While the bulk of the securitized Franchise Mortgage Acceptance Co. (FMAC) loans are being master serviced by GMAC Commercial Mortgage, BNY Asset Solutions is taking the reins on the portion of the portfolio backing two deals wrapped by MBIA.
According to sources at the surety, servicing on the MBIA-wrapped deals was not transferred from FMAC to GMAC, as was the rest of the performing portfolio earlier this year. The transfer to BNY went into effect Friday, Aug. 16, although the parties had signed off on it the week prior. GMAC was in no way party to those deals.
Investors in the senior notes of the wrapped deals are theoretically unaffected by the …
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