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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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