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McCoy & Orta has distinguished itself in the CMBS industry as the only law firm with a legal department dedicated solely to providing comprehensive loan transfer and document exception services. Today, the firm serves as assignment counsel to almost every major CMBS mortgage seller in the industry.
The Assignment Department makes certain each mortgage file, as defined under the applicable pooling and servicing agreements (PSAs) or trust servicing agreements (TSAs), is properly transferred in connection with the securitization. Our assignment team reviews governing documents related to assignment obligations and document delivery requirements. The team prepares and delivers to the client or custodian any required closing documents related to the transfer of each loan.
We prepare each required allonge, general assignment, assignment of mortgage/deed of trust, assignment of assignment of leases and rents and UCC amendments from the mortgage seller to the trustee. The team also prepares on behalf of several mortgage sellers interim assignments to ensure the chain of title to the mortgage/deed of trust and other loan documents is complete. The department records, electronically or directly with the county recorders’ offices, all assignments and delivers the documents to the custodians within the timeframes required under the PSA or TSA.
The Assignment Department also interacts regularly with the closing firms, title companies and warehouse custodians to obtain any loan closing documentation required for the transfer of the loan and to cure any mortgage file document deficiencies.
To help ensure our clients are compliant with the loan document delivery requirements, we receive, at the request of the mortgage sellers, weekly and monthly exception reports from each custodian and work in tandem with the custodians to reconcile the exceptions noted.
The team also assists the mortgage sellers in complying with the “diligence file” assignment requirements of Regulation AB.
For more information on Loan Transfers, please contact: