UNITED STATES | |||||||||
SECURITIES AND EXCHANGE COMMISSION | |||||||||
Washington, D.C. 20549 |
FORM 10-D |
ASSET-BACKED ISSUER | |||||||||
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |||||||||
THE SECURITIES EXCHANGE ACT OF 1934 |
For the monthly distribution period from | |||||||||
May 18, 2022 to June 17, 2022 |
Commission File Number of Issuing entity: | 333-180779-11 |
Central Index Key Number of issuing entity: | 0001617760 |
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 | |||||||||
(Exact name of issuing entity as specified in its charter) |
Commission File Number of depositor: | 333-180779 |
Central Index Key Number of depositor: | 0001547361 |
MORGAN STANLEY CAPITAL I INC. | |||||||||
(Exact name of depositor as specified in its charter) |
Central Index Key Number of sponsor: | 0001541557 | ||||||||
0001102113 | |||||||||
0001548567 |
Morgan Stanley Mortgage Capital Holdings LLC | |||||||||
Bank of America, National Association | |||||||||
CIBC Inc. | |||||||||
(Exact name of sponsors as specified in their charters |
Jane Lam (212) 761-4000 | |||||||||
(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) |
47-2087494 | |||||||||
47-2098931 | |||||||||
47-2108850 | |||||||||
47-6535473 | |||||||||
(I.R.S. Employer Identification No.) |
c/o U.S. Bank National Association | |||||||||
190 S. LaSalle Street | |||||||||
Chicago, IL | |||||||||
(Address of principal executive offices of issuing entity) |
60603 | |||||||||
(Zip Code) |
(312) 332-7458 | |||||||||
(Telephone number, including area code) |
Not Applicable | |||||||||
(Former name, former address, if changed since last report) |
Registered/reporting pursuant to (check one) |
Name of exchange | |||||||||
Title of Class | Section 12(b) | Section 12(g) | Section 15(d) | (If Section 12(b)) | |||||
A-1 | ☐ | ☐ | ☒ | __________ | |||||
A-2 | ☐ | ☐ | ☒ | __________ | |||||
A-SB | ☐ | ☐ | ☒ | __________ | |||||
A-3 | ☐ | ☐ | ☒ | __________ | |||||
A-4 | ☐ | ☐ | ☒ | __________ | |||||
X-A | ☐ | ☐ | ☒ | __________ | |||||
A-S | ☐ | ☐ | ☒ | __________ | |||||
B | ☐ | ☐ | ☒ | __________ | |||||
PST | ☐ | ☐ | ☒ | __________ | |||||
C | ☐ | ☐ | ☒ | __________ |
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities and 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 ☒ No ☐ |
PART I - DISTRIBUTION INFORMATION |
Item 1. Distribution and Pool Performance Information. |
On June 17, 2022 a distribution was made to holders of the certificates issued by Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18. The monthly report to holders is attached as Exhibit 99.1. |
No assets securitized by Morgan Stanley Mortgage Capital Holdings LLC, Bank of America, National Association, or CIBC Inc. and held by Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from May 18, 2022 to June 17, 2022. Morgan Stanley Mortgage Capital Holdings LLC filed its most recent Form ABS-15G on May 13, 2022. The CIK Number of Morgan Stanley Mortgage Capital Holdings LLC is 0001541557. Bank of America, National Association filed its most recent Form ABS-15G on May 11, 2022. The CIK Number of Bank of America, National Association is 0001102113. CIBC Inc. filed its most recent Form ABS-15G on February 11, 2022. The CIK Number of CIBC Inc. is 0001548567. |
PART II - OTHER INFORMATION |
Item 2. Legal Proceedings. |
Disclosure from U.S. Bank National Association, as Trustee |
"U.S. Bank National Association (“U.S. Bank”) and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees’ purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. |
U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs’ claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. |
On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association (“U.S. Bank”) in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the “NCMSLT Action”). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action. |
U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending. |
U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously." |
Item 9. Other Information |
Wells Fargo Bank, N.A., in its capacity as Master Servicer for Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18, affirms the following amounts in the respective accounts: |
Collection Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $0.00 | ||||||||
Current Distribution Date: June 17,2022 | $0.00 |
*REO Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $0.00 | ||||||||
Current Distribution Date: June 17,2022 | $0.00 |
*As provided by the Special Servicer |
U.S. Bank National Association, in its capacity as Certificate Administrator for Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18, affirms the following amounts in the respective accounts: |
Distribution Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $1,446.11 | ||||||||
Current Distribution Date: June 17,2022 | $1,492.90 |
Interest Reserve Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $0.00 | ||||||||
Current Distribution Date: June 17,2022 | $0.00 |
Excess Liquidation Proceeds Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $0.00 | ||||||||
Current Distribution Date: June 17,2022 | $0.00 |
TA Unused Fees Account Balance | |||||||||
Prior Distribution Date: May 17,2022 | $0.00 | ||||||||
Current Distribution Date: June 17,2022 | $0.00 |
Item 10. Exhibits. | |||||||||
(a) The following is a list of documents filed as part of this Report on Form 10-D: | |||||||||
(99.1) Monthly report distributed to holders of Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18, relating to the June 17, 2022 distribution. | |||||||||
(b) The exhibits required to be filed by the Registrant pursuant to this form are listed in the Exhibit Index that immediately follows on the signature page hereof. |
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. |
MORGAN STANLEY CAPITAL I INC. | |||||||||
(Depositor) |
Date: July 01, 2022 | /s/ Jane H. Lam | ||||||||
Name: Jane H. Lam | |||||||||
Title: President |
EXHIBIT INDEX |