EX-99.5 6 e4031ex99-5_rrr.htm RESIDENTIAL REALESTATE REVIEW MANAGEMENT INC. (RESIDENTIAL REALESTATE) NARRATIVE

Exhibit 99.5

February 19, 2019

Due Diligence Narrative Report for:

CSMC 2019-RPL1

Residential RealEstate Review Management Inc.

3217 Decker Lake Drive | West Valley City, UT 84119 | www.rrreview.com

TABLE OF CONTENTS

Contact Information		3

Overview		4

Scope		4

Summary of Results		4-5

Residential RealEstate Review Management Inc.

3217 Decker Lake Drive | West Valley City, UT 84119 | www.rrreview.com

Client Services Management

Ø	Gerald French Jr.
	Senior Vice President
	801-594-6001
	Jerry.French@rrrmg.com


Ø	Sioux Johnstone
	Vice President
	801-293-3826
	Sioux.Johnstone@rrrmg.com

Residential RealEstate Review Management Inc.

3217 Decker Lake Drive | West Valley City, UT 84119 | www.rrreview.com

OVERVIEW

In January 2019, Credit Suisse (“CS”) engaged Residential RealEstate Review Management Inc. (“RRRM”) to conduct a review of 2,270 mortgage loans. The Due Diligence for these loans took place in February 2019. The review consisted of:

REVIEW TYPE	#FILES
Pay History Review	2,270
Title/Tax/Lien Review	2,206

SCOPE OF WORK

The scope of work performed by RRRM for each of the above categories is described below:

PAY HISTORY REVIEW

RRRM reviewed up to 36 months of cash flow history to capture the posted monthly P & I payments and due dates at each month end.

TITLE/TAX/LIEN REVIEW

RRRM engaged Stewart Title to provide title search reports in order to confirm the mortgage lien position, current title vesting and identify potential tax and other lien issues. In reviewing these reports, the following information was analyzed:

Address Variation
Applicant in Title
No Open Mortgage
Delinquent/Unpaid Taxes
Priority Liens
Tax Liens
Whether Subject mortgage was on title
Potential Assignment Chain issues
Whether subject mortgage was in 1^st Lien Position
Whether mortgage was in a Super Lien State

Residential RealEstate Review Management Inc.

3217 Decker Lake Drive | West Valley City, UT 84119 | www.rrreview.com

Summary of Results

PAY HISTORY REVIEW

RRRM reviewed 2,270 mortgage loans to capture the posted payment data and reported it to our client in the “CSMC 2019-RPL1 36 Month Cash Flow Final 2.16.2019_Redacted.xlsx” file. Using the MBA methodology, 36 month payment strings were created for each mortgage loan reviewed. The results of the review are:

Per MBA methodology, 100% of the mortgage loans were performing as of 12/31/2018.

TITLE/TAX/LIEN REVIEW

RRRM reviewed the title information on 2,206 mortgage loans. 2,154 loans were in the continental US, 52 loans were in Puerto Rico. RRRM reported to our client in “CSMC 2019-RPL1 Title Review Final Pop R 2.16.2019.xlsx” and “CSMC 2019-RPL1 PR TITLE FINAL R 2.16.2019” the following potential exceptions:

Continental US (2,154 loans)

104 loans had address variations

274 loans showed applicant was not on title

6 loans showed no mortgage found

119 loans had delinquent or unpaid taxes

7 loans had liens other than HOA or municipal prior to mortgage

165 loans had municipal liens

53 loans had HOA liens

71 loans had federal tax liens

63 loans had state tax liens

16 loans showed subject mortgage not found

150 loans showed mortgage not found in first lien position

64 loans had potential assignment chain issues

821 loans in a super lien state

Puerto Rico (52 loans)

1 loan showed mortgage not found in first lien position had address variations

1 loan had a state tax lien

9 loans had prior FC actions filed

Residential RealEstate Review Management Inc.

3217 Decker Lake Drive | West Valley City, UT 84119 | www.rrreview.com