Any good primer/industry overview of Special Servicers?

Hello monkeys! I am trying to find some good research on major players in the special servicing industry and/or some of the recent industry dynamics. I've been googling several hours (utilizing filetype:pdf mostly haha) but I feel like it is such a niche industry that there are not many reports on them. Thought it'd be worth making a post here and see if anyone has any good links to guide to. SB is all I can give but any help would be much appreciated!

 

The special servicer doesn't necessarily hold any risk. Assuming you're talking about CMBS special servicing, the special servicer is a separate entity appointed by the controlling class bondholder (called the B-buyer) that owns the most subordinate tranche of debt.

LNR is the only major special servicer (I know of) at the moment also buying B-pieces and taking that first loss position in new CMBS deals.

 

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