On-Demand - CMBS 201: Rating and Surveilling a CMBS Transaction - Part 1 - CMBS Ratings Process

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Industry leaders will define and explain what a credit rating is and how a rating scale works in this first of two on-demand videos. The ratings process for new issuance will be reviewed as well as cash flow evaluation. Faculty will go through a sample cash flow analysis as well as discuss third party reports and mortgage loan documents. This video will end with a discussion on securitization documents and rating models.

Description

In this first of two webinars faculty will define and explain what a credit rating is and how a rating scale works. The ratings process for new issuance will be reviewed as well as cash flow evaluation. Faculty will go through a sample cash flow analysis as well as discuss third party reports and mortgage loan documents. This webinar will end with a discussion on securitization documents and rating models. At the conclusion of the lecture viewers of this live webinar will be able to ask the faculty questions.

Contributors

Erin Stafford, Managing Director Head of North American CMBS, DBRS Morningstar

As managing director and head of North American CMBS at DBRS Morningstar, Erin Stafford is responsible for CMBS ratings activity in the U.S. and Canada. Previously, Erin managed CMBS surveillance for DBRS rated transactions and commercial mortgage servicer evaluations.

Erin has over 20 years of experience working at rating agencies in the CMBS industry. Prior to joining DBRS Morningstar, Erin worked at Fitch Ratings with a focus on monitoring ratings of existing CMBS transactions. She has served as a co-chair of the Post Securitization committee of the CRE Finance Council and as chair of the Servicer's Forum of the CRE Finance Council. Erin has also served as chair of the International Committee for the Mortgage Bankers Association (MBA) and currently serves as a member of the board of governors (COMBOG).

She holds an MBA from Northwestern University’s Kellogg Graduate School of Management with a concentration in real estate and a bachelor’s degree from the University of Wisconsin – Madison.
Roy Chun, Managing Director, Kroll Bond Rating Agency, Inc.

Roy Chun is a Managing Director at Kroll Bond Rating Agency and head of the CMBS Surveillance group which includes CRE CLOs. Prior to joining KBRA, Roy was a Senior Director at Freddie Mac overseeing the surveillance and various master servicing responsibilities of the agency’s multifamily portfolio of loans and guarantees. Prior to his work at Freddie Mac, Roy was at Standard & Poor’s in a number of different roles including being a senior member of the Structured Finance team in charge of global surveillance initiatives and also as head of the CMBS surveillance team. Roy holds a BS in Engineering and Applied Mathematics from Stony Brook University and a MBA from Baruch College.

Thank you

Description

Contributors

Erin Stafford, Managing Director Head of North American CMBS, DBRS Morningstar

Roy Chun, Managing Director, Kroll Bond Rating Agency, Inc.