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MORTGAGE BANKERS ASSOCIATION OF AMERICA AND COMMERCIAL MORTGAGE SECURITIES ASSOCIATION

New Commercial Mortgage Servicing Guidelines Issued

CHICAGO (June 22)--Two new commercial servicing industry guidelines were released today by the Mortgage Bankers Association of America (MBA) at the organization's 7th annual Commercial & Multifamily Mortgage Administration Programs held here. One of the guidelines was released in conjunction with the Commercial Mortgage Securities Association (CMSA).

"These guidelines--the Best Practices Report and the Special Borrower Requests Checklists--were issued to promote the streamlining of procedures and processes in the commercial real estate finance industry and to increase cooperation among industry participants," said Mark Hill, chairman of MBA's Asset Administration Committee and senior vice president of Laureate Capital.

The Best Practices Report, a joint initiative between MBA and CMSA, was developed in response to concerns in the commercial mortgage-backed securities (CMBS) industry about issues associated with incomplete or defective loan files. A joint task force comprised of 95 volunteers from across the industry representing more than 60 organizations, including originators, issuers, master servicers, primary servicers, special servicers, trustees/custodians, credit rating agencies, and CMBS investors, was charged with identifying and recommending changes to current industry practices. The report details loan closing checklist requirements, core documents required in a CMBS transaction, the timeline for providing documents to the trustee/custodian, and remedies for non-compliance.

"The Best Practices, as adopted, will go a substantial way to reducing the risks to issuers and investors associated with missing or defective documents in CMBS pools," said Joseph Philip Forte, chairman of the MBA-CMSA joint task force and a partner with Thacher, Proffitt & Wood. "It should lead to increased cooperation throughout the industry and to improved loan documentation quality."

"An enormous amount of work and compromise went into the development of these Best Practices," added Mary Anne Ashmore, vice chairman of the joint task force--representing CMSA--and first vice president of LaSalle Bank, NA. "As a result, we have new ways to ensure that securitizations do not have undue risks caused by defective or missing loan documents. The task force members deserve a lot of credit."

The Special Borrower Requests Checklists are the work product of a task force comprised of various MBA constituencies, including a master servicer, special servicer, primary servicer, life company, mortgage banker, and closing counsel. The checklists were developed to help servicers in the whole loan and CMBS industry efficiently process special borrower requests. The checklists identify documents required for post-closing special borrower requests such as assumptions, easements, partial releases, extensions, and collateral substitutions. They are intended as guidelines and do not represent standards the industry must follow.

Said Deborah Rogan, chairman of the MBA task force and chief operating officer at CapStone Realty Advisors, "We're looking forward to implementing the checklists in the industry and hope that they will facilitate all aspects of special borrower requests."

Both new guidelines will be posted to MBA's Web site at www.mbaa.org. The Best Practices Report also will be posted to CMSA's Web site at www.cmbs.org.


MBA is the national association representing the real estate finance industry. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets, to expand homeownership prospects through increased affordability, and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications. Its membership of approximately 2,800 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, life insurance companies, and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mbaa.org.

Headquartered in New York's financial district, the Commercial Mortgage Securities Association (CMSAsm) is an international trade organization dedicated to fostering the continued growth, liquidity and efficiency of the commercial real estate finance capital markets. Founded in 1994, CMSAsm's membership has expanded to more than 280 member firms, representing most of the nation's leading commercial mortgage-backed securities (CMBS) originators, issuers, investors and service providers, including the largest money-center banks, investment banks, insurance companies, money managers, specialty finance companies, loan servicers and rating agencies. CMSAsm also publishes CMBS WorldTM, the only magazine solely dedicated to CMBS. For more information on CMSAsm, visit its Web site at www.cmbs.org.

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