Preparing for Loan Management Form Template Changes
March 27, 2014
Since the introduction of the Property Reporting System (PRS) two years ago, we've seen a dramatic improvement in assessment quality. The data you submit through PRS drives our risk-rating process, which helps us maintain lending levels for the multifamily market.
Today, we’re in the process of upgrading PRS to continue improving our internal reporting and data analysis of your assessment information. This PRS enhancement means that we’re updating both the Individual and Bulk Loan Management Form (LMF) templates.
Data Field Change to LMF Template
We are providing advance notice of the LMF template modifications to help you better prepare for the June 30, 2014, assessment due date. The addition of a “Data As of Date” field is necessary to capture the date of the information being reported.
- The “Data As of Date” field will be added after the “Submission Period” in both the Individual and Bulk LMF templates
- The “Data as of Date” field will be required to change the status of the template to “Complete”
- The “Data as of Date” field can’t be greater than the “Submission Date” in the LMF template
Template Change Begins May 2014
We will provide the new LMF templates to you no later than May 1, 2014. Please plan to use the new Individual and Bulk template for all LMF uploads into PRS beginning May 26. The current LMF templates, version 5.01, will become inactive in PRS on May 15. You will no longer be able to upload LMFs completed on version 5.01 after May 15. Please note that LMF submission will be suspended from May 15 through May 26 to update the template and data validation in PRS. You can resume your LMF submission using the updated template starting May 26.
You should use the LMF Due Queue to plan timely submission for all LMFs with a June 30, 2014 deadline. As a reminder, you can submit assessments early if you prefer to submit all June 30, 2014 LMF assessments prior to the template change. Please contact Hewan Eyob at 703-714-2782 with any questions.