Membership Restructure
[effective January 1, 2000]

Principal: (95 members)  These organizations originate or take principal positions in commercial mortgages with the intent to securitize, sell or retain an interest in portfolio including investors in B-rated and unrated bonds.  Principal members include commercial and investment banks, insurance companies, finance companies, GSEs, and CMBS subordinate investors.  Dues: $3,500; Membership Benefits: One Voting Representative, five (5) Non-voting Representatives, six (6) Membership Directory, six (6) Subscriptions to CMBS World™, Participation in committees and applicable forums.

Professional: (109 members)  These organizations provide services to the commercial mortgage origination and securitization industry.  (Including law and accounting firms, servicers, title companies, trustees, mortgage bankers/brokers, due diligence vendors (including appraisers, engineers, and environmental firms.)  Dues: $3,500; Membership Benefits: One Voting Representative, five (5) Non-voting Representatives, six (6) Membership Directories, six (6) Subscriptions to CMBS World^TM, Participation in committees and applicable forums.

Investors: (25 members)  These members are investors in investment-grade and "BB" CMBS who do not perform as Principals or Professionals.  Also, included are Insurance Companies with commercial mortgage portfolios less than $1B and Pension Funds who are not regular issuers.  Dues:  $750.00; Membership Benefits: One Voting Representative, three (3) Non-voting Representatives, three (3) Membership Directories, One Subscription to CMBS World™, Participation in committees and Investors Forum.

Associates: (69 members)  This category is limited to trade and professional associations, government agencies, foreign companies who participate in the non-U.S. secondary mortgage market only, or sole independent proprietorships and companies employing ten or fewer employees.   Dues: $750.00; Membership Benefits:  One Voting Representative, One Membership Directory, One Subscription to CMBS World™, Participation in committees and applicable forums.

Academic: (15 members)  This category is limited to full time students or full time professors with colleges or universities.  Dues: $100; Membership Benefits: member rates to the conventions/conferences and one free subscription to CMBS World along with the opportunity to participate on our committees.