Biggest CRE Loan Servicers For three consecutive years now, Wells Fargo & Co. has been ranked as the biggest servicer of commercial real estate loans. Its dominance in the sector was made possible through an acquisition more than three years ago. The ranking was released from an annual commercial mortgage convention.
The San Francisco-based company landed the top spot despite that its CRE servicing portfolio dropped 3 percent from the end of 2010.
Next on the 2011 list was PNC Real Estate / Midland Loan Services.
Growth Projected for CRE Production A forecast issued Monday by commercial mortgage bankers indicated that commercial real estate loan production jumped 64 percent between 2010 and 2011.
During 2012, CRE originations are expected to increase 17 percent from last year.
In fact, commercial mortgage production is projected to increase again in 2013, 2014 and 2015.
Reverse Lender Has Top-10 Aspirations Reverse Mortgage Network was opened for business in October 2011. The company staffed up by recruiting reverse mortgage originators from Wells Fargo Home Mortgage, which had previously announced plans to exit reverse mortgage lending.
Now Reverse Mortgage Network has recruited the founder of a company that has previously claimed to be the biggest reverse mortgage lender in Maryland and 39 of its loan originators.
The parent company says that its chief executive officer projects that "Reverse Mortgage Network will, in the near future, become one of the top 10 largest reverse mortgage lenders in the country."
BofA Mortgage Chief Stepping Down The president of Bank of America Home Loans is leaving the company. Having been handed the reins at the previously biggest mortgage company in the country, the exiting executive was once thought to be a contender for the top job at the parent company.
When BofA announced in January 2008 its intention to acquire Countrywide Financial Corp. -- the biggest U.S. mortgage lender from 2004 until 2007 -- David Sambol, the president and chief operating officer at the time for Countrywide, was named to lead the company. But by the time the acquisition was done, Barbara Desoer, who had been BofA's chief technology and operations officer, was tapped to run the unit.
This week, the bank announced Desoer's intention to retire.
Real Estate News
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