Property Reporting System Template and Population Update
October 1, 2012
We launched the Property Reporting System (PRS) this year in order to build a more efficient asset management reporting process with you. We’re pleased with your adoption of PRS in the past five months and the corresponding 90 percent plus submission rate of assessments for the past two quarters. We continue making improvements to PRS and our processes ensuring that we have the most up to date information for our risk management practices.
Revised Assessment Templates
On October 1, 2012, we are changing two assessment templates in PRS.
- Quarterly Income & Expense (QIE) Detailed and Abbreviated
- Loan Management Form (LMF)
There are many benefits to these template changes including:
- All character types are accepted in the text fields for each template.
- Income Analysis is no longer required with the QIE submission, simplifying the QIE analysis and submission. Please note that unit count of occupied, vacant and non-revenue units are required to be reported.
- The question regarding insurance requirements compliance has been removed from the LMF. Insurance is monitored and tracked in the Insurance Compliance Tool (ICT).
We prepared a detailed overview of the changes for each template and each field impacted in a simple chart to guide you through the revisions. You can access the PRS Template Change Desk Reference on the Asset Management Resources page.
Today, you will find QIE Individual Template Version 3.04 and LMF Individual Template Version 5.01 in PRS. Below is a schedule of due dates for the QIE and LMF deadlines for the remainder of the year. Please note which template version is available and required to meet each submission deadline.
|Effective Date||Impacted Template||Version(s) Available|
|October 1, 2012||LMF Individual Template Version 5.00 is retired||LMF Individual Template Version 5.01 available|
|October 5, 2012||Updated QIE Bulk Template available in PRS
Updated LMF Bulk Template available in PRS
|November 30, 2012||QIE due date||QIE Individual Template Version 3.00 and 3.04 are available.
Version 3.04 has enhancements
|December 1, 2012||QIE Individual Template Version 3.00 is retired||QIE Individual Template Version 3.04 remains available|
|December 31, 2012||LMF due date||LMF Individual Template Version 5.01 required|
Third Quarter Assessment Population
Third quarter QIEs have been populated in PRS and are accessible now for submission. All third quarter QIE submissions are due November 30, 2012.
You must upload all completed assessment templates, borrower financial statements and property rent rolls into PRS by November 30, 2012, for the assessment to be considered a timely submission.
MultiSuite for Assessments Retirement
Due to the completion of PRS adoption, we are announcing the retirement of the MultiSuite for Assessment application on October 31, 2012. We recommend that you print any historical information you need before October 31, 2012.
After October 31, 2012, you will not be able to access MultiSuite for Assessments. In 2011, you began uploading assessment submissions into the Document Management System (DMS), where they are still available.
You should continue to use the GLI application to submit general loan information requests.
If you have any questions about QIE templates or PRS, please submit comments to the Multifamily Asset Performance mailbox with PRS Question in the subject line.