COMMERCIAL REAL ESTATE/
                                     MULTIFAMILY FINANCE
                                  ACCOMPLISHMENTS 2005

Helping Commercial/Multifamily Members
Do Business More Effectively and Efficiently
MBA offers members value and strength by representing the entire spectrum
of the real estate finance industry—an industry that plays a key role in the
economy—with one voice.
                                  ACCOMPLISHMENTS 2005
2005 has been an
especially active year
for the Commercial                                    2005 Commercial Real Estate/Multifamily Finance
Real Estate/Multifamily                               Board of Governors (COMBOG)
                                                      Chair: Daniel J. Phelan, CMB, President & Chief Executive

Finance industry.                                     Officer, Pacific Southwest Realty Services
                                                      Vice Chairs: Edward L. Hurley, Managing Director, Wachovia
                                                      Securities; Kieran P. Quinn, Chairman & Chief Executive Officer,
With originations still climbing and breaking         Column Financial, Inc.
                                                      Mission: To provide strategic guidance related to commercial real
records for another year, the industry is faced       estate/multifamily finance issues through policy development,
with fresh challenges and new opportunities           establishment of industry best practices and standards,
                                                      recommendations for optimum products and services, and
in a business climate that is more competitive        prioritization of initiatives in the areas of commercial/multifamily
and specialized by the day. Today’s                   research, education, advocacy, communications and corporate
                                                      relations. To serve as a proponent of the Mortgage Bankers
commercial/multifamily finance business is            Association before the commercial/multifamily real estate finance
working harder than ever and must cope with
new products, new and increasingly complex            Of Particular note this year:

loan structures, and new, often complicated           •   Held the first exclusive meeting of MBA’s commercial/
                                                          multifamily members with Chairman Greenspan and other
regulations — all while attempting to discern             Federal Reserve Governors
and meet the educational needs necessary              •   Established a Hurricane Resource Center (http://www.
to create and grow a workforce capable of                 conducted a series of conference calls, providing timely and
meeting these challenges.                                 comprehensive information on issues facing the industry in
                                                          the aftermath of Hurricanes Rita and Katrina
       MBA’s Commercial/Multifamily
                                                      •   Published a White Paper and non-interpretive overview of
interdisciplinary team is proud to be at                  the Securities and Exchange Commission (SEC) Regulation
the forefront of helping you to help your                 on Asset-Backed Securities (ABS) to assist servicers in
                                                          complying with the new regulation’s requirements
business thrive in such an evolving and diverse
                                                      •   Achieved record attendance at the Commercial Real Estate
business environment. The Commercial                      Finance/Multifamily Housing Convention and the Asset
                                                          Administration & Technology Conference, with over 4,600
Real Estate/Multifamily Finance Board of
                                                          and 600 attendees, respectively.
Governors (COMBOG) and its standing                   •   Secured extension of a federal terrorism reinsurance
committees, working groups and task forces                program, ensuring stability to the commercial real estate
                                                          debt markets
constantly monitor the marketplace, the halls
                                                      •   Undertook the first Commercial Technology Survey
of Congress, the regulatory agencies, and the             to assess the degree of electronic documents transfer
industry itself to keep you ahead of those                throughout the mortgage value chain
                                                      •   Conducted the first Commercial School of Mortgage
issues affecting your business both today                 Banking in July 2005 to facilitate an enlightened
and tomorrow.                                             work force

                                                                     CAPITAL MARKETS COMMITTEE
ASSET ADMINISTRATION COMMITTEE                                       Chair: John M. Scheurer, Managing Director, Allied Capital
Chair: Jan S. Sternin, Senior Vice President, Midland Loan           Corporation
Services Inc./PNC Real Estate Finance
                                                                     Vice Chairs: Brett Ersoff, Managing Director, Lehman
Vice Chairs: Marla S. Campagna, Director, AIG Global                 Brothers, Inc.; Joseph Forte, Esq., Alston & Bird, LLP; Guy
Investment Group; Keith A. Dunsmore, Esq., Partner, Akin,            K. Johnson, President, Johnson Capital; Peter S. Horos,
Gump, Strauss, Hauer & Feld LLP; Judith L. King, Director,           Senior Portfolio Manager, Allstate Investments, LLC; Gale C.
TIAA-CREF; Audrey D. Riggs, Senior Vice President &                  Scott, Managing Director, Standard & Poor’s Corporation.
Assistant Director, NorthMarq Capital, Inc.
                                                                     Mission: To represent MBA members involved with and/or
Mission: To study, review and shape current practices and            interested in the commercial real estate capital markets, with a
trends in the administration and asset management of com-            focus on the commercial mortgage-backed securities (CMBS)
mercial real estate investments, both debt and equity, as well       market. Furnish forums for discussion of topical issues related
as recommend and provide information on improvements in              to these markets. Initiate market and regulatory activities aimed
methods of administering those investments.                          at facilitating a more efficient public debt market. Provide
                                                                     educational programs to enhance members’ knowledge of
2005 Accomplishments                                                 innovations in the commercial real estate capital markets.
•   SEC Rule on ABS: MBA played a key role in advising
    the SEC Staff on various provisions of the ABS rule,
                                                                     2005 Accomplishments
    now known as Reg AB. The SEC final rule, published               •   MBA’s Commercial/Multifamily group partnered
    in January 2005, reflects MBA’s successes in convincing              with its residential counterpart to comment on three
    the SEC to incorporate several provisions beneficial to              FASB Exposure Drafts (the EDs) in October 2005: 1)
    commercial/multifamily. Mid-year, MBA formed the                     Accounting for Servicing of Financial Assets, which
    SEC ABS Working Group to interpret the requirements                  contains guidance which would permit servicers to
    for servicer disclosure in the prospectus, and servicer              elect to measure their servicing rights at fair value,
    compliance with the new annual Attestation review for                rather than at lower of cost or fair (market) value;
    the industry.                                                        2) Accounting for Transfers of Financial Assets,
                                                                         which would clarify and/or change the terminology
•   On December 1, the SEC ABS Working Group
                                                                         used to describe transferors’ interests in securitized
    released (for use by the industry) its White Paper
                                                                         financial assets, the initial measurement of transferors’
    entitled U.S. Securities and Exchange Commission’s
                                                                         beneficial interests, the permitted activities and assets
    Regulation of Asset-Backed Securities: Interpretive
                                                                         of qualifying special purpose entities (QSPEs) and the
    Guidance on Regulated Disclosure for CMBS
                                                                         guidance relating to the need to obtain a legal opinion
    Servicing. In conjunction with that release, MBA
                                                                         to substantiate an assertion that transferred assets
    released a memorandum entitled Impact on CMBS
                                                                         have been isolated from the transferor/seller; and 3)
    Servicing Regulation, Disclosure and Reporting which
                                                                         Accounting for Certain Hybrid Financial Instruments,
    provides a non-interpretive overview of the entire
                                                                         which would require entities to evaluate any interests
    SEC Regulation on Asset-Backed Securities. The
                                                                         retained as a result of a securitization transaction to
    memorandum was a joint effort between MBA and
                                                                         determine whether they contain “embedded derivative
    law firm Akin Gump Strauss Hauer & Feld LLP. The
    White Paper and Memorandum are available on MBA’s
    website at:            •   MBA staff have been working with the Capital
    pr1201.html.                                                         Consortium Q Status Task Force (a group which
                                                                         includes the Commercial Mortgage Securities
•   In May 2005, MBA held its Asset Administration and                   Association, the American Securitization Forum — an
    Technology Conference in Chicago, IL, with record                    affiliate of the Bond Market Association — the Real
    attendance of over 600.                                              Estate Roundtable, and the National Association of
•   MBA’s Commercial/Multifamily group continued a                       Realtors) to focus on the Q status issue as it relates
    busy schedule of regional training forums. This year                 to CMBS. FAS 140 outlines the basic conditions
    four successful Regional Training Forums were held                   that must be satisfied if a Trust or other legal vehicle
    in Overland Park, Kansas (hosted by Midland Loan                     structured as a special purpose entity (SPE) is to be
    Services); San Francisco, California (hosted by Dechert              accounted for as a qualified special purpose entity
    LLP); Washington, DC (hosted by Akin, Gump,                          (QSPE or “Q”). The Task Force has been coordinating
    Strauss, Hauer & Feld, LLP and MERS); and Dallas,                    the industry response to questions about the application
    Texas (hosted by USFN).                                              of FAS 140 to CMBS. FASB has taken on a limited
                                                                         scope project to clarify the passive nature of the

    QSPEs. The project is expected to be principles-based           INTERNATIONAL COMMITTEE
    and objectives-oriented. The project is to focus on
                                                                    Chair: Jeffrey J. Williams, Managing Director, Babson
    the discretion a servicer is permitted in servicing             Capital Management, LLC
    assets of a QSPE and whether those activities are
                                                                    Vice Chairs: Kenneth A. Gordon, Vice President, MCAP/
    considered passive in nature. A FASB resource group
                                                                    Real Estate Finance Group; Harold E. Holliday, Jr., Senior
    is being formed consisting of representatives from the          Vice President, Live Oak Capital, Ltd.; William B. Shepro,
    commercial and residential mortgage securitization              President, Global Servicing Solutions LLC; Ocwen Financial
    industry, the large accounting firms, the SEC and               Corporation; Erin E. Stafford, Vice President-CMBS,
    banking regulators. This initiative will continue into          Dominion Bond Rating Service, Ltd.
                                                                    Mission: To develop and advocate membership initiatives de-
                                                                    signed to advance international opportunities within the real
                                                                    estate finance community through outreach, education, and
                                                                    interaction. Committee goals include: increase foreign interest
Chair: Eric Von Berg, Principal, Newmark Realty Capital, Inc.       and membership in the MBA through Committee outreach;
Vice Chairs: Ann Hambly, CEO, 1st Service Solutions, Inc.;          develop a comprehensive international membership directory;
Stewart M. Rubin, CMB, Senior Credit Officer, Moody’s               create and implement forums and educational initiatives relat-
Investors Service.                                                  ed to transaction issues encountered by foreign investors and
                                                                    members investing internationally; establish strategic alliances
Mission: To serve in an advisory capacity to develop, imple-        with other organizations with similar missions.
ment and evaluate educational programs targeted specifically
to MBA’s commercial and multifamily members. Create at-             2005 Accomplishments
tractive value-added programs and offer these programs to
members in a timely manner. Respond quickly to changing in-         •   Members of the MBA Commercial/Multifamily
dustry demands for training and enhance awareness of depart-            Staff and MBA’s Research Department met with
mental programs through the use of carefully crafted, cutting           representatives from Hyp Rating Services GmbH, a
edge information about advanced topics in the commercial                wholly-owned subsidiary of the German Association
real estate finance industry.                                           of Mortgage Banks, at MBA’s Washington, DC,
                                                                        headquarters on September 14. The meeting provided
2005 Accomplishments                                                    an opportunity to exchange information and discuss
•   At the February 2005 CREF Convention in San Diego,
                                                                        issues of mutual concern regarding the implementation
    CA, 20 commercial members received MBA’s prestigious
                                                                        of the Basel II standards.
    Certified Mortgage Banker (CMB) designation.
                                                                    •   MBA has established a dedicated International News
•   MBA’s first-ever Commercial School of Mortgage
                                                                        section of the Commercial/Multifamily NewsLink
    Banking I, a week-long training course, was held in
                                                                        as well as an archive of international-related articles
    July 2005 in San Diego, CA. This initial course offering
                                                                        from MBA’s Commercial/Multifamily NewsLink. The
    was received enthusiastically and sold out with over
                                                                        archive is accessible from the CREF home page and
    70 registrants. The Commercial School of Mortgage
                                                                        the International Committee home page (http://www.
    Banking will be offered again in Miami Florida,
    March 6-10, 2006. A new course, Commercial Loan
    Origination 101 will be offered in San Francisco, CA,
    on January 23-24, 2006.                                         •   The Committee, working with MBA’s Membership
                                                                        Group, developed an update to the MBA member
•   MBA’s most successful education and outreach
                                                                        profile to capture international contact information
    programs include its Future Leaders Program and
                                                                        and is establishing a database of commercial and
    Path to Diversity. Future Leaders is a comprehensive
                                                                        finance attachés at key embassies in Washington, DC.
    training program dedicated to identifying and
    cultivating the next generation of industry leaders             •   A promotional flyer was designed and distributed to
    and is coordinated by MBA’s Membership group.                       provide access to influential capital sources for MBA
    The Path to Diversity program includes the Diversity                members and to furnish opportunities for international
    Task Force which works to expand opportunities                      capital sources to source product.
    for diversity in the mortgage profession; a Scholarship
    Program which provides minority scholars with a
    $2,495 voucher to use toward CampusMBA education
    courses and products; a free online internship program
    for company-sponsored minority college interns; and
    MBA’s Welcome Home program which provides free
    online training for bilingual armed services personnel
    returning to the civilian workforce.
Chair: Robert P. Vestewig, Managing Director and Chief                The bill includes a long-sought MBA provision
Operations Officer, L.J. Melody Company/GEMSA Loan                    that removes the $4 million cap on single asset
Services LP                                                           bankruptcies, which will help reduce MBA commercial
                                                                      and multifamily members’ vulnerability on assets
Vice Chairs: Stacey M. Berger, Executive Vice President,
Midland Loan Services, Inc./PNC Real Estate Finance;                  valued over $4 million. After years of lobbying for the
Leonard W. Cotton, Chairman & CEO; ARCap REIT, Inc;                   cap’s removal, MBA is pleased with the success of this
Kenneth L. Hargreaves, Managing Director, Babson Capital              bill. The law took effect on October 17, 2005.
Management; John O. Moore, Jr., Senior Vice President,
GMAC Commercial Mortgage
Mission: To propose, evaluate, and establish federal legisla-     LOAN ORIGINATION COMMITTEE
tive policy initiatives for MBA’s commercial and multifamily
                                                                  Chair: Deborah A. Schiavo, Managing Director, Bear, Stearns
interests. Engage in activities intended to foster professional
                                                                  & Co., Inc.
relationships between MBA members and members of the U.S.
House of Representatives and the U.S. Senate.                     Vice Chairs: Debra Hausser, Assistant Vice President, Zurich
                                                                  North America; Patrick C. Sargent, Esq., Partner, Andrews &
2005 Accomplishments                                              Kurth, LLP; Nathan Stearns, Chief Operating Officer, LaSalle
•   TRIEA: As one of its top legislative priorities, MBA          Bank, NA; Robert Vrchota, Senior Director, Fitch Ratings.
    worked diligently with its partners in the Coalition          Mission: To serve as a forum for discussions relating to under-
    to Insure Against Terrorism (CIAT) to extend TRIA             writing and due diligence of real estate collateral for financing
    beyond its December 31, 2005, expiration date. The            including the: (a) evaluation of physical condition, the assess-
    Terrorism Risk Insurance Extension Act of 2005                ment of environmental issues, the valuation of income prop-
    passed both houses of Congress and was signed by              erty and the use of third party reports; (b) compliance with
    President Bush on December 23, 2005.                          standard lender conditions precedent to closing and funding
                                                                  loans; (e.g. title insurance and surveys, lease reviews, hazard
•   GSE Reform: The voice of MBA’s multifamily                    and flood insurance; borrower organizational documents,
    membership continues to be heard on Capitol Hill on           etc.), and (c) standardization of loan closing documentation.
    the issue of affordable housing goals and regulation
    of the Government Sponsored Enterprises (GSE). The            2005 Accomplishments
    House Financial Services Committee sent to the Senate         •   MBA’s CREF Mold Working Group released an
    the “Federal Housing Finance Reform Act of 2005,” a               authoritative White Paper and Executive Summary
    bill which contains “bright line” language that would             on June 6, 2005, Mold: Steps Toward Clarity, which
    require the new regulator to establish a clear definition         incorporates recommendations from the National
    of the secondary market, help clarify permissible                 Academy of Sciences (NAS) study on mold, industry
    and impermissible GSE activities, and establish more              guidelines for detection, prevention and remediation,
    targeted affordable housing goals. MBA testified before           mold’s effect in both new and existing construction
    the U.S. Senate Banking Committee in April 2005                   and a summary of existing litigation. In the aftermath
    on GSE reform. This Committee favorably reported                  of the 2005 hurricane season, the paper was cited
    S.190, “the Federal Housing Enterprise Regulatory                 as an authoritative source on mold by Dr. Harriet
    Reform Act of 2005,” out of committee.                            Burge, Director of Aerobiology at Environmental
•   Real Estate Mortgage Investment Conduit (REMIC)                   Microbiology Laboratory, Inc. and Director of the
    Requirements: Advocacy efforts to modernize the                   microbiology laboratory at the Harvard School of
    REMIC laws have been aimed at gaining support                     Public Health.
    for pending legislation in the House and Senate to            •   The Committee’s Seismic Working Group conducted
    update the rules to meet current transactional needs.             two industry questionnaires—one for lenders/
    At its April 2005 meeting, MBA’s COMBOG hosted                    investors and the other for consultants—on seismic
    U.S. Senator Kent Conrad (D-ND), a sponsor of the                 risk assessment methods. An overview of the results
    Senate REMIC Reform bill. The legislative efforts for             was published in the December 1 edition of MBA’s
    modernization of the REMIC laws will extend into 2006.            Commercial/Multifamily NewsLink. These results will
•   President Bush Signs Bankruptcy Legislation into Law:             be incorporated into a comprehensive standard in the
    On April 20, President Bush signed MBA-backed                     form of a handbook, to assist members in underwriting
    bankruptcy reform legislation into law. S. 256,                   earthquake risk.
    the “Bankruptcy Abuse Prevention and Consumer
    Protection Act of 2005,” passed the Senate by a vote of
    74-25 and passed the House by a vote of 302-126.

•   An MBA staff member serves as co-chair of both the                MULTIFAMILY HOUSING COMMITTEE
    Mold and Seismic Assesment Working Groups of the                  Chair: Tari L. Flannery, President, M&T Realty Capital
    American Society of Testing and Materials (ASTM).                 Corporation
•   MBA has served as the lead for the commercial real                Vice Chair: Scott L. Moore, Former President, Lancaster
    estate finance industry on the EPA’s All Appropriate              Pollard Mortgage Company
    Inquiry (AAI) negotiated rulemaking. The AAI rule,                Mission: To collect, evaluate and disseminate information
    finalized in November 2005, will use the revised                  on conventional financing, FHA-insured and institutional
    ASTM Phase I Site Assessment Standard for purposes                purchases of multifamily housing. Work with institutional
    of establishing a defense to Superfund liability.                 lenders and with Fannie Mae, Freddie Mac and Ginnie Mae on
                                                                      the secondary market for, and the securitization of multifamily
                                                                      housing mortgages, both taxable and tax-exempt. Study
MORTGAGE BANKING COMMITTEE                                            and encourage improvements in all aspects of producing,
                                                                      insuring, financing and managing FHA-insured loans on all
Chair: Brian F. Stoffers, CMB, President, Capital Markets,            types of multifamily and health care properties. Work with
CBRE/Melody                                                           public agencies and private groups to encourage, develop
Vice Chairs: Michael D. Berman, President, CWCapital;                 and disseminate information on programs to support the
Henry J. Schwendiman, CMB, Principal, Q10 Bonneville                  development of multifamily housing for low and moderate
Mortgage Company                                                      income persons.

Mission: To represent the broad interests of commercial               2005 Accomplishments
mortgage banking firms who are members of MBA.                        •   At its October 22, 2005 meeting, COMBOG approved
Provide a forum for the consideration of issues affecting the
                                                                          “best practices” for qualifications for inspectors of
welfare of commercial mortgage bankers and make policy
recommendations to COMBOG. Provide senior management
                                                                          properties financed through Fannie Mae or Freddie
perspective and oversight as appropriate to the initiatives and           Mac. These “best practices”, developed by the
recommendations of the other committees of COMBOG.                        committee in consultation with the GSEs, help assure
                                                                          the quality of inspections of multifamily properties
2005 Accomplishments                                                      while streamlining and standardizing requirements.
•   At its April 2005 meeting, the Committee was tasked                   To implement the “best practices” for multifamily
    by COMBOG to form a task force addressing the                         property inspections, a new training course, based on a
    “image” of mortgage bankers and certain elements of                   course offered by Fannie Mae, is being created.
    disclosure during transactions. Henry Schwendiman                 •   FHA Issues: MBA successfully lobbied HUD to issue
    and Ed Padilla co-chaired the task force. The result                  revised underwriting criteria for the refinancing of
    delivered by the task force was a Legal Issues Forum                  Section 202 elderly housing using the FHA multifamily
    for Mortgage Bankers held in Chicago, Illinois, in                    mortgage insurance programs. In a proposal long
    July. The successful Chicago program was presented                    advocated by MBA, the Administration’s FY2006
    in a condensed version at the September 22, 2005                      budget proposal, and the appropriations bill ultimately
    Commercial/Multifamily Executive Forum.                               passed by Congress, contained a decrease in the
•   Conducted regularly scheduled peer-to-peer telephonic                 mortgage insurance premium for the FHA Section
    discussion sessions of mortgage bankers to discuss the                223(f) refinancing program. On August 2, 2004, HUD
    primary issues affecting their respective businesses.                 published proposed new closing documents and related
                                                                          regulatory changes for all FHA-insured multifamily
                                                                          loans. The documents included a number of policy
                                                                          changes in the programs, including springing recourse
                                                                          to principals for actions that are beyond their control.
                                                                          At MBA’s request, the new FHA Commissioner, Brian
                                                                          Montgomery, has placed a “hold” on redrafting of the
                                                                      •   The Committee hosted two MAP Lender roundtables in
                                                                          March and September whereby MAP lenders met with
                                                                          the leadership at FHA to present their priorities and
                                                                          concerns. The Committee also hosted two roundtables
                                                                          for FHA servicers in May and November with key HUD
                                                                          staff to address issues and prioritize activities.

PORTFOLIO INVESTORS COMMITTEE                                            2005 Accomplishments
Chair: Thomas C. Jensen, Senior Portfolio Manager, Allstate              •   In June 2005, MBA published Commercial Real
Investments LLC                                                              Estate/Multifamily Finance Firms - Annual Origination
Vice Chairs: E.J. Burke, Executive Vice President, KeyBank                   Volumes, which presents origination volumes by role,
Real Estate Capital; Donald A. Dibble, Assistant Vice                        by investor group, by property type, by financing
President, Jefferson Pilot Life Insurance Co.; Robert                        structure type, and by the location of the originating
O’Rourke, Managing Director Real Estate Investment                           office. The report compiles the information for all
Department, Guardian Life Insurance Company of America                       firms, for regional firms and for local firms. The MBA
Mission: To research and identify issues affecting the com-                  study is the first of its kind to present a comprehensive
mercial and multifamily mortgage and real estate investment                  listing of commercial/multifamily mortgage originators
portfolios of life insurance companies, commercial banks and                 and the different roles they play.
other portfolio lenders. Educate members on these issues in              •   In the first quarter of 2006, MBA will begin publishing
a timely fashion. Serve as a resource for addressing portfolio               a new quarterly online newsletter based on the
lenders’ questions regarding regulatory compliance. Advocate
                                                                             Committee’s Commercial Real Estate/Multifamily
credible policy positions which: (1) address issues affecting life
                                                                             Finance Quarterly Data Book. MBA Research
insurance companies’, commercial banks’ and other portfolio
lenders’ commercial and multifamily mortgage and real estate                 DataLink will consolidate research articles and
investments; and (2) reflect the consensus of MBA’s portfolio                statistics from the Quarterly Data Book and other
lender members.                                                              sources to focus on the latest trends in the commercial
                                                                             real estate/multifamily finance industry.
2005 Accomplishments
•   The Committee held three successful Life Company
    Regional Roundtables during 2005 in New York, NY
                                                                         TECHNOLOGY INITIATIVES COMMITTEE
    (hosted by Guardian Life); Dallas, Texas (hosted by                  Chair: Catherine J. Rodewald, Vice President and
    KeyBank); and Irvine, California (hosted by Babson                   ChiefInformation Officer, Prudential Mortgage Capital
    Capital Management, LLC). These roundtables are                      Company
                                                                         Vice Chairs: William R. Frazer, Managing Director and Chief
    aimed at facilitating a high-level, peer-to-peer dialogue
                                                                         Financial Officer, CBRE/Melody; Mica Moseley, Senior Vice
    among key life insurance companies and other
                                                                         President-Sales, McCracken Financial Software
    commercial real estate portfolio lenders.
                                                                         Mission: To provide strategic direction for commercial and
•   Basel II implementation efforts have shifted to the                  multifamily members to meet the revolutionary changes in
    national level, as regulators begin to develop standards             information technology and in the commercial/multifamily
    for U.S. adoption of Basel II. To support the interests of           real estate finance industry. Areas of particular focus include
    portfolio lenders, MBA is working to help the Federal                providing unbiased information on e-commerce and technol-
                                                                         ogy products, topics and services to MBA members, providing
    Reserve Board and other U.S. banking regulators define               value-added tools and applications that can be used across the
    requirements that would allow certain acquisition,                   mortgage value chain and developing forums for promoting
    development and construction (ADC) loans for                         the privacy and security of databases, information and trans-
    commercial and multifamily real estate to be financed                actions in an e-commerce environment.
    with lower capital set-asides. Regulators estimate that
                                                                         2005 Accomplishments
    Basel II will be adopted in the U.S. by early 2008.
                                                                         •   MBA undertook a comprehensive Commercial
                                                                             Technology Survey designed to quantify the nature
RESEARCH COMMITTEE                                                           and method of information transfer and to assess the
Chair: Sally Gordon, PhD, Vice President and Senior Credit                   degree of electronic transfer of documents throughout
Officer, Moody’s Investors Service                                           the mortgage value chain. The survey was conducted
                                                                             by the University of San Diego’s Center for Real Estate
Vice Chairs: Edward L. Hurley, Managing Director, Wachovia                   and its findings were released in August 2005. The
Securities; Catherine Quinn, Vice President, Portfolio
                                                                             survey results are available on MBA’s website at http://
Analytics and Strategies, PPM Finance, Inc.; Alan K. Wallace,
Assistant Vice President, Portfolio Manager, The Bank of New
York (Asset Solutions)                                                   •   MBA’s data standards subsidiary, MISMO (The
                                                                             Mortgage Industry Standards Maintenance
Mission: To develop and present information on the commer-
cial/multifamily real estate finance industry, including original
                                                                             Organization) completed a significant milestone
surveys on the production and servicing of commercial mort-                  towards the development of data standards for the
gage debt. Serve as the definitive source of information on the              commercial and multifamily mortgage industry. The
commercial/multifamily mortgage markets.                                     MISMO Commercial Servicing Workgroup voted
                                                                             to approve the draft Logical Data Dictionary for its
                                                                             Servicing Transfer Standard in December 2005.

    A Message from the Chair                                              We encourage you to join and participate in the work of
                                                                          one of the COMBOG’s standing committees today. It is
    It is has been my pleasure to serve as Chair of the                   as simple as going online to http://www.mortgagebankers.
    COMBOG during the very exciting year in commercial real               org/cref/about/committees.html and filling out the online
    estate/multifamily finance presented in this document.                enrollment form.
    The Mortgage Bankers Association strives to be the                    We hope you’ll add your voice to ours as we face the
    voice of the commercial real estate/multifamily finance               challenges of a dynamic, changing marketplace.
    industry. This work takes place on many levels – in your
    communities, in Washington, DC, before the regulatory                 Sincerely,
    and standard-setting organizations, and in the marketplace.
    However, the work begins with you. It is your interest and
    participation that brings critical issues to the fore and drives
    them on to success. Your participation enables MBA to be
                                                                          Daniel J. Phelan, CMB
    the best, most reliable, most consistent voice for you, your
                                                                          Chair, 2005
    company, and the industry.
                                                                          Commercial Real Estate/Multifamily Finance
                                                                          Board of Governors

2005 COMBOG                                     Ernest Fair, Jr.                                    John O. Moore, Jr.
                                                Managing Director/                                  Senior Vice President
                                                Head of Western Region                              GMAC Commercial Mortgage
Daniel J. Phelan, CMB, Chair                    TIAA-CREF                                           Birmingham, Alabama
President & Chief Executive Officer             New York, NY
                                                                                                    Edward Padilla, CMB
Pacific Southwest Realty Services               Sally Gordon, PhD                                   Chief Executive Officer
San Diego, California                           Senior Vice President-Senior                        NorthMarq Capital, Inc.
Kieran P. Quinn, Vice Chair                     Credit Officer                                      Minneapolis, Minnesota
Chairman and CEO                                Moody’s Investors Service
                                                New York, NY                                        Diana W. Reid
Column Financial, Inc.,                                                                             Managing Partner
a Credit Suisse Company                         Steven K. Graves                                    Beekman Advisors, LLC
Atlanta, Georgia                                Chief Operating Officer                             New York, NY
Edward L. Hurley, Vice Chair                    Principal Real Estate Investors
                                                Des Moines, IA                                      Raymond J. Reisert, Jr.
Managing Director                                                                                   Kitty Hawk, NC
Wachovia Securities                             Ann Hambly
Dallas, Texas                                   Chief Executive Officer                             David A. Roberts, CMB
                                                1st Service Solutions, Inc.                         President & Chief Executive Officer
Stacey M. Berger                                                                                    Collateral Mortgage Capital, LLC
Executive Vice President                        Grapevine, Texas
                                                                                                    Birmingham, Alabama
Midland Loan Services, Inc./PNC Real            Clifford B. Hardy, CMB
Estate Finance                                  Tampa, FL                                           Patrick C. Sargent, Esq.
Bethesda, Maryland                                                                                  Partner
                                                Kenneth L. Hargreaves                               Andrews Kurth LLP
Ed Blakey                                       Managing Director                                   Dallas, TX
Executive Vice President,                       Babson Capital Management LLC
Division Manager                                Springfield, MA                                     Henry J. Schwendiman, CMB
Commercial Mortgage Group                                                                           Principal
Wells Fargo Bank                                J. Christopher Hoeffel                              Q10 Bonneville Mortgage Company
San Francisco, CA                               Senior Managing Director                            Salt Lake City, UT
                                                Bear, Stearns & Co. Inc.
Daryl J. Carter                                 New York, New York                                  Janice M. Smith
Chief Executive Officer                                                                             Managing Director
CharterMac Mortgage Capital                     Harold E. Holliday, Jr.                             Bank of America
Irvine, California                              Senior Vice President                               Charlotte, NC
                                                Live Oak Capital, Ltd.
Jack M. Cohen, CMB                              Houston, Texas                                      Brian F. Stoffers
Chief Executive Officer                                                                             President, CBRE Capital Markets;
Cohen Financial                                 Thomas C. Jensen                                    Executive Managing Director & COO
Chicago, Illinois                               Senior Portfolio Manager                            – CBRE/Melody
                                                Allstate Investments, LLC                           Houston, TX
Peter F. Donovan                                Northbrook, IL
Chief Executive Officer                                                                             David M. Zachar
Deutsche Bank Berkshire Mortgage, Inc.          Richard D. Jones, Esq.                              Executive Vice President
Boston, Massachusetts                           Partner                                             PPM Finance, Inc.
                                                Dechert LLP                                         Chicago, IL
Charles E. Dunleavy, Jr.                        Philadelphia, Pennsylvania
Vice Chairman
GMAC Commercial Holding                         Shelley M. Magoffin, CMB
Corporation                                     President & Chief Executive Officer
Horsham, PA                                     Q-10 Dwyer-Curlett & Company
                                                Los Angeles, California

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