Commercial Mortgage-Backed Securities
-Which of the below statements is FALSE?

Question

Quizplus · Accepted Answer

The responsibilities of the servicer include collecting monthly loan payments, keeping records relating to payments, maintaining property escrow for taxes and insurance, monitoring the condi­tion of underlying properties, preparing reports for the trustee, and transferring collected funds to the trustee for payment to bondholders.
In a CMBS transaction, there is usually a master servicer and special servicer. The master servicer is responsible for (1) overseeing the deal, (2) verifying that all servicing agreements are being maintained, and (3) facilitating the timely payment of interest and principal.
Basically the objective of the special service is to maximize the recovery of defaulted loans.

Commercial Mortgage-Backed Securities -Which of the Below Statements Is FALSE