In an effort to minimize post-closing and post "final certification" loan document deficiencies and the existence of incomplete mortgage loan files in CMBS transactions, a joint task force of the Commercial Mortgage Bankers Association (CMSA) and the Mortgage Bankers Association (MBA) has come out with guidelines called "Best Practices."

Prior to these guidelines, it was unclear from transaction to transaction who was responsible for curing document defects. It was also unclear what was material and adverse as far as loan documents were concerned. These guidelines are an attempt to answer these questions.

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