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With investors betting against commercial mortgage backed securities and borrowers increasingly avoiding the sector due to strict regulations, CMBS lenders are taking steps to reduce fees and simplify the process.
Two of the largest CMBS lenders, Wells Fargo and J.P. Morgan, recently started making changes to their servicing agreements and individual loan document requirements to make things easier for borrowers, Commercial Mortgage Alert reports. Experts said the majority of lenders are considering making similar reforms after insurers and banks took a significant chunk of their market share last year.
For years, borrowers have complained about excessive costs for routine requests and long response times from CMBS lenders.
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