New program issued for loan deals

Real Estate Weekly, Dec 1, 2004

Commercial Mortgage Securities Association, the international trade organization representing the commercial mortgage backed securities industry, announces the release of the CMSA Investor Reporting Package (CMSA IRP) Version 3.1.

This revision will become effective on January 31, 2005.

The CMSA IRP was initially adopted in 1997 as a reporting package for investors, allowing them to compare bonds across multiple transactions.

It is reviewed and updated regularly based on comments and suggestions from a broad group of CMBS market participants, including investors, servicers, trustees, underwriters and rating agencies.

Version 3.1 of the CMSA IRP constitutes minor revisions, including a total loan report and advance recovery report, as well as clarifications to the portfolio review guidelines.

Jeannette DeLaGarza, senior vice president of Wells Fargo Bank and chair of the CMSA investor reporting package committee, stated, "We are very pleased to introduce Version 3.1 of the CMSA Investor Reporting Package to the CMBS marketplace.

The CMSA IRP has become the industry standard and it is our goal to keep it as useful and relevant for all participants as possible."

Richard Jones, partner of Dechert LLP and CMSA president, added, "With the incredible growth of the CMBS industry in recent years, it is extremely important that servicers, trustees and investors be able to smoothly transfer information among various parties in a deal.

Version 3.1 of the CMSA IRP will help ensure that we maintain a liquid and efficient marketplace. CMSA-Europe is also in the process of developing a set of reporting standards for CMBS transactions in the U.K."

CMSA[R]continues to review and revise the CMSAIRP, and welcomes input from any parties who are users or providers of CMBS data.

Anyone interested or for additional information please contact Shane Beeson at (212) 509-1846 or at shane@cmbs.org.