For the monthly distribution period from: October 19, 2021 to November 18, 2021
Commission File Number of issuing entity: 333-172366-13
Central Index Key Number of issuing entity: 0001603578
WFRBS
Commercial Mortgage Trust 2014-C20
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-172366
Central Index Key Number of depositor: 0000850779
Wells Fargo
Commercial Mortgage Securities, Inc.
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001577313
National
Cooperative Bank, N.A. (formerly known as NCB, FSB)
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0000740906
Wells Fargo
Bank, National Association
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001541214
C-III
Commercial Mortgage LLC
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001542105
Basis Real
Estate Capital II, LLC
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001555501
Liberty Island
Group I LLC
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0000729153
NatWest Markets
Plc (formerly known as The Royal Bank of Scotland plc)
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001541615
RBS Financial
Products Inc.
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001592182
LMF Commercial,
LLC (formerly known as Rialto Mortgage Finance, LLC)
(Exact name of sponsor as specified in its charter)
Anthony J.
Sfarra (212) 214-5600
(Name and telephone number, including area code, of the person to contact in
connection with this filing)
New York
(State or other jurisdiction of incorporation or organization of the issuing
entity)
38-3926125
38-3926126
38-3926127
38-7111592
(I.R.S. Employer Identification No.)
c/o Computershare Trust Company,
N.A., as agent for
Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity) (Zip Code)
(410) 884-2000
(Telephone number, including area code)
Not Applicable
(Former name, former address, if changed since last report)
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Title of Class |
Section 12(b) |
Section 12(g) |
Section 15(d) |
Name of Exchange (If Section 12(b)) |
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A-1 |
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X |
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A-2 |
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X |
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A-3 |
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X |
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A-4 |
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X |
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A-5 |
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X |
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A-SB |
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X |
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A-S |
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X |
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X-A |
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X |
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X-B |
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X |
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B |
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X |
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C |
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X |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
Part I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
On November 18, 2021 a distribution was made to holders of the certificates issued by WFRBS Commercial Mortgage Trust 2014-C20.
The distribution report is attached as an Exhibit to this Form 10-D, please see Item 10(b), Exhibit 99.1 for the related information.
The following table presents the loss information for the trust assets for the WFRBS Commercial Mortgage Trust 2014-C20 in accordance with Item 1100(b) as required by Item 1121(a)(9) of Regulation AB:
|
Number of Delinquencies 30+ days |
% of Delinquencies 30+ days by Pool Balance |
Number of Loans/REOs with Losses |
Average Net Loss |
|
4 |
26.33% |
4 |
$431,827.61 |
No assets securitized by Wells Fargo Commercial Mortgage Securities, Inc. (the "Depositor") and held by WFRBS Commercial Mortgage Trust 2014-C20 were the subject of a demand to repurchase or replace for breach of the representations and warranties contained in the underlying transaction documents during the monthly distribution period from October 19, 2021 to November 18, 2021.
The Depositor filed its most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Securities Exchange Act of 1934 (a "Rule 15Ga-1 Form ABS-15G") on November 9, 2021. The CIK number for the Depositor is 0000850779.
National Cooperative Bank, N.A. (formerly known as NCB, FSB) ("NCB "), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on February 16, 2021. The Central Index Key number for NCB is 0001577313.
Wells Fargo Bank, National Association ("Wells Fargo"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on November 9, 2021. The Central Index Key number for Wells Fargo is 0000740906.
C-III Commercial Mortgage LLC ("C-III"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on February 12, 2021. The Central Index Key number for C-III is 0001541214.
Basis Real Estate Capital II, LLC ("Basis"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on February 12, 2021. The Central Index Key number for Basis is 0001542105.
Liberty Island Group I LLC ("LIG I"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on February 16, 2021. The Central Index Key number for LIG I is 0001555501.
NatWest Markets Plc (formerly known as The Royal Bank of Scotland plc) ("NatWest plc"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on May 16, 2017. The Central Index Key number for NatWest plc is 0000729153.
RBS Financial Products Inc. ("RBSFP"), one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on November 15, 2021. The Central Index Key number for RBSFP is 0001541615.
LMF Commercial, LLC (formerly known as Rialto Mortgage Finance, LLC) ("LMF"), one of the sponsors and mortgage loan sellers, most recently filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Securities Exchange Act of 1934 on February 9, 2021. The CIK number of LMF is 0001592182.
Part II - OTHER INFORMATION
Item 2. Legal Proceedings.
Wells Fargo Bank: In December 2014, Phoenix Light SF Limited and certain related entities and the National Credit Union Administration (NCUA) filed complaints in the United States District Court for the Southern District of New York against Wells Fargo Bank, alleging claims against Wells Fargo Bank in its capacity as trustee for a number of residential mortgage-backed securities trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York and by IKB International and IKB Deutsche Industriebank in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. Wells Fargo Bank previously settled two class action lawsuits with similar allegations that were filed in November 2014 and December 2016 by institutional investors in the Southern District of New York and New York state court, respectively. In addition, Park Royal I LLC and Park Royal II LLC have filed complaints in New York state court alleging Wells Fargo Bank, N.A., as trustee, failed to take appropriate actions upon learning of defective mortgage loan documentation. In March 2021, the Company entered into an agreement to resolve the case filed by the NCUA.
In addition to the foregoing cases, in August 2014 and August 2015 Nomura Credit & Capital Inc. (“Nomura”) and Natixis Real Estate Holdings, LLC (“Natixis”) filed a total of seven third-party complaints against Wells Fargo Bank in New York state court. In the underlying first-party actions, Nomura and Natixis have been sued for alleged breaches of representations and warranties made in connection with residential mortgage-backed securities sponsored by them. In the third-party actions, Nomura and Natixis allege that Wells Fargo Bank, as master servicer, primary servicer or securities administrator, failed to notify Nomura and Natixis of their own breaches, failed to properly oversee the primary servicers, and failed to adhere to accepted servicing practices. Natixis additionally alleges that Wells Fargo Bank failed to perform default oversight duties. Wells Fargo Bank has asserted counterclaims alleging that Nomura and Natixis failed to provide Wells Fargo Bank notice of their representation and warranty breaches.
With respect to each of the foregoing litigations, Wells Fargo Bank believes plaintiffs' claims are without merit and intends to contest the claims vigorously, but there can be no assurances as to the outcome of the litigations or the possible impact of the litigations on Wells Fargo Bank or the related RMBS trusts.
Item 6. Significant Obligors of Pool Assets.
The Woodbridge Center Mortgage Loan constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB as disclosed in the Prospectus Supplement filed with the SEC on May 13, 2014. In accordance with Item 1112(b) of Regulation AB, the most recent unaudited net operating income of the significant obligor was $4,029,539.00 for the period of January 1, 2021 to June 30, 2021.
Item 7. Change in Sponsor Interest in the Securities.
None
Item 9. Other Information.
Wells Fargo Bank, N.A., in its capacity as Certificate Administrator for WFRBS Commercial Mortgage Trust 2014-C20, affirms the following amounts in the respective accounts:
|
Distribution Account Balance |
||
|
Prior Distribution Date |
10/18/2021 |
$2,576.06 |
|
Current Distribution Date |
11/18/2021 |
$2,663.51 |
|
Interest Reserve Account Balance |
||
|
Prior Distribution Date |
10/18/2021 |
$0.00 |
|
Current Distribution Date |
11/18/2021 |
$0.00 |
Item 10. Exhibits.
(a) The following is a list of documents filed as part of this Report on Form 10-D:
(b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Wells Fargo Commercial Mortgage Securities, Inc.
(Depositor)
/s/ Anthony Sfarra
Anthony Sfarra, President
Date: December 1, 2021