The term Special Servicer refers to companies that have specialized processes in place to deal with loans that require unusual attention, i.e., currently in or about to go into default. Special Servicers can obtain the loans themselves or just the servicing rights to loans. Often, the Pooling and Servicing Agreement (PSA) between the investment pool Trustee and the Master Servicer will define the conditions under which the servicing of a loan or pool of loans will be transferred.
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A recent Mortgage Bankers Association end-of year survey revealed the servicing volumes and top servicers within the industry.[1]
| Rank | Company | Amount ($ millions) | Number of loans | Avg. Loan Size ($m) |
|---|---|---|---|---|
| 1 | Hatfield Phillips International, an LNR Property Company | $40,209 | 216 | $186.2 |
| 2 | Deutsche Bank | $27,500 | 172 | $159.9 |
| 3 | GEMSA Loan Services, L.P | $13,607 | 932 | $14.6 |
| 4 | PNC Real Estate / Midland Loan Services, Inc. | $12,691 | 1,911 | $6.6 |
| 5 | First National Financial L.P | $4,938 | 875 | $5.6 |
| Rank | Company | Amount ($ millions) | Number of loans | Avg. Loan Size ($m) |
|---|---|---|---|---|
| 1 | LNR Partners | $191,677 | 14,815 | $12.9 |
| 2 | CWCapital LLC & CWCapital Asset Management | $192,618 | 12,687 | $12.8 |
| 3 | Centerline Servicing Inc. | $108,454 | 11,826 | $9.2 |
| 4 | PNC Real Estate / Midland Loan Services, Inc. | $95,423 | 7,751 | $12.3 |
| 5 | Berkadia Commercial Mortgage LLC | $43,896 | 7,887 | $5.6 |
Commercial mortgage-backed security