Industry News

The MBA Commercial/Multifamily Servicing and Technology Conference I just attended was much more about business issues that servicers face (covenant violations, defaults, foreclosures and a general lack of liquidity) than how technology can help solve those issues. While words like transparency and efficiency were sometimes used, the belief that technology is need to achieve these goals seemed lacking.

That being said, there were several positive signs that standards might be achievable:

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CMBS Leads launched on Friday! It feels great to have the launch push behind us. Now we can focus on selling!

This week I’m headed to New Orleans for the MBA Commercial/Multifamily Servicing and Technology Conference. I am speaking on three panels:

1. MISMO® – Data Standards for the Brave New World of Transparency & Efficiency

2. Where can Investors get their data

3. The Future of Reporting

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I sit on the Commercial Mortgage Industry Standards and Maintenance Organization’s Commercial Board of Governors (C-MISMO BOG) and we have been active this month working on two things:

• Creating a MISMO action plan to make MISMO relevant and to help the CMSA get IRP 6 approved.
• Preparing for our panel session at the MBA Commercial/Multifamily Servicing and Technology Conference in New Orleans May 12–15.

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As released today by the CMSA:

The CMSA Investor Reporting Package (IRP) Committee published the CMSA IRPx v6.0 Working Exposure Draft #1 in January 2009. As noted in that document, the objective of this effort was to finalize the new XML Reporting standards. The Committee had determined that for the immediate future the XML standard would be finalized during an extended Comment Period of January to June 2009, after which discussion would begin regarding timing of implementation.

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I just returned from the MBA’s annual Commercial Real Estate Finance (CREF) conference in San Diego. While we were there, the government announced $100 billion from the new bailout plan would be used to provide leverage to investors in AAA CMBS. Most people at the conference were excited. Personally, while I welcome government leadership on a host of issues, I disagree with this strategy.

Do we need to use taxpayer money to provide debt to boost the bond yield for investors in AAA CMBS? The bonds are already trading at 15% pay rates — how much more juice do these guys need!?!

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