Preparing You for the Launch of a New Assessment System for Portfolio Loans
February 10, 2012
In December, we shared an overview of key Asset Management process and due date changes that we're making this year. Over the next few months, we'll provide a series of communications to share our strategy and provide you with additional guidance related to these changes. Today we're sharing information about our plans to launch a new system for the assessment, inspection and quarterly reporting processes of our Portfolio Loans. Our primary goal in replacing the MultiSuite for Assessments® application is to improve our service delivery to you.
In 2012, we will launch the Freddie Mac Property Reporting System (PRS) to replace MultiSuite for Assessments. PRS will support the functions related to our portfolio loans, while the financial reporting processes for our Capital Markets ExecutionSM (CME) loans will generally remain the same as today. For specific CME loans that are not scheduled for a securitization by their first note date anniversary, Servicers will be required to submit an annual inspection via PRS. You will receive a special notification for any of these loans that will describe the inspection requirement and due date.
Benefits of the Property Reporting System
PRS offers you some immediate benefits, including:
- Use of a single system to provide assessment and inspection information and submit rent rolls and operating statements, eliminating the need for uploading documents to the Document Management System (DMS) in the assessment process and eliminating the Q Tool.
- Improved multiple file submission capabilities that include:
- The ability to load a single file for financial and loan management submissions that contains data for multiple loans
- The ability to upload multiple inspection files at one time, with each inspection report contained in a single file
- Immediate feedback messages on the completeness of your submission
- Access to pipeline and status reports in PRS.
Introducing New Templates for Assessments, Inspections and Quarterly Reporting
With the launch of PRS, we will also introduce new templates for Inspections, Loan Management, and Annual and Quarterly Financial Reporting. We'll replace our current ALI form with a version of the MBA Property Inspection form that includes a few additional fields used exclusively by Freddie Mac. These fields include information that you normally collect in your inspection process. This change will provide you with greater efficiency by aligning our inspection requirements with an industry standard form. Additionally, we'll introduce new Excel templates for the formats of the AIE, ALM and quarterly reporting.
Providing You With Information on the New Templates and PRS
We're working to make PRS available for your use as early as possible in 2012. We're planning to hold weekly calls with you to share information on the launch of PRS. Attached is a frequently asked questions (FAQ) document to provide you with additional guidance to prepare for the PRS launch.
Key Upcoming Information Sessions for Preparing for the PRS
We are inviting you to a call on February 16 at 2:00 p.m. ET where we will provide an overview of the new assessment templates, along with a high level introduction to the functionality that PRS will provide to you. Additionally, more detailed sessions have been scheduled for February 23 and March 1 (see detailed information below). We're currently planning additional training on the system in March, and will be inviting you to those sessions at a later date.
|Date and Time||Freddie Mac PRS Training Topic||Format||Participant Information|
2:00 – 3:00 p.m. ET
|Initial Overview Session||Conference Call||Conference Bridge: (800) 619-9983
2:00 – 3:00 p.m. ET
|New Operating Statement Template||Webinar||
2:00 – 3:00 p.m. ET
|New Loan Management Template||Webinar||
Conference Bridge - (800) 619-9983.
While we continue to introduce new technology and changes to our business processes, we remain focused on improving your experience as our Servicers and maintaining the quality of our Asset Management performance. We encourage you to attend the information session, but if you have questions in the interim, please contact Gina Thompson or Christine Halberstadt.
2012 Due Date Changes for Inspections and Annual AIE
To provide time for system adoption, training, and the submission of annual AIEs and inspections, we're extending related due dates as detailed in the chart below:
Reporting Due Date Requirements
|Submission Type||Loan Population||Due Dates||Note|
|Year-End Operating Statement Analysis||Watchlist Loans||
||For 2012 reporting year, year-end operating statement submissions for watchlist loans are due on 4/27/12.|
|Year-End Operating Statement Analysis||Non-Watchlist Loans||
|Detailed Quarterly Operating Statement Analysis||Watchlist Loans||
|Abbreviated Quarterly Operating Statement Analysis||Non-Watchlist Loans||
|Annual Loan Management||All||