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CREFC GSE / Multifamily Lenders Forum Update

June 2, 2026 

On May 20, the CREFC GSE / Multifamily Lenders Forum convened an executive roundtable dinner in Washington, D.C. Hosted by CREFC CEO and President Lisa Pendergast, the event brought together prominent business leaders from across the GSE and multifamily sectors for an open-forum exchange.

Senior representatives from Fannie Mae and Freddie Mac — as well as Barclays, Cantor Fitzgerald, CBRE, Citi, JPMorgan Chase, PGIM, Regions Bank, Walker & Dunlop, and Wells Fargo — engaged in high-level discussions on housing affordability and evaluating the market impact of the recently released Basel regulatory capital proposal on agency bond buyers.

GSE Forum leadership is now turning its focus to the upcoming CREFC Annual Conference in New York City starting this Sunday. At the conference, each forum will deliver a comprehensive market briefing of the current state of their market sectors. Today, we focus on the GSE / Multifamily Lenders Forum Panel, scheduled for Monday, June 8, at 11:30 AM EST.

Moderator:

• Lee Green, Managing Director, Wells Fargo

Panelists:

• Yahli Becker, Senior Managing Director, Head of Agency CMBS, Cantor Fitzgerald
• Jeff Berenbaum, Head of CMBS Research, Citigroup Global Markets
• Jason Griest, Vice President, Multifamily Capital Markets Securitization, Freddie Mac
• David Haynes, Head of Agency Trading, CBRE Capital Markets
• Matthew Jones, CFA, Chief Investment Officer – Credit Investments, Harbor Group

Key Discussion Highlights:

• Market Fundamentals: Agency CMBS market trends, supply pipelines, vacancy rates, rent growth trajectories, and the overall NOI outlook.
• Origination Dynamics: Expected loan production volumes and the evolving multifamily lending environment.
• Investor Sentiment: Credit investor and borrower perspectives on asset valuation, market resilience, and current investor sales trends.

To join the CREFC GSE/Multifamily Lenders Forum, please click here.

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Servicing Sessions at Next Week’s Annual Conference

June 2, 2026

Our Annual Conference in New York next week is full of servicing related content. Here are some of the highlights:

Servicer Forum – Monday June 8th 10:30 – 11:15 AM

After the Monday morning keynote presentation, stick around for a lively discussion with the CREFC Servicer Forum leadership. Key topics on the current agenda include:

• Negotiating Loan Workouts 
  • Challenges associated with maturity-driven stress vs. operating distress
• Providing investor transparency without compromising negotiation leverage with the borrower
• Addressing evolving investor expectations and the various interests across the capital stack
• General Servicing
  • The evolution of loan documentation and servicing agreement language
  • Coordination between Master and Special Servicers
  • New trends observed amidst heavy influx of new servicers in the CMBS market

Joint CRE CLO and IRP Meeting – Monday June 8th — 12:30 to 1:30 PM

Grab a boxed lunch and join the joint CRE CLO and IRP meeting. Join CRE CLO industry colleagues and the IRP committee leadership to discuss the Collateral Manager Data Report (CMDR) implementation and proposed additions, servicer financial reporting standards for future CRE CLOs, and an update regarding the finalization of IRP V8.5 and potential upcoming initiatives.

Downstream Impact on the Servicing Playbook Panel – Tuesday June 9th 3:45 – 4:30 PM

Tuesday afternoon’s panel “In the Thick of It – Downstream Impact on the Servicing Playbook” will provide valuable perspectives from master servicers, special servicers, rating agencies, and investors regarding servicing issues. 

Current hot topics to be discussed include:

• Servicer advancing
  • Non-recoverability
  • SASB vs. conduit
  • Potential effect on workout strategies
• Investors’ desire for more information regarding workout plans, appraisal reductions, and loan performance 
• Pooling and Servicing Agreement innovations to address various servicing pinch points

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Introducing Spotlight on Servicing: Understanding CMBS Appraisal Reductions

May 12, 2026

CREFC is pleased to share the release of Understanding CMBS Appraisal Reductions as the first report in a new Spotlight on Servicing educational series focused on the servicing business.

Appraisal Reductions are a fundamental component of CMBS servicing, with direct implications for cash flow, bond performance, and investor control. The concept was created to limit the amount of servicer advancing that might not ultimately be recovered at disposition after a loan default.

Understanding appraisal reductions is essential to interpreting CMBS deal performance across the capital stack, particularly in periods of asset stress.  Our recently published Spotlight on Servicing is an entry level discussion that highlights the mechanics of Appraisal Reductions, including typical trigger events.

Additionally, a sample Appraisal Reduction Amount (ARA) calculation is provided, and the concept of Appraisal Subordinate Entitlement Reduction (ASER) is introduced.  Because an ASER will decrease the proportion of the monthly payment to be advanced on the loan, the potential impact of the effect on bondholder payments and bond ratings is discussed.

Download report here.

Contact Rich Carlson (rcarlson@crefc.org) with any questions.

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CREFC Balance-Sheet Lending Leaders Convene for Strategic Roundtable Dinner

May 5, 2026

Last week, CREFC President & CEO Lisa Pendergast hosted an exclusive roundtable dinner, bringing together key members of the Portfolio Lenders Forum (Bank and Insurance) and the Alternative Lenders & High Yield Investors Forum. The evening featured special guest Leland F. Bunch, CREFC Chair and Managing Director at Bank of America, alongside a distinguished group of leaders from the balance sheet lending community.

Participating firms included senior representatives from BGO, Blackstone, Bridge Debt Strategies, Derby Lane Partners, KKR, PGIM, Regions Bank, and US Bank. The intimate setting provided a unique venue for these industry leaders to engage in a candid dialogue regarding current market developments and to offer strategic suggestions on how CREFC can further support the sector.

Key Discussion Highlights:

• The Divergence of Private Credit Performance: The group examined the growing performance gap between unsecured Private Credit, which has faced increasing headwinds, and secured real estate debt funds. Participants noted that real estate debt funds have emerged as beneficiaries of this market divergence, providing strong value propositions in the current environment.
• Benchmarking and Data Development: A critical point of discussion centered on the need for improved transparency and data in the private secured debt space. Executives explored the potential for developing a dedicated index to provide accurate performance benchmarking for the sector.
• Market Trends, Competition, and Credit: Leaders shared observations on trends in the market: while overall deal volumes are down, competition among balance-sheet lenders remains fierce. Members reported that while spreads have tightened to secure quality transactions, they have successfully maintained rigorous credit standards, prioritizing portfolio resilience over volume.

Engage with CREFC Forums

CREFC’s Forums offer a dedicated space for members to share insights, develop industry best practices, and influence policy. We encourage all members to engage actively with their relevant forums to help shape CREFC’s policy and capital markets initiatives.

• Join a Forum: Visit the Forums Engagement Page
• Questions? For more information regarding CREFC Forums, please contact Rohit Narayanan at rnarayanan@crefc.org.

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CRE/CLO Update

May 5, 2026

Progress on CREFC’s Collateral Manager Data Report (CMDR) and Upcoming June Meeting

CREFC continues to spearhead efforts to enhance transparency and standardization across the CRE CLO landscape. As we approach the mid-year mark, significant strides have been made in the adoption of the Collateral Manager Data Report (CMDR), alongside new opportunities for industry-wide collaboration.

Save the Date: CRE CLO / IRP Joint Meeting

The upcoming CREFC Annual Conference will feature a dedicated in-person joint lunch meeting of the CRE CLO Working Group and the Investor Reporting Package (IRP) Committee. This session is geared for participants to provide comments and suggestions on CRE CLO and IRP reporting.

• When: Monday, June 8, 2026 | 12:30 PM – 1:30 PM
• Registration: Register Here
• Note: Registration for the full CREFC Annual Conference is not required to participate in this specific meeting.

Collateral Manager Data Report (CMDR) Implementation

Adoption of the CMDR is gaining significant momentum. This quarter marks a turning point as several additional firms have begun active reporting. The integration into major data platforms is also moving forward rapidly:

• Intex: Active reporting is underway.
• Trepp: Scheduled to begin reporting by the end of May.
• Bloomberg: Now reviewing requirements to facilitate this reporting in the future.

Furthermore, CREFC is actively developing CMDR v2. Our goal is to circulate this updated version for review by the working group prior to the June Annual meeting, ensuring that the latest feedback from market participants is incorporated into the draft.

What's Next: Advancing CRE CLO Financials Reporting

Streamlining the reporting of financials remains the next top priority for the working group. Recent discussions with a diverse group of Issuers, Investors, and Servicers revealed a variety of perspectives on the most efficient path forward.

Given the importance of achieving a consensus that serves all market participants, we will be hosting a live discussion during the June 8th meeting at the Conference. This will be an essential opportunity to weigh different viewpoints and determine the best strategy for streamlining these critical data sets.

Get Involved 

Your feedback is vital to the success of these initiatives. For any questions or comments regarding these updates, please reach out to Rohit Narayanan at rnarayanan@CREFC.org.

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Portfolio Lending Update: A Divergence in Spreads as Balance-Sheet Lenders Compete for Limited Deal Flow

April 14, 2026

The Insurance and Bank Portfolio Lenders Forums recently discussed market conditions amidst persistent geopolitical and macroeconomic headwinds. The primary takeaway is a notable divergence in pricing. Spreads have tightened for balance-sheet executions even as the broader capital markets experienced moderate widening.

Market Dynamics: The Search for Volume

The abundance of available debt capital relative to a limited supply of high-quality lending opportunities is driving downward pressure on spreads, forcing an override of potential increases in risk premiums.

• Vertical Stability vs. Core Drop: While bridge and construction verticals remain stable, the core pipeline has seen a significant contraction due to market volatility.
• The "Maturity Trigger": Acquisition activity remains muted. Outside of imminent maturities, borrowers are largely sidelining permanent loan refinancings in hopes of greater market certainty later in the year.
• Competitive Pricing: Banks have become increasingly aggressive in pricing construction and floating-rate products. The stance is challenging life company competitiveness in traditional "core" territories.

Benchmark Spreads & Pricing

Lenders are tightening spreads to "win" the few institutional-quality transactions coming to market.

Asset/Transaction Type and Reported Spread Range

• Multifamily Construction (Tier 1) - High 100s
• Other Major Asset Classes - Low 200s
• Back Leverage (Top-Tier) - ~130s

Note on CRE CLOs: The tightening of back-leverage pricing to the 130s serves as a potential dampener for the CRE CLO market, which has seen an orderly widening of spreads since the onset of recent geopolitical conflicts. Market participants have indicated a slow down on CRE CLO transactions is the likely result.

Credit Strategy & Risk Appetite

Despite the "chase" for yield and volume, the Forums expressed a disciplined approach to credit:

• Tier 2/Secondary Markets: Lenders are selectively exploring secondary markets to capture better spreads, but asset quality concerns remain a significant barrier.
• No "Race to the Bottom": There is little to no appetite among Forum members to lower credit standards or loosen underwriting discipline to secure deal flow.

Outlook: The Forums expect spreads to remain compressed in the near term until a meaningful pickup in transaction volume rebalances the supply/demand for debt capital.

Contact Rohit Narayanan (RNarayanan@crefc.org) with any questions.

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