0001539497-19-001397.txt : 20190828 0001539497-19-001397.hdr.sgml : 20190828 20190828141228 ACCESSION NUMBER: 0001539497-19-001397 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20190828 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20190828 DATE AS OF CHANGE: 20190828 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages Home Partners of America 2019-2 Trust FILER: COMPANY DATA: COMPANY CONFORMED NAME: HPA Depositor LLC CENTRAL INDEX KEY: 0001660817 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 364819354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-02488 FILM NUMBER: 191060838 BUSINESS ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 312-780-1632 MAIL ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: HPA Depositor LLC CENTRAL INDEX KEY: 0001660817 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 364819354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 312-780-1632 MAIL ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: HPA Depositor LLC CENTRAL INDEX KEY: 0001660817 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 364819354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-02488 BUSINESS ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 312-780-1632 MAIL ADDRESS: STREET 1: 180 NORTH STETSON AVENUE STREET 2: SUITE 3650 CITY: CHICAGO STATE: IL ZIP: 60601 ABS-15G 1 n1751-x1_abs15g.htm FORM 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-l) 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: 0001660817

 

Home Partners of America 2019-2 Trust

 

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): Not applicable

 

Patrick Esper, Senior Vice President
HPA Depositor LLC (312) 780-1483

Name and telephone number, including area code, of the person to

contact in connection with this filing.

 

  

 

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

 

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

 

 

  

 

EXHIBIT INDEX

 

99.1       Green River Capital, LLC Certification of Services Performed

99.2       Stewart Title Guaranty Corporation HOA Discrepancy Review

99.3       SingleSource Property Solutions, LLC Report of Valuation Review

99.4       Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures

 

 

  

 

 

SIGNATURE

 

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 28, 2019

 

 

HPA DEPOSITOR LLC (Depositor)

 

   
   
  By:     /s/ Brian Liechty                                       
 

Name: Brian Liechty
Title: Senior Vice President

 

 

  

 EX-99.1 2 exh99-1.htm GREEN RIVER CAPITAL, LLC CERTIFICATION OF SERVICES PERFORMED

Exhibit 99.1

 

EXECUTION VERSION

 

 

Item 4. Description of the due diligence performed

Item 5. Summary of findings and conclusions of review

Certification of Services Performed

August 27, 2019

 

Reference is made to that certain Loan Agreement (the “Loan Agreement”) to be entered into by and between HPA Borrower 2019-2 LLC (“Borrower”) and Citibank, N.A. (“Citibank”). Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.

I do hereby certify to Borrower, Citibank and Home Partners of America, Inc. (“Client”), to the best of my knowledge and belief, that Green River Capital, LLC (“GRC”) has completed the services ordered by Client under the Evaluation Services Agreement dated August 12, 2019, between GRC and Client, in connection with the borrowing of the Loan for the Properties (the “Properties”) contained in the data tape entitled “HPA 2019-2_CutOffTape v9.xlsx” (the “Data Tape”). Furthermore:

1.GRC has reviewed the Lease for each Property provided by Client and has determined that (a) each such Lease has been executed by the applicable Tenant, (b) the monthly rental payment under each such Lease and the Lease commencement and expiration dates match the information included in the Data Tape and (c) all Section 8 Leases are correctly reported on the Data Tape.
2.GRC has reviewed the Data Tape and, based on a review of the broker price opinions or appraisals, as applicable, GRC has verified that the values presented on the Data Tape correspond to the values and dates found on the broker price opinions or appraisals, as applicable.
3.GRC has reviewed (a) the addresses on the Data Tape and verified that they match the addresses that appear on the broker price opinions or appraisals and (b) the county designation for each Property in the Data Tape and confirmed each such designation is accurate and matches the county designation in the corresponding approved title commitment.
4.GRC has reviewed the Data Tape, which indicates which Properties have or do not have an active homeowner’s, condominium, or other common-interest community association (collectively, “HOA”) and has identified, based on its review of the title work and the Data Tape, if there are any Properties not identified in the Data Tape as having an HOA (“Non-HOA Properties”) but for which there is an indication in the title work that there is an HOA

 

 

 

 

    (“Flagged Properties”) and has provided such list of Properties to Stewart Title Guaranty Corporation (“Stewart”). Based on the report prepared by Stewart with respect to the presence of any active HOAs with respect to the Flagged Properties, GRC has reviewed the final Data Tape and confirmed that, except as set forth in the certificate delivered by Stewart, dated as of August 27, 2019, none of the Non-HOA Properties are located in active HOAs.

 

 

5.GRC has reviewed the Data Tape, which indicates which Properties are condominiums and which Properties are not condominiums and has confirmed, based on property-type designations in the broker price opinion or appraisal, as applicable, for each Property and, if necessary, based on the county records via an online database and other online resources, that the designations of Properties as condominiums and the designations of Properties not as condominiums on the Data Tape are accurate.
6.GRC has reviewed the purchase documentation for each of the Properties provided by Borrower and in each case, confirmed that such purchase documentation is suitable for the type of purchase. GRC has compared the acquisition amounts provided by Borrower against the documentation provided and verified the correct values on the Data Tape and identified any discrepancies pursuant to an exception report.
7.GRC has reviewed the renovation costs by category for each Property that appears on the general ledger of the Sponsor as provided to GRC on August 22, 2019 and tied out such costs with the Data Tape.
8.With respect to a sample of 100 of the Properties, GRC has reviewed the renovation expense data fields in the Data Tape and the related purchase orders, change orders and similar evidence provided by the Borrower for each such Property for items comprising the types of renovation expenses in the data fields (unless the expenses are less than $1,500) and compared such evidence to actual renovation data fields in the Data Tape. GRC has verified that the values for such renovation data fields are correct in the Data Tape for such sample of Properties.
9.GRC has reviewed the right to purchase agreements, as amended (“RTP”) provided by Borrower with respect to each Property on the Data Tape and based on its review of each RTP, GRC has verified that the term of such RTP corresponds to the term of the related Lease.
10.Using the “Current RTP Year” set forth on the Data Tape, GRC compared the Baseline Purchase Price set forth in Exhibit A (as amended or restated) of each RTP in the Lease Term (Year) that corresponds to such “Current RTP Year” and confirmed that the “Current RTP Price” set forth in the Data Tape corresponds to such Baseline Purchase Price.

GRC DILIGENCE CERTIFICATE

 

 

 

 

11.Based on its review of the related Lease and the RTP, GRC has verified that the Current RTP Term specified the Data Tape corresponds to the current term (by year) of the related Lease.
12.Based on its review of each RTP, GRC has, for each Property where the RTP price is marked with an “N” in the “RTP True Up” column on the Data Tape, verified that the “Contributed RTP Price” for each Property set forth on the Data Tape equals (a) the sum of the “Purchase Price” and the “Closing Costs” multiplied by (b) “Underwritten Escalation” plus one, rounded to the nearest hundredth.

[Signature Page Follows]

GRC DILIGENCE CERTIFICATE

 

 

 

IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed as of the date set forth above.

 

 

    GREEN RIVER CAPITAL, LLC
         
         
         
    By: /s/ Richard Lundbeck  
      Name: Richard Lundbeck  
      Title:    SVP  
         
    Date: August 27, 2019  
         

GRC DILIGENCE CERTIFICATE

 

 

 

 EX-99.2 3 exh99-2.htm STEWART TITLE GUARANTY CORPORATION HOA DISCREPANCY REVIEW

Exhibit 99.2 

 

EXECUTION VERSION

 

 

August 27, 2019

Stewart Title Guaranty Company

1980 Post Oak Blvd.

Houston, TX 77056

RE:Home Partners of America 2019-2 SFR Securitization HOA Discrepancy Review

Ladies and Gentlemen:

In connection with the offering (the “Offering”) of the Securities by the Issuer referenced above, we have conducted the HOA Discrepancy Review further described below. The Review was conducted in accordance with what we believe to be customary residential title practice and was intended to assist in resolving certain discrepancies regarding whether specified properties may be subject to an active homeowner’s, condominium, or other common-interest community association (each an “HOA”) as of the date set forth below. A more detailed description of services performed and of our findings and conclusions is set forth below. The description below is intended to satisfy the disclosure requirements of Items 4 and 5 of FORM ABS DUE DILIGENCE-15E, which certification has been provided to you concurrently herewith.

I.Manner and Scope of Review (Item 4 of Form ABS Due Diligence-15E)
a.Background.

We have been informed that:

1.The Securities are to be secured by, among other things, certain mortgage loans (the “Mortgage Loans”) relating to certain residential rental properties (the “Properties”).
2.Some of the Properties were previously designated by Borrower as not being subject to an HOA (“Non-HOA Properties”).
3.Based upon a review of the Properties conducted by a third party, certain discrepancies may have been identified suggesting that certain of the Non-HOA Properties may in fact be subject to an HOA and/or an HOA Discrepancy Review for certain properties was deemed appropriate by the Borrower.
b.Properties Subject to Review. [(1 ) through (3) of Item 4.]

The Borrower and/or Borrower’s agent provided us with a list of properties with respect to which we were requested to perform our HOA Discrepancy Review (the “Subject Properties”). The list of Subject Properties is attached hereto as Schedule I.

 

 

 

c.How the Review Was Conducted. [(4) of Item 4]

 

We applied what we believe to be customary residential title practice to locate evidence that a Subject Property may be subject to an active HOA. We and/or our third-party vendor(s) employ a variety of customary searching methods, the most salient of which are described below, that are reasonably designed to reveal evidence regarding the existence of an active HOA (the “HOA Discrepancy Review”). Every property is unique, and not every search method is employed with respect to each Subject Property. These methods are intended to allow us to reach a reasonable judgment regarding the likely existence of an active HOA. However, for a variety of reasons, including the reasons described below under “Limitations of Searching Methods,” it is not possible to determine with absolute certainty that no active HOA exists with respect to the Subject Properties.

Customary Searching Methods. Set forth below are certain customary inquiries which we and our third party vendor(s) employ to locate evidence that an active HOA may exist. As noted, not all of these methods are used for every Subject Property.

1.Review of DCCR. In some instances, inquiry is made regarding whether the property is subject to any Declaration of Covenants, Conditions and Restriction (“DCCR”) or similar documentation. Where a DCCR does exist, it may be examined to ascertain whether the creation of an HOA was contemplated.
2.Review of state registrations. A search of appropriate state records is sometimes conducted to ascertain whether an HOA has been registered as may be required by applicable law.
3.Internet searches. Standard search engines may be used to search the internet for evidence of an active HOA.
4.Review of prior mortgages. Certain mortgages to which the Subject Property was previously subject may be reviewed, in order to ascertain whether a rider had been attached which would indicate that the Subject Property is part of a Planned Unit Development. This type of rider is intended to give the lender the right to pay any dues that may be owed, and therefore is commonly used where an active HOA is present.

Limitations of Searching Methods.

As noted, it is not possible for any inquiry to prove with absolute certainty that no HOA exists with respect to the Subject Properties, and customary searching methods are subject to certain inherent limitations. Those limitations include, but are not limited to, the following:

1.It is possible for an HOA to exist even though the DCCR reviewed does not contain an explicit reference to an HOA, or there appears to be no DCCR. This may happen for a number of reasons. For example, there may have been a drafting error in the DCCR, or an important amendment to the DCCR or the DCCR itself could have been misfiled or incorrectly

2

 

 

referenced. Old or vague descriptions can also prevent this review from being definitive. It is also possible for a DCCR to contemplate an HOA, yet nonetheless one may not be active.

2.It is possible for an HOA to exist and yet not be registered with relevant state agencies. In some instances, an HOA may not be legally required to be registered. Furthermore, even when such a requirement applies, there may nonetheless be an HOA that is simply not in compliance with applicable registration requirements.
3.Many HOAs do not establish web sites or other presence on the world wide net. Further, internet searches are, by their nature, imprecise. Thus, the lack of applicable search “hits” from general internet searching cannot prove that an HOA is not applicable to a Subject Property.
4.It is possible that a Subject Property has never been subject to a prior mortgage. Even where a prior mortgage does exist, it is possible for the lender to have failed to include a PUD rider in the mortgage, even if the property had been subject to an HOA.
d.Additional Information Regarding Scope of Review. [(5) through (8) of Item 4]

We have not undertaken any data integrity or other review beyond what is described herein, nor was our review undertaken for the purpose of:

1.Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization, or
2.Making any findings with respect to:
i.Whether the origination of the Mortgage Loans conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
ii.The value of the collateral securing the Mortgage Loans,
iii.Whether the originators of the Mortgage Loans complied with federal, state or local laws or regulations, or
iv.Any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer of the certificates that are secured by the Mortgage Loans will pay interest and principal in accordance with applicable terms and conditions.

Our HOA Discrepancy Review is limited to the procedures set forth in (c) above. Although we believe these procedures to be customary residential title practice to locate

3

 

 
evidence that a property may be subject to an active HOA, we make no representation regarding the sufficiency of the procedures described in (c) above, either for the purpose for which this report has been requested or for any other purpose.

II.Findings and Conclusions from Our Review (Item 5 of Form ABS Due Diligence-15E)

Based upon the HOA Diligence Review conducted in accordance with the procedures outlined in Part I above, and assuming the accuracy of the information contained in the documents described therein, we concluded, as set forth in more detail in Schedule I attached hereto and subject to the limitations set forth herein, that:

To our knowledge, after inquiry as described above, except as set forth on Schedule I as indicated in the “Updated Designation” column, none of the Subject Properties set forth on Schedule I is subject to an active HOA.

Our conclusions are limited to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. The conclusions expressed herein are given only as of the dates set forth on Schedule I, and we undertake no responsibility to update or supplement this report after the date hereof for any reason.

This report was prepared solely for the benefit of the addressees set forth above. It should not be relied on in any manner or for any purpose by any other person or entity, except for placement agents involved directly with the placement of this securitization transaction, including prospective investors or ratings agencies in connection with the offering referenced above (collectively, “Third Parties”). Accordingly, this report was not intended to create, and shall not be deemed to create any benefits, rights, duties, or obligations in or to, any such Third Parties.

4

 

 

Except as required by law, this report may not be quoted in whole or in part, including in any prospectus or offering memorandum, without our prior written consent. In addition, this report is not assignable to any person or entity without our prior written approval.

    Stewart Title Guaranty Company, a Texas
    corporation
         
         
         
    By: /s/ John Tacia  
    Name: John Tacia  
    Title: Vice President  
    Date: August 27, 2019  
         

5

 

Schedule I

 

Property Code State Description of Discrepancy Updated Designation (HOA or apparent non-HOA) Date of Updated Designation
p21-0116 IL HOA Discrepancy Non-HOA 27-Aug-19
p21-0249 IL HOA Discrepancy Non-HOA 27-Aug-19
p21-0251 IL HOA Discrepancy Non-HOA 27-Aug-19
p21-0266 IL HOA Discrepancy Non-HOA 27-Aug-19
p21-0271 IL HOA Discrepancy Non-HOA 27-Aug-19
p29-0363 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0374 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0383 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0394 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0423 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0444 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0460 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0465 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0482 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0491 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0499 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0522 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0545 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0561 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0586 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0595 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0603 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0622 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0627 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0639 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0642 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-0655 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1418 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1509 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1661 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1734 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1935 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-1987 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-2006 CA HOA Discrepancy Non-HOA 27-Aug-19
p29-2014 CA HOA Discrepancy Non-HOA 27-Aug-19
p30-0106 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-0822 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-0977 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1007 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1010 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1022 FL HOA Discrepancy Non-HOA 27-Aug-19

 

 6 

 

p30-1025 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1027 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1037 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1048 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1052 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1055 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1058 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1064 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1068 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1088 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1094 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1098 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1109 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1140 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1148 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1176 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1185 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1204 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1227 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1233 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1274 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1282 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1291 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1301 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1303 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1320 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1329 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1335 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1342 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1348 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1349 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1357 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1361 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1383 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1482 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1498 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1512 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-1525 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-5107 FL HOA Discrepancy Non-HOA 27-Aug-19
p30-5185 FL HOA Discrepancy Non-HOA 27-Aug-19
p33-0455 IL HOA Discrepancy Non-HOA 27-Aug-19
p33-0520 IL HOA Discrepancy Non-HOA 27-Aug-19
p33-0552 IL HOA Discrepancy Non-HOA 27-Aug-19
p33-0617 IL HOA Discrepancy Non-HOA 27-Aug-19
p34-0138 WA HOA Discrepancy Non-HOA 27-Aug-19
p34-0291 WA HOA Discrepancy Non-HOA 27-Aug-19
p34-0311 WA HOA Discrepancy Non-HOA 27-Aug-19

 

 7 

 

 

p36-0359 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0369 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0396 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0413 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0457 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0470 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0476 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0479 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0504 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0533 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0536 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0581 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0585 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0589 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0625 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-0632 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-1838 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-2347 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-2896 CO HOA Discrepancy Non-HOA 27-Aug-19
p36-2951 CO HOA Discrepancy Non-HOA 27-Aug-19
p37-0095 IN HOA Discrepancy Non-HOA 27-Aug-19
p38-0194 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0230 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0252 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0302 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0315 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0318 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0348 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0350 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-0363 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-1617 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-2111 MN HOA Discrepancy Non-HOA 27-Aug-19
p38-2192 MN HOA Discrepancy Non-HOA 27-Aug-19
p39-0025 VA HOA Discrepancy Non-HOA 27-Aug-19
p39-0154 VA HOA Discrepancy Non-HOA 27-Aug-19
p40-0079 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0150 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0156 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0167 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0173 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0239 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0244 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0267 NC HOA Discrepancy Non-HOA 27-Aug-19
p40-0270 NC HOA Discrepancy Non-HOA 27-Aug-19
p41-0030 SC HOA Discrepancy Non-HOA 27-Aug-19
p49-0021 MO HOA Discrepancy Non-HOA 27-Aug-19
p49-0022 MO HOA Discrepancy Non-HOA 27-Aug-19

 

 8 

 

 

p53-0881 PA HOA Discrepancy Non-HOA 27-Aug-19
p53-0888 PA HOA Discrepancy Non-HOA 27-Aug-19
p56-1506 TX HOA Discrepancy Non-HOA 27-Aug-19
p56-1900 TX HOA Discrepancy Non-HOA 27-Aug-19
p56-2103 TX HOA Discrepancy Non-HOA 27-Aug-19
p56-2168 TX HOA Discrepancy Non-HOA 27-Aug-19
p56-2206 TX HOA Discrepancy Non-HOA 27-Aug-19
p56-2384 TX HOA Discrepancy Non-HOA 27-Aug-19
v29-0190 CA HOA Discrepancy Non-HOA 27-Aug-19
v40-0175 NC HOA Discrepancy HOA 27-Aug-19
v49-0102 MO HOA Discrepancy HOA 27-Aug-19

 9 

 

 EX-99.3 4 exh99-3.htm SINGLESOURCE PROPERTY SOLUTIONS, LLC REPORT OF VALUATION REVIEW

 Exhibit 99.3

 

EXECUTION VERSION

 

 

 

Item 4. Description of the due diligence performed

Certification of Services Performed

Reference is made to that certain proposed Loan Agreement (the “Loan Agreement”), by and between HPA Borrower 2019-2 LLC, a Delaware limited company (“Borrower”) and Citibank, N.A., a banking association chartered under the laws of the United States of America (“Lender”). SingleSource Property Solutions, LLC (“SingleSource”) has been retained by Home Partners of America, Inc., a Maryland corporation (“Client”).

I do hereby certify to Borrower, Client and Lender, to the best of my knowledge and belief, that SingleSource has completed the services ordered by Client under the Scope of Work Agreement dated August 12, 2019, between SingleSource and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the Properties contained in the electronic file titled, “HPA 2019-2” (the “Properties”). Furthermore:

1.SingleSource has reviewed the Broker Price Opinion value or Appraisal, as applicable, for each Property and has provided a value reconciliation and/or value rebuttal based on market value analysis of the subject Property as fee simple basis unencumbered with market value defined as the most probable price the subject property would sell for in an open market excluding undue influence (such process, “Value Reconciliation”). Such Value Reconciliation is contained in Schedule A attached hereto.
2.The Value Reconciliation includes (i) confirmation of subject consistency by comparing photos; (ii) comparison of the property characteristics between reports; (iii) review of sales across report(s) with regards to proximity, age, design, etc.; (iv) opinion as to the quality of the client supplied Broker Price Opinion or Appraisal, as applicable; (v) review of data including Sitex, County Public Records, RealQuest, Realtor.com and/or Google Earth; (vi) market trend including foreclosures; (vii) identification of external influences; and (viii) an analysis of the Broker Price Opinion report or Appraisal, as applicable, with a conclusion of value.

[SIGNATURE FOLLOWS ON NEXT PAGE]

   

 

 

SingleSource Property Solutions, LLC

 

 

 

 

 

 

By:   /s/ Dean Kelker

Name: Dean Kelker

Title: Chief Risk Officer

 

Date: August 22, 2019

 

 

SingleSource Diligence Certificate

   

 

 

Item 5. Summary of findings and conclusions of review

Schedule A

Value Reconciliation

Property ID Valuation 1 Type Valuation 1
Value		 Valuation 1
Date		 Reconciled
Value		 Reconciled
Value Date
p29-0383 BPO $575,000 7/22/2019 $550,000 8/1/2019
p29-0438 BPO $270,000 7/11/2019 $270,000 8/1/2019
p29-0444 BPO $315,000 9/16/2019 $315,000 8/1/2019
p29-0499 BPO $1,065,000 7/23/2019 $1,065,000 8/1/2019
p29-0512 BPO $460,000 7/12/2019 $475,000 8/1/2019
p36-0128 BPO $606,000 7/18/2019 $606,000 8/1/2019
p36-0234 BPO $522,000 7/10/2019 $595,000 8/1/2019
p36-0299 BPO $514,000 7/18/2019 $528,000 8/1/2019
p36-0306 BPO $650,000 7/23/2019 $640,000 8/2/2019
p36-0369 BPO $526,000 7/22/2019 $514,000 8/1/2019
p36-0374 BPO $525,000 7/19/2019 $450,000 8/1/2019
p36-0410 BPO $529,900 7/12/2019 $529,900 8/1/2019
p36-0421 BPO $350,000 7/19/2019 $335,000 8/1/2019
p36-0470 BPO $388,000 7/20/2019 $388,000 8/1/2019
p36-0502 BPO $650,000 7/18/2019 $650,000 8/1/2019
p36-0541 BPO $450,000 7/12/2019 $450,000 8/4/2019
p30-0822 BPO $261,000 7/16/2019 $261,000 8/4/2019
p30-0963 BPO $208,000 7/10/2019 $208,000 8/4/2019
p30-0973 BPO $266,000 7/16/2019 $266,000 8/4/2019
p30-1007 BPO $249,000 7/16/2019 $240,000 8/4/2019
p30-1018 BPO $225,000 7/11/2019 $225,000 8/5/2019
p30-1022 BPO $265,000 7/16/2019 $265,000 8/5/2019
p30-1023 BPO $430,000 7/11/2019 $425,000 8/6/2019
p30-1027 BPO $175,000 7/22/2019 $175,000 8/6/2019
p30-1036 BPO $236,000 7/16/2019 $236,000 8/6/2019
p30-1037 BPO $300,000 7/15/2019 $280,000 8/6/2019
p30-1041 BPO $258,000 7/22/2019 $258,000 8/6/2019
p30-1047 BPO $290,000 7/22/2019 $290,000 8/6/2019
p30-1064 BPO $373,000 7/11/2019 $375,000 8/6/2019
p30-1082 BPO $447,000 7/16/2019 $447,000 8/6/2019
p30-1098 BPO $168,000 7/16/2019 $160,000 8/1/2019
p30-1131 BPO $222,000 7/16/2019 $222,000 8/1/2019
p30-1163 BPO $231,000 7/16/2019 $231,000 8/1/2019
p30-1165 BPO $265,000 7/16/2019 $260,000 8/2/2019
p30-1200 BPO $229,000 7/22/2019 $190,000 8/2/2019

 

 

 

SingleSource Diligence Certificate

   

 

 

p30-1204 BPO $259,000 7/19/2019 $250,000 8/2/2019
p30-1246 BPO $305,000 7/16/2019 $290,000 8/8/2019
p30-1272 BPO $220,000 7/19/2019 $220,000 8/8/2019
p30-1288 BPO $259,000 7/16/2019 $251,000 8/1/2019
p30-1303 BPO $325,000 7/16/2019 $311,000 8/2/2019
p30-1318 BPO $362,000 7/12/2019 $353,000 8/2/2019
p32-0028 BPO $196,000 7/19/2019 $196,000 8/8/2019
p32-0829 BPO $475,000 7/11/2019 $475,000 8/6/2019
p32-0851 BPO $265,000 7/10/2019 $248,000 8/6/2019
p32-0861 BPO $256,000 7/18/2019 $244,000 8/6/2019
p32-0883 BPO $348,000 7/10/2019 $335,000 8/6/2019
p32-0898 BPO $225,000 7/17/2019 $225,000 8/4/2019
p32-0902 BPO $393,000 7/19/2019 $375,000 8/4/2019
p32-0904 BPO $355,000 7/19/2019 $355,000 8/4/2019
p32-0907 BPO $278,000 7/18/2019 $278,000 8/4/2019
p32-0911 BPO $460,000 7/11/2019 $460,000 8/4/2019
p32-0915 BPO $382,000 7/11/2019 $382,000 8/5/2019
p32-0917 BPO $326,000 7/12/2019 $326,000 8/5/2019
p32-0921 BPO $330,000 7/19/2019 $330,000 8/5/2019
p32-0931 BPO $332,000 7/18/2019 $370,000 8/5/2019
p32-0932 BPO $238,000 7/18/2019 $245,000 8/6/2019
p32-0955 BPO $275,000 7/11/2019 $275,000 8/2/2019
p32-0957 BPO $235,000 7/17/2019 $235,000 8/2/2019
p32-0961 BPO $275,000 7/18/2019 $265,000 8/2/2019
p32-0966 BPO $256,000 7/11/2019 $245,000 8/2/2019
p32-0971 BPO $235,000 7/12/2019 $235,000 8/3/2019
p32-0973 BPO $275,000 7/19/2019 $260,000 8/3/2019
p32-0994 BPO $255,900 7/10/2019 $285,000 8/3/2019
p32-1011 BPO $260,000 7/22/2019 $260,000 8/3/2019
p32-1035 BPO $180,000 7/10/2019 $175,000 8/5/2019
p32-1037 BPO $266,000 7/19/2019 $255,000 8/5/2019
p32-1046 BPO $290,000 7/18/2019 $278,000 8/2/2019
p32-1052 BPO $340,000 7/18/2019 $327,000 8/2/2019
p32-1060 BPO $230,000 7/19/2019 $218,000 8/2/2019
p32-1108 BPO $260,000 7/19/2019 $266,000 8/2/2019
p32-1109 BPO $210,000 7/23/2019 $189,000 8/2/2019
p32-1126 BPO $303,000 7/19/2019 $311,000 8/2/2019
p32-1132 BPO $265,000 7/12/2019 $257,000 8/2/2019
p32-1147 BPO $291,000 7/11/2019 $279,000 8/2/2019
p32-1171 BPO $265,000 7/18/2019 $250,000 8/2/2019
p32-1175 BPO $234,000 7/19/2019 $222,000 8/2/2019
p32-1178 BPO $210,000 7/19/2019 $210,000 8/6/2019
p32-1184 BPO $230,000 7/19/2019 $230,000 8/5/2019

 

 

SingleSource Diligence Certificate

   

 

 

p32-1193 BPO $459,000 7/18/2019 $459,000 8/5/2019
p32-1218 BPO $230,000 7/18/2019 $230,000 8/5/2019
p32-1226 BPO $422,000 7/18/2019 $422,000 8/5/2019
p32-1244 BPO $347,000 7/12/2019 $347,000 8/5/2019
p32-1274 BPO $210,000 7/19/2019 $210,000 8/5/2019
p32-1284 BPO $183,000 7/10/2019 $183,000 8/5/2019
p32-1285 BPO $337,000 7/12/2019 $325,000 8/5/2019
p21-0154 BPO $277,000 7/10/2019 $245,000 8/5/2019
p21-0489 BPO $253,000 7/16/2019 $235,000 8/5/2019
p33-0379 BPO $200,000 7/22/2019 $195,000 8/6/2019
p33-0434 BPO $250,000 7/12/2019 $250,000 8/6/2019
p33-0437 BPO $130,000 7/12/2019 $160,000 8/6/2019
p33-0453 BPO $192,000 7/11/2019 $192,000 8/6/2019
p33-0467 BPO $302,000 7/12/2019 $302,000 8/8/2019
p33-0505 BPO $208,000 7/18/2019 $208,000 8/6/2019
p33-0515 BPO $289,000 7/11/2019 $289,000 8/6/2019
p37-0072 BPO $248,000 7/22/2019 $215,000 8/6/2019
p37-0079 BPO $260,000 7/23/2019 $260,000 8/7/2019
p37-0095 BPO $160,000 7/18/2019 $160,000 8/7/2019
p37-0118 BPO $330,000 7/19/2019 $275,000 8/7/2019
p44-0044 BPO $315,000 7/15/2019 $315,000 8/7/2019
p44-0047 BPO $255,000 7/15/2019 $240,000 8/7/2019
p44-0048 BPO $515,000 7/10/2019 $515,000 8/7/2019
p44-0055 BPO $450,000 7/16/2019 $450,000 8/8/2019
p44-0059 BPO $245,000 7/16/2019 $245,000 8/8/2019
p46-0092 BPO $278,000 7/18/2019 $278,000 8/6/2019
p38-0146 BPO $370,000 7/18/2019 $370,000 8/6/2019
p38-0164 BPO $425,000 7/22/2019 $395,000 8/6/2019
p38-0174 BPO $350,000 7/22/2019 $350,000 8/6/2019
p38-0187 BPO $240,000 7/18/2019 $240,000 8/6/2019
p38-0200 BPO $247,000 7/19/2019 $238,000 8/4/2019
p38-0223 BPO $447,000 7/10/2019 $425,000 8/7/2019
p40-0150 BPO $262,000 7/19/2019 $245,000 8/4/2019
p40-0168 BPO $210,000 7/15/2019 $210,000 8/4/2019
p40-0175 BPO $300,000 7/15/2019 $290,000 8/7/2019
p40-0209 BPO $255,000 7/15/2019 $255,000 8/7/2019
p40-0239 BPO $280,000 7/15/2019 $250,000 8/8/2019
p40-0244 BPO $185,000 7/15/2019 $178,000 8/4/2019
p31-0053 BPO $214,000 7/18/2019 $219,000 8/4/2019
p31-0057 BPO $190,000 7/18/2019 $195,000 8/3/2019
p52-0054 BPO $332,000 7/22/2019 $304,000 8/3/2019
p52-0084 BPO $340,000 7/19/2019 $303,000 8/3/2019
p52-0087 BPO $516,000 7/18/2019 $506,000 8/3/2019

 

 

 

SingleSource Diligence Certificate

   

 

 

p52-0108 BPO $440,000 7/18/2019 $475,000 8/7/2019
p53-0017 BPO $205,000 7/16/2019 $205,000 8/3/2019
p53-0026 BPO $257,000 7/12/2019 $257,000 8/7/2019
p53-0037 BPO $493,000 7/13/2019 $493,000 8/3/2019
p53-0057 BPO $165,000 7/19/2019 $154,000 8/1/2019
p35-0010 BPO $225,000 7/19/2019 $225,000 8/7/2019
p56-0772 BPO $300,000 7/10/2019 $308,000 8/3/2019
p56-1294 BPO $480,000 7/11/2019 $510,000 8/7/2019
p56-1506 BPO $382,000 7/19/2019 $355,000 8/4/2019
p56-1509 BPO $260,000 7/12/2019 $252,000 8/3/2019
p56-1548 BPO $211,000 7/12/2019 $210,000 8/7/2019
p56-1556 BPO $188,000 7/19/2019 $183,000 8/3/2019
p56-1606 BPO $325,000 7/11/2019 $325,000 8/7/2019
p56-1610 BPO $265,000 7/10/2019 $255,000 8/5/2019
p56-1626 BPO $407,000 7/11/2019 $380,000 8/3/2019
p56-1627 BPO $185,000 7/19/2019 $195,000 8/7/2019
p56-1637 BPO $425,000 7/12/2019 $399,000 8/4/2019
p56-1649 BPO $335,000 7/11/2019 $335,000 8/4/2019
p56-1653 BPO $175,000 7/18/2019 $185,000 8/7/2019
p56-1666 BPO $185,000 7/19/2019 $173,000 8/4/2019
p56-1684 BPO $191,000 7/19/2019 $191,000 8/5/2019
p56-1722 BPO $251,000 7/20/2019 $225,000 8/7/2019
p56-1765 BPO $251,000 7/19/2019 $244,000 8/4/2019
p56-1782 BPO $270,000 7/10/2019 $270,000 8/4/2019
p56-1828 BPO $255,000 7/17/2019 $255,000 8/5/2019
p56-1832 BPO $229,000 7/18/2019 $225,000 8/3/2019
p56-1851 BPO $238,000 7/16/2019 $227,000 8/4/2019
p56-1874 BPO $320,000 7/12/2019 $320,000 8/5/2019
p56-1900 BPO $325,000 7/22/2019 $317,000 8/5/2019
p56-1919 BPO $338,000 7/12/2019 $350,000 8/5/2019
p56-1975 BPO $244,900 7/22/2019 $225,000 8/5/2019
p56-1976 BPO $198,000 7/22/2019 $198,000 8/5/2019
p56-1987 BPO $206,000 7/18/2019 $215,000 8/3/2019
p56-2007 BPO $258,000 7/17/2019 $258,000 8/5/2019
p56-2053 BPO $286,000 7/14/2019 $286,000 8/5/2019
p34-0277 BPO $388,900 7/19/2019 $388,900 8/5/2019
p34-0291 BPO $388,000 7/18/2019 $388,000 8/5/2019
p34-0336 BPO $353,000 7/19/2019 $350,000 8/7/2019
p34-0369 BPO $615,000 7/22/2019 $615,000 8/7/2019
p34-0408 BPO $295,000 7/19/2019 $295,000 8/7/2019
p34-0454 BPO $385,000 7/18/2019 $385,000 8/7/2019
p32-1381 BPO $348,000 7/10/2019 $348,000 8/7/2019
p39-0025 BPO $172,000 7/18/2019 $179,000 8/7/2019

 

 

SingleSource Diligence Certificate

   

 

 

p30-1199 BPO $330,000 7/23/2019 $330,000 8/7/2019
p32-1227 BPO $450,000 7/12/2019 $475,000 8/7/2019
p34-0456 BPO $370,000 7/18/2019 $390,000 8/7/2019
p34-0601 BPO $322,900 7/17/2019 $330,000 8/7/2019
p40-0224 BPO $439,900 7/12/2019 $439,900 8/7/2019
p41-0033 BPO $445,000 7/15/2019 $445,000 8/7/2019
p40-0246 BPO $460,000 7/10/2019 $490,000 8/7/2019
p30-1389 BPO $324,000 7/11/2019 $324,000 8/7/2019
p40-0250 BPO $350,000 7/11/2019 $350,000 8/7/2019
p32-1277 BPO $257,000 7/19/2019 $350,000 8/7/2019
p34-0476 BPO $359,000 7/19/2019 $364,000 8/5/2019
p32-1287 BPO $224,000 7/19/2019 $215,000 8/7/2019
p36-0523 BPO $360,000 7/18/2019 $360,000 8/7/2019
p30-1363 BPO $256,000 7/11/2019 $265,000 8/5/2019
p41-0032 BPO $325,000 7/11/2019 $325,000 8/5/2019
p32-1392 BPO $416,900 7/18/2019 $410,000 8/5/2019
p56-2193 BPO $250,000 7/13/2019 $270,000 8/7/2019
p36-0581 BPO $285,000 7/19/2019 $270,000 8/5/2019
p38-0315 BPO $222,600 7/18/2019 $205,000 8/5/2019
p32-1426 BPO $260,000 7/18/2019 $260,000 8/5/2019
p32-1372 BPO $280,900 7/11/2019 $280,000 8/7/2019
p52-0121 BPO $516,000 7/10/2019 $516,000 8/5/2019
p30-1420 BPO $221,000 7/11/2019 $200,000 8/5/2019
p56-2206 BPO $195,000 7/22/2019 $195,000 8/7/2019
p30-1421 BPO $585,000 7/16/2019 $585,000 8/5/2019
p34-0511 BPO $420,000 7/19/2019 $390,000 8/5/2019
p32-1364 BPO $388,000 7/18/2019 $388,000 8/5/2019
p56-2157 BPO $380,000 7/12/2019 $380,000 8/5/2019
p32-1363 BPO $350,000 7/17/2019 $380,000 8/7/2019
p32-1371 BPO $274,000 7/18/2019 $252,000 8/4/2019
p36-0569 BPO $410,000 7/12/2019 $410,000 8/5/2019
p32-1368 BPO $394,000 7/17/2019 $500,000 8/7/2019
p33-0561 BPO $196,000 7/14/2019 $196,000 8/6/2019
p32-1410 BPO $248,000 7/19/2019 $248,000 8/8/2019
p29-0586 BPO $299,000 7/16/2019 $295,000 8/6/2019
p40-0284 BPO $485,000 7/16/2019 $485,000 8/8/2019
p56-2305 BPO $341,000 7/12/2019 $340,000 8/8/2019
p52-0142 BPO $566,000 7/18/2019 $575,000 8/8/2019
p34-0517 BPO $576,000 7/18/2019 $576,000 8/8/2019
p32-1439 BPO $395,000 7/11/2019 $395,000 8/6/2019
p56-2329 BPO $350,000 7/12/2019 $350,000 8/8/2019
p36-0585 BPO $370,000 7/19/2019 $370,000 8/8/2019
p56-2280 BPO $185,000 7/19/2019 $185,000 8/6/2019

 

 

SingleSource Diligence Certificate

   

 

 

p36-0632 BPO $520,000 7/13/2019 $525,000 8/8/2019
p44-0103 BPO $211,000 7/16/2019 $211,000 8/5/2019
p38-0363 BPO $225,000 7/22/2019 $225,000 8/21/2019
p56-2358 BPO $216,000 7/10/2019 $216,000 8/6/2019
p56-2403 BPO $272,000 7/12/2019 $272,000 8/8/2019
p36-0637 BPO $406,000 7/19/2019 $406,000 8/8/2019
p32-1550 BPO $260,000 7/11/2019 $260,000 8/8/2019
p34-0595 BPO $296,900 7/19/2019 $300,000 8/8/2019
p30-1610 BPO $220,000 7/18/2019 $220,000 8/6/2019
p56-2481 BPO $260,000 7/23/2019 $230,000 8/8/2019
p30-1233 BPO $225,000 7/16/2019 $245,000 8/8/2019
p56-2447 BPO $435,000 7/9/2019 $445,000 8/8/2019
p38-0230 BPO $415,000 7/19/2019 $395,000 8/8/2019
p32-1555 BPO $240,000 7/11/2019 $240,000 8/8/2019
p33-0631 BPO $230,000 7/9/2019 $240,000 8/6/2019
p56-2143 BPO $380,000 7/12/2019 $380,000 8/3/2019
p38-0294 BPO $410,000 7/12/2019 $410,000 8/7/2019
p32-1306 BPO $566,000 7/18/2019 $566,000 8/8/2019
p34-0602 BPO $340,000 7/18/2019 $340,000 8/8/2019
p40-0267 BPO $275,000 7/15/2019 $270,000 8/4/2019
p30-1426 BPO $376,000 7/11/2019 $376,000 8/8/2019
p40-0280 BPO $410,000 7/16/2019 $400,000 8/8/2019
p56-2309 BPO $242,000 7/22/2019 $232,000 8/6/2019
p32-1469 BPO $400,000 7/17/2019 $360,000 8/6/2019
p32-1479 BPO $190,000 7/10/2019 $210,000 8/8/2019
p32-1475 BPO $178,000 7/19/2019 $178,000 8/6/2019
p30-1503 BPO $346,000 7/18/2019 $346,000 8/8/2019
p53-0105 BPO $217,000 7/19/2019 $217,000 8/6/2019
p30-1477 BPO $432,000 7/11/2019 $425,000 8/5/2019
p34-0535 BPO $335,000 7/22/2019 $298,000 8/6/2019
p36-0625 BPO $324,000 7/17/2019 $325,000 8/8/2019
p56-2345 BPO $253,000 7/19/2019 $240,000 8/8/2019
p56-2349 BPO $325,000 7/13/2019 $331,000 8/6/2019
p40-0293 BPO $270,000 7/16/2019 $245,000 8/6/2019
p30-1528 BPO $276,000 7/18/2019 $270,000 8/4/2019
p29-0642 BPO $375,400 7/16/2019 $365,000 8/4/2019
p40-0300 BPO $370,000 7/15/2019 $370,000 8/6/2019
p36-0650 BPO $352,000 7/18/2019 $366,000 8/6/2019
p56-2436 BPO $330,000 7/12/2019 $330,000 8/6/2019
p56-4828 BPO $270,000 5/6/2019 $270,000 8/8/2019
p53-0520 BPO $231,000 7/17/2019 $230,000 8/8/2019
p53-0662 BPO $260,000 7/19/2019 $266,000 8/5/2019
p29-1509 BPO $509,000 6/25/2019 $509,000 8/8/2019

 

SingleSource Diligence Certificate

   

 

 

p52-0454 BPO $535,000 7/18/2019 $535,000 8/3/2019
p35-0067 BPO $355,000 7/18/2019 $365,000 8/8/2019
p30-3954 BPO $299,000 7/25/2019 $309,000 8/5/2019
p53-0723 BPO $318,000 7/17/2019 $318,000 8/5/2019
p30-4175 BPO $370,000 7/18/2019 $370,000 8/6/2019
p32-4372 BPO $497,000 7/18/2019 $497,000 8/6/2019
p53-0750 BPO $265,000 7/16/2019 $259,000 8/3/2019
p53-0738 BPO $415,000 7/16/2019 $415,000 8/8/2019
p53-0775 BPO $425,000 7/16/2019 $425,000 8/6/2019
p53-0793 BPO $275,000 7/17/2019 $265,000 8/6/2019
p29-1744 BPO $316,000 7/17/2019 $316,000 8/8/2019
p53-0786 BPO $238,000 7/23/2019 $238,000 8/8/2019
p29-1748 BPO $417,000 7/18/2019 $412,000 8/4/2019
p53-0797 BPO $335,000 7/16/2019 $335,000 8/8/2019
p29-1865 BPO $358,000 7/16/2019 $358,000 8/8/2019
p36-2574 BPO $510,000 7/17/2019 $510,000 8/9/2019
p34-2296 BPO $504,000 7/17/2019 $490,000 8/9/2019
p53-0850 BPO $210,000 7/17/2019 $210,000 8/9/2019
p53-0858 BPO $400,000 7/17/2019 $415,000 8/7/2019
p53-0853 BPO $375,000 7/17/2019 $390,000 8/7/2019
p53-0878 BPO $271,000 7/17/2019 $271,000 8/9/2019
p53-0887 BPO $247,500 7/17/2019 $236,000 8/3/2019
p53-0906 BPO $458,000 7/23/2019 $458,000 8/9/2019
p29-1935 BPO $255,000 7/19/2019 $255,000 8/9/2019
p53-0896 BPO $375,000 7/17/2019 $375,000 8/9/2019
p36-2796 BPO $375,000 4/20/2019 $390,000 8/9/2019
p29-2006 BPO $312,000 7/17/2019 $303,000 8/9/2019
p32-5222 BPO $325,000 4/6/2019 $325,000 8/7/2019
p34-2424 BPO $427,900 7/16/2019 $435,000 8/6/2019
p29-2002 BPO $362,000 7/18/2019 $355,000 8/9/2019
p30-0016 BPO $374,000 7/18/2019 $354,000 8/7/2019
p30-4936 BPO $299,000 7/17/2019 $280,000 8/7/2019
p30-4954 BPO $309,000 7/17/2019 $315,000 8/7/2019
p30-4996 BPO $365,000 7/16/2019 $365,000 8/7/2019
p32-5167 BPO $240,000 7/17/2019 $240,000 8/7/2019
p33-1449 BPO $253,000 4/30/2019 $259,000 8/7/2019
p34-2433 BPO $306,900 7/18/2019 $325,000 8/9/2019
p34-2461 BPO $305,000 4/11/2019 $315,000 8/7/2019
p34-2489 BPO $455,500 5/18/2019 $455,000 8/7/2019
p36-2896 BPO $285,000 4/25/2019 $285,000 8/9/2019
p36-2951 BPO $339,000 5/6/2019 $339,000 8/5/2019
p44-0492 BPO $336,000 4/25/2019 $340,000 8/7/2019
v30-0519 BPO $286,000 5/25/2019 $286,000 8/4/2019

 

 

SingleSource Diligence Certificate

   

 

 

v30-0526 BPO $237,700 5/23/2019 $239,000 8/7/2019
v32-0615 BPO $253,000 5/30/2019 $253,000 8/7/2019
v34-0230 BPO $375,000 5/13/2019 $365,000 8/8/2019
v34-0274 BPO $405,000 6/2/2019 $398,000 8/7/2019
v44-0062 BPO $390,000 5/18/2019 $390,000 8/5/2019
v49-0092 BPO $385,000 5/18/2019 $385,000 8/9/2019
p21-0251 BPO $203,000 7/11/2019 $203,000 8/7/2019

 

SingleSource Diligence Certificate

   

 EX-99.4 5 exh99-4.htm ERNST & YOUNG LLP REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES

Exhibit 99.4

 

  Home Partners of America 2019-2 Trust
  Single-Family Rental Pass-Through Certificates
   
  Report To:
  Home Partners of America, Inc.
  HPA Depositor LLC
   
  27 August 2019        

 

       

 

 

 

 

 

 

 

 

   

 

 

Ernst & Young LLP

5 Times Square

New York, NY 10036

  

Tel: +1 212 773 3000

Fax:+1 212 773 6350

ey.com

    

 

Report of Independent Accountants on Applying Agreed-Upon Procedures

 

 

Home Partners of America, Inc.

HPA Depositor LLC

180 N Stetson Avenue, 3650

Chicago, Illinois 60601

 

Re: Home Partners of America 2019-2 Trust (the “Issuing Entity”)
  Single-Family Rental Pass-Through Certificates (the “Certificates”)

 

We have performed the procedures enumerated in Attachment A, which were agreed to by Home Partners of America, Inc. (the “Loan Sponsor”), HPA Depositor LLC (the “Depositor”), Citigroup Global Markets Inc. (“Citigroup”), Deutsche Bank Securities Inc. (“DBSI”) and Morgan Stanley & Co. LLC (“Morgan Stanley,” together with the Loan Sponsor, Depositor, Citigroup and DBSI, the “Specified Parties”), solely to assist the Depositor with respect to certain information relating to a pool of single-family rental properties (the “Properties”) pledged to secure a loan (the “Loan”) relating to the Issuing Entity’s securitization transaction. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

 

The procedures performed and our associated findings are included in Attachment A.

 

For the purpose of the procedures described in this report, the Loan Sponsor, on behalf of the Depositor, provided us with:

a.Electronic data files:
i.Labeled “HPA 2019-2_CutOffTape v6.xlsx” and the corresponding record layout and decode information (the “Preliminary Data File”) that the Loan Sponsor, on behalf of the Depositor, indicated contains information relating to the Properties as of 31 July 2019 (the “Property Cut-off Date”),
ii.Labeled “HPA 2019-2_CutOffTape v9.xlsx” and the corresponding record layout and decode information (the “Data File,” together with the Preliminary Data File, the “Property Data Files”) that the Loan Sponsor, on behalf of the Depositor, indicated contains information relating to the Properties as of the Property Cut-off Date,
iii.Labeled “Securitization 2019-2 BPO Flat File v3.xlsx” (the “BPO Support File”) that the Loan Sponsor, on behalf of the Depositor, indicated contains certain information obtained from certain third-party vendors relating to each Property as of the Property Cut-off Date,

   

 

 

        Page 2 of 4 

 

a. (continued)

iv.Labeled “CapEx Hard Soft Mixed_Borrower 2019-2 v1_thru 07.31.19.xlsx” (the “Cost Support File”) that the Loan Sponsor, on behalf of the Depositor, indicated contains certain capital expenditure and closing cost information relating to each Property as of the Property Cut-off Date and
v.Labeled “Rent Delinquency Tie Out_7.31.19 v2.xlsx” (the “Tenant Delinquency Support File,” together with the Cost Support File, the “Additional Source Files”) that the Loan Sponsor, on behalf of the Depositor, indicated contains certain tenant bill date amount and tenant delinquent due date amount information relating to each Property as of the Property Cut-off Date,
b.Imaged copies of the:
i.Settlement statement or closing disclosure (collectively and as applicable, the “Settlement Statement”) and
ii.Lease agreement, commencement date addendum, lease addendum, lease amendment and/or lease renewal (collectively and as applicable, the “Lease Agreement,” together with the Settlement Statement, the “Source Documents”)

that the Loan Sponsor, on behalf of the Depositor, indicated relate to the Sample Properties (as defined in Attachment A),

c.The list of relevant characteristics (the “Sample Characteristics”) on the Property Data Files, which is shown on Exhibit 1 to Attachment A,
d.The list of relevant characteristics (the “BPO Characteristics”) on the Data File, which is shown below:
i.County,
ii.Property address,
iii.City,
iv.State,
v.Zip code,
vi.MSA (metropolitan statistical area),
vii.Property type,
viii.Pool (yes/no),
ix.Cut-off date value,
x.Cut-off date value as-of date and
xi.Current valuation type,
e.The list of relevant characteristics (the “Compared Property Characteristics”) on the Data File, which is shown on Exhibit 2 to Attachment A, and
f.Instructions, assumptions and methodologies, which are described in Attachment A.

 

   

 

 

        Page 3 of 4 

 

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Property Data Files, BPO Support File, Additional Source Files, Source Documents, Sample Characteristics, BPO Characteristics, Compared Property Characteristics 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 Property Data Files. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the BPO Support File, Additional Source Files, Source Documents or any other information provided to us by the Loan Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. We have not verified, and we make no representation as to, the accuracy, completeness, or reasonableness of any information related to the Loan. Accordingly, we make no representation and express no opinion as to (a) the existence of the Loan or Properties, (b) questions of legal or tax interpretation and (c) the accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Loan Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

 

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the American Institute of Certified Public Accountants on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The agreed-upon procedures described in this report was 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 Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
ii.The value of the collateral securing the Loan,
iii.Whether the originator of the Loan complied with federal, state or local laws or regulations or
iv.Any other factor or characteristic of the Loan or 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.

 

   

 

        Page 4 of 4 


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

 

/s/ Ernst & Young LLP

 

27 August 2019

   

 

 

        Attachment A

 

Procedures performed and our associated findings

 

1.As instructed by the Loan Sponsor, on behalf of the Depositor, we randomly selected a sample of 317 Properties (the “Sample Properties”) from the Preliminary Data File. For the purpose of this procedure, the Loan Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample Properties or the methodology they instructed us to use to select the Sample Properties from the Preliminary Data File.

 

2.For each Sample Property, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Source Documents, subject to the instructions, qualifications, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, described in the notes on Exhibit 1 to Attachment A. The Source Document that we were instructed by the Loan Sponsor, on behalf of the Depositor, to use for each Sample Characteristic is shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 3 to Attachment A, all such compared information was in agreement.

 

3.For each single-family rental property on the Preliminary Data File and Data File, we compared the information identifying each single-family rental property (each, a “Property ID”), as shown on the Preliminary Data File, to the corresponding Property ID, as shown on the Data File, and noted that:
a.All of the Properties included on the Data File were included on the Preliminary Data File and
b.No properties other than the Properties were included on the Preliminary Data File or Data File.

 

4.For each Property included on the Data File, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information, as shown on the Data File. Except for the information shown on Exhibit 4 to Attachment A, all such compared information was in agreement.

 

5.For each Property, we compared the BPO Characteristics, as shown on the Data File, to the corresponding information on the BPO Support File. All such compared information was in agreement.

 

6.For each Property, we compared the Compared Property Characteristics listed on Exhibit 2 to Attachment A, as shown on the Data File, to the corresponding information located on the Additional Source Files, or to the corresponding information we recalculated using information on the Data File, as applicable, subject to the instructions, qualifications, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are stated in the notes on Exhibit 2 to Attachment A. The Additional Source File that we were instructed by the Loan Sponsor, on behalf of the Depositor, to use for each Compared Property Characteristic is shown on Exhibit 2 to Attachment A. All such compared information was in agreement.

   

 


Exhibit 1 to Attachment A

Page 1 of 3



Sample Characteristics and Source Documents

 

Sample Characteristic Source Document Note(s)
     
Acquisition month, day and year Settlement Statement  
Purchase price Settlement Statement and recalculation i.
Lease start date Lease Agreement ii.
Date of lease expiration Lease Agreement ii.
Actual contractual rent (annual)

(a)         Lease Agreement or

(b)         Lease Agreement and recalculation

 ii., iii.
Future lease start date Lease Agreement iv.
Date of future lease expiration Lease Agreement iv.
Future actual contractual rent (annual)

(a)         Lease Agreement or

(b)         Lease Agreement and recalculation

 iv., v.
Section 8 status Lease Agreement vi.

 

Notes: 

 

i.For the purpose of comparing the purchase price Sample Characteristic for each Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the purchase price as the difference between the:
(a)Sum (as applicable) of the:
(1)Contract sale price and
(2)Personal property

and

(b)Sum (as applicable) of the:
(1)Repair credit,
(2)Seller concession in lieu of repair,
(3)Closing cost credit and
(4)Broker concession,

all as shown on the Settlement Statement.

 

ii.For the purpose of comparing the indicated Sample Characteristics for each Sample Property with a physical occupancy of “Vacant,” as shown on the Preliminary Data File (each, a “Vacant Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Preliminary Data File.

 

For the purpose of comparing the indicated Sample Characteristics for each Sample Property that is not a Vacant Sample Property (each, an “Occupied Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document (and in accordance with note iii. below with regard to the actual contractual rent (annual)).

 

   

 

Exhibit 1 to Attachment A

Page 2 of 3



Notes: (continued)

 

iii.For the purpose of comparing the actual contractual rent (annual) Sample Characteristic for each Occupied Sample Property that has the actual contractual rent (annual) specifically stated on the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document.

 

For the purpose of comparing the actual contractual rent (annual) Sample Characteristic for each Occupied Sample Property that does not have the actual contractual rent (annual) specifically stated on the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the actual contractual rent (annual) by multiplying (a) the monthly actual contractual rent, as shown on the Lease Agreement, by (b) 12.

 

iv.For the purpose of comparing the indicated Sample Characteristics for each Vacant Sample Property with a rented (y/n) of “No,” as shown on the Preliminary Data File, and each Occupied Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Preliminary Data File.

 

For the purpose of comparing the indicated Sample Characteristics for each Vacant Sample Property with a rented (y/n) of “Yes,” as shown on the Preliminary Data File (each, a “Future Occupied Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document (and in accordance with note v. below with regard to the future actual contractual rent (annual)).

 

v.For the purpose of comparing the future actual contractual rent (annual) Sample Characteristic for each Future Occupied Sample Property that has the future actual contractual rent (annual) specifically stated on the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document.

 

For the purpose of comparing the future actual contractual rent (annual) Sample Characteristic for each Future Occupied Sample Property that does not have the future actual contractual rent (annual) specifically stated on the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the future actual contractual rent (annual) by multiplying (a) the monthly actual contractual rent, as shown on the Lease Agreement, by (b) 12.

 

   

 

Exhibit 1 to Attachment A

Page 3 of 3

 


Notes: (continued)

 

vi.For the purpose of comparing the section 8 status Sample Characteristic for each Vacant Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “No,” as shown on the Preliminary Data File.

 

For the purpose of comparing the section 8 status Sample Characteristic for each Occupied Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document.

 

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, qualifications, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are described in the notes above.

   

 

Exhibit 2 to Attachment A

Page 1 of 3


Compared Property Characteristics

 

Compared Property Characteristic Additional Source File or Recalculation Note
     
Original length of lease (months) Recalculation i.
Underwritten annual net cash flow Recalculation ii.
Total capital expenditures Cost Support File  
Closing cost Cost Support File  
Total cost (post-rehab) Recalculation iii.
Tenant delinquent- bill date Tenant Delinquency Support File iv.
Tenant delinquent- due date Tenant Delinquency Support File v.

 

Notes:

 

i.For the purpose of comparing the original length of lease (months) Compared Property Characteristic for each Property with a physical occupancy of “Vacant” and rented (y/n) of “No,” both as shown on the Data File (each, a “Vacant Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Data File.

 

For the purpose of comparing the original length of lease (months) Compared Property Characteristic for each Property that is not a Vacant Property and with a physical occupancy of “Occupied,” as shown on the Data File (each, an “Occupied Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the original length of lease (months) by:

(a)Taking the difference in months between the date of lease expiration and lease start date, both as shown on the Data File, and
(b)Adding one to the value calculated in (a) above if the day of the date of lease expiration is not equal to the day of the lease start date, both as shown on the Data File.

 

For the purpose of comparing the original length of lease (months) Compared Property Characteristic for each Property that is not a Vacant Property or Occupied Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the original length of lease (months) by:

(a)Taking the difference in months between the date of future lease expiration and future lease start date, both as shown on the Data File, and
(b)Adding one to the value calculated in (a) above if the day of the date of future lease expiration is not equal to the day of the future lease start date, both as shown on the Data File.

   

 

Exhibit 2 to Attachment A

Page 2 of 3



Notes: (continued)

 

ii.For the purpose of comparing the underwritten annual net cash flow Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the underwritten annual net cash flow as the difference between the:
(a)Sum of the:
(1)Underwritten annual rent and
(2)Underwritten annual other income

and

(b)Sum of the:
(1)Underwritten annual vacancy,
(2)Underwritten annual repairs and maintenance,
(3)Underwritten annual marketing and leasing costs,
(4)Underwritten annual turnover costs,
(5)Underwritten annual pool costs,
(6)Underwritten annual property management fee,
(7)Underwritten annual real estate taxes,
(8)Underwritten annual HOA fees,
(9)Underwritten annual insurance costs,
(10)Underwritten other expenses and
(11)Underwritten annual CapEx reserve,

all as shown on the Data File.

 

For the purpose of performing this procedure, the Loan Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/-$1 or less.

 

iii.For the purpose of comparing the total cost (post-rehab) Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the total cost (post-rehab) as the sum of the:
(a)Purchase price,
(b)Hard cost,
(c)Mixed cost,
(d)Closing cost and
(e)Other cost,

all as shown on the Data File.

 

iv.For the purpose of comparing the tenant delinquent- bill date Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of:
(a)“No,” as shown on the Data File, if the amount due per bill date, as shown on the Tenant Delinquency Support File, is less than $500 or
(b)“Yes,” as shown on the Data File, if the amount due per bill date, as shown on the Tenant Delinquency Support File, is greater than or equal to $500.

   

 

Exhibit 2 to Attachment A

Page 3 of 3


Notes: (continued)

 

v.For the purpose of comparing the tenant delinquent- due date Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of:
(a)“No,” as shown on the Data File, if the amount due per due date, as shown on the Tenant Delinquency Support File, is less than $500 or
(b)“Yes,” as shown on the Data File, if the amount due per due date, as shown on the Tenant Delinquency Support File, is greater than or equal to $500.

 

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, qualifications, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are described in the notes above.

   

 


Exhibit 3 to Attachment A



Sample Characteristic Differences

 

Property ID Sample Characteristic Preliminary Data File Value

Source Document Value

       
p29-0552 Acquisition month, day and year 5/26/2016 5/25/2016
       
p34-0307 Date of lease expiration 9/27/2019 4/30/2020
       
       
p36-0471 Lease start date 2/1/2019 1/10/2019
  Date of lease expiration 1/31/2020 1/9/2020
       
p56-0864 Purchase price $257,054.00 $259,250.00
       
p56-2436 Acquisition month, day and year 6/30/2016 6/28/2016

   

 

Exhibit 4 to Attachment A



Sample Characteristic Differences

Between the Preliminary Data File and Data File

 

Property ID Sample Characteristic Preliminary Data File Value Data File Value
       
p29-0552 Acquisition month, day and year 5/26/2016 5/25/2016
       
p34-0307 Date of lease expiration 9/27/2019 4/30/2020
       
       
p36-0471 Lease start date 2/1/2019 1/10/2019
  Date of lease expiration 1/31/2020 1/9/2020
       
p56-0864 Purchase price $257,054.00 $259,250.00
       
p56-2436 Acquisition month, day and year 6/30/2016 6/28/2016

   

 

 

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