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CRE Finance World Summer 2015
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One of the biggest changes users of the Watchlist will find is the
creation of a “Credit or Informational” column on the Watchlist and
in the Portfolio Review Guidelines to accompany each trigger. The
purpose of this new column is to help users navigate the Watchlist
more efficiently so that loans triggering for “Credit” issues are
easily identified.
Current Status
CREFC held an open comment period from March 19 to April
25, 2014 for members to submit their input on these proposed
changes and the Forums adopted the new and revised Watchlist
criteria. The implementation date is June 30, 2015. No early
adoption is permitted.
Loan and REO Liquidation Reports Best Practices — (Complete)
Chair Libby Luther, C-III Asset Management
The Loan and REO Liquidation Reports best practices working
group was created to develop a best practices document. The
working group addressed the following issues:
• Determine what codes from the IRP file can be auto populated
to the Loan and REO Liquidation templates
• Reach out to the investor community and solicit their feedback
on the reporting of loan and REO resolutions
• Establish consistent information reported on the Loan and REO
Liquidation Templates (i.e. add/delete fields, participated loans,
multi-property loans)
• Clarify fields reported on the Loan and REO Liquidation
Templates (i.e. total fees to special servicer affiliated entities)
• Identify reporting contacts at the Master Servicer and Certificate
Administrator for template submission
The best practices document was released on December 29th,
2014 and is effective immediately.
1099 Tax Reporting Best Practices Update – (Complete)
Chair Grace Holst, Strategic Asset Services
The 1099 Tax Reporting working group was reconvened this year
to address confusion within the industry on how to appropriately
use the 1099 Tax forms. To complement the 1099 Tax Reporting
Best Practices in Section IX of the IRP, the working group updated
the 1099 Servicer Contact sheet to ensure that filings are completed
on a timely basis and with the appropriate party. Additionally, the
working group created a 1099 Tax Reporting “Reference Sheet”
and a list of “Frequently Asked Questions” to further assist Servicers
in navigating the 1099 filing process.
Other Initiatives
In addition to the aforementioned projects, the Servicers Forum is
looking to create new working groups to address best practices for
Winding Down CMBS Trusts and the standardization of procedures
and requirements for performing loan consent forms. We are also
looking to re-start the Rating Agency Transition Standardization
working group. Please contact the Servicers Forum leadership
or CREFC if you would like to co-chair or be involved in one of
these initiatives.
While the Servicers Forum has considerable work to do in 2015,
the forum’s leadership is always open to any recommendations
for additional issues to improve our industry. Please feel free to
contact the forum leadership or CREFC with your ideas. We greatly
appreciate all the efforts of the working group leaders and members
for all their hard work.
2015 Servicers Forum Overview