Responsibilities
vary according to the underlying servicing agreement, but common duties
include:
a) Invoicing,
collecting monthly loan payments, managing escrow accounts and calculating loan payoffs;
b) Preparing
investor reports and instructing the trustee how to disburse the collected
funds;
c) Making
advances of missed payments to the bond trustee;
d) Monitoring
financial reporting and covenant compliance of the underlying obligors;
e) Monitoring the payment of real property taxes,
ensuring that applicable insurance coverage is maintained and
filing applicable UCC continuation and termination statements;
f) Documenting
loan assumptions, collateral swaps and lien releases; and
g) Transferring
loans that become non-performing to the special servicer or special
servicing department.