Since its major reorganization in 1990, the CREF Department has continually reviewed its committee structure to meet the changing environment and evolving needs of our members. For fiscal year 1996, the newly streamlined structure will reflect a total of 10 governing bodies, permitting staff to be more keenly focused on the primary issues of the commercial membership. Under the new CREF umbrella approved by MBA president Paul Reid, the CREF Council will be supported by five full committees: 1) Life Insurance Companies (new); 2) CREF Capital Markets (new); 3) CREF Environmental Issues (new); 4) Commercial Mortgage Asset Administration or CMAAC (existing); and 5) CREF Statistics, Research & Managementexisting). Under CMAAC, there will be two subcommittees, Technology and Publications. CREF Long Range Planning (consisting of former council chairs and its predecessor) will continue as a direct-report to the Council with the Multifamily Steering Committee and the Commercial/Multifamily Legislative Subcommittee represented in a liaison capacity. The CREF Committee and the CREF Communications Committee have been eliminated, with any remaining responsibilities not absorbed in the new structure assigned to the CREF Council.
To provide members a vehicle to discuss and exchange information on issues common to our industry which are not covered in the formal committee structure, the Investor/Correspondent Forum has been formed. The Forum, as envisioned, would be informal - targeting senior real estate managers - and while keeping the CREF Council current on its activities, it would not be responsible for any formal reports. While participation in the Forum is encouraged by all members, there will be a core group of Forum designees, consisting of representatives from the various commercial mortgage banker peer groups and the "Dutch Treat Group" (Life, Mortgage and Real Estate Officers Council).
Chair. Charles M. (Mike) Prior, vice president - Investments, Protective Life Corporation, Birmingham, Ala.
Formed in 1990 as a part of the reorganization of MBA's commercial real estate finance activities, the CREF Council represents the primary governing body addressing the needs of its commercial members. Its membership consists of the chairs of the five full CREF Committees and various Task Forces reporting to it, plus the immediate past chairs of these committees and four at-large members chosen by the MBA president-elect. Also serving on the Council for liaison purposes are designated leaders from the Multi-family and Legislative Committees. In addition to coordinating the activities of the various committees reporting to it, the Council is responsible for addressing emerging issues, promoting the growth of the correspondent system and assuring that the services provided by MBA are consistent with the members' needs. All resolutions recommended by any of the CREF Committees must be approved by the Council before they are presented to MBA's Board of Governors. Over the years, the Council has deliberated and formulated MBA'S posture on such issues as real estate loan guidelines at depository institutions, formation of a capital markets mechanism for commercial real estate, bankruptcy reform, lender liability under Superfund, National Association of Insurance Commissioners (NAIC) regulations, Financial Accounting Standards Board (FASB) rules affecting commercial real estate finance and many others.
Commercial Mortgage & Asset Administration Committee (CMAAC)
Chair: Bonnie S. Carter, manager - Mortgage & Real Estate Administration, American Fidelity Group, Oklahoma City
CMAAC studies, reviews and shapes current practices and trends in the administration and asset management of commercial and multifamily real estate investments, both debt and equity, of institutional investors, as well as recommends and provides information on improvement of methods of administering those investments.
CREF Statistics, Research & Management Committee
Chair: Jeannette Rice, senior vice president, Holliday Fenoglio Inc., Houston
The Statistics committee consists primarily of executives from commercial mortgage banking firms, but the committee also is fortunate to count as its members life company representatives, real estate/mortgage research professionals, technology company representatives, rating agency representatives, and related industry service providers. This group of dedicated members has successfully developed three industry-recognized MBA surveys. Now widely distributed, both the Annual Investors Survey and the Largest Commercial Mortgage Firms are released annually at MBA's CREF/MFH Conference. Called the industry servicing cost "benchmark" by Standard & Poor's rating agency is MBA's annual Commercial Mortgage Production & Servicing Survey. The members of the committee developed each of these surveys to fill a specific market need. Looking forward, the committee seeks individuals ready to engage in an on-going exchange about management data required by the real estate finance industry.
CREF Environmental Issues Committee
Chair: James M. Murphy, president, New England Realty Resources Inc., Boston
The Environmental Committee addresses environmental issues that restrict capital availability for commercial real estate investments and, in cooperation with MBA's Office of Legislative Counsel, provides input to facilitate reform of lender liability provisions of Superfund. Members of this Committee are actively engaged in policy discussions with U.S. Environmental Protection Agency officials responsible for implementing federal environmental programs.
Life Insurance Companies Committee
Chair: Kenneth L. Hargreaves, senior vice president, Massachusetts Mutual Life Insurance Company, Springfield, Mass.
The Life Committee discusses and forms policies on issues affecting the commercial real estate investment portfolios of life insurance companies, including regulatory initiatives proposed by the National Association of Insurance Commissioners (NAIC). The Committee serves as life insurance companies' advocate before industry regulators on commercial real estate issues. It provides a forum for discussions regarding developments in rating agencies' evaluations and ratings of life insurance companies' commercial real estate investment portfolios, market trends and innovations affecting life insurance companies' and the correspondent system's competitive position in the commercial real estate marketplace. The Committee also investigates industry mortgage performance data/measurements and addresses impediments to the commercial real estate lending activities by life insurance companies.
CREF Capital Markets Committee
Chair: Ronald F. Poe, CMB, chairman of the board and CEO, Dorman & Wilson Inc., White Plains, N.Y.
The CREF Capital Markets Committee, in addition to sponsoring the Annual Secondary Market for Commercial Mortgages Conference, monitors and discusses current securitization activity, future market developments, impediments to securitization and opportunities for the commercial mortgage banker in secondary market transactions.
Long Range Planning & Investor/Correspondent Relations Forum
Although they are not designated as formal MBA committees, the CREF Long Range Planning and Investor/Correspondent Relations Forum are a significant part of the overall CREF structure.
Long Range Planning Committee
Chair: Linda D. Jones, senior vice president, The Robert C. Wilson Company, Houston
The Long Range Planning Committee consists of the past Chairs of the CREF Council and its predecessor, Income Property Committee. The leadership expertise of this group makes it eminently qualified to critique the commercial activities of MBA and to identify emerging trends in the commercial real estate finance industry.
Co-Facilitator: James W. Nelson, CEO, The Eberhardt Company, Minneapolis Co-Facilitator. Philip J. Ward, senior vice president, CIGNA Investments Inc., Hartford, Conn.
Investor/Correspondent Forum is new and is an offshoot to two previous CREF activities, the Investors/Correspondent Task Force and the CREF Committee, with a mission "to provide a forum for commercial real estate finance members of the Mortgage Bankers Association of America to address commercial real estate finance issues at the management level, seeking, where feasible, remedies that contribute to the welfare of the industry." With two meetings a year, one at the Annual Convention and the other at the CREF/MFH Conference, the members will have an opportunity to discuss topics pertaining to investor/correspondent relations, including technology issues, cost efficiencies, market and product concerns and other issues of importance.
Multifamily Housing Committee
Chair: T. Michael Forney, managing director, Larson Financial Resources, Somerset, N.J.
The Multifamily Housing Committee collects, evaluates and disseminates information on conventional financing, governmentally-insured and institutional purchases of multifamily housing. The Committee also works with institutional lenders and with Fannie Mae, Freddie Mac and Ginnie Mae on the secondary market for multifamily housing mortgages, and on the securitization of multifamily housing mortgages, both taxable and tax-exempt. The Committee studies and encourages improvements in all aspects of producing, insuring, financing and managing governmentally insured loans on all types of multifamily properties, and also works with public agencies and private groups to encourage, develop and disseminate information on programs to support the development of housing for low- and moderate-income persons.