2013 Annual Inspection Form and Loan Management Form Pipelines Available in PRS
November 29, 2012
The Property Reporting System (PRS) is a crucial component of our strategy to establish a uniform set of servicing guidelines and provide borrowers a consistent experience throughout the life of their loans. To assist with these goals, we've released the 2013 Annual Inspection Form (AIF) and Loan Management Form (LMF) pipelines in PRS. Please note that the pipeline does not include any mortgages funded in the second or third quarter of 2012. The remaining AIF and LMF requirements for these mortgages will be added by the end of February 2013.
2013 AIF Response Deadline
The 2013 pipeline provides you with the option to conduct inspections for all mortgages with a risk-rating of 8 to 10. Please review the pipeline and determine if you want to conduct annual inspections for all mortgages with a risk-rating of 8 to 10. It's important to note that you must choose to complete AIFs for either all mortgages with a risk-rating of 8 to 10 or for none of those mortgages. If you elect not to complete AIFs for mortgages risk-rated 8 to 10, Freddie Mac will complete them all.
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.
You must advise us by email no later than Monday, December 3, 2012, to the Multifamily Asset Performance mailbox of your election to conduct either to all AIFs or no AIFs for mortgages with a risk-rating of 8 to 10. If you choose to have Freddie Mac continue to conduct the inspection, the risk-rating 8 to10 will continue to show the FM Inspect flag = Yes, after the December 3 deadline.
Asset Management Reporting Deadline Aids
We have several new items to assist you with complying with the many assessment deadlines throughout 2013. These helpful aids include due dates for both Portfolio-financed and securitized mortgages.
- 2013 Asset Management Reporting Calendar – This new calendar will help you prepare for all scheduled due dates and waiver requests for all types of assessments that must be submitted in PRS.
- Emails from PRS - PRS will now send automated email notifications regarding due date change and waiver request decisions. To ensure that you receive these emails, please add firstname.lastname@example.org to your safe email list. This step will prevent your email administrator from blocking it as suspected spam.
2012 AIF Deadline Reminder
The next submission deadline for AIFs is December 31, 2012. 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.
We created an updated AIF template that does not require photos to be included within the template. The updated template is available for download in the Asset Management Resources section of our website from now until December 31, 2012, and will be available in PRS after January 1, 2013. You can also refer to PRS Template Change Desk Reference for details of the new photo submission requirement.
If you have any questions about templates or AIFs, please submit comments to the Multifamily Asset Performance mailbox with PRS Question in the subject line.