M&A - BANK 2024-BNK48

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425004026

Filing Summary: On March 1, 2025, Trimont LLC acquired the third-party servicing segment (CMS) of Wells Fargo Bank’s commercial mortgage servicing business. This acquisition aligns with Trimont's capabilities as it transitions into a comprehensive servicing provider. Trimont is expected to incorporate CMS's policies, procedures, and staff into its operations while maintaining its servicing standards. The CMS Transaction does not include rights or obligations pertaining to loans originated by Wells Fargo for Fannie Mae and Freddie Mac. Trimont has established itself as a strong servicer with positive ratings from agencies like Fitch and S&P and plans to employ common procedures across its expanded portfolio. The integration of CMS into Trimont's framework aims to enhance servicing quality and efficiency in managing commercial and multifamily mortgage loans. The acquisition marks a significant expansion for Trimont, which will continue to offer its existing servicing functions while integrating newly acquired responsibilities from the CMS segment.