$9,607 $8.8

Berkadia Commercial Mortgage LLC4 1,261$9,442 $7.5Wells Fargo Bank N.A5 722$7,812 $10.8

PGIM Real Estate6 468$5,693 $12.2

Merchants Capital Corp7 761$5,323 $7.0

KeyBank National Association8 388$4,511 $11.6JLL9 283$3,210 $11.3

Housing & Healthcare Finance, LLC10 288$3,062 $10.6

Colliers Mortgage Agency Finance | Commercial Finance11 274$2,885 $10.5Grandbridge Real Estate Capital LLC12 361$2,822 $7.8

Gershman Investment Corp.13 293$2,729 $9.3

M&T Realty Capital Corporation14 136$2,273 $16.7

CBRE HMF Inc.15 117$1,972 $16.9Centennial Mortgage, Inc.16 228$1,650 $7.2

Bellwether Enterprise Real Estate Capital LLC17 324$1,526 $4.7

PNC Real Estate / Midland Loan Services18 120$1,423 $11.9Newmark19 115$1,349 $11.7

AGM Financial Services, Inc.20 71$1,239 $17.4

Davis-Penn Mortgage Co.21 126$891 $7.1

NorthMarq22 85$833 $9.8Bonneville Multifamily Capital23 393$723 $1.8

Barings Multifamily Capital LLC24 42$682 $16.2

ColumbiaNational Real Estate Finance, LLC25 37$642 $17.4Arbor Realty Trust26 67$616 $9.2

First Housing Development Corporation of Florida27 63$542 $8.6

Ziegler Financing Corporation28 45$399 $8.9

Capital Funding, LLC29 25$298 $11.9Colliers International - Atlanta, LLC - SAM Member30 1$14 $14.4

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Life Insurance Companies Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

JLL1 1,776$45,779 $25.8CBRE Loan Services2 1,860$36,351 $19.5

NorthMarq3 4,414$31,873 $7.2

Berkadia Commercial Mortgage LLC4 1,601$20,026 $12.5Bellwether Enterprise Real Estate Capital LLC5 2,176$16,977 $7.8

Gantry, Inc. - SAM Member 6 1,840$14,647 $8.0

Grandbridge Real Estate Capital LLC7 1,888$10,931 $5.8

Walker & Dunlop, LLC8 1,929$10,581 $5.5Q10 Capital, LLC9 1,661$9,081 $5.5

Pacific Southwest Realty Services - SAM Member10 1,106$6,157 $5.6

ColumbiaNational Real Estate Finance, LLC11 427$4,074 $9.5Draper and Kramer, Incorporated - SAM Member12 421$3,525 $8.4

M&T Realty Capital Corporation13 322$3,293 $10.2

Slatt Capital14 981$3,286 $3.3

KeyBank National Association15 140$2,014 $14.4Newmark16 70$1,751 $25.0

Keystone Mortgage Corporation17 337$1,720 $5.1

Goedecke & Co., LLC18 107$1,422 $13.3PGIM Real Estate19 34$1,377 $40.6

Wells Fargo Bank N.A20 65$1,227 $18.9

Colliers International New England, LLC21 75$971 $12.9

Barings Multifamily Capital LLC22 75$745 $9.9Holliday American Mortgage - SAM Member23 130$578 $4.4

Pinnacle Financial Parntners 24 25$329 $13.2

Greystone25 18$302 $16.8Eustis Commercial Mortgage Corporation - SAM Member26 48$296 $6.2

Essex Financial Services LLC - SAM Member27 47$253 $5.4

RRA Capital28 41$174 $4.2

District Capital29 49$137 $2.8

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Loans Held in Warehouse (not elsewhere classified)

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

Wells Fargo Bank N.A1 2,184$47,485 $21.7Arbor Realty Trust2 119$1,074 $9.0

Berkadia Commercial Mortgage LLC3 37$533 $14.4

PNC Real Estate / Midland Loan Services4 21$247 $11.8Colliers Mortgage Agency Finance | Commercial Finance5 28$215 $7.7

Pacific Life Insurance Company6 92$172 $1.9

CBRE Loan Services7 11$162 $14.7

PGIM Real Estate8 8$80 $10.0Barings Multifamily Capital LLC9 1$12 $12.0

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

Other Loans

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

CBRE Loan Services1 131$2,373 $18.1Greystone2 173$2,247 $13.0

Berkadia Commercial Mortgage LLC3 120$2,082 $17.3

NorthMarq4 76$1,435 $18.9Capital Funding, LLC5 50$1,273 $25.5

Walker & Dunlop, LLC6 51$839 $16.4

Grandbridge Real Estate Capital LLC7 102$470 $4.6

Bellwether Enterprise Real Estate Capital LLC8 91$394 $4.3Colliers Mortgage Agency Finance | Commercial Finance9 6$55 $9.2

Wells Fargo Bank N.A10 3$46 $15.4

Q10 Capital, LLC11 13$7 $0.5Pacific Southwest Realty Services - SAM Member12 1$2 $2.0

Arbor Realty Trust13 14$1 $0.1

First Housing Development Corporation of Florida14 2$0 $0.0

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Named Special

TOTAL LOANS

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Retained or Purchased Servicing

PNC Real Estate / Midland Loan Services1 8,840$217,895 $24.6CWCapital Asset Management LLC2 9,305$171,127 $18.4

KeyBank National Association3 12,530$154,012 $12.3

Wells Fargo Bank N.A4 4,082$117,355 $28.7Rialto Capital Advisors, LLC5 6,918$109,450 $15.8

LNR Partners, LLC6 5,429$82,180 $15.1

AEGON USA Realty Services, LLC7 67$34,400 $513.4

Greystone Special Servicing8 1,434$18,092 $12.6PGIM Real Estate9 543$10,238 $18.9

Pacific Life Insurance Company10 412$4,114 $10.0

Arbor Realty Trust11 918$3,738 $4.1National Cooperative Bank, N.A.12 742$2,514 $3.4

Newmark13 528$2,301 $4.4

Lument Capital14 100$907 $9.1

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Primary and Master

TOTAL LOANS

US Mortgaged, Income-Producing Properties

as of December 31, 2020

Avg. Loan Size ($m)

Other fee-for-service

PNC Real Estate / Midland Loan Services1 14,171$244,659 $17.3Berkadia Commercial Mortgage LLC2 11,244$170,779 $15.2

SitusAMC3 9,412$130,869 $13.9

Trimont Real Estate Advisors4 1,972$60,520 $30.7CBRE Loan Services5 706$55,318 $78.4

KeyBank National Association6 3,447$46,291 $13.4

Freddie Mac7 11,998$42,235 $3.5

Mount Street8 300$11,096 $37.0Principal Real Estate Investors9 396$6,539 $16.5

Merchants Capital Corp10 361$5,432 $15.0

Voya Investment Management LLC11 769$4,290 $5.6Essex Financial Services LLC - SAM Member12 514$4,265 $8.3

Bernard Financial Corporation - SAM Member13 449$3,145 $7.0

AEGON USA Realty Services, LLC14 324$3,007 $9.3

Marcus & Millichap Servicing Inc.15 315$2,002 $6.4Lincoln Financial Group16 4,896$1,867 $0.4

Lument Capital17 85$847 $10.0

First Housing Development Corporation of Florida18 269$530 $2.0Slatt Capital19 32$134 $4.2

Rialto Capital Advisors, LLC20 7$80 $11.4

Venture Commercial Mortgage - SAM Member 21 2$47 $23.7

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

US Other CRE-Related Assets

as of December 31, 2020

Avg. Loan Size ($m)

Total Primary and Master

Wells Fargo Bank N.A1 932$18,585 $19.9Trimont Real Estate Advisors2 250$7,955 $31.8

KeyBank National Association3 211$6,898 $32.7

PNC Real Estate / Midland Loan Services4 37$5,910 $159.7Pacific Life Insurance Company5 43$3,308 $76.9

Barings Multifamily Capital LLC6 50$2,591 $51.8

HSBC Bank USA, NA7 166$2,534 $15.3

Lument Capital8 133$1,478 $11.1Merchants Capital Corp9 79$1,405 $17.8

PGIM Real Estate10 103$1,241 $12.0

Berkadia Commercial Mortgage LLC11 51$1,100 $21.6Principal Real Estate Investors12 39$1,070 $27.4

Colliers Mortgage Agency Finance | Commercial Finance13 32$753 $23.5

Essex Financial Services LLC - SAM Member14 259$502 $1.9

AEGON USA Realty Services, LLC15 48$420 $8.7Protective Life16 17$323 $19.0

ColumbiaNational Real Estate Finance, LLC17 19$263 $13.8

Arbor Realty Trust18 13$233 $17.9Rialto Capital Advisors, LLC19 14$181 $13.0

State Farm Life Insurance Company20 6$65 $10.9

Mount Street21 2$46 $22.8

StanCorp Mortgage Investors, LLC22 6$32 $5.3Bonneville Multifamily Capital23 1$31 $31.1

M&T Realty Capital Corporation24 2$13 $6.5

RGA Reinsurance Group of America Incorporated25 2$12 $5.9

Rank CompanyAmount

($ millions)Numberof loans

Year End Survey of Commercial/Multifamily Mortgage Servicing Volumes

Total

TOTAL LOANS

Non-US CRE-Related Assets

as of December 31, 2020

Avg. Loan Size ($m)

Total Primary and Master

SitusAMC1 683$74,875 $109.6CBRE Loan Services2 719$70,200 $97.6

Mount Street3 502$45,381 $90.4

John Hancock4 871$13,138 $15.1MetLife Investment Management5 207$10,584 $51.1

Wells Fargo Bank N.A6 196$8,595 $43.9

PNC Real Estate / Midland Loan Services7 304$8,274 $27.2

PGIM Real Estate8 186$8,076 $43.4Trimont Real Estate Advisors9 68$5,824 $85.7

Berkadia Commercial Mortgage LLC10 50$2,954 $59.1

Barings Multifamily Capital LLC11 50$2,948 $59.0Pacific Life Insurance Company12 15$474 $31.6

Northwestern Mutual13 4$417 $104.1

RGA Reinsurance Group of America Incorporated14 26$189 $7.3

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