Freddie Mac Property Reporting System Forms – Updated Annual Income & Expense, Annual Inspection and Loan Management Forms
March 23, 2012
In follow-up to the March 7 Property Reporting System webinar, we're providing updated versions of the Annual Inspection form and Loan Management forms shared with attendees of the March 7 PRS webinar. The new versions correct the issues you had with entering zero values in the vacancy field, using the print macro, using the spell-check macro and several other minor improvements requested by you.
In addition, we're providing an updated version of the Annual Income and Expense form that provides a blank tab for user workspace and corrects the print settings. All forms and other PRS resources are now available in the Property Reporting System section of the Asset Management Resources page.
Template Submission Requirements and Due Dates
- You will be required to complete the individual AIE and LMF templates for all first quarter due dates, which have been moved to April 27 for 2012.
- All AIEs for watchlist loans require an individual AIE submission and all 1Q Loan Management Form submissions require the individual LMF template.
- As indicated during the webinars, we are working to deliver a multi-loan template for the AIE and Loan Management; they will be an option for due dates starting June 1 for AIE submissions and June 30 for LMF submissions.
As a reminder, you should not submit any assessments for 2012 in the MultiSuite for Assessments application. Later in 2012, we will retire the MultiSuite for Assessments application.
Tips on Using the New Forms
The new forms are Excel templates that allow you to complete all of your work related to the form on your desktop and then submit the form when it is complete into PRS.
Please note that you need to enable the use of macros in Excel in order for the templates to function correctly.
When you use the new forms, you will see that your answers to individual questions will dynamically generate drop-down boxes and other fields in response to your answers. You will also see a progress bar that tracks your percent of completion, allowing you to determine when you have completed 100% of the template and are ready to submit it in PRS.
When you enter loan-identifying data in the General Info tab of the Inspection form, that data will populate throughout the template, reducing the number of fields you need to complete. You can use the Investor Loan Number field in the template to provide your Servicer loan number. When providing a contact email address and phone number, please ensure that you provide contact information for someone on your staff for any follow-up issues, rather than the contact information for a third party inspector.
The Inspection Form provides a user worksheet tab for your use. In instances where your inspection has more than 50 photographs or more than 15 maintenance issues, you can provide the additional information in the user worksheet tab.
Requirements for the Freddie Mac Inspection Form
The Freddie Mac Inspection Form includes 3 required items in addition to those required by the MBA Inspection Form. These questions have previously been a part of the ALI, and are:
- Are there any deferred maintenance items since the last inspection?
- Are there any harmful conditions present at the property?
- Are there any conditions at the property that are out of compliance with the ADA?
When PRS launches, you will need to submit your inspection results in the Freddie Mac inspection template. This will require a one-time conversion from the MBA inspection template if you used that template to complete your inspections.
Enhanced PRS Infrastructure Will Improve Your Experience
We've developed PRS as a part of our focus on improving our service delivery and improving our infrastructure. PRS will support the assessment processes and enables the quarterly submission of operating statements and rent rolls for the entire portfolio. The primary benefits of PRS for Servicers are that it:
- Eliminates the need for Servicers to submit components of assessment information through multiple systems, which currently include DMS, the Quarterly Loan Performance or Q Tool and MultiSuite for Assessments.
- Includes a bulk submission capability for inspection and operating statement files that will make submitting multiple assessments much more efficient than our current technology.
- Provides a completeness verification of the data submitted for the assessment, providing immediate feedback for incomplete or missing data.
- Offers pipeline and status reports.
PRS will support the functions related to our portfolio loans, while the financial reporting processes for our Capital Markets Execution (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.
PRS Training and Support
We have now scheduled training on PRS for Thursday March, 29 at 2:00 p.m. ET and provide the registration and call logistics on our Events page.
If you have any questions related to PRS and the new templates, you can email the Asset Performance mailbox.