Image of Ann Hambly Ann Hambly, president/CEO of 1st Service Solutions

GRAPEVINE, TX—When I created the CMBS assumption expediting role in 2005, the primary reason CMBS assumptions didn’t end up closing was because the approval process took too long, plus the buyer and seller had no way of understanding where the file was at any given time. The assumption approval process was described by most buyers and sellers as a “big black hole” and the approval process often took as long as it would to have a baby.