A term used to describe the cash flow pay-out priority of a CMBS. The cash flow from the pool of mortgages typically pays principal plus interest to the highest-rated tranche, while paying only interest on the lower-rated tranches (the coupon payment having been stipulated at the time of issue). After all of the certificates from the highest-rated tranche have been retired or paid down, the cash flow then is dedicated to paying principal as well as interest to the next-highest rated tranche. Since lower rated tranches receive principal payments only after higher-rated tranches are paid down, they typically have longer average lives.

See Weighted Average Coupon.

See Weighted Average Life.

See Weighted Average Maturity.

WODRA stands for Workout Delayed Reimbursement Amounts. WODRA allows the servicer to recover its advances on a modified loan prior to the actual collection of the advance from the borrower. WODRA defines the process of how and when delayed advances are recovered by the servicer. The concept first started showing up in PSA’s towards the end of 2003 and became more prevalent in 2004.  With the inclusion of WODRA, non-recoverable advances began to be recovered through the use of “pool level” senior bondholder trust level principal.  WODRAs are reported by the Master Servicer to the Certificate Administrator on an “Advance Recovery Report”, the purpose of which is to monitor the reimbursement of the amounts.  

The average coupon or interest payment on a set of mortgages, weighted by the size of each mortgage in the pool.

The average time until all scheduled principal payments are expected to have been made, weighted by the size of each mortgage in the pool.

The average time before a set of mortgages will be retired, weighted by the size of each mortgage in the pool. 

A portion of the special servicer’s compensation payable for each corrected mortgage loan, as specified by the pooling and servicing agreement. This fee is payable out of and is calculated by applying a workout fee rate to each collection of interest and principal (including scheduled payments, prepayments, balloon payments and payments at maturity) for a mortgage loan as long as it remains a corrected mortgage loan. This fee ceases to be payable if the loan again becomes a specially serviced mortgage loan or becomes an REO property.  May also be referred to as a Corrected Mortgage Loan Fee.