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Goedecke & Co.'s servicing portfolio grew steadily for many years, reaching a high of $901 million in 2008. During 2006-2008, the decision was made to sell the majority of serviced CMBS loans to the respective master servicers.
At year-end 2010 the directly serviced portfolio included 116 loans totaling more than $692 million, primarily located in Massachusetts, Connecticut, Maine, New Hampshire, Vermont, New York and New Jersey. The company reported on these loans to 34 different portfolios for life companies and master servicers of securitizations, using FICS servicing software and transacting through First Republic Bank.
In addition, the company performed non-cashiering sub-servicing functions for 16 CMBS loans totaling $102 million.
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Collection and remittance of debt service payments as required by the loan documents, whether in the form of checks, wires or ACH |
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Collection and monitoring of required real estate tax escrows and payments, or confirmation of borrower compliance with real estate tax payment covenants |
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Collection and monitoring of required property insurance tax escrow and payments, and continuing confirmation of borrower compliance with insurance coverage requirements |
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Property inspections, annually or more frequently as required by the loan documents |
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Property operating statement analysis as required by loan documents |
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Lease approvals |
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Maintenance of and disbursements from required tenant improvement and leasing commission reserves. Accounting for same to both lenders and borrowers. |
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Tracking, monitoring and inspection of post closing work letter and/or reserve requirements |
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Handling insurance claims and monitoring work performed in respect thereof |
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Handling early lease termination approvals and payments, and monitoring and releasing consequent escrowed funds as required |
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Review and recommendations regarding proposed easements and/or takings |
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Partial releases and land swaps review and make recommendations |
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Partial Transfers review documents to ascertain compliance; make recommendations |
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One Time Transfers review agreements and underwrite and make recommendations regarding proposed transferees and new indemnitors |
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