Whitepaper Standard Roles and Responsibilities of the Master and Sub ServicersInCMBSTransactions

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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s c

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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cMBs Fu guNote: t bw m b u b p u y b u

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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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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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cMBs Fu gu ContinuedNote: t bw m b u b p u y b u

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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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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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10

cMBs Fu gu ContinuedNote: t bw m b u b p u y b u

y pup uy ( uy u b y


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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Whitepaper Standard Roles and Responsibilities of the Master and Sub ServicersInCMBSTransactions