The Commercial Mortgage Securities Association and the Mortgage Bankers Association have announced the release of the Borrower Guide to CMBS, a joint effort of the two groups. The guide was written to enhance borrower understanding of the CMBS process and to further improve the transparency of the commercial real estate lending sector, according to a press release. The guide provides current and future borrowers with a brief summary of the parties involved in the CMBS process, as well as issues that may arise from obtaining a loan that is subsequently securitized. "Unlike traditional bank or balance sheet lenders, financing through conduit loans often entails complex structural issues that may not be terribly apparent to the borrower on the front end" said Jack Cohen, chair of CMSA Borrower Satisfaction Task Force and CEO of Cohen Financial.

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