Loan servicers increasingly collect fees from property owners who face or are in default, a practice that Fitch Ratings says could hurt commercial-mortgage bondholders. "Fitch's concern is not so much the size of any fee that a borrower pays, but the philosophy of the fee itself," Fitch analysts Rob Rowan and Stephanie Petosa said. "Special servicers have a fiduciary duty to the trust and bondholders. Any fee charged to a borrower implicitly puts that fiduciary duty at risk."
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