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Time Saving Template Instructions for Reserves Deposit Reporting

May 2, 2014

The aggregate reserves deposit information you report monthly for all loans on the CME Data Update Template is vital and is used throughout the securitization process. These are items that drive the calculations on the loan, including the note rate, servicing fee, interest calculation, and Due Date of Last Paid Installment (DDLPI).  The completeness and accuracy of the information you provide on the template ultimately supports efficiency and better data for investors. Data accuracy can also influence the bids your company receives for primary servicing rights.

To improve the quality of data and save you time with addressing errors or omissions on submitted templates, we are introducing an updated template effective May 12, 2014.

New Name and Detailed Data Definitions

The updated template has a new name, Sales Data Update Template, and includes detailed instructions on how the information must be formatted to avoid reporting errors. Data definitions and valid formats have been enhanced to streamline reporting. Please note that there are no changes to any of the data elements on the template.

The May 1, 2014, Guide Bulletin reflects the template’s new name. You can download the Sales Data Update Template under the Quick Links section on the Investor Reporting Resource Center and begin using it now.

Template Feedback Completion

It’s important that you enter data in the required format stated in the detailed instructions on the Data Definitions tab. If you don’t use the same values and formats, we have to manually correct reports and follow-up with you individually, creating inefficiencies in the securitization process and possibly delaying information to investors.

As an example, you should always use 6.15% as the value for Note Rate opposed to .0615 or 6.15 without the percent sign (%).  

Beginning with the May 12 reporting deadline, there will be additional monitoring of the data quality in the new Sales Data Update Template. While we are not providing official ratings at this time, feedback on the quality of the data in these reports may be reflected in future Seller/Servicer Performance Reviews (SSPRs).  The Freddie Mac Multifamily Loan Accounting department may also provide more frequent feedback as needed for some Servicers.  

Please contact your Freddie Mac Multifamily Loan Accounting/Investor Reporting representative with any questions.

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