Large Bank Supervision Forum eBook

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CMBS Documents

Investor Reporting Package (Aka. The IRP) •The underlying source data that powers Trepp •Standardized set of loan, property, bond and deal level information  Governs how data is reported by Borrowers, Issuers, Master & Special Servicers, Trustees •Created and managed by CREFC, the CMBS trade association •Currently Version 8.0 •Trepp is officially recognized as a Third-Party Provider by CREFC and in Prospectus documents  Along with Bloomberg, Intex, Backshop and rating agencies •Trepp by CREFC and in Prospectus documents

Original Deal Documents Prospectus, Annex-A & Termsheet • Created at the time of issuance • Prospectus & Pooling and Servicing Agreement (PSA)  Several hundred-page documents describing in legal language the composition and structure of a deal  The document Bond Finance uses models each deal in Analytics  Term to Know: Waterfall •Annex-A  Spreadsheet providing the data characteristics of the individual loans (All the items you see in Trepp Loan Detail screens) •Termsheet  Detailed description of the structure of a deal and the top 10 15 loans  More readable format, less legal language

Trustee & Servicer Files

•Monthly reports that update payments to securities and collateral performance •Remittance, Watch List, Delinquency, REO Reports, Loan Modification, Reserve, Liquidation Reports, Financial File •Trepp builds its surveillance and reporting tools from these documents

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2 Market Trends in CMBS