CC_S_201.4 Commercial/Multifamily Financing Vehicles

The commercial/multifamily (CMF) servicer's obligations for a particular loan depend in part on the way in which the loan is financed. The financing vehicle also determines which parties will be involved after the loan closes and their relationships to the other parties. Since the servicer acts as liaison among the parties throughout the life of a loan, an understanding of the various types of financing vehicles and their implications is critical.

CMF Financing Vehicles begins with a look at the commercial/multifamily market and the distribution of commercial/multifamily mortgage debt outstanding. Throughout, the course examines four basic types of financing vehicles used to create commercial/multifamily loans: portfolio transactions, commercial mortgage-backed securities (CMBS), government-sponsored enterprise (GSE) transactions, and collateralized debt obligations (CDOs). For each type of financing vehicle, the course covers the servicer's role and discusses the post-closing parties.

This is a commercial/multifamily course.