CMBS investors should think twice before replacing a special servicer

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US Commercial mortgage-backed securities (US CMBS) are bonds collateralized by. default and special servicing. does this constitute a recommendation of the suitability of any investment strategy for a particular investor. Investors should consult a financial

Since servicers fund advances and are responsible for large sums of cash, those with strong credit ratings are preferred. Servicers also must provide timely and accurate investor reporting, particularly since many CMBS investors are insti- tutional bondholders with sophisticated internal reporting requirements.

That, particularly, has some investors concerned. "Investors are becoming increasingly skittish over potential conflicts between existing CMBS borrowers and the ownership interest in the special servicers," said Stephanie Petosa, managing director of Fitch.

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CMBS investors should think twice before replacing a special servicer By Robert Sullivan – A CMBS loan material default, or the threat of one, will be transferred to special servicing for resolution under the applicable servicing agreement.

“To be honest with you, I think there should. services, leased equipment and loans. In 2015, for example, their nonprofit paid their for-profit $412,000 for services, tax records show. Ezzell and.

In fact, in most CMBS deals, the b-piece buyers (the bondholders with the riskiest class of CMBS) actually get to choose the special servicer. Since they are the last group of bondholders to get paid if the borrower defaults on their loan, b-piece investors often want to be able to choose a special servicer they believe will work diligently in their best interests. Unfortunately, some special servicers have a reputation for putting their own needs before that of both investors and borrowers.