M&A - COMM 2016-COR1 Mortgage Trust

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003379

Filing Summary: On February 28, 2025, COMM 2016-COR1 Mortgage Trust filed an 8-K report regarding the acquisition of the third-party servicing segment of Wells Fargo Bank's commercial mortgage servicing business by Trimont LLC, effective March 1, 2025. This acquisition includes the rights and obligations associated with the servicing agreements previously held by Wells Fargo, with most CMS employees and their associated systems and technologies being integrated into Trimont's operations. The transition is supported by a Transition Services Agreement (TSA), ensuring a smooth handover and support for 12 months post-acquisition. Trimont will utilize multiple service platforms during this transition, maintaining existing guidelines for previously serviced loans while also implementing the new CMS operating procedures for newly acquired loans. The report includes extensive details regarding Trimont's servicing capabilities, ratings by agencies like Fitch and S&P, and an overview of the servicing portfolio associated with commercial and multifamily loans. Moreover, it addresses compliance, operational policies, and the anticipated integration of servicing practices to strengthen operations going forward.