The CRE Finance Council (CREFC) has issued a new update to its Investor Reporting Package in advance of this week’s CRE Finance Council 2015 Annual Conference, slated to begin this afternoon in New York City.
The release, CREFC IRP v7.1, updates the industry’s standardized reporting package for commercial mortgage-backed securities. It is effective June 30.
The package provides bond, loan and property-level information across 850 fields of information for all commercial mortgage-backed securities in the US, fulfilling the US Securities and Exchange Commission’s reporting and disclosure requirements.
As outlined in a statement from CREFC, it also includes:
- Updated Servicer Watchlist and Portfolio Review Guidelines, including an updated Servicer Watchlist Change Matrix
- Updated Loan Modification Report sample
- Updated Best Practices including:
- Addition of Servicer Watchlist Implementation Guideline
- Addition of Special Servicer Transfers Best Practices
- Addition of Loan and REO Liquidation Reports Best Practices
There is $600bn worth of CMBS outstanding in the US and more than $100bn in new issuance expected this year.
“Timely, reliable information and transparency about the performance of loan pools are cornerstones of a healthy, functioning CMBS market,” said Stacy Stathopoulos, a CREFC executive vice president.
“This update to the IRP is the result of the commercial real estate community working together to adjust to the changing demands of our industry and our desire to continually evolve our standards to provide the market with the most comprehensive information available,” added Leslie Hayton, a managing director at Wells Fargo and co-chair of of the Investor Reporting Package initiative.
More than 1,200 industry participants are expected to attend the annual conference this week at the Marriott Marquis. Stay tuned for additional reporting on the conference from Real Estate Capital.