In a CMBS transaction, the special servicer is responsible for overseeing the deal, verifying that all servicing agreements are being maintained, and facilitating the timely payment of interest and principal.

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In a CMBS (Commercial Mortgage-Backed Securities) transaction, the special servicer's primary role is to manage loans that are in default or at risk of default. This includes working out troubled loans, foreclosing on properties, and managing properties after foreclosure if necessary. The master servicer, not the special servicer, is responsible for the day-to-day administration of the loan pool, including collecting payments from borrowers and passing those payments on to the security holders.

In a CMBS Transaction, the Special Servicer Is Responsible for Overseeing