REG AB II Update : May 2015

It’s been about 7 months since the SEC came out with the final rules for REG AB II, and the industry response is becoming clear.

CREFC, the industry trade group that controls the IRP, has hosted several meetings with the IRP working group, and the emerging strategy for compliance with REG AB II XML reporting is disappointing.

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Reg AB II is not almost here

The SEC pulled Reg AB II rule-making from the Feb. 5 agenda.

So nothing happened. There’s no word on why it was pulled or when we will hear back.

Regulation AB II is almost here!

The SEC announced that on Feb. 5 they will propose final changes to loan level data disclosures for all asset backed securities including CMBS. This rule, known as Reg AB II, is an update to the original Reg AB that governed securitization rules during the financial crisis.

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C-MISMO standards coming this month

It’s been a housekeeping month with MISMO as we get ready to re-introduce and formally approve the rent roll and operating statement standards.

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Upbeat but cautious CREFC annual meeting

More than 1,000 people attended the Commercial Real Estate Finance Council’s annual conference two weeks ago. While the mood was mostly upbeat, signs indicate not all is perfect in the market.

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Origination standards and technical support

I attended two MISMO meetings in the last few weeks, and we are making progress.

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MBA most upbeat in years

I just got back from San Diego where I attended the MBA CREF/Multifamily Housing Convention & Expo along with about 2,600 other people. The mood was as optimistic as I have seen since the crash. Brokers have deals that need financing, and lenders have money to lend at historically low rates. With these perfect conditions, if you have a good deal, it is a great time to be a borrower.

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CMBS is booming


The good times are back in the CMBS market with the fall deals pricing well and being over-subscribed. Spreads are so tight that top quality assets are getting rates of less than 4% and almost everyone is predicting growth going forward. The 2012 year-end volume is predicted to be about $40-45 billion and some people have predicted $60 billion next year. Of course everyone knows that macro events can change the market dynamic very quickly, but at least for now the industry is feeling very positive.

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Reg AB II Responses Submitted to SEC

The public comments on the SEC re-proposed rules for issuing asset backed securities including CMBS, known as Reg AB II, were due this week. The SEC received comments from 23 different companies and trade groups, including one from me.

See all responses : See my response

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MISMO Government Forum focuses on data reporting standards collaboration

By Matt Robinson

MISMO revitalized its Government Forum to better share and exchange information between regulators, other government agencies and the mortgage industry about the benefits of broader adoption of MISMO data standards.

Check out the full story at www.mortgagebankers.org