CC_S_200.3 Common Commercial/Multifamily Borrower Requests
One of servicer's primary responsibilities is to handle various requests from the borrower. These requests usually originate from some business need regarding the upkeep or maintenance of the property or are related to various tenant issues. The servicer possesses extensive knowledge of real estate transactions and the marketplace, and typically can immediately assess when a borrower request does or doesn't make sense, even before reviewing the required documentation.
Common CMF Borrower Requests looks at some of the more common or arguably "routine" borrower requests that the servicer may receive. They are considered "routine" not necessarily because they are frequent or easy, but because the handling of these requests is fairly standardized. Although some of the requests may require credit decisions or may be time-consuming, most of the requests in this course are more task-oriented and require less discretion than some of the special requests that servicers receive.
This course begins with a look at some considerations in the general handling of borrower requests. Then it examines various types of borrower requests in turn: reserve draws, lease reviews and subordination requests, defeasance, ground leases, easements, condemnations, property management company changes, and budget approvals. As applicable for each type of request, the course describes the servicer’s role, common issues, additional considerations, required documentation, and more.
This is a commercial/multifamily course.
Seat time approximately 2 hours.