The Mortgage Bankers Association (MBA) released its year-end ranking of commercial and multifamily mortgage servicers at its 2026 Commercial/Multifamily Finance Convention and Expo on Monday, revealing that Trimont claimed the top position with $680 billion in master and primary servicing volume as of Dec. 31, 2025.
The comprehensive report, which analyzes the volume of more than 80 master and primary servicers, identifies the industry’s heaviest hitters across various loan sectors and investor types.
Following Trimont in the overall rankings are PNC Real Estate/Midland Loan Services with $568 billion in master and primary servicing, KeyBank National Association with $468 billion, CBRE Loan Services with $458 billion and Berkadia Commercial Mortgage with $436 billion.
The MBA’s report also breaks down leading firms across specific capital sources. Among servicers with retained or purchased servicing of U.S. mortgaged, income-producing properties, Trimont, PNC/Midland and KeyBank ranked as the largest primary and master servicers for commercial mortgage-backed securities, collateralized debt obligations and other asset-backed security loans. Trimont also secured the top spot for loans from credit companies, pension funds, real estate investment trusts and investment funds.
For loans guaranteed by government-sponsored enterprises, the rankings identified Walker & Dunlop, Berkadia and CBRE Loan Services as the largest servicers of Fannie Mae-backed mortgages. For Freddie Mac loans, KeyBank and PNC/Midland were the largest servicers, with Trimont finishing third.
For Federal Housing Administration and Ginnie Mae loans, Lumen Real Estate Capital Holdings, Greystone and Berkadia were the largest servicers by value.
Beyond retained or purchased servicing, the MBA ranked firms based on fee-for-services roles. Berkadia, SitusAMC and CBRE Loan Services were named the top fee-for-service primary and master servicers for U.S. mortgaged, income-producing properties.
For other types of commercial real estate-related assets, Citco Loan Services, JPMorgan Chase & Co. and Trimont ranked at the top of primary and master servicers list.
The MBA report provides clarity on the distinct functions within the servicing sector. It defines a primary servicer as the entity generally responsible for collecting loan payments from borrowers and performing property inspections and other property-related activities.
Conversely, a master servicer is typically responsible for collecting cash and data from primary servicers and providing that information and capital to investors via trustees.
The MBA noted that its tabulations generally do not double-count loans where a single servicer performs multiple roles, unless otherwise noted, though double-counting does occur across servicers when multiple firms fulfill different roles on the same loan.
