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Thursday, April 23, 2009

BofA, Wells Fargo Tops in 2008 Commercial Mortgage Originations

Bank of America and Wells Fargo were by far the most active lenders of commercial mortgages last year, writing a combined $69.1 billion of loans.
The volume each lender originated is more than double that of any other lender surveyed by the Mortgage Bankers Association. But their individual volumes fell by 46 percent and 56 percent, respectively.
That's no surprise. The top-10 lenders saw their volume drop to $140.8 billion last year from $407.6 billion in 2007, when the Washington trade group had surveyed 124 lenders.
For its most recent tabulation, the MBA surveyed 90 lenders. Total commercial mortgage originations fell by 62 percent when compared to 2007, according to an earlier MBA survey.
The trade group every year compiles a listing of the most active lenders and intermediaries and puts together a myriad of rankings, based on loan type, originator type, property type and collateral geography.
Just about every single lender surveyed saw a reduction in volume. Many saw dramatic drops. Wachovia Bank, for instance, was by far the most active lender in 2007, originating $90.4 billion of loans. But last year its volume fell by a whopping 85 percent, to $13.3 billion. The bank is now part of Wells Fargo.
Other big-name lenders to see double-digit percentage drops in volume were Deutsche Bank, Credit Suisse and Goldman Sachs, each of which had previously funneled most of their originations to the CMBS market. With that market effectively shut down, their appetite for loans has dropped precipitously.Among the only lenders to see an increase in volume was TIAA-CREF, whose originations increased to $2.4 billion in 2008 from $2.1 billion a year earlier.
Meanwhile, a ranking of mortgage intermediaries had Holliday Fenoglio Fowler ranked first with $13 billion of volume, down from $25 billion in 2007. It was followed by CBRE/Melody, with $7 billion of volume, down from $22.5 billion a year earlier and Wells Fargo, with $6.1 billion of volume, down from $32.5 billion. Among Fannie Mae lenders, PNC Real Estate took top honors with $5.6 billion of volume last year, up from $1.7 billion in 2007. The company owns Red Mortgage Capital, the most active lender under Fannie's Delegated Underwriting and Servicing program, as well as PNC ARCS, which had perennially ranked among the most active DUS lenders. PNC was followed by Deutsche Bank Berkshire Mortgage, which wrote $2.5 billion of loans, down from $3 billion in 2007, and Prudential Mortgage Capital, which wrote $2.4 billion of loans, compared with $1.7 billion a year earlier.
Copyright © 2009 Commercial Real Estate Direct, a service of FM Financial Publishing LLC. All rights reserved.
Submitted by: "NNN CORNERS of Palm Beach"
"NNN Commercial Real Estate"

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