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Servicers Forum

Representing master, primary and special servicers with additional input from trustees, NRSROs, asset managers and third party providers involved in the CMBS post-securitization process, this Forum offers a thorough examination of the increasing demands of the commercial real estate credit issues on servicing operations, and the optimal business model for the future of commercial servicing.

Chair: Stacy Ackermann, K&L Gates, LLP
Chair Elect: Leslie Hayton, Wells Fargo
Past Co-Chairs: Richard Carlson, DBRS; Carl McLaughlin, Freddie Mac

Overview of Forum Procedures and Process   (members only)

View the Servicers Forum Roster (members only)
 

Sign up for the Servicers Forum  (members only)


Contact Kathleen Olin for Servicers Forum related questions.

Forum Related News

News

CREFC’s Servicers Forum

September 19, 2022

Together, Stacy, Leslie, Rich and Carl form the “Leadership Working Group” for the Servicers Forum and set agendas and priorities for the forum, as well as represent the constituency on CREFC’s Policy Committee.

Current issues include:

ESG and Servicers

  • CREFC is well along in establishing a set of disclosures focused on the environmental side of the equation. This includes 51 data points relative to climate perils, energy consumption/production/efficiency, and greenhouse gas emissions.
  • Working to address the other aspects of ESG in a uniform manner.
  • Evaluating potential guidance and playbook opportunities related to ESG initiatives for servicers to be sponsored by CREFC.

 LIBOR to SOFR Transition

  • Implementation weighs heavily on the servicing community as we have been exploring how to implement the changes into day-to-day servicing operations for legacy loans and new issuance. This means deciphering myriad transition language variants within loan documents and discussing how to implement those changes with borrowers and what management of that entails, as well as encouraging consistency in new loan documentation and addressing licensing for the use of Term SOFR.
  • Recommended guidance to be issued on behalf of CREFC for servicers once final Fed rules are published.

Topics discussed at the June conference included:

  • Impressive handling of COVID forbearances and mods
  • Pivot to WFH and now return to office
  • Working through delinquencies
  • Cyber risk / vendor management
  • Division of duties between MS/SS/PS
  • Servicing transfers
  • Delays in reporting for CLOs
  • Reporting timelines—CAs asking for shorter turn arounds from MS
  • Staffing challenges
  • Impact of rising interest rates
  • Increased competition with respect to origination; impact on underwriting and documentation
  • Impending maturity dates
The leaders will also begin planning content for the January forum session.  To join the Servicers Forum, please register here. For any forum related questions, please contact Kathleen Olin (kolin@crefc.org).

Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2022 CRE Finance Council. All rights reserved.
CREFC’s Servicers Forum
September 19, 2022
Together, Stacy, Leslie, Rich and Carl form the “Leadership Working Group” for the Servicers Forum and set agendas and priorities for the forum, as well as represent the constituency on CREFC’s Policy Committee.

News

CREFC Servicers Forum

February 14, 2022

Meet our leadership team:

CHAIR CHAIR-ELECT PAST-CHAIR
 
Richard Carlson
Managing Director,
Credit Ratings
DBRS Morningstar
Carl McLaughlin
Vice President –
Loan Servicing
Freddie Mac Multifamily

Stacy Ackermann
Partner and Chair of Finance
K&L Gates

Together, Rich, Carl and Stacy form the “Leadership Working Group” for the Servicers Forum and set agendas and priorities for the forum, as well as represent the constituency on CREFC’s Policy Committee.

Current issues include:

- ESG and what it means for servicers. CREFC is well along in establishing a set of disclosures focused on the environmental side of the equation. This includes 51 data points relative to climate perils, energy consumption/production/efficiency, and greenhouse gas emissions.

- LIBOR to SOFR transition. Implementation weighs heavily on the servicing community as we have been exploring how to implement the changes into day-to-day servicing operations for legacy loans and new issuance. This means deciphering myriad transition language variants within loan documents and discussing how to implement those changes with borrowers and what management of that entails, as well as encouraging consistency in new loan documentation and addressing licensing for the use of CME Term SOFR.

Topics at the January conference also included workout hot topics—a broad category that included loan document go-dark provisions (how and when to trigger them), how eviction and foreclosure moratoriums acted as a government sanctioned delay of game, specially serviced office and hospitality, plus intercreditor agreement challenges with mezzanine holders. Forum leaders, including Rich and Stacy who are part of the planning committee, are looking forward to exploring some of these topics further at the upcoming HYDRA & Servicing Conference March 31. Please click here to learn more.

To join the Servicers Forum, please register here. For any forum related questions, please contact Kathleen Olin


Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2022 CRE Finance Council. All rights reserved.
2022 Update on CREFC's Servicers Forum
February 14, 2022
Leaders of CREFC'S Servicers Forum review the impact of ESG for servicers, and LIBOR to SOFR transition. Meet our Forum leaders and remain informed on the practices and methods shaping CRE.

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