Property Reporting System 2013 Templates and Population Available Ahead of Deadline
November 8, 2012
The Property Reporting System (PRS) is a crucial component of our strategy to establish a uniform set of servicing guidelines. PRS helps to drive the risk-rating process through the collection of timely and accurate financial statements and inspections.
We want to make you aware now of the following PRS activities:
- We have a planned outage from 5:00 p.m. ET on Friday, November 9, 2012, through Sunday, November 11 at 12:00 a.m. ET.
- We're making changes to the assessment templates to improve their ease of use and function in the submission process.
- We're releasing the new 2013 Annual Income and Expense (AIE) and Annual Inspection Form (AIF) templates today to provide you with additional time to become familiar with the new formats in advance of their submission deadlines.
Updated Individual and Bulk AIE Templates
The next AIE submission deadline is March 31, 2013. However, we are releasing the new individual and bulk templates now to provide you with several months to adopt the new formats.
The updated templates are available for download in the Asset Management Resources section from now until December 31, 2012. You will not find the new AIE templates in PRS until January 1, 2013. The 2013 AIE pipeline will also be available in January to ensure the inclusion of all 2012 funded loans.
The following enhancements to the AIE template were designed to improve their function and usability:
- All characters are accepted in text fields. As an example, St. Louis with a period is now accepted.
- Financial statement dates are now validated, eliminating data entry errors.
- Annualized Unsubordinated Ground Rents and Capital Expenditures are to be reported in the YE Normalized/Annualized section of the templates.
AIF Template and Population
The next submission deadline for the Annual Inspection Form (AIF) is December 31, 2012. Please note that for all 2013 assessment due dates, you will be required to submit photos as a separate attachment. Photos will no longer be included in the AIF template.
To assist you with this change, an updated AIF template that does not require photos to be included within the template has been created. The updated template is available for download in the Asset Management Resources section from now until December 31, 2012, and will be available in PRS starting January 1, 2013. You can also refer to PRS Template Change Desk Reference for details of the new photo submission requirement.
If you plan to extend the due date for any 2012 AIFs to 2013, you will need to submit those AIFs in the new 2013 template.
The 2013 AIF and Loan Management Form (LMF) pipeline will be available in PRS by the week of November 26, 2012, or earlier. The 2013 pipeline provides you with the option to resume inspections for all loans with a risk-rating of 8 to 10. In the pipeline you will see the risk-rating, which establishes the "FM Inspect" versus "Servicer Inspect" system flag and inspection criteria for 2013.
When the 2013 AIF pipeline is available, you will be asked to decide if you are choosing to inspect all properties with a risk-rating of 8 to 10, or you would prefer that Freddie Mac continue to inspect these properties. If you choose to have Freddie Mac continue to conduct the inspection, the risk-rating 8 to10 will show the FM Inspect flag = Yes. If you choose to resume inspections for these loans, the FM Inspect flag will be reset to No.
Planned PRS Outage
PRS will be unavailable due to a planned infrastructure enhancement beginning Friday, November 9 at 5:00 p.m. ET. PRS will resume availability at 12:00 a.m. ET on Sunday, November 11. Many of the changes being made facilitate the 2013 assessment pipelines.
We also anticipate another upgrade during the first quarter of 2013. Training will be provided after the first quarter enhancement is complete.
Template Resources for 2012 and 2013
We prepared a detailed overview of the changes for each template and each field impacted 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 Quarterly Income & Expense (QIE) Individual Template Version 2.00 and LMF Individual Template Version 6 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||Versions Available|
|November 30, 2012||QIE due date||QIE Individual Template Version 3.00 and 3.03 are available.
Version 3.03 has enhancements
|December 1, 2012||QIE Individual Template Version 3.00 is retired||QIE Individual Template Version 3.03 remains available|
|December 31, 2012||LMF due date||LMF Individual Template Version 5.01 required|
General Loan Information (GLI) Protocol Change
- Following the completion of the PRS launch, we retired the MultiSuite for Assessments application on October 31, 2012.
- You can continue to access GLI on the Quick Links section of the Asset Management page to view all general loan information.
- We're now implementing a change to the submission of general loan information changes. Please submit all GLI requests through the Multifamily Asset Performance mailbox. This procedure change will allow us to also make the change directly in PRS for future assessments.
- As a result of this process change, we ask that you no longer submit any general loan Information changes through the GLI application.
If you have any questions about templates, PRS, or GLI, please submit comments to the Multifamily Asset Performance mailbox with PRS Question in the subject line.