Planning Ahead for the Next Phase of the Property Reporting System
July 2, 2012
On Sunday, July 1, 2012, we deployed the next version of the Property Reporting System (PRS). As a reminder, we detailed the benefits of the latest release last month. Last week, we sent you the listing of Quarterly Income and Expense (QIE) Assessments with a due date of August 31, 2012.
Providing Guidance on New PRS Screens and Features
We wanted to prepare you for some changes that you will notice when you logon to PRS today.
- The QIE Assessment Queues, detailing the QIE pipeline, will be located on the main PRS screen.
- The Individual and Bulk QIE templates are accessible on the Blank Assessment Templates page of PRS under the Downloads on the main menu. You will have the option of downloading a Blank QIE form or a pre-populated form. You also have the option to download multiple forms at once for a group of loans you choose from the pipeline/search feature in PRS.
- Validate button within the QIE template to perform completeness checks and validations.
- Immediate feedback will be displayed on the completeness of any submission, bulk or individual, eliminating the three-day turnaround time of acceptance of bulk submissions. We updated the Bulk Annual Income and Expense (AIE) and Loan Management Form (LMF) Desk References to reflect this change.
- Ability to view assessment forms at the loan level for AIE, Annual Inspection Form (AIF), LMF and QIE, including those submitted in bulk.
- The Messages page provides messages from Freddie Mac to Servicers.
Training and Resource Reminders
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.
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 PRS, please submit comments to the Multifamily Asset Performance mailbox with PRS Question in the subject line.