Moody's and TWR Offer Commercial Mortgage Credit Analysis Software

Mortgage Banking, February 2004 | Go to article overview

Moody's and TWR Offer Commercial Mortgage Credit Analysis Software


NEW YORK-BASED MOODY'S INVESTORS Service and Boston-based Torto Wheaton Research (TWR) have partnered to develop new software, Moody's Commercial Mortgage Metrics (CMM), for analyzing the risks of commercial mortgage whole-loan portfolios.

CMM allows banks, life insurance companies and other holders of whole loans to analyze the credit risks of their commercial mortgage portfolios using metrics consistent with those used to analyze other fixed-income holdings. A prototype of the product is currently being used by New York-based Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF), as well as other life insurers and banks.

TIAA-CREF uses the prototype version of CMM to analyze its $24 billion commercial mortgage portfolio, according to Martha Peyton, Moody's managing director of investment analytics. "The product allows us to calculate riskadjusted returns to commercial mortgages on a playing field that's level with other fixed-income investments."

The release of the Web-based portfolio version of CMM is scheduled for the first quarter of 2004. A prototype is already in use in desktop format for analyzing individual loans and portfolios.

"Commercial real estate lenders will now have access to credit-processing software for loan-level risk that includes a sophisticated array of metrics such as probability of default and loss given default," said Tad Philipp, managing director of Moody's commercial mortgage-backed securities (CMBS) team. …

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Moody's and TWR Offer Commercial Mortgage Credit Analysis Software
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