What does a special servicer do?

What exactly does a special servicer even do? What would the responsibilities look like for an analyst at a special servicer? Who are the big players in this area? Appreciate any and all help.

Thanks

3 Comments
 

typically they get involved when a borrower either defaults or is at a great probability to default. They take over servicing the loan and working with the borrower to understand the situation.

 
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