M&A - BANK 2021-BNK38

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003989

Filing Summary: On March 1, 2025, BANK 2021-BNK38 reported the acquisition of the third party servicing segment of Wells Fargo Bank’s commercial mortgage servicing business by Trimont LLC. The transaction, referred to as the CMS Transaction, involved the integration of senior leadership, employees, systems, and procedures from Wells Fargo into Trimont. Trimont will serve as master servicer under various pooling and servicing agreements including those related to the purchased loans. As part of the transition, Wells Fargo will provide support services to Trimont for a period of 12 months under a Transition Services Agreement (TSA). The CMS Transaction is significant as Trimont expands its role in servicing commercial mortgage loans across multiple platforms and enhances its operational capabilities. Various servicer ratings and operational standards of Trimont are highlighted, indicating ongoing compliance with servicing obligations and asset management strategies for maximizing value for certificateholders.