CMSA adopts new strategic plan expanding its mission.

The Commercial Mortgage Securities Association (CMSA) Board of Governors approved the organization's new strategic plan during the opening day of its Twelfth Annual Convention.

The three-day convention's theme was Approaching the Tipping Point and reflects the growth and development of the commercial real estate market finance worldwide and the need to expand CMSA's mission to serve industry participants, noted the incoming association President Kent Born.

"To keep pace with the evolving marketplace, the association will expand its vision beyond commercial mortgage backed securities and cover all real estate capital market finance products to ensure that we are providing our members with the services they need and have come to expect from CMSA," said Born. "Our goal is to be the preeminent voice for leadership in all areas of commercial real estate capital market finance worldwide."

As part of that effort, CMSA has expanded its educational offerings to include new products in the commercial real estate securities market. For example at this convention, it held a special conference today on collateralized debt obligations (CDOs) and officially established a committee to begin the process of developing reporting standards for CDOs.

"The committee is tasked with developing a CMSA Investor Reporting Package (IRP) for the CDO market that is similar to the CMSA IRP for the CMBS market. The CMSA IRP has been instrumental in strengthening the CMBS market by increasing transparency for investors who can compare bonds across multiple transactions," said Born.

"We believe that the CMSA CDO IRP along with our educational initiatives will further strengthen the marketplace and encourage investment in this new product."

The Convention, held at The Waldorf-Astoria in New York last week, provided a wide array of educational sessions covering the commercial real estate capital market finance industry from numerous perspectives. With more than 1,000 attendees, the Convention boasts speakers and participants from investment banks, rating agencies, insurance companies, investors, specialty finance companies, and related service providers.