Commercial Mortgage-Backed Securities (CMBS)
CMBS are securities backed by pools of commercial real estate mortgage loans, where bondholders receive cash flows under defined payment rules. In CMBS market practice, transaction governance and reporting obligations are heavily driven by deal documents such as the pooling and servicing agreement and the prospectus/offering materials.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Securitization; servicing; surveillance/workout
- Property types
- Commercial and multifamily mortgages (securitized)
In practice
Even for "plain vanilla" conduit deals, the deal-document package is effectively the operating system that defines cash flow and control.
Related terms
Institutional and Capital Markets
- Agency Securities
- Ginnie Mae Mortgage-Backed Securities (Ginnie Mae I)
- Master Servicing Fee
- Pooling and Servicing Agreement (PSA)
- Preliminary Prospectus ("Red")
- Private Label Securities (Non-Agency Securities)
- Private Placement
- Prospectus
- Real Estate Investment Trust (REIT)
- Sub-Servicer
General information, not legal, tax or financial advice.