Launching the Next Version of the Property Reporting System
June 18, 2012
The introduction of the Property Reporting System (PRS) has helped us develop and move toward industry servicing standards within our own organizational structure, processes, forms and expectations. With PRS functionality, we are supporting you and your borrower much more effectively and efficiently. The next version of PRS will include additional benefits with the following new features:
- Individual and Bulk templates for the Quarterly Income & Expense (QIE) form in both a Detailed and Abbreviated format.
- Elimination of extra steps in the assessment process by removing the use of the Quarterly Loan Performance Tool (Q Tool) and the need for uploading files to the Document Management System (DMS).
- Access to pipeline and status reports in PRS.
- Immediate feedback messages on the completeness of any submission.
We are providing training for the latest version of PRS on Thursday, July 12 at 2:00 p.m. ET. You can register on the Multifamily Events page. We're offering this session now to give you time to prepare for the August 31 QIE due date. The session will introduce you to two types of QIE templates to meet Detailed and Abbreviated reporting requirements.
Shifting Toward Quarterly Reporting
We continue to align our processes to ensure a similar borrower experience regardless of execution path. To support this, we've changed many reporting requirements from yearly to quarterly to support better portfolio management practices. Your focus on the Capital Markets ExecutionSM (CME) quarterly financial process has greatly reduced outstanding financials due for the last two consecutive quarters. The enhancements we made to the loan compliance monitoring process and your focus on addressing items prior to them being past due has also reduced open items from 56% to 41% in this same time period.
Introducing Detailed and Abbreviated Quarterly Operating Statement Analysis
We are also introducing Detailed and Abbreviated QIE template formats to reflect the changes in our internal risk-rating methodology. You will be able to toggle between these two formats in either the Individual QIE or Bulk QIE template. As with previous PRS Bulk template functionality, you can 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. In this PRS release, the current Bulk upload submission time restrictions will be eliminated. You will receive immediate feedback on the status of your Bulk submission upload.
You will also be able to see your QIE pipeline population in PRS, eliminating the use of the separate Q Tool Excel spreadsheet used for tracking in prior years. The pipeline will guide you on which of the following forms you are required to complete:
|Assessment Type||Conditions Requiring an Assessment||Timing of the Assessment|
|QIR – Detailed||
|QIR – Abbreviated||
Please submit any comments you have about PRS to the Multifamily Asset Performance mailbox.