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The CMBS E-Primer is currently being updated and is not available for purchase at this time.

What is the CMBS E-Primer?

CRE Finance Council’s CMBS E-Primer is a comprehensive educational resource in a convenient e-book format. It is accompanied by a classroom style video recording and Power Point slides highlighting the main points of the chapters. The CMBS E-Primer provides the reader an introductory, yet broad, overview of the process of Commercial Mortgage Backed Securities financing.

The new edition of the CREFC CMBS E-Primer has been significantly updated as of June, 2015 and contains material drawn from CREFC publications, Trepp, Amherst Pierpont Securities and other sources that describe the response of both the CMBS industry and CMBS regulators to the Great Recession. The updates include a detailed table comparing CMBS 1.0 (before the Financial Crisis), CMBS 2.0 (immediately after the Financial Crisis) and CMBS 3.0 (after implementation of regulations under the Dodd-Frank-an ongoing process), as well as descriptions of the Dodd-Frank Risk Retention Rule and the Basel III capital standards and their impact on the industry.
The E-Primer covers the following:
  • An Overview of CMBS
  • CMBS History and Evolution
  • Originating and Underwriting Commercial Mortgages for CMBS
  • Structuring
  • AAA Rated CMBS Securities
  • Investing in Mezzanine CMBS
  • Investing in CMBS Interest Only (IO)
  • Investing in B-Piece CMBS
  • Closing CMBS Transactions, Parties, Key Documents and Servicing
  • An Overview of the Taxation Of REMICs
  • CMBS Subordinate Debt
Who is it for?
The CMBS E-Primer is for all experience levels: those who are relatively new to this industry; new entrants to the CMBS market who may be seasoned investors in other asset classes; mid-level employees who wish to demonstrate competency across a wide variety of disciplines within the industry; or CMBS professionals seeking to fill a knowledge gap.

How much does it cost?
The CMBS E-Primer can be purchased on an individual basis for $299 for CREFC Members, $499.00 for Non-members or as a company license so it can be incorporated into firm employee training programs. An academic rate* is also available for professors and  undergraduate/graduate students (full time or part time) for $99. To purchase multiple licenses/company license agreement or for additional information, contact Sara Elkas.

Academic Rates
* Full-time student carrying 12 or more credit hours/professor requires prior approval. Apply here.
* Part-time student carrying less than 12 credit hours or part-time professor should contact Davine Henry for instructions on how to receive the discounted Academic rate.

How long do I have access to the E-Primer?
Your E-Primer license will expire two years from the date of purchase.
Read an overview of the CMBS E-Primer (click below)
View a sample of 10 pages from the CMBS E-Primer (click below)
Watch a preview of the CMBS E-Primer
(click below)

CMBS E-Primer Sample
CMBS E-Primer Preview
© CRE Finance Council 2015. All rights reserved. Distribution without permission is prohibited

Click here for the pricing structure.