Property Reporting System Enhancements and Training Schedule
January 22, 2013
The Property Reporting System (PRS) has increased efficiencies and improved the way in which you report financial and inspection information on retained portfolio loans. To provide even greater benefits, we’re releasing new PRS features today.
Highlights of New PRS Features
The new PRS features focus on ensuring the integrity of loan level data. Below are highlights of a few of the new features that you can use when you logon to PRS now.
- Data Warnings: You will see a warning description in a new screen if key data values provided in any of your assessments vary from the most current loan level attributes in PRS. The warning information can be exported easily to Microsoft Excel to provide you additional flexibility in how you work with the data.
- Loan Details: You now have access to a Loan Details menu that provides the most current loan level attributes and specific assessment information including historical assessment submissions and activities. This data covers due date changes, waivers and assessment suspension requests and status. To prevent duplicate requests, simply check the Activity screen prior to requesting a due date change or waiver.
- Pipeline Summary: You will find two additional statuses that have been added to the Seller Servicer Pipeline Summary. The new Suspended status displays the number of suspended assessments by quarter and assessment type. This means that you will no longer need to submit a Waiver Request after loan payoff. The Resubmission status provides information for all resubmitted assessments by quarter and assessment type, which helps you identify potential areas of improvement for future assessments.
- Reports: The following reports are accessible to help you manage your assessment population, accuracy, and submission timeliness:
- Late Assessment Report: Provides a list of assessment that are late.
- Return Report: Provides a list of assessment that have been returned for a user-specified date range.
- Risk-Rating Report for Assessments: Provides prior quarter risk-rating, current risk-rating, and current risk-rating as of a specified date for each loan.
- Performance Report: Provides a summary of submission rate by assessment type, status and quarter.
- Rejected Reason Report: Provides a count of failed/rejected uploads by assessment type and rejection reasons.
- Automated Email Notifications – You will now automatically receive a PRS-generated email to notify you of our decisions for any of the following items:
- Assessment is returned by Freddie Mac.
- Due Date Change Request is approved or denied.
- Waiver Request is approved or denied.
Training and Resource Reminders
Training for all the new PRS features and the latest updates to the Annual Inspection and Expense (AIE) and the Annual Inspection Form (AIF) templates is scheduled for February 5, 2013, at 2:00 p.m. ET. Please register on the Multifamily Events section of our website.
We regularly update the Asset Management Resources web page with the latest PRS materials to assist you in understanding our reporting requirements. In particular, you should continue to review the PRS Frequently Asked Questions and the 2013 Asset Management Reporting Calendar. A new version of the PRS Quick Start Manual is available for download.
In November, we posted advance versions of Individual and Bulk AIE templates on the Asset Management Resources section of our website specifically to use for the March 31, 2013 submission deadline. Both 2013 AIE templates have been removed from our website. You are now required to download all assessment templates within PRS.
If you have any questions about templates or other PRS issues, please submit comments to the Multifamily Asset Performance mailbox with PRS Question in the subject line.