Bulk Template Functionality Introduced to the Property Reporting System
May 14, 2012
The Property Reporting System (PRS), launched last month, serves as our new streamlined data collection tool. It provides a centralized mechanism for Sellers to submit data and requests to the Freddie Mac Asset Management department. Today, we are adding more functionality to PRS with the availability of Bulk templates. Bulk templates are designed to reduce the time that Servicers spend completing and uploading the Annual Income & Expense (AIE) form and Loan Management Form (LMF).
Downloading Data to Bulk Templates
The Bulk templates are accessible on the Blank Assessment Templates page of PRS under the Downloads on the main menu. These templates are flat files containing all data fields found in the AIE and LMF forms. This gives you the ability to run a report or query to extract data out of your own asset management system and then copy and paste the data into the bulk template for multiple loans. Using the bulk templates will reduce the time you previously spent keying data individually for each loan in its own AIE or LMF form.
Validating Data on Bulk Templates
The Bulk templates include validation functionality for completeness and the required data format. Each loan record will receive either a Complete or Incomplete status. PRS will skip loans with an Incomplete status and only accept loans that have a Complete status.
Several validation features are available to assist you with resolving a loan with an Incomplete status.
- Validate: Provides for field formatting validation.
- Required Field: When validation is run in the template, the red outline on a data field indicates an input is required. The red outline disappears if the missing data is provided during a different validation.
- Find Errors: Locates all errors on a worksheet, which is helpful if there are incomplete fields or other errors that are hard to find with the red outline indicator.
Uploading Bulk Templates
In the initial release of Bulk templates, uploads will be manually verified by the PRS team. This means you will receive an email within three business hours of your bulk template submission from the team, indicating the number of assessments passed and failed, as well as a rejection report that details the Microsoft Excel row number and loan number for assessments that failed. Please note for spam purposes that the Bulk template verification email will be sent from the following address:
Bulk uploads will be processed from 8:30 a.m. until 6:00 p.m. ET Monday through Friday. Timing on submission and upload status notifications are outlined below:
|Bulk template submitted before 2:00 p.m. ET Monday to Friday||Upload status notification email will be received on the day of submission|
|Bulk template submitted after 2:00 p.m. ET Monday to Thursday||Upload status notification email will be received at 9:00 a.m. ET the next business day|
|Bulk template submitted on Friday after 2:00 p.m. ET||Upload status notification email will be received at 9:00 a.m. ET on Monday|
In the next release of PRS, the Bulk upload submission time restrictions will be eliminated. You will then receive immediate feedback on the status of your Bulk submission upload.
AIE Submission Deadline
The bulk templates will assist you with the June 1, 2012, submission deadline. Please note however that we are expecting individual AIE and LMF submissions from the April 27, 2012, due date. It is also important to remember that this year June 1 falls on a Friday. With the Bulk upload submission restrictions above, we recommend that you submit all Bulk uploads by 2:00 p.m. on Thursday, May 31, 2012. If necessary, this timing will allow us to send you a rejection report before the deadline, giving you time to make corrections and resubmit to avoid being late on any assessments due.
We created the following new Bulk template resources to assist you with using this new feature.
- PRS Annual Income & Expense Bulk Template Desk Reference
- PRS Loan Management Form Bulk Template Desk Reference
We regularly update the Asset Management Resources page with the latest PRS materials to assist you in understanding our annual and quarterly reporting requirements. In particular, you should continue to review the PRS Frequently Asked Questions.
If you have any feedback on the Bulk templates, please submit comments to the Multifamily Asset Performance mailbox.