[_] |
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________. |
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
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) |
Jason Griest (703) 903-2000 |
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
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 99.1 |
Independent Accountants’ Agreed‑Upon Procedures Report, dated August 29, 2023, of KPMG LLP |
|
KPMG
LLP Suite 900 8350 Broad Street McLean, VA 22102 |
• | 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. |
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. |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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. |
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. |
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. |
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. |
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. |