A servicing agreement is a written agreement between an investor and a mortgage servicer spelling out the rights and obligations of each party. An understanding of the various types of servicing agreements and the key clauses of these contracts is vital for successful commercial and multifamily servicing.
Commercial Servicing Agreements: Understanding Critical Responsibilities begins with a broad overview of servicing agreements used in commercial and multifamily lending, describing the purpose of servicing agreements, types of servicing agreements, and routine and non-routine duties and responsibilities addressed in servicing agreements. Subsequent lessons address the various types of servicing agreements (pooling and servicing agreements, agency servicing agreements, and portfolio servicing agreements) in some detail. A description of each type of servicing agreement, along with common provisions and approval process requirements related to each type, are provided.
Course Outline:
Lesson 1 - Overview of Servicing Agreements
- Basics of Servicing Agreements
- Duties and Responsibilities: Servicer-Initiated Activities
- Duties and Responsibilities: Borrower Requests
- Servicing Transfers
Lesson 2 - Pooling and Servicing Agreements (PSAs)
- Basics of Pooling and Servicing Agreements (CMBS)
- Important Elements of the PSA
- Approval Process Requirements
- Subservicing Agreements
Lesson 3 - Agency Servicing Agreements
- Basics of Agency Servicing Agreements
- Fannie Mae Agreements
- Freddie Mac Agreements
- Ginnie Mae Agreements
- FHA/HUD Agreements
Lesson 4 - Portfolio Servicing Agreements
- Basics of Portfolio Servicing Agreements
- Outlining Servicer Responsibilities
- Additional Servicer Responsibilities
- Correspondent Requirements
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Commercial Servicer Professional Certificate (Commercial CMS Level II). |