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The GEMSA model

By Bergsman, Steve
Publication: Mortgage Banking
Date: Monday, July 1 2002
HEADNOTE

COVER REPORT: COMMERCIAL

HEADNOTE

Two big players in commercial mortgage servicing have established a new business model for combining respective

strengths in high-touch asset management and servicing technology. The new limited partnership, called GEMSA, may or may not be the start of a trend.

IN AUGUST 2001, L.J. MELODY & CO., HOUSTON, AND GE CAPITAL REAL ESTATE (GECRE), STAMFORD, CONNECTICUT, shook up the normally staid commercial mortgage servicing industry by consolidating their loan servicing operations into a new entity, a limited partnership called GEMSA Loan Services LP, Houston. * While portfolio sales are common (some of the deals being very large, as a number of big financial companies have left the servicing arena), there ally haven't been very many full mergers of mortgage servicing companies. That's why the GEMSA formation is fairly unique-at least for the moment. The question is, will it change the industry? At this point there's no consensus that it will, and by early 2002 no other companies had decided to go the same route.

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