Form ABS-15G FEDERAL HOME LOAN MORTGA For: Jul 27
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): [_]
[X] 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-130) and
FREMF 2021-K130 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 July 27, 2021, 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: July 27, 2021 |
Federal Home Loan Mortgage Corporation, as Depositor with respect to the Structured Pass-Through Certificates, Series K-130, and as Securitizer with respect to the FREMF 2021-K130
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 July 27, 2021, of Ernst & Young LLP. |
Exhibit 99.1
|
Ernst & Young LLP Tel: +1 212 773
3000 5 Times Square ey.com New York, NY 10036 |
Report of Independent Accountants on Applying Agreed-Upon Procedures
Federal Home Loan Mortgage Corporation
Wells
Fargo Securities, LLC
(collectively, the “Specified Parties”)
Re: |
Freddie
Mac Structured Pass-Through Certificates (SPCs) Series K-130 FREMF 2021-K130 Mortgage Trust Multifamily Mortgage Pass-Through Certificates, Series 2021-K130 |
We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of
assisting the Specified Parties in evaluating the accuracy of certain information with respect to a portfolio of mortgage loans (the “Mortgage Loans”) contained on the Data Files (as defined herein) (the “Subject Matter”)
relating to the Freddie Mac Structured Pass‑Through Certificates (SPCs) Series K-130 and FREMF 2021-K130 Mortgage Trust Multifamily Mortgage Pass‑Through Certificates, Series 2021‑K130 securitization
transaction (the “Transaction”) as of 27 July 2021. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not
meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the
Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness 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.
For the purpose of the procedures described in this report, Federal Home Loan Mortgage Corporation (“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. |
|
Page 2 of 3 |
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 Subject Matter, 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 or conclusion as to: (a) the existence of the Mortgage Loans, (b) questions of legal or tax interpretation or (c) the
appropriateness, 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.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the
“AICPA”). An agreed‑upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and
reporting on findings based on the procedures performed. 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 AICPA 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 performed 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 originator(s) 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. |
We are required to be independent of Freddie Mac and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to
All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed upon procedure engagements are less restrictive than independence requirements for
audit and other attestation services.
|
Page 3 of 3 |
This report is intended solely for the information and 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
27 July 2021
|
Attachment A
Page 1 of 6 |
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 1August 2021 (the “Cut‑Off Date”) and |
b. |
Record layout and decode information related to the information on the Data Files. |
We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described
herein.
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 Document(s) indicated on Exhibit 1 to Attachment A, subject only to the
instructions, assumptions and methodologies described in the notes to Exhibit 1 to Attachment A and the next paragraph(s) of this Item.
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 listed for such Compared Characteristic on Exhibit 1 to Attachment A (except as described in the notes 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.
Additionally, for any Mortgage Loan(s) listed in the table below, Freddie Mac provided us with the related draft
Source Document(s) listed in the “Draft Source Document(s)” column of the table below.
Mortgage
Loan |
Draft Source Document(s) | |
N/A |
N/A |
For the purpose of the procedures described in this report, Freddie Mac instructed us to treat any “Draft Source Document(s)” listed in the table above as fully executed Source Document(s).
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 the Item 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.” |
|
Attachment A
Page 2 of 6 |
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, as shown on the Final Data File, to the corresponding information on the Updated Data File and
found such information to be in agreement.
4. |
Using the: |
a. |
First Payment Date and |
b. |
Maturity Date, |
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, |
we recalculated the “IO Period” of each Mortgage Loan (except for any Interest Only Loan(s) (as defined herein),
which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For any Interest Only Loan, 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,” 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. |
|
Attachment A
Page 3 of 6 |
7. |
Using the: |
a. |
Original Loan Amount, |
b. |
Accrual Basis, |
c. |
Gross Interest Rate and |
d. |
Monthly Debt Service Amount (Amortizing), |
as shown on the Final Data File, and assuming each Mortgage Loan has a fixed level monthly payment, we recalculated the “Amortization Term (Original)” of each
Mortgage Loan (except for any Interest Only Loan(s), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information
to be in agreement.
For any Interest Only Loan, Freddie Mac instructed us to use
“0” for the “Amortization Term (Original)” characteristic.
8. |
Using the: |
a. |
Seasoning, |
b. |
IO Period and |
c. |
Amortization Term (Original), |
as shown on the Final Data File, we recalculated the “Amortization Term (Remaining)” of each Mortgage Loan (except for any Interest Only Loan(s), which are
described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
For any Interest Only Loan, Freddie Mac
instructed us to use “0” for the “Amortization Term (Remaining)” characteristic.
9. |
Using the: |
a. |
Seasoning and |
b. |
Loan Term (Original), |
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.
|
Attachment A
Page 4 of 6 |
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), |
as shown on the Final Data File, we recalculated the principal balance as of the Cut‑Off Date
(the “Cut-Off Date Loan Amount”) and as of the “Maturity Date” (the “Maturity Balance”) of each Mortgage Loan, 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” as the principal amount that is scheduled to be paid on the “Maturity Date” 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 the corresponding Mortgage Loan. |
11. |
Using the “Cut-Off Date Loan Amount,” 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: |
a. |
The “Cut-Off Date Loan Amount,” as shown on the Final Data File, |
b. |
An aggregate Transaction special servicing surveillance fee of $125,000 that was provided by Freddie
Mac and |
c. |
The calculation methodology provided by Freddie Mac that is described in the succeeding paragraph(s)
of this Item, |
we recalculated the “Special Servicing Surveillance Fee” 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,
Freddie Mac instructed us to recalculate the “Special Servicing Surveillance Fee” of each Mortgage Loan by:
a. |
Dividing $125,000 by the aggregate “Cut-Off Date Loan Amount” of the Mortgage Loans
and |
b. |
Rounding up the result of a. above to seven decimal places |
|
Attachment A
Page 5 of 6 |
13. |
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, |
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.
14. |
Using the: |
a. |
Gross Interest Rate and |
b. |
Administration Fee Rate, |
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.
15. |
Using the: |
a. |
Monthly Debt Service Amount (Amortizing), |
b. |
3rd Most Recent
NCF, |
c. |
2nd Most Recent NCF
and |
d. |
Most Recent NCF, |
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 any Mortgage Loan in a Crossed Loan Group (as defined herein), which are described in the succeeding paragraph(s) of this Item). 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.
For the purpose of this
procedure, Freddie Mac instructed us to recalculate the characteristics listed in i. through iii. above for any group of Mortgage Loans with the same value (except for “N/A”) for the “Crossed Loans” characteristic (each such
group of Mortgage Loans is a “Crossed Loan Group”), as shown on the Final Data File, by:
a. |
Recalculating each characteristic listed in i. through iii. above on an individual basis for each
Mortgage Loan in the Crossed Loan Group, |
b. |
Recalculating the weighted average of each characteristic listed in i. through iii. above for all of
the Mortgage Loans in the Crossed Loan Group by weighting the result of a. above for each Mortgage Loan in the Crossed Loan Group by the “Cut-Off Date Loan Amount” of such Mortgage Loan, as shown on the Final Data File, and |
c. |
Rounding the result of b. above to two decimal places. |
|
Attachment A
Page 6 of 6 |
16. |
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.
ii. |
UW NCF DSCR, UW NCF DSCR (IO), |
iii. |
Cut-Off Date LTV, |
iv. |
Maturity LTV and |
v. |
Cut-Off Date Balance/Unit |
of each Mortgage Loan (except for any Mortgage Loan in a Crossed Loan Group, which are described in the succeeding paragraph(s) of this Item). 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 characteristics listed in i.
through ii. above to two decimal places and the characteristics listed in iii. through iv. above to the nearest 1/10th of one percent.
For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristics
listed in i. through iv. above for any Crossed Loan Group by:
a. |
Recalculating each characteristic listed in i. through iv. above on an individual basis for each
Mortgage Loan in the Crossed Loan Group, |
b. |
Recalculating the weighted average of each characteristic listed in i. through iv. above for all of
the Mortgage Loans in the Crossed Loan Group by weighting the result of a. above for each Mortgage Loan in the Crossed Loan Group by the “Cut-Off Date Loan Amount” of such Mortgage Loan, as shown on the Final Data File, and |
c. |
Rounding the result of b. above to two decimal places for the characteristics listed in i. through ii.
above and rounding the result of b. above to the nearest 1/10th of one percent for the characteristics listed in iii. through iv. above. |
For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristic listed in v. above for any Crossed Loan Group by dividing the
aggregate “Cut‑off Date Loan Amount” of the Mortgage Loans in the Crossed Loan Group by the aggregate “Total Units” of the Mortgage Loans in the Crossed Loan Group.
17. |
Using the “Bad Boy Indemnitor / Guarantor” and “Borrower Principal,” 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: (see Note 25)
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 |
Metropolitan Statistical Area (see Note 24) |
MSA Support File |
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 2) |
Zoning Summary, Appraisal Report |
Management Company |
Management Agreement, Loan Agreement |
Third Party
Information: (see Note 25)
Characteristic |
Source Document(s)
|
Appraisal Firm |
Appraisal Report |
Appraised Value (see Note 3) |
Appraisal Report |
Appraised Value Type (see Note 3) |
Appraisal Report |
Appraisal Valuation Date (see Note 3) |
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 4)
|
Engineering Report, Physical Risk Report, Preliminary
Environmental Screening Site Report |
Replacement Reserves Cost Estimate per Year (see Note
4) |
Engineering Report, Physical Risk Report, Preliminary
Environmental Screening Site Report |
Environmental Firm (see Note 5) |
Phase I Environmental Report, Physical Risk Report,
Preliminary Environmental Screening Site Report |
Phase I Environmental Report Date (see Note 5)
|
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 6) |
Phase II Environmental Report |
Exhibit 1 to Attachment A
Page 2 of 14
Third Party Information:
(continued)
Characteristic |
Source Document(s) |
Phase II Environmental Report Date (see Note 6)
|
Phase II Environmental Report |
Environmental Cost to Cure (Phase I plus Phase II) (see Note
7) |
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 8) |
Seismic Report, Engineering Report, Investment Brief,
Physical Risk Report, Preliminary Environmental Screening Site Report |
Seismic Firm (see Note 8) |
Seismic Report, Engineering Report, Investment Brief,
Physical Risk Report, Preliminary Environmental Screening Site Report |
Seismic Report Date (see Note 8) |
Seismic Report, Engineering Report, Investment Brief,
Physical Risk Report, Preliminary Environmental Screening Site Report |
PML (%) (see Note 8) |
Seismic Report, Engineering Report, Investment Brief,
Physical Risk Report, Preliminary Environmental Screening Site Report |
Multifamily
Information: (see Note 9)
Characteristic |
Source
Document(s) |
Total Units (see Notes 10 and 25) |
Appraisal Report, Rent Roll |
Unit of Measure (see Note 25) |
Rent Roll, Appraisal Report |
Monthly Rent Per Unit (see Notes 11 and 25) |
Rent Roll |
Occupancy As of Date (see Note 25) |
Rent Roll |
Occupancy % (see Notes 12 and 25) |
Rent Roll, Appraisal Report |
Tenant Concentration Type (see Notes 13 and 25) |
Property Inspection and Lease Audit, Investment Brief, Appraisal Report |
% of Tenant Concentration (see Notes 13 and 25) |
Property Inspection and Lease Audit, Investment Brief, Appraisal Report |
Green Advantage |
Multifamily Loan and Security Agreement, Green Assessment Report |
Condo Ownership (% or N/A) (see Note 25) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Investment Brief |
Affordable LI Units (<=80% AMI) (see Note 25) |
CRA Report |
Affordable LI Units (<=60% AMI) (see Note 25) |
CRA Report |
Exhibit 1 to Attachment A
Page 3 of 14
Multifamily Information: (continued)
Characteristic |
Source
Document(s) |
Affordable VLI Units (<=50% AMI) (see Note 25) |
CRA Report |
Commercial Tenant Information:
Characteristic |
Source Document(s) |
# Units – Commercial (see Note 25) |
Rent Roll, Appraisal Report, Commercial Lease, Investment Brief |
Amount Sq. Ft – Commercial (see Note 25)
|
Rent Roll, Appraisal Report, Commercial Lease, Investment Brief |
% of GPR from Commercial Rental Income |
Investment Brief |
Insurance Information: (see Notes 14 and 25)
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 15) |
Property Insurance Certificate, Form 1133, Multifamily Insurance Compliance Report |
Seismic Insurance if PML >=20% (Y/N) (see Note 16) |
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 9)
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 |
Exhibit 1 to Attachment A
Page 4 of 14
Underwriting Information:
(continued)
Characteristic |
Source Document(s) |
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 |
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 |
Exhibit 1 to Attachment A
Page 5 of 14
Borrower/Principal Information:
(continued)
Characteristic |
Source
Document(s) |
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 |
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, Investment Brief |
Optigo Lender (see Notes 17 and 25) |
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 18) |
Promissory Note |
Monthly Debt Service Amount (Amortizing) (see Note 18) |
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 19) |
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 |
Non-Compliance Provisions (Y/N) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement |
Regulatory Agreement (Y/N) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement |
Title Vesting (Fee/Leasehold/Both) |
Title Policy |
Lien Position |
Title Policy |
Exhibit 1 to Attachment A
Page 6 of 14
Mortgage Loan Information: (continued)
Characteristic |
Source Document(s) |
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 20) |
Cash Management Agreement, Lockbox Agreement |
Lockbox (Y/N) (see Note 21) |
Cash Management Agreement, Lockbox Agreement |
Additional Financing In Place (existing) (Y/N) |
Promissory Note, 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 |
Additional Financing Amount (existing) |
Promissory Note, Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Mezzanine Note, Mezzanine Loan Intercreditor Agreement,
Subordinate Financing Agreement |
Additional Financing Description (existing) |
Promissory Note, 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 |
Exhibit 1 to Attachment A
Page 7 of 14
Mortgage Loan
Information: (continued)
Characteristic |
Source Document(s) |
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 22) |
Exhibit A to Commitment Letter, Early Rate Lock Application |
Reserve/Escrow Information: (see Notes 9 and 23)
Characteristic |
Source Document(s) |
Tax Escrow - Current Balance ($ or N/A) |
Servicing Tape |
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, List of All Escrow Accounts Held, Settlement Statement,
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, List of All Escrow Accounts Held, Settlement Statement,
Servicing Tape |
Exhibit 1 to Attachment A
Page 8 of 14
Reserve/Escrow Information: (continued)
Characteristic |
Source Document(s) |
Replacement Reserve – Contractual – Cap ($ or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Escrow Agreement, List of All Escrow Accounts Held, 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 |
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, List of All Escrow Accounts Held, Settlement Statement,
Servicing Tape |
Springing Reserve Name |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve Amount ($ or N/A) |
Mortgage/Deed of Trust, Multifamily Loan and Security Agreement, Escrow Agreement, Servicing Tape |
Springing Reserve 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 any Mortgage Loan listed in Table A1, Freddie Mac instructed us to use the information in
the “Provided Value” column for the applicable characteristic listed in Table A1, even if the information in the “Provided Value” column did not agree with the information that was shown in the applicable
Source Document(s) or the applicable Source Document(s) were not provided to us. |
Table
A1: |
|||
Mortgage Loan
|
Characteristic
|
Provided Value | |
N/A |
N/A |
N/A |
We performed no procedures to determine
the accuracy, completeness or reasonableness of any “Provided Value” information in Table A1 that was provided by Freddie Mac.
2. |
For the purpose of comparing the “Zoning Status” characteristic, Freddie Mac instructed us
to use the appraisal report Source Document if the zoning summary 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. |
3. |
For the purpose of comparing the “Appraised Value,” “Appraised Value Type” and
“Appraisal Valuation Date” characteristics for any Mortgage Loan listed in Table A2, Freddie Mac instructed us to: |
a. |
Use the appraised value and appraisal value date, both as shown in the related appraisal report Source
Document, that are associated with the appraisal valuation type that is identified in the “Valuation Type from Appraisal Report” column of Table A2 for the “Appraised Value” and “Appraisal Valuation
Date” characteristics, respectively, and |
b. |
Use the appraisal valuation type listed in the “Appraised Value Type” column of
Table A2 for the “Appraised Value Type” characteristic. |
Table A2: |
|||
Mortgage Loan |
Valuation Type from Appraisal Report |
Appraised Value Type | |
Canyon Rim Apartments |
As Is (with Tax Exemption) |
As-Is | |
Bristol Apartments |
As-Is Restricted Value Assuming Full Voucher Income |
As-Is | |
Three77 Park Apartments |
As Is, Encumbered |
As-Is | |
Lucero Apartments |
Market Value As Is (using the lessor of in‑place HAP rents, or market supportable rents and market taxes) |
As-Is | |
Stonebrier Apartments |
Market Value at Stabilized Occupancy |
As-Is | |
Waverton Ashton Green |
As Is – LIHTC |
As-Is | |
Heritage At Walton Reserve |
As Is, Encumbered |
As-Is | |
Casa La Paz Apartments |
Market value as rent restricted stabilized and exemption of real estate taxes |
As-Stabilized (Rent Restrictions) |
Exhibit 1 to Attachment A
Page 10 of 14
Notes:
(continued)
4. |
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. |
5. |
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. |
6. |
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. |
7. |
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, phase II environmental report, physical risk report
and/or preliminary environmental screening site 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 and/or preliminary environmental
screening site report Source Document(s) was less than $5,000.
Exhibit 1 to Attachment A
Page 11 of 14
Notes:
(continued)
8. |
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 Document(s) 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 Document(s) 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. |
9. |
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.
10. |
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. |
11. |
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, and to ignore differences of +/- $5 or less.
12. |
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 for the purpose of comparing the “Occupancy %” characteristic.
Exhibit 1 to Attachment A
Page 12 of 14
Notes:
(continued)
13. |
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,” as shown in the property inspection and lease audit,
investment brief or appraisal report Source Document. |
14. |
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. |
15. |
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.
16. |
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.
17. |
For the purpose of comparing the “Optigo Lender” 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)
18. |
For the purpose of comparing the “Monthly Debt Service (IO)” characteristic for any:
|
a. |
Mortgage Loan for which the “Loan Amortization Type” characteristic, as shown on the
Preliminary Data File, is “Interest Only” (each, an “Interest Only Loan”) and |
b. |
Mortgage Loan for which the “Loan Amortization Type” characteristic, as shown on the
Preliminary Data File, is “Partial IO” (each, a “Partial IO Loan”), |
and which also 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 any Interest Only Loan, 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 any Mortgage Loan with “Balloon” or “Fully Amortizing” 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.
19. |
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.” |
20. |
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 and |
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. |
21. |
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. |
22. |
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 and other Transaction offering documents as the sub-servicing fee. |
Exhibit 1 to Attachment A
Page 14 of 14
Notes:
(continued)
23. |
For the purpose of comparing the
“Reserve/Escrow Information” characteristics, the servicing tape Source Document is a Microsoft Excel file labelled “K130 Servicer Tape 7.23.2021.xlsx” which was provided by Freddie Mac on 23 July
2021.. |
24. |
For the purpose of comparing the
“Metropolitan Statistical Area” characteristic, the MSA support file Source Document is a Microsoft Excel file labelled “MSA Report.xlsx” which was provided by Freddie Mac on 29 June 2021.
|
25. |
Freddie Mac instructed us to perform
procedures only on the indicated characteristics for the underlying mortgaged properties that secure the Mortgage Loan identified on the Preliminary Data File as “Tanglewood Mobile Home Park And Town And Country Mobile Home Park Roll Up”
(the “Tanglewood Mobile Home Park And Town And Country Mobile Home Park Roll Up Mortgage Loan”). |
Exhibit 2 to Attachment A
Provided Characteristics
Characteristic |
||
Property Name |
||
Master Servicing Fee |
||
Trustee Fee (see Note 1) |
||
CREFC Royalty Fee |
||
Master 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 0.00340% per annum for
each Mortgage Loan on the Data Files is comprised of a certificate administrator fee of 0.00270% per annum and a trustee fee of 0.00070% per annum. |
2. |
Except as described above, we performed no procedures to determine the accuracy, completeness or reasonableness of the Provided
Characteristics. |
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