Commercial mortgage servicers are taking steps to assess damage, payment delays and insurance disbursements brought on by Hurricane Irma, which made landfall in the Florida Keys early Sunday as a Category 4 storm and weakened as it and moved up the west coast, as well as for Hurricane Harvey, which submerged large parts of Houston two weeks ago.

The process of contacting borrowers in the affected areas is expected to take weeks. In the meantime, the only way to determine potential CMBS exposure is by scouring databases for securitized loans in counties that the Federal Emergency Management Agency has declared disaster areas – something that has yet to take place in Florida.

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