Form ABS-15G FEDERAL HOME LOAN MORTGA For: Jan 15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
☐ | Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to
__________. |
Date of Report (Date of earliest event
reported): ___________
Commission File Number of securitizer:
___________
Central Index Key Number of securitizer: ___________
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): ☐
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule
15Ga-1(c)(2)(i): ☐
Indicate by check mark whether the securitizer has no activity to
report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): ☐
☒ Rule 15Ga-2 under the Exchange Act (17 CFR
240.15Ga-2).
Central Index Key Number of depositor: 0001026214
Federal Home Loan Mortgage Corporation
(as issuer of the Structured Pass-Through Certificates, Series K-087) and FREMF 2019-K87 Mortgage Trust |
(Exact name of issuing entity as specified in its charter) |
Central Index Key Number of issuing entity (if applicable): 0001026214
Central Index Key Number of underwriter (if applicable): ___________
Robert Koontz (703)
903-2000 |
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
INFORMATION TO BE INCLUDED IN THE REPORT
PART I: REPRESENTATION AND WARRANTY INFORMATION
N/A
PART II:
FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and
Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
See Report of Independent Accountants
on Applying Agreed-Upon Procedures dated January 15, 2019, of Ernst & Young LLP, attached as Exhibit 99.1 to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: January 15, 2019 |
Federal Home Loan Mortgage Corporation, as Depositor with respect to the Structured Pass-Through Certificates, Series K-087, and as Securitizer with respect to the FREMF 2019-K87 Mortgage Trust
By: /s/ Robert
Koontz Name: Robert
Koontz Title: Senior Vice President – Multifamily Capital
Markets |
EXHIBIT INDEX
Exhibit 99.1 |
Report of Independent Accountants on Applying Agreed-Upon Procedures dated January 15,
2019, of Ernst & Young LLP. |
Exhibit 99.1
|
Freddie Mac Structured Pass-Through Certificates (SPCs) Series K-087 FREMF 2019-K87 Mortgage Trust Multifamily Mortgage Pass-Through Certificates, Series 2019-K87 |
|
Report To: Federal Home Loan Mortgage Corporation Morgan Stanley
& Co. LLC 15 January 2019 |
Report of Independent
Accountants on Applying Agreed-Upon Procedures
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean,
Virginia 22102
Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
Re: |
Freddie Mac Structured Pass-Through Certificates
(SPCs) Series K-087 |
|
FREMF 2019-K87 Mortgage Trust Multifamily Mortgage Pass-Through Certificates, Series 2019-K87 |
We have performed the procedures enumerated in Attachment A, which were agreed to by the addressees of this report (the “Specified Parties”),
solely to assist Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Morgan Stanley Capital I Inc. (the “Depositor”) with respect to certain information relating to a portfolio of mortgage
loans (the “Mortgage Loans”) relating to the Freddie Mac Structured Pass‑Through Certificates (SPCs) Series K-087 and FREMF 2019-K87 Mortgage Trust Multifamily Mortgage Pass‑Through Certificates, Series
2019-K87 securitization transaction (the “Transaction”). This agreed‑upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified
Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described in
Attachment A, either for the purpose for which this report has been requested or for any other purpose.
The procedures performed and our associated findings are included in Attachment A.
|
Page 2 of 3 |
For the purpose of the procedures described in this report, Freddie Mac provided us with:
a. |
Certain electronic data files (the “Data Files”) that are described in Attachment
A, |
b. |
Electronic copies of the loan files for the Mortgage Loans, which contain various source
documents (the “Source Documents”) relating to the Mortgage Loans and the mortgaged properties that secure the Mortgage Loans, |
c. |
A list of characteristics on the Data Files (the “Compared Characteristics”),
which are listed on Exhibit 1 to Attachment A, that Freddie Mac instructed us to compare to information contained in the Source Documents, |
d. |
A list of characteristics on the Data Files (the “Recalculated Characteristics”),
which are described in Attachment A, that Freddie Mac instructed us to recalculate using information on the Data Files, |
e. |
A list of characteristics on the Data Files (the “Provided Characteristics”),
which are listed on Exhibit 2 to Attachment A, on which Freddie Mac instructed us to perform no procedures, |
f. |
A draft of the preliminary information circular for the Transaction (the “Draft
Preliminary Information Circular”) and |
g. |
Instructions, assumptions and methodologies, which are described in
Attachment A. |
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A.
Freddie Mac is responsible for the Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Information Circular and the determination of the instructions, assumptions
and methodologies that are described herein. We were not requested to perform and we have not performed any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Information Circular or any other
information provided to us by Freddie Mac upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion as to: (a) the existence of the Mortgage
Loans, (b) questions of legal or tax interpretation and (c) the accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by Freddie Mac that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.
|
Page 3 of 3 |
We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation
standards established by the American Institute of Certified Public Accountants on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters
might have come to our attention that would have been reported to you.
The agreed-upon procedures described in this
report were not conducted for the purpose of:
a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating
organization (a “rating agency”) or |
b. | Making any findings with respect to: |
i. | Whether the origination of the Mortgage Loans conformed to, or deviated from, stated underwriting or
credit extension guidelines, standards, criteria, or other requirements, |
ii. | The value of the collateral securing the Mortgage Loans, |
iii. | Whether the originators of the Mortgage Loans complied with federal, state or local laws or
regulations or |
iv. | Any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that
the issuer of the certificates that are secured by the Mortgage Loans will pay interest and principal in accordance with applicable terms and conditions. |
This report is intended solely for the use of the Specified Parties and is not intended to be and should not be used by anyone other than the
Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as
required by any law or regulation.
/s/ Ernst & Young LLP
15
January 2019
|
Attachment A Page 1 of 5 |
Procedures performed and our associated findings
1. |
Freddie Mac provided us with: |
a. |
An electronic data file (the “Preliminary Data File”) that Freddie Mac indicated
contains information relating to the Mortgage Loans as of 1 January 2019 (the “Cut‑Off Date”) and |
b. |
Record layout and decode information related to the Data Files. |
For each Mortgage Loan on the Preliminary Data File, we compared the Compared
Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in copies of the Source Documents indicated on Exhibit 1 to Attachment A, subject only to the instructions, assumptions,
methodologies, qualifications and exceptions stated in the notes to Exhibit 1 to Attachment A and the next paragraph of this Item 1.
The Source Document(s) that we were instructed by Freddie Mac to use for each Compared Characteristic are indicated on Exhibit 1 to Attachment A. Where more than one Source
Document is listed for a Compared Characteristic, Freddie Mac instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents
that are listed for such Compared Characteristic on Exhibit 1 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 1
to Attachment A.
2. |
As instructed by Freddie Mac, we adjusted the information on the Preliminary Data File to
correct all the differences we noted in performing the procedures described in Item 1. above and provided a list of such differences to Freddie Mac. The Preliminary Data File, as so adjusted, is hereinafter referred to as
the “Updated Data File.” |
3. |
Subsequent to the procedures described in Items 1. and 2. above, Freddie Mac provided us with
an electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that Freddie Mac indicated contains information relating to the Mortgage Loans as of the Cut-Off
Date. |
Using information on the:
a. |
Final Data File and |
b. |
Updated Data File, |
we compared each Compared Characteristic listed on Exhibit 1 to Attachment A, all as shown on the Final Data File, to the
corresponding information on the Updated Data File and found such information to be in agreement.
|
Attachment A Page 2 of 5 |
4. |
Using the: |
a. |
First Payment Date and |
b. |
Maturity Date |
of each Mortgage Loan, both as shown on the Final Data File, we recalculated the “Loan Term
(Original)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
5. |
Using the: |
a. |
First Payment Date, as shown on the Final Data File, and |
b. |
First payment date that a payment of principal and interest is due, as shown in the applicable
Source Document, |
of each Mortgage Loan (except for the Interest Only Loans (as
defined in Note 17 of Exhibit 1 to Attachment A), which are described in the succeeding paragraph of this Item 5.), we recalculated the “IO Period” of each Mortgage Loan (except for the Interest Only Loans). We compared
this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For the Interest Only Loans, Freddie Mac instructed us to use the “Loan Term (Original)” value on the Final Data File for the “IO Period”
characteristic.
6. |
Using the “First Payment Date” of each Mortgage Loan, as shown on the Final Data
File, we recalculated the “Seasoning” of each Mortgage Loan as of the Cut-Off Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in
agreement. |
7. |
Using the: |
a. |
Original Loan Amount, |
b. |
Accrual Basis, |
c. |
Gross Interest Rate and |
d. |
Monthly Debt Service Amount (Amortizing) |
of each Mortgage Loan (except for the Interest Only Loans, which are described in the succeeding paragraph of this Item
7.), all as shown on the Final Data File, and assuming each Mortgage Loan (except for the Interest Only Loans) has a fixed level monthly payment, we recalculated the “Amortization Term (Original)” of each Mortgage Loan (except for
the Interest Only Loans). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For the Interest Only Loans, Freddie Mac instructed us to use “0” for the “Amortization
Term (Original)” characteristic.
|
Attachment A Page 3 of 5 |
8. |
Using the: |
a. |
Seasoning, |
b. |
IO Period and |
c. |
Amortization Term (Original) |
of each Mortgage Loan (except for the Interest Only Loans, which are described in the succeeding paragraph of this Item
8.), all as shown on the Final Data File, we recalculated the “Amortization Term (Remaining)” of each Mortgage Loan (except for the Interest Only Loans). We compared this recalculated information to the corresponding
information on the Final Data File and found such information to be in agreement.
For the
Interest Only Loans, Freddie Mac instructed us to use “0” for the “Amortization Term (Remaining)” characteristic.
9. |
Using the: |
a. |
Seasoning and |
b. |
Loan Term (Original) |
of each Mortgage Loan, both as shown on the Final Data File, we recalculated the “Loan Term
(Remaining)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
10. |
Using the: |
a. |
Original Loan Amount, |
b. |
Accrual Basis, |
c. |
Seasoning, |
d. |
IO Period, |
e. |
First Payment Date, |
f. |
Maturity Date, |
g. |
Gross Interest Rate and |
h. |
Monthly Debt Service Amount (Amortizing) |
of each Mortgage Loan, all as shown on the Final Data File, we recalculated the principal balance of each Mortgage Loan as
of the Cut‑Off Date (the “Cut-Off Date Loan Amount”) and as of the “Maturity Date” of each Mortgage Loan (the “Maturity Balance”), assuming all scheduled payments of principal and/or interest
on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in
agreement.
For the purpose of this procedure, Freddie Mac instructed us to:
a. |
Ignore differences of +/- $1 or less and |
b. |
Recalculate the “Maturity Balance” of each Mortgage Loan as the principal amount
that is scheduled to be paid on the “Maturity Date” of each Mortgage Loan after the principal component (if any) that is included in the scheduled payment that is due on the “Maturity Date” is applied to the principal
balance of each Mortgage Loan. |
|
Attachment A Page 4 of 5 |
11. |
Using the “Cut-Off Date Loan Amount” of the Mortgage Loans, as shown on the Final
Data File, we recalculated the “% of Cut-Off Date Pool Balance” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in
agreement. |
12. |
Using the: |
a. |
Primary Servicing Fee, |
b. |
Master Servicing Fee, |
c. |
Trustee Fee, |
d. |
CREFC Royalty Fee, |
e. |
Master Servicing Surveillance Fee and |
f. |
Special Servicing Surveillance Fee |
of each Mortgage Loan, all as shown on the Final Data File, we recalculated the “Administration Fee Rate”
of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
13. |
Using the: |
a. |
Gross Interest Rate and |
b. |
Administration Fee Rate |
of each Mortgage Loan, both as shown on the Final Data File, we recalculated the “Net Mortgage Interest
Rate” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
14. |
Using the: |
a. |
Monthly Debt Service Amount (Amortizing), |
b. |
3rd Most
Recent NCF, |
c. |
2nd Most
Recent NCF and |
d. |
Most Recent NCF, |
of each Mortgage Loan (except for the Crossed Loan Group 1 (as defined in the succeeding paragraph of this Item 14.),
which is described in the succeeding paragraph of this Item 14.), all as shown on the Final Data File, we recalculated the:
i. |
3rd Most
Recent DSCR (NCF), |
ii. |
2nd Most
Recent DSCR (NCF) and |
iii. |
Most Recent DSCR (NCF) |
of each Mortgage Loan (except for the Crossed Loan Group 1). We compared this recalculated information to the
corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round each characteristic listed in i. through iii. above to two decimal
places.
|
Attachment A Page 5 of 5 |
14. (continued)
For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristics listed in i. through iii.
above for each Mortgage Loan with “Group 1” for the “Crossed Loans” characteristic on the Final Data File (collectively, the “Crossed Loan Group 1”) by:
a. |
Recalculating each characteristic listed in i. through iii. above on an individual basis for
each Mortgage Loan in Crossed Loan Group 1, |
b. |
Recalculating the weighted average of each characteristic listed in i. through iii. above for
all of the Mortgage Loans in Crossed Loan Group 1 by weighting the result of a. above for each Mortgage Loan in Crossed Loan Group 1 by the “Cut-Off Date Loan Amount” of such Mortgage Loan, as shown on the Final Data File,
|
c. |
Rounding the result of b. above to two decimal places and |
d. |
Using the result of c. above as the value that is shown on the Final Data File for each
Mortgage Loan in the Crossed Loan Group 1 for each characteristic listed in i. through iii. above. |
15. |
Using: |
a. |
Information on the Final Data File and |
b. |
The applicable calculation methodologies and assumptions that are described in the Draft
Preliminary Information Circular, |
we recalculated the:
i. |
Cut-Off Date LTV, |
ii. |
Maturity LTV, |
iii. |
UW NCF DSCR, |
iv. |
UW NCF DSCR (IO) and |
v. |
Cut-Off Date Balance/Unit |
of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data
File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round the “Cut-Off Date LTV” and “Maturity LTV” characteristics to the nearest 1/10th of one percent and the “UW NCF DSCR” and “UW NCF DSCR (IO)” characteristics to two decimal places.
16. | Using the “Bad Boy Indemnitor / Guarantor” and “Borrower Principal” of each
Mortgage Loan, both as shown on the Final Data File, we identified those Mortgage Loans that had at least one common “Bad Boy Indemnitor / Guarantor” or “Borrower Principal” (the “Related Borrower Loans”).
We compared the Related Borrower Loan information to the corresponding information on the Final Data File and found such information to be in agreement. |
Exhibit 1 to Attachment A
Page 1 of 14
Compared Characteristics and Source Documents
Property Information:
Characteristic
|
Source Document(s)
|
||
Street Address |
Appraisal Report, Engineering Report, USPS Website | ||
Property City |
Appraisal Report, Engineering Report, USPS Website | ||
County |
Appraisal Report, Engineering Report, USPS Website | ||
Property State |
Appraisal Report, Engineering Report | ||
Zip Code |
Appraisal Report, Engineering Report, USPS Website | ||
Property Type |
Appraisal Report | ||
Property Subtype |
Appraisal Report, Investment Brief | ||
Year Built |
Engineering Report, Appraisal Report | ||
Year Renovated |
Engineering Report, Appraisal Report | ||
Elevator (Y/N) |
Engineering Report, Appraisal Report, Physical Risk Report, Preliminary
Environmental Screening Site Report | ||
Zoning Status (see Note 1) |
Zoning Summary, Appraisal Report | ||
Management Company |
Management Agreement, Loan Agreement | ||
Third Party Information:
Characteristic
|
Source Document(s)
|
|
Appraisal Firm |
Appraisal Report | |
Appraised Value (see Note 2) |
Appraisal Report | |
Appraised Value Type (see Note 2)
|
Appraisal Report | |
Appraisal Valuation Date (see Note
2) |
Appraisal Report | |
FIRREA Eligible (Y/N) |
Appraisal Report | |
Engineering Firm |
Engineering Report, Physical Risk Report, Preliminary Environmental Screening
Site Report | |
Engineering Report Date |
Engineering Report, Physical Risk Report, Preliminary Environmental Screening
Site Report | |
Immediate Repairs Cost Estimate (see Note
3) |
Engineering Report, Physical Risk Report, Preliminary Environmental Screening
Site Report | |
Replacement Reserves Cost Estimate per Year (see
Note 3) |
Engineering Report, Physical Risk Report, Preliminary Environmental Screening
Site Report | |
Environmental Firm (see Note 4)
|
Phase I Environmental Report, Physical Risk Report, Preliminary Environmental
Screening Site Report | |
Phase I Environmental Report Date (see Note
4) |
Phase I Environmental Report, Physical Risk Report, Preliminary Environmental
Screening Site Report | |
Phase II Recommended (Y/N) |
Phase I Environmental Report, Physical Risk Report, Preliminary Environmental
Screening Site Report | |
Phase II Performed (Y/N) (see Note
5) |
Phase II Environmental Report | |
Phase II Environmental Report Date (see Note
5) |
Phase II Environmental Report |
Exhibit 1 to Attachment A
Page 2 of 14
Third Party Information:
(continued)
Characteristic
|
Source
Document(s) | |
Environmental Cost to Cure (Phase I plus Phase
II) (see Note 6) |
Phase I Environmental Report, Phase II Environmental Report, Physical Risk Report,
Preliminary Environmental Screening Site Report |
|
Earthquake Zone 3 or 4 or
PGA > 0.15g (Y/N) |
Seismic Report, Engineering Report, Investment Brief, Physical Risk Report, Preliminary
Environmental Screening Site Report |
|
PML Report Required (Y/N) (see Note
7) |
Seismic Report, Engineering Report, Investment Brief, Physical Risk Report, Preliminary
Environmental Screening Site Report |
|
Seismic Firm (see Note 7) |
Seismic Report, Engineering Report, Investment Brief, Physical Risk Report, Preliminary
Environmental Screening Site Report |
|
Seismic Report Date (see Note 7)
|
Seismic Report, Engineering Report, Investment Brief, Physical Risk Report, Preliminary
Environmental Screening Site Report |
|
PML (%) (see Note 7) |
Seismic Report, Engineering Report, Investment Brief, Physical Risk Report, Preliminary
Environmental Screening Site Report |
Multifamily Information: (see Note
8)
Characteristic
|
Source Document(s)
|
Total Units (see Note 9) |
Appraisal Report, Rent Roll |
Unit of Measure |
Rent Roll, Appraisal Report |
Monthly Rent Per Unit (see Note 10)
|
Rent Roll |
Occupancy As of Date |
Rent Roll |
Occupancy % (see Note 11) |
Rent Roll, Appraisal Report |
Tenant Concentration Type
(see Note 12) |
Property Inspection and Lease Audit, Investment Brief, Appraisal Report |
% of Tenant Concentration
(see Note 12) |
Property Inspection and Lease Audit, Investment Brief, Appraisal Report |
Green Advantage |
Investment Brief, Green Assessment Report |
Condo Ownership (% or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Investment
Brief |
Low Income Units |
CRA Report |
Very Low Income Units |
CRA Report |
Exhibit 1 to Attachment A
Page 3 of 14
Commercial Tenant Information:
Characteristic
|
Source Document(s)
|
|
# Units – Commercial |
Rent Roll, Appraisal Report, Commercial Lease, Investment Brief
| |
Amount Sq. Ft - Commercial |
Rent Roll, Appraisal Report, Commercial Lease, Investment Brief
| |
% of GPR from Commercial Rental
Income |
Investment Brief |
Insurance Information: (see Note 13)
Characteristic
|
Source Document(s)
|
|
Property Insurance Coverage (Y/N) |
Property Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Terrorism Insurance (Y/N) |
Property Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Liability Insurance Coverage (Y/N) |
Liability Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Windstorm Insurance (Y or N) |
Property Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Flood Insurance (Y/N)
(see Note 14) |
Property Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Seismic Insurance if PML >=20% (Y/N) (see Note 15) |
Property Insurance Certificate, Form
1133, Multifamily Insurance Compliance Report | |
Environmental Insurance (Y/N) |
Environmental Insurance Certificate,
Multifamily Loan and Security Agreement |
Underwriting Information: (see Note
8)
Characteristic |
Source Document(s)
|
3rd Most Recent Financial End Date |
Investment Brief |
3rd Most Recent EGI |
Investment Brief |
3rd Most Recent Expenses |
Investment Brief |
3rd Most Recent NOI |
Investment Brief |
3rd Most Recent NCF |
Investment Brief |
2nd Most Recent Financial End Date |
Investment Brief |
2nd Most Recent EGI |
Investment Brief |
2nd Most Recent Expenses |
Investment Brief |
2nd Most Recent NOI |
Investment Brief |
2nd Most Recent NCF |
Investment Brief |
Most Recent Financial End Date |
Investment Brief |
Most Recent EGI |
Investment Brief |
Most Recent Expenses |
Investment Brief |
Exhibit 1 to Attachment A
Page 4 of 14
Underwriting Information: (continued)
Characteristic |
Source Document(s)
|
||
Most Recent NOI |
Investment Brief |
||
Most Recent NCF |
Investment Brief |
||
UW EGI |
Investment Brief |
||
UW Expenses |
Investment Brief |
||
UW NOI |
Investment Brief |
||
Underwritten Annual Reserves |
Investment Brief |
||
UW NCF |
Investment Brief |
Borrower/Principal Information:
Characteristic |
Source Document(s)
|
|
Borrowing Entity |
Promissory Note, Multifamily Loan and
Security Agreement, Mortgage/Deed of Trust | |
Entity Type |
Promissory Note, Multifamily Loan and
Security Agreement, Mortgage/Deed of Trust | |
State of Organization |
Promissory Note, Multifamily Loan and
Security Agreement, Mortgage/Deed of Trust | |
Delaware Statutory Trust (Y/N) |
Promissory Note, Multifamily Loan and
Security Agreement, Mortgage/Deed of Trust | |
Borrower Or Principal Prior Bankruptcy (Y/N) |
FRE Form 1115, Organization
Chart | |
Single Purpose Borrowing Entity / Single Asset Borrowing Entity |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Tenants In Common (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Bad Boy Indemnitor / Guarantor |
Guaranty Agreement, Multifamily Loan
and Security Agreement | |
Recourse (Y/N) |
Promissory Note, Guaranty Agreement,
Multifamily Loan and Security Agreement | |
Recourse Description |
Promissory Note, Guaranty
Agreement | |
Environmental Carveout (Y/N) |
Promissory Note, Guaranty
Agreement | |
Environmental Indemnitor (Name or N/A) |
Guaranty Agreement, Multifamily Loan
and Security Agreement | |
Fraud Carveout (Y/N) |
Promissory Note, Guaranty
Agreement | |
Misapplication of Rent and Insurance Proceeds Carveout (Y/N) |
Promissory Note, Guaranty
Agreement | |
Voluntary Bankruptcy Carveout (Y/N) |
Promissory Note, Guaranty
Agreement | |
Waste Carveout (Y/N) |
Promissory Note, Guaranty
Agreement |
Exhibit 1 to Attachment A
Page 5 of 14
Mortgage Loan Information:
Characteristic |
Source Document(s)
| |
Loan Purpose (Acquisition,
Refinance) |
Multifamily Loan and Security
Agreement, Settlement Statement, Investment Brief | |
Freddie Mac Loan Number |
Promissory Note, Mortgage/Deed of
Trust, Multifamily Loan and Security Agreement | |
Seller/Servicer (see Note 16) |
Promissory Note, Mortgage/Deed of
Trust, Multifamily Loan and Security Agreement | |
Note Date |
Promissory Note |
|
Original Loan Amount |
Promissory Note |
|
Gross Interest Rate |
Promissory Note |
|
Loan Amortization Type |
Promissory Note |
|
Monthly Debt Service (IO)
(see Note 17) |
Promissory Note |
|
Monthly Debt Service Amount (Amortizing) (see
Note 17) |
Promissory Note |
|
First Payment Date |
Promissory Note |
|
Payment Date |
Promissory Note |
|
Maturity Date |
Promissory Note |
|
Rate Type |
Promissory Note |
|
Accrual Basis |
Promissory Note |
|
Late Charge Grace Period |
Promissory Note |
|
Prepayment Provision (see Note 18)
|
Promissory Note, Mortgage/Deed of
Trust, Multifamily Loan and Security Agreement | |
Partial Defeasance Permitted (Y/N)
|
Promissory Note, Mortgage/Deed of
Trust, Multifamily Loan and Security Agreement | |
Defeasance To Maturity (Y/N) |
Promissory Note, Mortgage/Deed of
Trust, Multifamily Loan and Security Agreement | |
Title Vesting (Fee/Leasehold/Both)
|
Title Policy | |
Lien Position |
Title Policy | |
Ground Lease Rent |
Ground Lease | |
Ground Lease Maturity Date |
Ground Lease | |
Ground Lease Expiration
Date w/ Extensions |
Ground Lease | |
Cash Management (Description or N/A)
(see Note 19) |
Cash Management Agreement, Lockbox
Agreement | |
Lockbox (Y/N) (see Note 20) |
Cash Management Agreement, Lockbox
Agreement | |
Additional Financing In Place
(existing) (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Mezzanine Note, Mezzanine Loan Intercreditor Agreement, Subordinate Financing Agreement | |
Assumption Fee |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Exhibit 1 to Attachment A
Page 6 of 14
Mortgage Loan Information: (continued)
Characteristic |
Source
Document(s) |
|
Additional Financing Amount (existing) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Mezzanine Note, Mezzanine Loan Intercreditor Agreement, Subordinate Financing Agreement | |
Additional Financing Description (existing) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Mezzanine Note, Mezzanine Loan Intercreditor Agreement, Subordinate Financing Agreement | |
Future Mezzanine Debt (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Future Supplemental Financing (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Future Supplemental Financing Description |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Substitution Permitted (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Substitution Agreement | |
Number of Properties |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Appraisal Report | |
Collateral Release Price ($ or N/A) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Cross Collateralization Agreement | |
Crossed Loans |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Cross Collateralization Agreement | |
Release (Y or N or N/A) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Cross Collateralization Agreement | |
Release Provisions (Description or N/A) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Cross Collateralization Agreement | |
Independent Director (Y/N) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement | |
Non-Consolidation Opinion (Y/N) |
Non-Consolidation Opinion from
Counsel | |
Primary Servicing Fee (see Note 21) |
Exhibit A to Commitment Letter, Early
Rate Lock Application |
Reserve/Escrow Information: (see Notes 8
and 22)
Characteristic |
Source Document(s)
|
Tax Escrow - Current Balance ($ or
N/A) |
Servicing Tape |
Exhibit 1 to Attachment A
Page 7 of 14
Reserve/Escrow Information: (continued)
Characteristic |
Source Document(s)
|
||
Tax Escrow (Initial) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape | ||
Tax Escrow (Monthly) |
Servicing Tape | ||
Insurance Escrow - Current Balance ($ or N/A) |
Servicing Tape | ||
Insurance Escrow (Initial) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape | ||
Insurance Escrow (Monthly) |
Servicing Tape | ||
Engineering Reserve - Current Balance ($ or N/A) |
Servicing Tape | ||
Engineering Escrow/Deferred Maintenance |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape | ||
Engineering Reserve – Contractual Payment ($ or N/A) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, Servicing Tape | ||
Replacement Reserve - Current Balance ($ or N/A) |
Servicing Tape | ||
Replacement Reserve (Initial) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape | ||
Replacement Reserve (Monthly) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, Servicing Tape | ||
Replacement Reserve – Contractual – Cap ($ or N/A) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, Settlement Statement, Servicing Tape | ||
Other Reserve - Current Balance ($ or N/A) |
Servicing Tape | ||
Other Escrow (Initial) |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape | ||
Other Escrow Reserve Description |
Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, Servicing Tape |
Exhibit 1 to Attachment A
Page 8 of 14
Reserve/Escrow Information: (continued)
Characteristic |
Source Document(s)
|
Other Escrow (Monthly) |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, List of All Escrow Accounts Held, Settlement Statement, Servicing Tape |
Other Reserve – Contractual – Cap ($ or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve 1 Name |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement |
Springing Reserve 1 Amount ($ or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve 1 Description |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement |
Springing Reserve 2 Name |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve 2 Amount ($ or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve 2 Description |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement, Servicing Tape |
Are Escrows/Reserves LOC or can be converted to LOC (Y/N) |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement |
Specify Accounts for Escrows/Reserves LOC |
Mortgage/Deed of Trust, Multifamily Loan and Security
Agreement, Escrow Agreement |
Letter of Credit Amount |
Letter of Credit, Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement |
Letter of Credit Description |
Letter of Credit, Mortgage/Deed of Trust, Multifamily
Loan and Security Agreement |
Exhibit 1 to Attachment A
Page 9 of 14
Notes:
1. |
For the purpose of comparing the “Zoning Status” characteristic, Freddie Mac
instructed us to use the appraisal report Source Document if the zoning report Source Document was not available and to include “(Appraisal)” in the value for the “Zoning Status” characteristic if the appraisal report was
used as the Source Document. |
2. |
For the purpose of comparing the “Appraised Value” and “Appraisal Valuation
Date” characteristics for the Mortgage Loan identified on the Preliminary Data File as “Pebble Creek Apartment Homes” (the “Pebble Creek Apartment Homes Mortgage Loan”), Freddie Mac instructed us to use the “As-Is
Market Value (LIHTC)” appraised value and associated appraisal value date, both as shown in the appraisal report Source Document. For the purpose of comparing the “Appraised Value Type” characteristic for the Pebble
Creek Apartment Homes Mortgage Loan, Freddie Mac instructed us to treat the “As-Is Market Value (LIHTC)” appraised value type, as shown in the appraisal report Source Document, as “As-Is” for the “Appraised Value
Type” characteristic. |
For the purpose of comparing the
“Appraised Value” and “Appraisal Valuation Date” characteristics for the Mortgage Loan identified on the Preliminary Data File as “Peachtree Commons” (the “Peachtree Commons Mortgage Loan”), Freddie
Mac instructed us to use the “As Is - Restricted Rents Without Tax Abatement” appraised value and associated appraisal value date, both as shown in the appraisal report Source Document. For the purpose of comparing
the “Appraised Value Type” characteristic for the Peachtree Commons Mortgage Loan, Freddie Mac instructed us to treat the “As Is - Restricted Rents Without Tax Abatement” appraised value type, as shown in the appraisal
report Source Document, as “As-Is” for the “Appraised Value Type” characteristic.
For the purpose of comparing the “Appraised Value” and “Appraisal Valuation Date” characteristics for the Mortgage Loan identified on the Preliminary Data
File as “Cottonwood Estates I & II” (the “Cottonwood Estates I & II Mortgage Loan”), Freddie Mac instructed us to use the “Market Value As Is (LIHTC)” appraised value and associated appraisal value date,
both as shown in the appraisal report Source Document. For the purpose of comparing the “Appraised Value Type” characteristic for the Cottonwood Estates I & II Mortgage Loan, Freddie Mac instructed us to treat the
“Market Value As Is (LIHTC)” appraised value type, as shown in the appraisal report Source Document, as “As-Is” for the “Appraised Value Type” characteristic.
For the purpose of comparing the “Appraised Value” and “Appraisal Valuation Date” characteristics
for the Mortgage Loan identified on the Preliminary Data File as “Rain Tree Village” (the “Rain Tree Village Mortgage Loan”), Freddie Mac instructed us to use the “As Is (Encumbered)” appraised value and
associated appraisal value date, both as shown in the appraisal report Source Document. For the purpose of comparing the “Appraised Value Type” characteristic for the Rain Tree Village Mortgage Loan, Freddie Mac instructed us
to treat the “As Is (Encumbered)” appraised value type, as shown in the appraisal report Source Document, as “As-Is” for the “Appraised Value Type” characteristic.
Exhibit 1 to Attachment A
Page 10 of 14
Notes: (continued)
2. (continued)
For the purpose of comparing the “Appraised Value” and “Appraisal Valuation Date” characteristics for the Mortgage Loan identified on the Preliminary Data
File as “Candlewood Apartments” (the “Candlewood Apartments Mortgage Loan”), Freddie Mac instructed us to use the “As Is (Encumbered)” appraised value and associated appraisal value date, both as shown in the
appraisal report Source Document. For the purpose of comparing the “Appraised Value Type” characteristic for the Candlewood Apartments Mortgage Loan, Freddie Mac instructed us to treat the “As Is (Encumbered)”
appraised value type, as shown in the appraisal report Source Document, as “As-Is” for the “Appraised Value Type” characteristic.
3. |
For the purpose of comparing the “Immediate Repairs Cost Estimate” and
“Replacement Reserves Cost Estimate per Year” characteristics, Freddie Mac instructed us to use “N/A” for the “Immediate Repairs Cost Estimate” and “Replacement Reserves Cost Estimate per Year”
characteristics if the physical risk report or preliminary environmental screening site report Source Document did not contain the corresponding information and an engineering report Source Document was not available. |
4. |
For the purpose of comparing the “Environmental Firm” and “Phase I
Environmental Report Date” characteristics, Freddie Mac instructed us to use “N/A (Physical Risk Report)” for the “Environmental Firm” and “Phase I Environmental Report Date” characteristics if a
physical risk report or preliminary environmental screening site report Source Document was provided in the related loan file and a phase I environmental report Source Document was not available. |
5. |
Freddie Mac instructed us to perform procedures on the “Phase II Performed
(Y/N)” |
and “Phase II Environmental Report Date” characteristics
only for those Mortgage Loans, if any, that contained a phase II environmental report Source Document in the related loan file.
6. |
For the purpose of comparing the “Environmental Cost to Cure (Phase I plus Phase
II)” characteristic, Freddie Mac instructed us to use “N/A” for the “Environmental Cost to Cure (Phase I plus Phase II)” characteristic if the physical risk report or preliminary environmental screening site report
Source Document did not contain the corresponding information and a phase I environmental report or phase II environmental report Source Document was not available. |
For the purpose of comparing the “Environmental Cost to Cure (Phase I plus Phase II)” characteristic, Freddie
Mac instructed us to use “$0” for the “Environmental Cost to Cure (Phase I plus Phase II)” characteristic if a phase I environmental report and/or phase II environmental report Source Document was available and the sum
of the value(s) shown in the phase I environmental report, phase II environmental report, physical risk report or preliminary environmental screening site report Source Document was less than $5,000.
Exhibit 1 to Attachment A
Page 11 of 14
Notes: (continued)
7. |
Freddie Mac instructed us to perform procedures on the “PML Report Required
(Y/N),” “Seismic Firm,” “Seismic Report Date” and “PML (%)” characteristics only for Mortgage Loans with “Yes” for the “Earthquake Zone 3 or 4 or PGA > 0.15g (Y/N)”
characteristic on the Preliminary Data File. If the “Earthquake Zone 3 or 4 or PGA > 0.15g (Y/N)” characteristic on the Preliminary Data File is “Yes,” Freddie Mac instructed us to use “Yes” for
the “PML Report Required (Y/N)” characteristic and the applicable information in the seismic report Source Document for the purpose of comparing the “Seismic Firm,” “Seismic Report Date” and “PML
(%)” characteristics unless the applicable Source Documents state that a seismic assessment has been waived. If the “Earthquake Zone 3 or 4 or PGA > 0.15g (Y/N)” characteristic on the Preliminary Data File is
“Yes” and the applicable Source Documents indicate that a seismic assessment has been waived, Freddie Mac instructed us to use “No” for the “PML Report Required (Y/N)” characteristic
and “N/A” for the “Seismic Firm,” “Seismic Report Date” and “PML (%)” characteristics. If the “Earthquake Zone 3 or 4 or PGA > 0.15g (Y/N)” characteristic on
the Preliminary Data File is “No,” Freddie Mac instructed us to use “No” for the “PML Report Required (Y/N)” characteristic and “N/A” for the “Seismic Firm,” “Seismic
Report Date” and “PML (%)” characteristics. |
8. |
For the purpose of comparing the “Multifamily Information,” “Underwriting
Information” and “Reserve/Escrow Information” characteristics, Freddie Mac instructed us to ignore differences: |
a. |
Of +/- $1 or less for all “Multifamily Information”
characteristics, |
b. |
Of +/- $1 or less for all “Underwriting Information”
characteristics and |
c. |
Of +/- $5 or less for all “Reserve/Escrow Information”
characteristics |
that are expressed as dollar values.
9. |
For the purpose of comparing the “Total Units” characteristic, Freddie Mac
instructed us to only include the residential units at the mortgaged property associated with each Mortgage Loan, as shown in the appraisal report or rent roll Source Document. |
10. |
For the purpose of comparing the “Monthly Rent Per Unit” characteristic, Freddie
Mac instructed us to use: |
a. |
Market rents for vacant, model, leasing office or “down” units, |
b. |
In-place rents plus employee concessions for manager/employee units and |
c. |
In-place rents for occupied units, |
all as shown in the rent roll Source Document.
11. |
For the purpose of comparing the “Occupancy %” characteristic, Freddie Mac
instructed us to include occupied, model, leasing office and manager/employee units as occupied and to include vacant and “down” units as vacant, all as shown in the rent roll Source Document. |
If the number of units shown in the rent roll Source Document is less than the number of units shown in
the appraisal report Source Document, Freddie Mac instructed us to treat the difference between the number of units shown in the appraisal report Source Document and the number of units shown in the rent roll Source Document as vacant units when
recalculating the “Occupancy %” characteristic.
Exhibit 1 to Attachment A
Page 12 of 14
Notes: (continued)
12. |
For the purpose of comparing the “Tenant Concentration Type” and “% of
Tenant Concentration” characteristics, Freddie Mac instructed us to treat “Alzheimer’s care” and “memory care” tenant types as “Assisted Living” for the “Tenant Concentration Type”
characteristic, all as shown in the property inspection and lease audit, investment brief or appraisal report Source Document. |
13. |
For the purpose of comparing the “Insurance Information” characteristics,
Freddie Mac instructed us to use the property insurance certificate, environmental insurance certificate or liability insurance certificate Source Document, as applicable, even if the certificate expired prior to the Cut-Off Date. |
14. |
Freddie Mac instructed us to use “Yes” for the “Flood Insurance
(Y/N)” characteristic if: |
a. |
There is flood insurance in place, as shown in the property insurance certificate Source
Document and |
b. |
Flood insurance is required, as shown in the form 1133 or multifamily insurance compliance
report Source Document. |
If flood insurance is not required, as
shown in the form 1133 or multifamily insurance compliance report Source Document, Freddie Mac instructed us to use “No” for the “Flood Insurance (Y/N)” characteristic, even if the property insurance certificate Source
Document indicates that flood insurance is in place.
15. |
Freddie Mac instructed us to use “Yes” for the “Seismic Insurance if
PML >=20% (Y/N)” characteristic if: |
a. |
The “PML (%),” as shown on the Preliminary Data File, is greater than or equal
to 20%, |
b. |
Earthquake insurance is required, as shown in the form 1133 or multifamily insurance
compliance report Source Document and |
c. |
Earthquake insurance is in place, as shown in the property insurance certificate Source
Document. |
If the “PML (%),” as shown on the
Preliminary Data File, is less than 20% or is “N/A,” Freddie Mac instructed us to use “No” for the “Seismic Insurance if PML >=20% (Y/N)” characteristic, even if the property insurance certificate Source
Document indicates that earthquake insurance is in place.
16. |
For the purpose of comparing the “Seller/Servicer” characteristic, Freddie Mac
instructed us to use the “Originator” of the Mortgage Loan, as shown in the promissory note, mortgage/deed of trust or multifamily loan and security agreement Source Document. |
Exhibit 1 to Attachment A
Page 13 of 14
Notes: (continued)
17. |
For the purpose of comparing the “Monthly Debt Service (IO)” characteristic for
the: |
a. |
Mortgage Loans for which the “Loan Amortization Type” characteristic, as shown on
the Preliminary Data File, is “Interest Only” (the “Interest Only Loans”) and |
b. |
Mortgage Loans for which the “Loan Amortization Type” characteristic, as shown on
the Preliminary Data File, is “Partial IO” (the “Partial IO Loans”), |
all of which have an “Accrual Basis” of “Actual/360,” as shown on the Preliminary Data File, Freddie Mac instructed us to recalculate
the “Monthly Debt Service (IO)” characteristic as 1/12th of the product of:
i. |
The “Original Loan Amount,” as shown on the Preliminary Data File,
|
ii. |
The “Gross Interest Rate,” as shown on the Preliminary Data File, and
|
iii. |
365/360. |
For the Interest Only Loans, Freddie Mac instructed us to use the “Monthly Debt Service (IO),” as shown on the
Preliminary Data File, for the “Monthly Debt Service Amount (Amortizing)” characteristic.
For the Mortgage Loans with “Balloon” for the “Loan Amortization Type” characteristic on the Preliminary Data File, Freddie Mac instructed us to use
“N/A” for the “Monthly Debt Service (IO)” characteristic.
18. |
For the purpose of comparing the “Prepayment Provision” characteristic for
Mortgage Loans which permit defeasance, as shown in the applicable Source Documents, Freddie Mac instructed us to include all “Payment Dates” on or prior to the Cut-Off Date in the lockout period regardless of whether the Mortgage
Loan was actually in a lockout period on those “Payment Dates.” |
19. |
For the purpose of comparing the “Cash Management (Description or N/A)”
characteristic, Freddie Mac instructed us to use the following definitions: |
a. |
Hard – a cash management administration
method where the tenants directly pay rents to the borrower or the management company who then deposits the rents into a lockbox account. Funds are then swept into a lender-controlled account. |
b. |
Springing – a cash management administration
method where, at the origination of the Mortgage Loan, the tenants directly pay rents to the borrower or the management company who then deposits the rents into a lockbox account. Prior to a trigger event, the funds will be swept to a
borrower‑controlled account. Upon the occurrence of a trigger event, the funds will be swept to a lender-controlled account. |
20. |
For the purpose of comparing the “Lockbox (Y/N)” characteristic, Freddie Mac
instructed us to use “Yes” if a clearing account was set up at the origination of the Mortgage Loan, as shown in the cash management agreement or lockbox agreement Source Document. |
21. |
For the purpose of comparing the “Primary Servicing Fee” characteristic, Freddie
Mac indicated that the “Primary Servicing Fee” is described in the Draft Preliminary Information Circular as the sub-servicing fee. |
Exhibit 1 to Attachment A
Page 14 of 14
Notes: (continued)
22. |
For the purpose of comparing the “Reserve/Escrow
Information” characteristics, the servicing tape Source Document is a Microsoft Excel file labelled “K87 Escrow Template Helper DISTRO_1.7.2019.xlsx” which was provided by Freddie Mac on 7
January 2019. |
We performed no procedures to determine the accuracy,
completeness or reasonableness of the instructions, assumptions, methodologies, qualifications and exceptions provided by Freddie Mac that are described in the notes above.
Exhibit 2 to Attachment A
Characteristic |
||
Property Name
Master Servicing Fee |
||
Trustee Fee (see Note 1)
CREFC Royalty Fee |
||
Master Servicing Surveillance Fee
Special Servicing Surveillance Fee |
||
Rental Subsidy Indicator (Y/N) |
||
Rental Subsidy Type |
||
Environmental Insurance Expiration Date
|
||
Environmental Insurance Carrier (Name or
N/A) |
||
Environmental Insurance Carrier Rating
|
||
Environmental Insurance Coverage ($ or
N/A) |
||
Terrorism Insurance Expiration Date
|
||
Terrorism Insurance Carrier (Name or
N/A) |
||
Terrorism Insurance Carrier Rating
|
||
Terrorism Insurance Coverage ($ or N/A)
|
||
Terrorism Insurance Deductible ($ or
N/A) |
||
Property Insurance Expiration Date
|
||
Property Insurance Carrier (Name or
N/A) |
||
Property Insurance Carrier Rating |
||
Property Insurance Coverage ($ or N/A)
|
||
Property Insurance Deductible ($ or
N/A) |
||
Liability Insurance Expiration Date
|
||
Liability Insurance Carrier (Name or
N/A) |
||
Liability Insurance Carrier Rating
|
||
Liability Insurance Coverage ($ per occurrence/$
aggregate or N/A) |
||
Liability Insurance Deductible ($ or
N/A) |
||
CDCR (Combined DCR) |
||
CLTV (Combined LTV) |
||
Borrower Principal |
||
Borrower/Principal Liquid Assets |
||
Borrower/Principal Net Worth |
||
Bankruptcy Description (Chapter # or
N/A) |
Notes:
1. |
Freddie Mac indicated that the “Trustee Fee” of 0.00290% per annum for each
Mortgage Loan on the Data Files is comprised of a certificate administrator fee of 0.00240% per annum and a trustee fee of 0.00050% per annum. |
2. |
We performed no procedures to determine the accuracy, completeness or reasonableness of the
Provided Characteristics. |
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