CRE Finance Council Investor Reporting Package 5.1 Exposure Draft

The Commercial Real Estate Finance Council is exposing for comment CREFC IRP®, v.5.1 that addresses instances where the existing Historical Loan Modification and Corrected Mortgage Loan Report (HLMCLR) is not conducive to describing elaborate modifications and the related financial loan terms.

A member webcast will be scheduled in the near future to provide an overview of the new Loan Modification Template, which began as a request from investors and was approved by the CREFC IRP Committee to be used when the limited HLMCLR report may not be sufficient to provide for an adequate understanding of a complex loan modification and its effect on the bond cash flows.

The exposure draft includes final changes to the following:

  • Updated CREFC Overview narrative
  • Updated Change Matrix for CREFC IRP, v.5.1
  • Updated Loan Modification Template
  • Updated Data Dictionary for CREFC IRP, v.5.1 term changes

Members are encouraged to review the exposure draft and comment as appropriate. The draft will be exposed for a 30-day comment period, followed by a 30-day implementation period. Therefore, CREFC plans to publish CREFC IRP®, v.5.1 on Nov. 1, 2010 to become effective Dec. 1, 2010.

The new Loan Modification Template will be prepared by the Special Servicer and delivered to the Master Servicer in “pdf” format. The Special Servicer may, at its discretion, complete this new template for any modifications closed in 2010 prior to the effective date of CREFC IRP®, v. 5.1.

We would like to thank the CREFC IRP Committee, chaired by Kathleen Olin, CWCapital Asset Management, Grace Holst, Berkadia Commercial Mortgage and Lisa LaBelle, Teachers Insurance & Annuity Association for all of their hard work on this IRP update this year.

Download CRE Finance Council Investor Reporting Package 5.1 Exposure Draft