CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the over $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
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  • Comprised of more than 400 companies and 19,000 individual members
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News

Latest Spotlight on Servicing: The State of CRE Servicing – Midyear 2026

July 10, 2026

We are pleased to share the release of The State of CRE Servicing – Midyear 2026, the second report in our Spotlight on Servicing educational series focused on the servicing business.

Drawing on discussions from last month’s CREFC Annual Conference, the report highlights the key servicing themes that emerged across multiple sessions and explores what they reveal about the current state of commercial real estate servicing. From evolving asset management strategies and investor expectations to the growing demand for timely, transparent loan reporting, the report provides a timely overview of the issues shaping today's servicing landscape.

Download 

Spotlight on Servicing reports can be found in the CREFC Resource Center or Member Alert archives.

For questions or additional information:
Rich Carlson
Senior Director, Servicing Liaison
CRE Finance Council
rcarlson@crefc.org

Contact 

Rich Carlson
Senior Director, Servicing Liaison
CRE Finance Council
rcarlson@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
Latest Spotlight on Servicing: The State of CRE Servicing – Midyear 2026
July 10, 2026
We are pleased to share the release of The State of CRE Servicing – Midyear 2026, the second report in our Spotlight on Servicing educational series focused on the servicing business.

News

Housing Bill in Limbo After Congress Passes and President Declines to Sign

June 30, 2026

As we covered last week, the revised 21st Century ROAD to Housing Act (H.R. 6644) passed the Senate by a vote of 85-5 and the House 358-32. 

  • However, President Trump abruptly canceled a June 24 signing ceremony and said he would not sign the bill until the Senate passed the SAVE America Act.
  • Click here for our previous coverage on the legislation.

Why it matters: Trump was expected to sign the bill, but he posted on social media several times that the bill was written by Democrats and then declined to sign as a pressure tactic on the Senate to pass the election-related legislation. 

  • Constitutionally, Trump has 10 days (excluding Sundays) to sign or veto the bill, otherwise it will become law on July 9. The House “presented” the bill to the President on Monday, which started the 10-day clock. 
  • President Trump has not threatened to veto the bill. If he did, 2/3 of each chamber would have to vote to override the bill to enact it. 
  • While H.R. 6644 passed each chamber above the 2/3 threshold, a veto override would not be guaranteed. Many Republicans would likely balk at overriding the President on this issue. 

What they’re saying: House Republicans, including Speaker Mike Johnson (R-LA), have expressed optimism that Trump will sign the bill. Senate Banking Committee Ranking Member Elizabeth Warren (D-MA), a key drafter in the bipartisan bill, criticized Trump for not signing the bill: 

"If he cared about the American people, he'd have already signed the damn thing.” -Sen. Elizabeth Warren.

Go deeper: The bill still contains a section that seeks to ban large institutional investors from owning more than 350 single-family homes.

  • Click here for a more detailed analysis of the SFR provision.
  • The latest version of the SFR section is unchanged from what the House passed in May. Build-to-rent is intended to be exempt from the ban and it does not include a seven-year divestment mandate.
  • While the ban includes several exemptions and is not intended to require large institutional investors to sell their current holdings, industry questions remain about the operational aspects of the law.
What’s next: Assuming the bill becomes law, CREFC will continue to work with members on the provisions impacting the industry. 

 

Contact David McCarthy (dmccarthy@crefc.org) with questions.

 

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The 21st Century ROAD to Housing Act is in limbo as President Trump declined to sign the bill.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
Housing Bill in Limbo After Congress Passes and President Declines to Sign
June 30, 2026
As we covered last week, the revised 21st Century ROAD to Housing Act (H.R. 6644) passed the Senate by a vote of 85-5 and the House 358-32.

News

CRE CLO Investor Reporting Update

June 30, 2026

CREFC held a highly engaged, roundtable meeting during the CREFC Annual Conference in New York City to address evolution and standardization across CRE Collateralized Loan Obligation (CRE CLO) reporting. The session, which brought together over 120 market participants, focused on driving enhanced transparency and assessing the structural deployment of CREFC’s Collateral Manager Data Report (CMDR). 

The discussion centered on several critical updates, market adoption metrics, and forward-looking data initiatives:

  • Accelerating Adoption of the CMDR: Market implementation of the CMDR has demonstrated industry-wide momentum. Originally launched in October 2025 to introduce a standardized reporting framework for transitional assets, the report has quickly established wide adoption. Multiple collateral managers have chosen to retroactively implement CMDR reporting frameworks for legacy, older-vintage CRE CLO transactions. Currently, over 70% of all CRE CLOs issued since January 2024 are compliant with this reporting standard.
  • Industry Feedback Solicitation: While CREFC is highly encouraged by the strong institutional adoption of the CMDR to date, the goal is to make the CREFC CMDR a market standard. To ensure the reporting adapts to changing credit environments, CREFC is actively soliciting industry feedback. Participants who wish to suggest data field refinements, technical modifications, or structural changes to the current report are strongly encouraged to submit their recommendations directly to CREFC.
  • Ongoing Dialogue on Servicer Financial Reporting: The roundtable engaged in a detailed discussion regarding methods to improve and accelerate the throughput of property-level financial reporting spread by servicers. While participants did not establish immediate consensus or produce specific document recommendations during the session, the dialogue underscored a shared industry desire for greater data consistency. CREFC remains committed to actively engaging with collateral managers, servicers, and investors over the coming months to develop practical solutions that reduce reporting friction and heighten overall secondary market transparency.

Please contact Rohit Narayanan (rnarayanan@crefc.org) with questions or comments. 

Contact 

Rohit Narayanan
Managing Director,
Industry Initiatives
646.884.7569
rnarayanan@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
CRE CLO Investor Reporting Update
June 30, 2026
CREFC held a highly engaged, roundtable meeting during the CREFC Annual Conference in New York City to address evolution and standardization across CRE Collateralized Loan Obligation (CRE CLO) reporting.

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