M&A - BANK 2021-BNK32

Form Type: 8-K

Filing Date: 2025-03-04

Corporate Action: Acquisition

Type: Update

Accession Number: 000188852425004045

Filing Summary: On March 1, 2025, a significant corporate action was reported involving Trimont LLC, which has acquired the third-party servicing segment ('CMS') of Wells Fargo Bank, National Association’s commercial mortgage servicing business. The CMS Transaction includes the transfer of various servicing functions and responsibilities from Wells Fargo to Trimont, along with the transition of CMS employees, systems, and resources. Trimont is now set to operate as the general master servicer under multiple pooling and servicing agreements. The company has been rated by major agencies such as Fitch, S&P, and Morningstar DBRS concerning its servicing capabilities, with a noteworthy emphasis on maintaining compliance with servicing obligations and standards. Additionally, the CMS Transaction is expected to enhance Trimont’s operational capabilities in commercial mortgage servicing, as it adopts best practices from the acquired segment. Various procedural changes have been outlined to streamline servicing under the new structure. Under the management of Trimont, the portfolio for serviced loans, including both securitized and non-securitized assets, is projected to expand significantly.

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