For all of you commercial lenders out there
For the CMBS (&amp; portfolio lenders):

I work for a small full service lender based out of NYC. We offer CMBS, Bridge (for transitional properties; not for ground up developement) and mezz/preff equity lending products. I am relatively new and am still learning, which is why I mostly deal with plain vanilla CMBS deals. Is there a checklist of what needs to be done after a borrower signs an application? For example I know the borrower needs to send a good faith deposit and the lender needs to order the 3rd party reports (PCA/ESA &amp; appraisal) for underwriting. 

Can someone point me in the direction to some online resources?  Or maybe some books. I can't find anything about the underwriting process in books or online, I just find basic info about CMBS and securitization. Also if someone can point me in the right direction to learn tü make a CMBS 2.0 waterfall model. Thanks 
[{"id": "csje6ll", "text": "I'm not active in the game since the crash :(  but, each lender has their own requirements. The basic package I used to get when underwriting deals was 2 years financials and a rent roll (with unit mix for MF).  \n\nI would recommend reaching out to the lenders and getting their checklist - if you pitch as if you want to get a complete package from the client so the bank doesn't have to chase documents, they will likely provide their list.  \n\nWhat is the challenge with the waterfall model? Each securitization will have the same basic waterfall, but each individual deal will have its own specifics. Trepp and the Commercial Mortgage Alert people are the data sources, and I imagine your shop has a login for those. ", "replies": [], "depth": 1}]