Streamlined Property Issues Reporting
May 7, 2014
Periodically, we ask our Servicers to provide updates on deferred maintenance issues for properties securing the loans in our retained portfolio. To streamline the process and improve consistency, we are introducing a new Property Action Items Report and quarterly reporting cycle.
Please note that this does not change or replace the monthly Loan Compliance reporting process led by the Servicer and Data Management group of Asset Management.
Reporting Property Issues
Starting in June, each quarter, we will e-mail Servicers a comprehensive Property Action Items Report listing all deferred maintenance issues that require follow-up. These are property issues that have been indicated on the Annual Inspection Form (AIF) or the Loan Management Form (LMF). Servicers will have 30 days to update and return the report.
The report will reduce the need for individual phone calls or emails and make it easier to track and evaluate property issues and their impact on operations. There are some cases in which we still may request information outside of the formal reporting process (e.g., if the issue could significantly impact property or tenants, or if we need additional information to complete an analysis of any issues highlighted in the LMF).
Register for Training
Servicers are invited to register for the webinar listed below to become familiar with the new report and process:
Property Action Items Training
Date: Tuesday, June 3, 2014
Time: 2:00 – 3:00 p.m. EST