CMSA, MBA Release CMBS Guide

The Commercial Mortgage Securities Association and the Mortgage Bankers Association have announced the release of the Borrower Guide to CMBS, which they said is aimed at increasing borrowers' understanding of commercial mortgage-backed securities.The guide provides a summary of the parties involved in the CMBS process, as well as issues that may arise when a loan is securitized. "Unlike traditional bank or balance sheet lenders, financing through conduit loans often entails complex structural issues that may not be terribly apparent to the borrower on the front end," said Jack Cohen, chair of the CMSA Borrower Satisfaction Task Force and chief executive officer of Cohen Financial. The Borrower Guide to CMBS is available on the two organizations' websites, at http://www.cmbs.org and http://www.mortgagebankers.org.