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Bond Administration
Cortland provides a turn-key solution for the CMBS marketplace through financial
analytics, cashflow modeling, bond administration and tax administration services
- including REMIC, Grantor Trust and Partnerships filings. Customized report packages
are available to meet fiduciary, regulatory and investor requirements.
Collateral Administration
Cortland performs all asset administration and daily reconciliation including
bank loan administration, securities processing, and whole loan servicing. Additionally,
Cortland provides trade settlement and closing administration for bank loans and
settles book entry positions with the DTCC, Euroclear and other depositories. On
a real-time or periodic basis, Cortland updates and reports asset ratings, pricing,
and corporate actions on your portfolio.
REMIC Tax Calculation, Reporting and Compliance
Services
Cortland performs all tax administration functions for RMBS, CMBS, and CRE CDO issues,
including, REMIC, Grantor Trust and Partnership filings. Cortland acts as the tax
agent and preparer. Cortland provides and supports all regulatory requirements for
reporting monthly OID factors, preparation of quarterly tax reports and preparation
and filing of annual returns.
Services Include:
- Preparation of Federal tax returns, supporting schedules and elections.
- Preparation of work papers to support the tax basis, balance sheet and income statement.
- Preparation of quarterly Schedule Q for residual holder(s), including:
- Preparation of Residual Holder Income Summary
- Determination of bond premium income
- Aggregation of REMIC expenses
- Calculation of REMIC deductable expenses and original issue discount ("OID")
- Preparation of quarterly and annual Information Returns for regular interest holders,
including:
- Monthly calculation of reportable OID.
- Preparation of quarterly and annual supplemental information statements.
- Preparation of quarterly and annual OID Factor Reports to all regular interest certificate
holders. Reporting includes:
- Accrual Periods
- Monthly Adjusted Issue Prices
- Reportable OID
Analytics & Surveillance
Analytics
Cortland's team is skilled in programming compliance and liability payment models
for complex structured products including Cash, Synthetic, and CRE CDOs, CLOs, RMBS,
CMBS, Trups, and ABCP Conduits. With this experience comes and unmatched knowledge
of structures and deal documents. In today's market, our hands-on understanding
of coverage failures, credit events, and event of default scenarios provide a beneficial
solution to market participants including investors, managers, banks, law firms,
rating agencies, and other advisors.
Cortland provides static and dynamic financial modeling for compliance, waterfall,
hypothetical trade testing, distressed scenario testing, cash flow projections,
asset /liability matching, and valuation. These modeling services are available
on a deal-level, investment portfolio, or individual investment basis. We
can also work with your team on a consulting basis to improve current processes
on in-house platforms.
Surveillance
In order to meet the increasing demand for portfolio transparency, Cortland offers
surveillance services for your securitized investments. We have designed a
propriety data management tool that processes and standardizes data feeds from servicers
and trustees. Combined with state-of-the-art technology, Cortland's team had
the product expertise to aggregate data and highlight historical test results for
CDO coverage and quality tests as well as loan and property level delinquency data
on your residential and commercial real estate securities.
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