CC_S_206.2 The Commercial/Multifamily Promissory Note
The promissory note is the loan document that contains the borrower's acknowledgement of the debt and agreement to repay in accordance with documented requirements. Although the basic information contained within the promissory note may be set up in the servicer's database, the promissory note, along with the other loan documents, should be reviewed whenever issues related to repayment arise.
The CMF Promissory Note explains the implications of the promissory note for commercial/multifamily servicing. First, the course describes key provisions and key terms contained within the note. Next, it describes how the servicer uses the promissory note for billing and payment situations. From there, the course reviews how the note is used by the servicer in handling prepayments and payoffs. Finally, it addresses how the promissory note is used in both monetary and non-monetary default situations.
This is a commercial/multifamily course.
Seat time approximately 2 hours.