whitepaper standard roles and responsibilities of the master and sub servicersincmbstransactions
TRANSCRIPT
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8/4/2019 Whitepaper Standard Roles and Responsibilities of the Master and Sub ServicersInCMBSTransactions
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2010 Mortgage Bankers Association (MBA). All rights reserved, except as explicitly granted. 20002010 Mortgage Bankers Association (MBA). All rights reserved, except as explicitly granted.
10193
STANDARD ROLES AND RESPONSIBILITIESOF THE MASTER AND SUB-SERVICERSIN CMBS TRANSACTIONS
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
Standard Roles and Responsibilitiesof the Master and Sub-ServicersIn CMBS Transactions
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
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Katie Schwarting
Director
MBA Commercial Real Estate /
Multifamily Finance
awm
Deborah O. McKinnon
Vice President
MBA Commercial Real Estate /
Multifamily Finance
Janice M. Smith
Vice President
2000 Chair, Asset Administration
Committee: Managing Director
B am
Ann Hambly
2000 Chair, Standard Roles and
Responsibilities Task Force President
Pu a ru
Date Completed: May, 2000
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
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cMBs Fu guNote: t bw m b u b p u y b u
y pup uy ( uy u b y
m my fuu m m m p up m , m w w,
b p p, ).
FUnction
Master
servicer
sUB
servicer other
ASSET MANAGEMENT (1)
insPections X
Financial stateMent / rent roll collection X
Financial stateMent revieW / analYsis & norMaliZation X
Financial stateMent Final revieW / ensUre consistencY X
sPecial reQUests
lease revieW and recoMMendation X
lease aPProval X
assUMPtion Processing and recoMMendation X
assUMPtion aPProval X
Partial releases oF collateral / Processing
recoMMendation
X
Partial releases oF collateral aPProval X
research / Processing corrective docUMents
(l dp Bu)
X
aPProval oF correction to docUMents X
easeMents / Processing recoMMendation X
easeMents aPProval X
condeMnation Proceeds X
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
FUnction
Master
servicer
sUB
servicer other
ASSET MANAGEMENT Continued (1)
sPecial reQUests
ModiFication Processing recoMMendation X
ModiFication aPProval X
deFaUlt ModiFication X
Financial and legal
covenant Monitoring
Special
Servicer
Process oF deBtor additional
BorroWing reQUests
X
aPProval oF deBtor additional
BorroWer reQUests
X
Processing oF transFer oF eQUitY interests X
aPProval oF transFer oF eQUitY interests X
deterMination oF adverse reMic events X
rating agencY aPProvals X
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
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cMBs Fu gu ContinuedNote: t bw m b u b p u y b u
y pup uy ( uy u b y
m my fuu m m m p up m , m w w,
b p p, ).
FUnction
Master
servicer
sUB
servicer other
REPORTING
csMa
initial set UP File Depositor
csMa data rePorting X
validation oF csMa data and rePorting to trUst X
sUrveillance rePorts X
taX rePorting to irs
1098 Entity that
processes
cash
1099a / 1099c Specialservicing
1099 interest X
8k Filing X Master
Servicer
provides
information
to Trustee
and Trustee
reports to
Edgar
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
FUnction
Master
servicer
sUB
servicer other
SERVICING
PaYMents Processing / Billing X
escroW / reserve adMinistration X
insUrance loss draFt Processing X
ManageMent oF Proceeds For
constrUction / loss
X
PaY taXes / insUrance X
reserve disBUrseMent Processing X
cash ManageMent X
PaYoFF Processing X
PaYoFF aPProval X
reconveYances X
Yield Maintenance calcUlations X
Yield Maintenance calcUlations aPProval X
deFeasance calcUlations X With legal
involvement
(2)
Ucc Monitoring, continUations, releases, etc. X
letter oF credit Monitoring / reneWals X
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STANDARD ROLES AND RESPONSIBILITIES OF THE MASTER AND SUB-SERVICERS IN CMBS TRANSACTIONS Mortgage Bankers association aUgUst 20002010. all rights reserved.
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cMBs Fu gu ContinuedNote: t bw m b u b p u y b u
y pup uy ( uy u b y
m my fuu m m m p up m , m w w,
b p p, ).
FUnction
Master
servicer
sUB
servicer other
SERVICING Continued
letters oF credit releases X
groUnd lease Monitoring/ PaYMents X
aPProval oF transFer oF loan to sPecial servicing X
transFer oF Files to sPecial servicer and handoFF X
MISCELLANEOUS
Maintain e&o PolicY X X
FidelitY Bond X
UsaP X
advancing (P&i / t&i / ProPertY Protection) X
oBtain assignMents oF Ucc and loan docUMents at closing X
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