| This web-based course is intended to serve as a basic introduction to those new to the commercial mortgage arena or those employed in commercial real estate desiring cross-training and who wish to gain an understanding of commercial securitizations. The course consists of four lessons and takes about 5-10 hours to complete. Key course objectives include:
*Identify key participants and players involved in the CMBS industry;
*Describe how pools of loans are assembled to form mortgage-backed securities;
*Explain in general terms how a CMBS is structured and valued; and
*Explain the roles that the various servicing entities play in servicing securitized loans.
Course Outline:
Lesson 1 - CMBS Overview
- Key participants
- Mechanics of the securitization
- CMBS pipeline and timeline
Lesson 2 - Types and Structures
- Types of properties
- Sources of mortgage loans
- Three basic types of transactions
- Structure of CMBS
Lesson 3 - Analyzing and Valuing CMBSs
- Indicators of collateral quality
- Common forms of prepayment protection
Lesson 4 - Servicing for CMBSs
- Servicer duties and standards
- Approval programs
- Servicing transfers
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 Real Estate Finance or Secondary Marketing Achievement Certificate programs. |