The Servicers Forum, under the leadership of Chairman Brian Hanson (CWCapital Asset Management) presented an 10 point agenda with topics ranging from the Transparency Initiative and CMBS Loan Watchlist Committee to the IRP version 7.0 and Rating Agency Servicer Review Report Standardization. Tom Nealon of LNR Partners will serve as chair of the Servicers Forum for the next year and Dan Olsen of KeyBank Real Estate Capital was affirmed as chair-elect at today’s forum session.
Three members of Baker Donelson’s CMBS Servicer Team – Tim Lupinacci, Nelwyn Inman and Eric Pruitt – are representing the firm and the CRE Finance Council Annual Meeting this week in New York City. The conference started this morning with meetings of the various forums and committees. We look forward to seeing many of our clients and friends at the meetings and networking events this week.
Lenders most often choose to proceed with the trustee’s sale pursuant to the deed of trust because a trustee’s sale is faster and cheaper than proceeding with a judicial sale, and it has advantages over accepting a deed in lieu of foreclosure. A trustee’s sale is governed by the terms of the deed of trust, various statutory requirements, and the fiduciary duty owed to both the lender and the buyer. (more…)