REPORTING BY THE SERVICER
Pursuant to Regulation AB, the role of the servicer and the reporting by servicer has been a topic for intensive discussion in the industry. Among other things, Regulation AB requires a certification along with a 10-K report to be filed by each servicer servicing 10% or more of the pool.39
Apart from regulatory intervention on servicer reporting, industry bodies have over time tried to evolve minimum servicer report- ing standards. The Commercial Mortgage Securities Association (CMSA), for example, has investor reporting package in operation for several years. The Australian Securitization Forum and the European Securitization Forum have all come out with investor reporting standards.
Regulation or industry standards apart, the servicer reporting requirements are laid down in the pooling and servicing agreement. (See Chapter 24 in Kothari (2006) for some model clauses.)
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