0001193125-23-223952.txt : 20230829 0001193125-23-223952.hdr.sgml : 20230829 20230829170751 ACCESSION NUMBER: 0001193125-23-223952 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20230829 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20230829 DATE AS OF CHANGE: 20230829 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL HOME LOAN MORTGAGE CORP CENTRAL INDEX KEY: 0001026214 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 520904874 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00240 FILM NUMBER: 231222913 BUSINESS ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 BUSINESS PHONE: 7039032000 MAIL ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL HOME LOAN MORTGAGE CORP CENTRAL INDEX KEY: 0001026214 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 520904874 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 BUSINESS PHONE: 7039032000 MAIL ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL HOME LOAN MORTGAGE CORP CENTRAL INDEX KEY: 0001026214 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 520904874 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00240 BUSINESS ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 BUSINESS PHONE: 7039032000 MAIL ADDRESS: STREET 1: 8200 JONES BRANCH DR CITY: MCLEAN STATE: VA ZIP: 22102 ABS-15G 1 d849715dabs15g.htm ABS-15G ABS-15G

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-159) and FREMF 2023-K159 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):  ___________

Jason Griest (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 Independent Accountants’ Agreed‑Upon Procedures Report, dated August 29, 2023, of KPMG 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:  August 29, 2023
Federal Home Loan Mortgage Corporation,
as Depositor with respect to the Structured Pass-Through Certificates, Series K-159, and as Securitizer with respect to the FREMF 2023-K159 Mortgage Trust
 
 
By: /s/ Jason Griest                                                                          
Name:  Jason Griest
Title:    Vice President–Multifamily Securitization

EXHIBIT INDEX

Exhibit 99.1
Independent Accountants’ Agreed‑Upon Procedures Report, dated August 29, 2023, of KPMG LLP

EX-99.1 2 d849715dex991.htm EX-99.1 EX-99.1
 
Exhibit 99.1


 
KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102



Independent Accountants’ Agreed-Upon Procedures Report
Federal Home Loan Mortgage Corporation (the “Company”)
Banc of America Merrill Lynch Commercial Mortgage Inc.
BofA Securities, Inc.
J.P. Morgan Securities LLC
(collectively, the “Specified Parties”):
 

 
Re:  FREMF 2023-K159 Mortgage Trust – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled “K159 Red Data Tape.xlsm” (the “Data File”) provided by the Company on August 29, 2023, containing information on 41 mortgage loans and the related 41 mortgaged properties as of September 1, 2023 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by FREMF 2023-K159 Mortgage Trust. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

 •
The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.
   
 •
The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.
   
 •
The term “reporting threshold” means that (i) dollar amounts, percentages, and debt service coverage ratios were within $1.00, 0.1%, and 0.01, respectively, and (ii) dollar amounts were within $5.00 for the Data File attribute Monthly Rent per Unit.
   
 •
The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A.
   
 •
The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B.

 
KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
 




 •
The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
   
 •
The term “Instructions” means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology, or value, as described in Attachment C.
   
 •
The term “Loan Files” means the copies of source documents made available by the Company and listed in Attachment A. We make no representations regarding the validity or accuracy of these documents.
   
 •
The term “Provided Information” means the Loan Files, Calculation Methodology and Instructions.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 A.
We compared the Compared Attributes in the Data File (except for those with “Provided by Company” in the “Source Document(s)” column of Attachment A) to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority document listed first.
 
 
 B.
We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, as detailed in the “Calculation Methodology” column of Attachment B, and (iii) the Instructions, as applicable.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. 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.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the mortgage loans and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were applied based on information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the mortgage loans and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the mortgage loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such mortgage loans and related mortgaged properties being securitized, (iii) the compliance of the originator of the mortgage loans with federal, state, and

2





local laws and regulations, or (iv) any other factor or characteristic of the mortgage loans and related mortgaged properties that would be material to the likelihood that the issuer of the certificates will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

 /s/ KPMG LLP

McLean, Virginia
August 29, 2023


3



ATTACHMENT A

 
COMPARED ATTRIBUTES

Attribute Number
Attribute
Source Document(s)
1
Annex #
Provided by Company
2
Loan Group
Provided by Company
3
Freddie Mac Loan Number
Promissory Note, Loan Agreement, Commitment Letter, Investment Brief
4
Property Name
Provided by Company
5
Optigo Lender
Promissory Note, Loan Agreement
6
Address (Street)
Appraisal Report, Engineering Report, USPS Website
7
City
Appraisal Report, Engineering Report, USPS Website
8
County
Appraisal Report, Engineering Report, USPS Website
9
State
Appraisal Report, Engineering Report, USPS
Website
10
Metropolitan Statistical Area
MSA File
11
Zip Code
Appraisal Report, Engineering Report, USPS Website
12
Property Type
Appraisal Report
13
Property Sub-Type
Appraisal Report, Investment Brief, Engineering Report, Property Inspection and Lease Audit, Loan Agreement
14
Cut-off Date
Provided by Company
15
Original Principal Balance
Promissory Note
16
Note Date
Promissory Note
17
Note Rate
Promissory Note
18
Rate Type
Promissory Note
19
Interest Calculation
Promissory Note
20
First Payment Date
Promissory Note
21
Maturity Date
Promissory Note
22
Payment Date
Promissory Note
23
Late Charge Grace Period (# of days)
Promissory Note
24
Amortization Type
Promissory Note
25
Interest Only Term
Promissory Note
26
Prepay Provision Description
Loan Agreement, Promissory Note
27
Defease To Maturity (Y/N)
Loan Agreement, Promissory Note
28
Partial Defeasance Permitted (Y/N)
Loan Agreement, Promissory Note
29
Appraised Value
Appraisal Report
30
Appraised Value Type
Appraisal Report
31
Appraisal Firm
Appraisal Report
32
Appraisal Date
Appraisal Report
 
A-1
 


ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
33
Year Built
Engineering Report, Appraisal Report, Physical Risk Report
34
Year Renovated
Engineering Report, Appraisal Report, Physical Risk Report, Investment Brief, Capital Improvement Budget
35
Number of Units
Rent Roll, Appraisal Report, Investment Brief, Loan Agreement
36
Affordable LI Units (<=80% AMI)
CRA Report
37
Affordable LI Units (<=60% AMI)
CRA Report
38
Affordable VLI Units (<=50% AMI)
CRA Report
38
Unit of Measure
Rent Roll, Appraisal Report, Investment Brief, Loan Agreement
40
# Units - Commercial
Rent Roll, Investment Brief, Appraisal Report, Commercial Lease
41
Elevator (Y/N)
Engineering Report, Appraisal Report, Physical Risk Report
42
FIRREA Eligible (Y/N)
Appraisal Report
43
Zoning Status
Zoning Report, Appraisal Report, Investment Brief, Promissory Note
44
Lien Position
Final Title Policy, Loan Agreement
45
Fee Simple/Leasehold
Final Title Policy
46
Ground Lease Rent
Ground Lease or Ground Lease Estoppel, Loan Agreement
47
Ground Lease Expiration Date
Ground Lease or Ground Lease Estoppel, Loan Agreement
48
Ground Lease Expiration Date w/ Extensions
Ground Lease or Ground Lease Estoppel, Loan Agreement
49
U/W EGI
Asset Summary Report (Excel or PDF), Investment Brief
50
U/W Expenses
Asset Summary Report (Excel or PDF), Investment Brief
51
U/W NOI
Asset Summary Report (Excel or PDF), Investment Brief
52
Underwritten Annual Reserves
Asset Summary Report (Excel or PDF), Investment Brief
53
U/W NCF
Asset Summary Report (Excel or PDF), Investment Brief
54
Most Recent Period Ending
Asset Summary Report (Excel or PDF), Investment Brief
55
Most Recent EGI
Asset Summary Report (Excel or PDF), Investment Brief
56
Most Recent Expenses
Asset Summary Report (Excel or PDF), Investment Brief
57
Most Recent NOI
Asset Summary Report (Excel or PDF), Investment Brief
58
Most Recent NCF
Asset Summary Report (Excel or PDF), Investment Brief

A-2
 


ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
59
2nd Most Recent Period Ending
Asset Summary Report (Excel or PDF), Investment Brief
60
2nd Most Recent EGI
Asset Summary Report (Excel or PDF), Investment Brief
61
2nd Most Recent Expenses
Asset Summary Report (Excel or PDF), Investment Brief
62
2nd Most Recent NOI
Asset Summary Report (Excel or PDF), Investment Brief
63
2nd Most Recent NCF
Asset Summary Report (Excel or PDF), Investment Brief
64
3rd Most Recent Period Ending
Asset Summary Report (Excel or PDF), Investment Brief
65
3rd Most Recent EGI
Asset Summary Report (Excel or PDF), Investment Brief
66
3rd Most Recent Expenses
Asset Summary Report (Excel or PDF), Investment Brief
67
3rd Most Recent NOI
Asset Summary Report (Excel or PDF), Investment Brief
68
3rd Most Recent NCF
Asset Summary Report (Excel or PDF), Investment Brief
69
Occupancy as of Date
Rent Roll
70
Tenant Concentration Type
For Student, Military and Corporate concentrations: Seller Inspection Template, Property Inspection and Lease Audit, Investment Brief, Appraisal Report
For Age Restricted concentrations: Appraisal Report, Investment Brief
For Assisted Living/Independent Living concentrations: Loan Agreement
For any other concentrations: Seller Inspection Template, Property Inspection and Lease Audit, Investment Brief, Appraisal Report, Loan Agreement
71
% of Tenant Concentration
For Student, Military and Corporate concentrations: Seller Inspection Template, Property Inspection and Lease Audit, Investment Brief, Appraisal Report
For Age Restricted concentrations: Appraisal Report, Investment Brief
For Assisted Living/Independent Living concentrations: Loan Agreement
For any other concentrations: Seller Inspection Template, Property Inspection and Lease Audit, Investment Brief, Appraisal Report, Loan Agreement
72
Non-Compliance Provisions (Y/N)
Loan Agreement
73
Regulatory Agreement (Y/N)
Legal Affordability Summary Report, Loan Agreement, Regulatory Agreement
A-3
 


ATTACHMENT A

 

Attribute
Number
Attribute
Source Document(s)
74
Rental Subsidy Indicator (Y/N)
Provided by Company
75
Rental Subsidy Type
Provided by Company
76
Regulatory Agency/Housing Authority/Regulatory Agreement Counterparty
Legal Affordability Summary Report
77
Type of Regulatory Agreement
Legal Affordability Summary Report
78
Description of Regulatory Agreement(s)
Legal Affordability Summary Report
79
% Units with Income Restrictions
Legal Affordability Summary Report
80
% Units with Rent Restrictions
Legal Affordability Summary Report
81
HAP Maturity Date
Legal Affordability Summary Report
82
Condo Ownership (% or N/A)
Loan Agreement, Investment Brief
83
Amount Sq. Ft - Commercial
Appraisal Report, Rent Roll, Investment Brief, Commercial Lease
84
Environmental Firm
Phase I Environmental Report, Physical Risk Report, Database Review
85
Phase I Environmental Report Date
Phase I Environmental Report, Physical Risk Report, Database Review
86
Phase II Recommended (Y/N)
Phase I Environmental Report, Physical Risk Report, Database Review
87
Phase II Performed (Y/N)
Phase II Environmental Report
88
Phase II Environmental Report Date
Phase II Environmental Report
89
Environmental Cost to Cure (Phase I plus Phase II)
Phase I Environmental Report & Phase II Environmental Report, Physical Risk Report, Database Review
90
Engineering Firm
Engineering Report, Physical Risk Report
91
Engineering Report Date
Engineering Report, Physical Risk Report
92
Immediate Repairs Cost Estimate
Engineering Report, Physical Risk Report
93
Replacement Reserves Cost Estimate per Year
Engineering Report, Physical Risk Report
94
Seismic Firm
Seismic Report
95
Seismic Report Date
Seismic Report
96
Earthquake Zone 3 or 4 or PGA ≥ 0.15g (Y/N)
Seismic Report, Engineering Report, Physical Risk Report
97
PML Report Required (Y/N)
Seismic Report, Engineering Report, Physical Risk Report
98
PML (%)
Seismic Report
99
Green Advantage
Loan Agreement, CRA Report
100
Tax Reserve - Current Balance ($ or N/A)
Servicing Tape
101
Tax Reserve - Initial Deposit ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Settlement Statement, Escrow Agreement
102
Tax Reserve - Contractual Payment ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement

A-4
 


ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
103
Insurance Reserve - Current Balance ($ or N/A)
Servicing Tape
104
Insurance Reserve - Initial Deposit ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Settlement Statement, Escrow Agreement
105
Insurance Reserve - Contractual Payment
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
106
Engineering Reserve - Current Balance ($ or N/A)
Servicing Tape
107
Engineering Reserve - Initial Deposit ($ or N/A)
Loan Agreement, List of all Escrow Accounts Held, Servicing Tape, Settlement Statement, Escrow Agreement
108
Engineering Reserve - Contractual Payment ($ or N/A)
Loan Agreement, List of all Escrow Accounts Held, Servicing Tape, Escrow Agreement
109
Replacement Reserve - Current Balance ($ or N/A)
Servicing Tape
110
Replacement Reserve - Initial Deposit ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Settlement Statement, Escrow Agreement
111
Replacement Reserve - Contractual Payment ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
112
Replacement Reserve - Contractual - Cap ($ or N/A)
Servicing Tape, Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
113
Other Reserve - Current Balance ($ or N/A)
Servicing Tape
114
Other Reserve - Initial Deposit ($ or N/A)
Loan Agreement, Loan Agreement Amendment, List of all Escrow Accounts Held, Servicing Tape, Settlement Statement, Escrow Agreement
115
Other Reserve Description
Loan Agreement, List of all Escrow Accounts Held, Servicing Tape, Escrow Agreement
116
Other Reserve - Contractual Payment ($ or N/A)
Loan Agreement, List of all Escrow Accounts Held, Servicing Tape, Escrow Agreement
117
Other Reserve - Contractual - Cap ($ or N/A)
Loan Agreement, List of all Escrow Accounts Held, Servicing Tape, Escrow Agreement
118
Springing Reserve Name
Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
119
Springing Reserve Amount ($ or N/A)
Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
120
Springing Reserve Description
Loan Agreement, List of all Escrow Accounts Held, Escrow Agreement
121
Letter of Credit Amount
Letter of Credit, Loan Agreement
122
Letter of Credit Description
Letter of Credit, Loan Agreement
123
Are Escrows/Reserves LOC or can be converted to LOC (Y/N)
Loan Agreement, Escrow Agreement
124
Specify Accounts for Escrows/Reserves LOC
Loan Agreement, Escrow Agreement
125
Environmental Insurance (Y/N)
Environmental Insurance Certificate, Loan Agreement, Form 1133, MICT Screenshot

A-5
 


ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
126
Environmental Insurance Expiration Date
Provided by Company
127
Environmental Insurance Carrier (Name or N/A)
Provided by Company
128
Environmental Insurance Carrier Rating
Provided by Company
129
Environmental Insurance Coverage ($ or N/A)
Provided by Company
130
Flood Insurance (Y/N)
Standard Flood Hazard Determination Form, Property Insurance Certificate, Form 1133, MICT Screenshot, Flood Waiver, Letter of Map Amendment Determination Document
131
Windstorm Insurance (Y or N)
Property Insurance Certificate, Form 1133, MICT Screenshot
132
Earthquake Insurance In Place (Y/N)
Property Insurance Certificate, Form 1133, MICT Screenshot, Loan Agreement
133
Terrorism Insurance (Y/N)
Property Insurance Certificate, Form 1133, MICT Screenshot
134
Terrorism Insurance Expiration Date
Provided by Company
135
Terrorism Insurance Coverage ($ or N/A)
Provided by Company
136
Terrorism Insurance Deductible ($ or N/A)
Provided by Company
137
Terrorism Insurance Carrier (Name or N/A)
Provided by Company
138
Terrorism Insurance Carrier Rating
Provided by Company
139
Property Insurance Coverage (Y/N)
Property Insurance Certificate, Form 1133, MICT Screenshot
140
Property Insurance Expiration Date
Provided by Company
141
Property Insurance Carrier (Name or N/A)
Provided by Company
142
Property Insurance Carrier Rating
Provided by Company
143
Property Insurance Coverage ($ or N/A)
Provided by Company
144
Property Insurance Deductible ($ or N/A)
Provided by Company
145
Liability Insurance Coverage (Y/N)
Liability Insurance Certificate, Form 1133, MICT Screenshot
146
Liability Insurance Expiration Date
Provided by Company
147
Liability Insurance Carrier (Name or N/A)
Provided by Company
148
Liability Insurance Carrier Rating
Provided by Company
149
Liability Insurance Coverage ($ per occurrence/$ aggregate or N/A)
Provided by Company
150
Liability Insurance Deductible ($ or N/A)
Provided by Company
151
Cash Management (Description or N/A)
Cash Management, Lockbox Agreement, Loan Agreement
152
Lockbox (Y/N)
Cash Management, Lockbox Agreement, Loan Agreement
153
Existing Financing In Place (existing) (Y/N)
Loan Agreement, Secondary Financing Documents
154
Existing Financing Amount (existing)
Loan Agreement, Secondary Financing Documents

A-6
 


ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
155
Existing Financing Description (existing)
Loan Agreement, Secondary Financing Documents
156
Future Mezzanine Debt (Y/N)
Loan Agreement
157
Future Secondary Financing (Y/N)
Loan Agreement
158
Future Secondary Financing Description
Loan Agreement
159
Substitution Permitted (Y/N)
Loan Agreement, Cross Collateralization Agreement
160
Number of Properties per Loan
Loan Agreement, Appraisal, Title Policy
161
Collateral Release Price ($ or N/A)
Cross Collateralization Agreement, Loan Agreement, Promissory Note
162
Crossed Loans
Cross Collateralization Agreement, Loan Agreement, Promissory Note
163
Release (Y or N or N/A)
Loan Agreement, Cross Collateralization Agreement
164
Release Provisions (Description or N/A)
Loan Agreement, Cross Collateralization Agreement
165
Loan Purpose
Loan Agreement, Settlement Statement, Investment Brief
166
Borrowing Entity
Promissory Note, Loan Agreement, Borrower Organizational Documents, Assumption Documents
167
Entity Type
Promissory Note, Loan Agreement, Borrower Organizational Documents, Assumption Documents
168
State of Organization
Promissory Note, Loan Agreement, Borrower Organizational Documents, Assumption Documents
169
Borrower Principal
Provided by Company
170
Borrower Type
Loan Agreement
171
Tenants In Common (Y/N)
Loan Agreement
172
Delaware Statutory Trust (Y/N)
Promissory Note, Loan Agreement, Borrower Organizational Documents, Trust Agreements, Assumption Documents
173
Independent Director (Y/N)
Loan Agreement
174
Non-Consolidation Opinion (Y/N)
Opinion of Counsel, Commitment Letter
175
Assumption Fee
Loan Agreement
176
Recourse(Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement
177
Recourse Description
Loan Agreement, Promissory Note, Guaranty Agreement
178
Bad Boy Indemnitor / Guarantor
Guaranty Agreement, Exceptions to Non-Recourse Agreement, Loan Agreement, Assumption Documents
A-7



ATTACHMENT A


Attribute
Number
Attribute
Source Document(s)
179
Environmental Indemnitor (Name or N/A)
Guaranty Agreement, Exceptions to Non-Recourse Agreement, Loan Agreement, Assumption Documents
180
Environmental Carveout (Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement, Exceptions to Non-Recourse Agreement
181
Fraud Carveout (Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement, Exceptions to Non-Recourse Agreement
182
Misapplication of Rent and Insurance Proceeds Carveout (Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement, Exceptions to Non-Recourse Agreement
183
Voluntary Bankruptcy Carveout (Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement, Exceptions to Non-Recourse Agreement
184
Waste Carveout (Y/N)
Loan Agreement, Promissory Note, Guaranty Agreement, Exceptions to Non-Recourse Agreement
185
Borrower/Principal Liquid Assets
Provided by Company
186
Borrower/Principal Net Worth
Provided by Company
187
Borrower Or Principal Prior Bankruptcy (Y/N)
Freddie Mac Form 1115, Investment Brief, Borrower Organizational Documents
188
Bankruptcy Description (Chapter # or N/A)
Provided by Company
189
Management Company
Management Agreement, Assignment of Management Agreement, Loan Agreement
190
Primary Servicing Fee
Exhibit A to Commitment Letter, Exhibit A to Early Rate Lock Agreement
191
Master Servicing Fee
Provided by Company
192
Trustee Fee
Trustee Fee Bid Letter
193
Master Servicing Surveillance Fee
Provided by Company
194
Special Servicing Surveillance Fee
Provided by Company
195
CREFC Royalty Fee
CREFC Fee Letter

A-8
 


ATTACHMENT B


RECOMPUTED ATTRIBUTES

Attribute
Number
Attribute
Calculation Methodology
196
Cut-off Balance
Recompute using the Original Principal Balance, Interest Calculation, Seasoning as of Cut Off Date, Interest Only Term, First Payment Date, Maturity Date, Note Rate and Monthly Debt Service, as applicable. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
197
Maturity Balance
Recompute as the aggregate principal amount that is scheduled to be paid on the Maturity Date, excluding the principal component that is included in the Monthly Debt Service that is due on the Maturity Date using the Original Principal Balance, Interest Calculation, Seasoning as of Cut Off Date, Interest Only Term, First Payment Date, Maturity Date, Note Rate and Monthly Debt Service, as applicable. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
198
% of Cut-off Date Pool Balance
Respective Cut-off Balance divided by sum of pool Cut-off Balances.
199
% of Cut-off Date Loan Group Balance
Respective Cut-off Balance divided by sum of loan group Cut-off Balances.
200
Monthly Debt Service
If Amortization Type is equal to “Interest Only”, set equal to Monthly Debt Service (IO). Otherwise, confirm using Promissory Note.
201
Monthly Debt Service (IO)
Recompute using the Original Principal Balance, Interest Calculation, Interest Only Term and Note Rate. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections.
202
Original Amortization Term (months)
Recompute using the Original Principal Balance, Note Rate and Monthly Debt Service.
203
Original Loan Term (months)
Number of payments between and including the First Payment Date and Maturity Date.
204
Remaining Amortization
Recompute using the Original Amortization Term (months), Seasoning as of Cut Off Date and Interest Only Term.
205
Remaining Term
Original Loan Term (months) minus Seasoning as of Cut Off Date.

B-1
 


ATTACHMENT B


Attribute
Number
Attribute
Calculation Methodology
206
Seasoning as of Cut Off Date
Original Loan Term (months) minus Remaining Term.
207 Cut-off Balance Per Unit Cut-off Balance divided by Number of Units.
208
LTV at Cutoff
Cut-off Balance divided by Appraised Value.
209 LTV at Maturity Maturity Balance divided by Appraised Value.
210
U/W DSCR (NCF)
U/W NCF divided by product of 12 and Monthly Debt Service.
211
U/W IO DSCR (NCF)
U/W NCF divided by product of 12 and Monthly Debt Service (IO).
212
Most Recent DSCR (NCF)
Most Recent NCF divided by product of 12 and Monthly Debt Service.
213
2nd Most Recent DSCR (NCF)
2nd Most Recent NCF divided by product of 12 and Monthly Debt Service.
214
3rd Most Recent DSCR (NCF)
3rd Most Recent NCF divided by product of 12 and Monthly Debt Service.
215
Occupancy Rate
Number of occupied units listed on the Rent Roll Source Document divided by Number of Units.
216
Monthly Rent per Unit
Monthly residential rent per the Rent Roll Source Document divided by the number of residential units per the Rent Roll, Appraisal Report, Investment Brief, or Loan Agreement Source Documents.
217
% of GPR from Commercial Rental Income
Commercial income divided by the sum of commercial income and residential gross potential rent from the Asset Summary Report (Excel or PDF) Source Document.
218
CDCR (Combined DCR)
Equal to N/A if Existing Financing In Place (existing) (Y/N) is equal to “No”, or if existing financing (i) has a floating interest rate, (ii) is ‘soft debt’, where there is either no requirement for repayment, or payments are calculated from excess cash flows, (iii) has conditions that provide for the potential forgiveness of the debt or (iv) is unsecured. Otherwise, U/W NCF divided by product of 12 and the sum of Monthly Debt Service and monthly debt service of any Existing Financing In Place (existing) (Y/N) which is not represented by any of the conditions (i) through (iv) above.

B-2
 


ATTACHMENT B


Attribute
Number
Attribute
Calculation Methodology
219
CLTV (Combined LTV)
Equal to N/A if Existing Financing In Place (existing) (Y/N) is equal to “No”, or if existing financing (i) is ‘soft debt’, (ii) has conditions that provide for the potential forgiveness of the debt or (iii) is unsecured. Otherwise, sum of Cut-off Balance and any Existing Financing Amount (existing) which is not represented by any of the conditions (i) through (iii) above, divided by Appraised Value.
220
Affiliated Borrowers Group Name
Recompute by grouping loans by Borrower Principal.
221  Administration Fee Sum of Primary Servicing Fee, Master Servicing Fee, Trustee Fee, Master Servicing Surveillance Fee, Special Servicing Surveillance Fee and CREFC Royalty Fee.
222
Net Mortgage Rate
Note Rate minus Administration Fee.

B-3
 


ATTACHMENT C


INSTRUCTIONS

 1.
For those Compared Attributes with the source document indicated as “Provided by Company,” and those Recomputed Attributes with the calculation methodology indicated as “Provided by Company,” we were instructed by the Company to assume the attribute or result is accurate and therefore, we did not perform any procedure.
   
 2.
For the Compared Attribute “Environmental Cost to Cure (Phase I plus Phase II)”, we were instructed by the Company to (i) use ‘$0’ as the value for the Compared Attribute when the Source Documents contained an Environmental Cost to Cure of less than $5,000, (ii) use ‘N/A’ as the value for the Compared Attribute when the Source Documents did not indicate a value and (iii) exclude any radon mitigation costs in the value for the Compared Attribute.
   
 3.
For the Compared Attribute “Flood Insurance (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Standard Flood Hazard Determination Form had the ‘No’ field marked in the ‘Determination’ section, or when no Standard Flood Hazard Determination Form was available, and the Loan File did not indicate that the Mortgaged Property was located in a special flood hazard area. When the Standard Flood Hazard Determination Form had the ‘Yes’ field marked in the ‘Determination’ section, we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute if either flood insurance or an approved waiver was stated in the Source Documents.
   
 4.
For the Compared Attribute “Earthquake Insurance In Place (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Compared Attribute “Earthquake Zone 3 or 4 or PGA ≥ 0.15g (Y/N)” is equal to ‘No’ or when the Compared Attribute “PML (%)” is less than or equal to 20.0% or is N/A. Notwithstanding the above, if the Loan Agreement requires building retrofitting we were instructed by the Company to use the Source Documents to determine the value for the Compared Attribute “Earthquake Insurance In Place (Y/N)”.
   
 5.
For the Compared Attribute “PML Report Required (Y/N)”, for Mortgage Loans where “Property Sub-Type” is equal to “Manufactured Housing Community” or contains “MHC”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute, unless a Source Document was provided.
   
 6.
For the Compared Attribute “PML Report Required (Y/N)”, for Mortgage Loans where a Seismic Report was provided, we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute.
   
 7.
For the Compared Attribute “Appraised Value Type”, we were instructed by the Company to use only the values “As-Is”, “As-Complete”, and “As-Stabilized” (each, an “Acceptable Value Type”). If the Appraisal Report included more than one of an Acceptable Value Type, we were instructed by the Company to use the appraised value listed in the ‘Loan Terms and Underwriting Summary’ section of the Investment Brief to determine which Appraisal Report value to use for the Compared Attribute “Appraised Value”.
   
 8.
For the Compared Attributes “Tenant Concentration Type” and “% of Tenant Concentration”, we were instructed by the Company to exclude concentration types and percentages listed for ‘Seniors’ in the Source Documents.
   
 9.
For the Compared Attribute “Borrower Or Principal Prior Bankruptcy (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Source Document (“Freddie Mac Form 1115”) did not have ‘Yes’ checked.

C-1



ATTACHMENT C


 10.
For the mortgaged property with a Property Name equal to ‘Redwood Union Township (Savannah Ridge) - Phase IV’, for the Compared Attribute “Liability Insurance Coverage (Y/N)”, we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute when the Source Document indicated a policy expiry of July 2023.



C-2


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