MBA Updates and Initiatives

• On Monday, April 30, 2007 MBA and its industry coalition partners submitted a response to the request of the Internal Revenue Service and the Treasury Department (Notice 2007-17) regarding possible amendments to the REMIC regulations for modifications of commercial mortgage loans. Click here to review response.
  
• MBA and American Securitization Forum (ASF) send joint letter to the SEC for clarification of Item 1122 requirements for vendors under Regulation AB on December 21, 2006. See updates on the Regulation AB Resource Page.
  
• MBA develops new Resource Web Page for Insurance Issues – to view updates on Hurricane Disaster Responses, ACORD 28, TRIA extension, National Flood Insurance Program (NFIP) reform, visit the website.
  
• MBA releases Due Diligence for Force Placed Insurance on December 11. Click here to download the full document. For more information please contact Katie Schwarting at kschwarting@mortgagebankers.org.
  
• MBA Asset Administration & Technology Conference - join us in Phoenix, AZ, May 16-19.
  
• MBA Regional Servicing Forums. For a list of the locations and topics, visit the Regional Servicing website.
  
• Asset Administration Policies and Procedures Manual. MBA will host monthly conference calls on all the different responsibilities that are performed by commercial servicers. Each discussion will culminate in a written policy on the best practices for servicers in that area of their business. For a schedule of the discussion topics click here
  
• Q Status. MBA, along with other CMBS Industry representatives, have been working with the Big 4 accounting firms on the treatment of REMIC and Qualified Special Purpose Entities (QSPEs) under Financial Accounting Standards 140 (FAS 140). The issues stem from concerns expressed by the accounting firms on the current activities performed by servicers in CMBS transactions and the corresponding limitations required by REMIC and QSPEs.
  
• MBA Participates in FASB Resource Group. The Financial Accounting Standards Board (FASB) has created a Resource Group to review the issues.
  
• REMIC Reform. MBA continues to work with an industry coalition to lobby for enactment of the REMIC (real estate mortgage investment conduit) modernization legislation in the 110th Congress.
  
• Securities and Exchange Commission (SEC) Regulation Asset-Backed Securities. Visit the MBA Reg AB Resource Web Page
  

Standards and Best Practices

• Revised Methodology for Analyzing and Reporting Property Income Statements (OSAR and NOI) – effective January 1, 2007
  
• MBA releases Due Diligence for Force Placed Insurance on December
  
• ACORD 28 - Evidence of Commercial Property Insurance
  
• ACORD 28 - Frequently Asked Questions
  
• Financial Statements - Net Operating Income (NOI)
  
• Property Inspection
  
• Standard Inspection Form - Please see NOTE below if you wish to use this document.
  
  • Property Inspection Form Key - Please see NOTE below if you wish to use this document.
    
  • NOTE: Instructions for Inserting Company Logo
    
• SEC Regulation AB
  • SEC's Regulation of Asset-Backed Securities: Interpretive Guidance on Regulated Disclosure for CMBS Servicing
    
  • MBA and Heil and Associates developed a MBA White Paper - SEC's Regulation of Asset-Backed Securities.
    
  • SEC Regulation AB. Impact of CMBS Servicing, Regulation, Disclosure, and Reporting (Memorandum). This memorandum is a companion documentdeveloped by MBA and Akin Gump Strauss Hauer & Feld, LLP to MBA's interpretive White Paper.
    
• Special Borrower Requests Checklist
  
• Standard Roles & Responsibilities of the Master & Sub-Servicers in CMBS Transactions
  
• CMBS Function Guide
  
• Terrorism Risk Insurance Extension Act of 2005: Implementation Guide

Related Links

• The Capital Consortium News Release (06.19.06): Statement on FASB Servicer Discretion Review
  
• REMIC Legislation (Proposed)
  • H.R. 1010
    
  • S. 580
    
• Rating Agencies:
  • Dominion Bond Rating Service Limited
    
  • Fitch Ratings
    
  • Moodys Investor Service
    
  • Standard and Poor's
    
• Securities and Exchange Commission (SEC)
  
• SEC Regulation Asset-Backed Securities - Final Rule
  

Commercial/Multifamily NewsLink and Industry Articles

• Flexible CMBS Documents Add Service to Capital
  
• CMBS Servicers Discuss Hurricanes as DQ Numbers Rise
  
• CMBS Borrowers Fix Exit Through Defeasance