UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is
intended to satisfy:
|
[_] |
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________. |
Date of Report (Date of earliest event reported): ___________
Commission File Number of securitizer: ___________
Central Index Key Number of securitizer: ___________
| |
(Name and telephone number, including area code,
of the person to contact in
connection with this filing) |
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]
Indicate by check
mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]
Indicate by check mark whether the securitizer has no activity to report for the annual period
pursuant to Rule 15Ga-1(c)(2)(ii): [_]
|
[X] |
Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2). |
Central Index
Key Number of depositor: 0001026214
| Federal Home Loan Mortgage
Corporation (as issuer of the Structured Pass-Through Certificates, Series ML-24) and FRETE 2024-ML24 Trust |
| (Exact name of issuing entity as specified in its charter) |
Central Index Key Number of issuing entity (if applicable): 0001026214
Central Index Key Number of underwriter (if applicable): ___________
| Jason Griest (703)
903-2000 |
(Name and telephone number, including area code,
of the person to contact in
connection with this filing) |
INFORMATION TO BE INCLUDED IN THE REPORT
PART I: REPRESENTATION AND WARRANTY INFORMATION
N/A
PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
See Independent Accountants’ Agreed-Upon Procedures Report, dated September 9, 2024, of KPMG LLP, attached as Exhibit 99.1 to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| Date: September 9, 2024 |
Federal Home Loan Mortgage Corporation, as Depositor with respect to the Structured Pass-Through
Certificates, Series ML-24, and as Securitizer with
respect to the FRETE 2024-ML24 Trust |
| |
|
| |
By: |
/s/ Jason Griest |
| |
|
Name: Jason Griest
Title: Vice President – Multifamily Securitization |
EXHIBIT INDEX
| Exhibit 99.1 |
Independent Accountants’ Agreed-Upon Procedures Report, dated September 9, 2024, of
KPMG LLP. |
Exhibit
99.1
 |
|
| |
KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102 |
Independent Accountants’ Agreed-Upon Procedures Report
Federal Home Loan Mortgage Corporation (the
“Company”)
J.P. Morgan Chase Commercial Mortgage Securities Corp.
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
(collectively, the “Specified Parties”):
Re: FRETE 2024-ML24 Trust – Data File Procedures
We have performed the procedures described below on
the specified attributes in an electronic data file entitled “ML24 Red Data Tape 9.06.2024.xlsx” (the “Data File”) provided by the Company on September 6, 2024, containing information on 11 funding loans intended to be
tax-exempt loans (the “Loans”), each secured by multifamily mortgage loans secured by 11 related mortgaged properties (the “Mortgaged Properties”) as of September 1, 2024 (the “Cut-off Date”), which we were
informed are intended to be included as collateral in the offering by FRETE 2024-ML24 Trust. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the
accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as
such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other
purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
|
· |
The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting
threshold. |
|
· |
The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within
the reporting threshold. |
|
· |
The term “reporting threshold” means that (i) dollar amounts, percentages, and debt service coverage ratios were within $1.00, 0.1%, and 0.01, respectively, (ii) dollar amounts were within $2.00 for the Data File attribute Maturity
Balance and (iii) dollar amounts were within $5.00 for the Data File attribute Monthly Rent per Unit. |
|
· |
The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
|
· |
The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
| |
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of
independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
|
|
· |
The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
|
· |
The term “Instructions” means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology, or value, as described in Attachment C. |
|
· |
The term “Loan Files” means the copies of source documents made available by the Company and listed in Attachment A. Where the term “Draft” is used, it means source documents provided by the Company and listed in
Attachment A are in draft form and are not executed with signatures as of the date of this report. We make no representations regarding the validity or accuracy of these documents. |
|
· |
The term “Provided Information” means the Loan Files, Calculation Methodology and Instructions. |
Prior to being provided the Data
File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information
reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
|
A. |
We compared the Compared Attributes in the Data File (except for those with “Provided by Company” in the “Source Document(s)” column of Attachment A) to the corresponding information included in the Loan Files, utilizing
the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes
identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority
document listed first. |
|
B. |
We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, as detailed in the “Calculation Methodology” column of Attachment B, and
(iii) the Instructions, as applicable. |
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance
with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on the procedures performed. We
were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an
opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent
of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The
procedures performed were applied based on information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i)
the reasonableness of the information provided to us by the Company, (ii) the physical existence of the loans and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or
(iv) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the loans to stated underwriting or
credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such loans and related mortgaged properties being securitized, (iii) the compliance of the originator of the loans with federal, state,
and local laws and regulations, or (iv) any other factor or characteristic of the loans and related mortgaged properties that would be material to the likelihood that the issuer of the certificates will pay interest and principal in accordance with
applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including
investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
September 9, 2024
COMPARED ATTRIBUTES
| Attribute Number |
Attribute |
Source Document(s) |
| 1 |
Annex # |
Provided by Company |
| 2 |
Loan Group |
Provided by Company |
| 3 |
Freddie Mac Loan Number |
Continuing Covenant Agreement, Project Note |
| 4 |
Property Name |
Provided by Company |
| 5 |
Optigo Lender |
Governmental Note, Project Note, Continuing Covenant Agreement |
| 6 |
Address (Street) |
Appraisal Report, Engineering Report, USPS Website |
| 7 |
City |
Appraisal Report, Engineering Report, USPS Website |
| 8 |
County |
Appraisal Report, Engineering Report, USPS Website |
| 9 |
State |
Appraisal Report, Engineering Report, USPS Website |
| 10 |
Metropolitan Statistical Area |
MSA Report |
| 11 |
Zip Code |
Appraisal Report, Engineering Report, USPS Website |
| 12 |
Property Type |
Appraisal Report |
| 13 |
Property Sub-Type |
Appraisal Report, Investment Brief, Engineering Report, Property Inspection and Lease Audit, Continuing Covenant Agreement |
| 14 |
Cut-off Date |
Provided by Company |
| 15 |
Original Principal Balance |
Project Note |
| 16 |
Note Date |
Project Note |
| 17 |
Note Rate |
Project Note |
| 18 |
Rate Type |
Project Note |
| 19 |
Interest Calculation |
Project Note |
| 20 |
First Payment Date |
Project Note |
| 21 |
Maturity Date |
Project Note |
| 22 |
Payment Date |
Project Note |
| 23 |
Late Charge Grace Period (# of days) |
Project Note |
| 24 |
Amortization Type |
Project Note |
| 25 |
Original Amortization Term (months) |
Project Note |
| 26 |
Interest Only Term |
Project Note |
| 27 |
Prepay Provision Description |
Project Note, Project Loan Agreement, Funding Loan Agreement, Draft Project Note Amendment |
| 28 |
Defeasance To Maturity (Y/N) |
Funding Loan Agreement, Project Note, Project Loan Agreement |
| 29 |
Partial Defeasance Permitted (Y/N) |
Funding Loan Agreement, Project Note, Project Loan Agreement |
| 30 |
Appraised Value |
Appraisal Report |
| 31 |
Appraised Value Type |
Appraisal Report |
| Attribute Number |
Attribute |
Source Document(s) |
| 32 |
Appraisal Firm |
Appraisal Report |
| 33 |
Appraisal Date |
Appraisal Report |
| 34 |
Year Built |
Engineering Report, Appraisal Report |
| 35 |
Year Renovated |
Engineering Report, Appraisal Report, Certificate of Substantial Completion (Form G704), Final Site Observation Report |
| 36 |
Expected Construction Completion Date |
Continuing Covenant Agreement, Commitment Letter, Pre-Construction Report |
| 37 |
Number of Units |
Rent Roll, Appraisal Report, Investment Brief, Continuing Covenant Agreement |
| 38 |
Affordable LI Units (<=80% AMI) |
CRA Report |
| 39 |
Affordable LI Units (<=60% AMI) |
CRA Report |
| 40 |
Affordable VLI Units (<=50% AMI) |
CRA Report |
| 41 |
Unit of Measure |
Rent Roll, Appraisal Report, Investment Brief, Continuing Covenant Agreement |
| 42 |
# Units - Commercial |
Appraisal Report, Rent Roll, Investment Brief, Commercial Lease |
| 43 |
Elevator (Y/N) |
Engineering Report, Appraisal Report |
| 44 |
FIRREA Eligible (Y/N) |
Appraisal Report |
| 45 |
Zoning Status |
Zoning Report, Appraisal Report |
| 46 |
Lien Position |
Final Title Policy, Continuing Covenant Agreement |
| 47 |
Fee Simple/Leasehold |
Security Instrument, Final Title Policy |
| 48 |
Ground Lease Rent |
Ground Lease or Ground Lease Estoppel |
| 49 |
Ground Lease Expiration Date |
Ground Lease or Ground Lease Estoppel |
| 50 |
Ground Lease Expiration Date w/ Extensions |
Ground Lease or Ground Lease Estoppel |
| 51 |
U/W EGI |
Asset Summary Report (Excel or PDF) |
| 52 |
U/W Expenses |
Asset Summary Report (Excel or PDF) |
| 53 |
Underwritten Annual Reserves |
Asset Summary Report (Excel or PDF) |
| 54 |
U/W NCF |
Asset Summary Report (Excel or PDF) |
| 55 |
Most Recent Period Ending |
Asset Summary Report (Excel or PDF) |
| 56 |
Most Recent EGI |
Asset Summary Report (Excel or PDF) |
| 57 |
Most Recent Expenses |
Asset Summary Report (Excel or PDF) |
| 58 |
Most Recent NCF |
Asset Summary Report (Excel or PDF) |
| 59 |
2nd Most Recent Period Ending |
Asset Summary Report (Excel or PDF) |
| 60 |
2nd Most Recent EGI |
Asset Summary Report (Excel or PDF) |
| 61 |
2nd Most Recent Expenses |
Asset Summary Report (Excel or PDF) |
| 62 |
2nd Most Recent NCF |
Asset Summary Report (Excel or PDF) |
| 63 |
3rd Most Recent Period Ending |
Asset Summary Report (Excel or PDF) |
| 64 |
3rd Most Recent EGI |
Asset Summary Report (Excel or PDF) |
| 65 |
3rd Most Recent Expenses |
Asset Summary Report (Excel or PDF) |
| 66 |
3rd Most Recent NCF |
Asset Summary Report (Excel or PDF) |
| Attribute Number |
Attribute |
Source Document(s) |
| 67 |
Occupancy as of Date |
Rent Roll |
| 68 |
Tenant Concentration Type |
For Student, Military and Corporate concentrations: Property
Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report For Age Restricted concentrations: Appraisal Report, Investment Brief
For Assisted Living/Independent Living concentrations: Continuing Covenant Agreement For any other
concentrations: Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report, Continuing Covenant Agreement |
| 69 |
% of Tenant Concentration |
For Student, Military and Corporate concentrations: Property
Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report For Age Restricted concentrations: Appraisal Report, Investment Brief
For Assisted Living/Independent Living concentrations: Continuing Covenant Agreement For any other
concentrations: Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report, Continuing Covenant Agreement |
| 70 |
Non-Compliance Provisions (Y/N) |
Continuing Covenant Agreement |
| 71 |
Rental Subsidy Indicator (Y/N) |
Provided by Company |
| 72 |
Rental Subsidy Type |
Provided by Company |
| 73 |
Regulatory Agreement (Y/N) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 74 |
Type of Regulatory Agreement(s) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 75 |
Description of Regulatory Agreement(s) |
Legal Affordability Summary Report |
| 76 |
Regulatory Agency/Housing Authority/Regulatory Agreement Counterparty |
Legal Affordability Summary Report |
| 77 |
% Units with Income Restrictions |
Legal Affordability Summary Report, Regulatory Agreements |
| 78 |
% Units with Rent Restrictions |
Legal Affordability Summary Report, Regulatory Agreements |
| 79 |
HAP Maturity Date |
Legal Affordability Summary Report |
| 80 |
Condo Ownership (% or N/A) |
Continuing Covenant Agreement |
| 81 |
Amount Sq. Ft - Commercial |
Appraisal Report, Rent Roll, Investment Brief, Commercial Lease |
| 82 |
Environmental Firm |
Phase I Environmental Report |
| 83 |
Phase I Environmental Report Date |
Phase I Environmental Report |
| Attribute Number |
Attribute |
Source Document(s) |
| 84 |
Phase II Recommended (Y/N) |
Phase I Environmental Report |
| 85 |
Phase II Performed (Y/N) |
Phase II Environmental Report |
| 86 |
Phase II Environmental Report Date |
Phase II Environmental Report |
| 87 |
Environmental Cost to Cure (Phase I plus Phase II) |
Phase I Environmental Report & Phase II Environmental Report |
| 88 |
Engineering Firm |
Engineering Report |
| 89 |
Engineering Report Date |
Engineering Report |
| 90 |
Immediate Repairs Cost Estimate |
Engineering Report |
| 91 |
Replacement Reserves Cost Estimate per Year |
Engineering Report |
| 92 |
Seismic Firm |
Seismic Report |
| 93 |
Seismic Report Date |
Seismic Report |
| 94 |
Elevated Seismic Hazard Region or PGA ≥ 0.15g (Y/N) |
Seismic Report, Engineering Report |
| 95 |
PML Report Required (Y/N) |
Seismic Report, Engineering Report |
| 96 |
PML (%) |
Seismic Report |
| 97 |
Green Advantage |
CRA Report, Continuing Covenant Agreement, Green Assessment Report, Investment Brief |
| 98 |
Tax Reserve - Current Balance ($ or N/A) |
Servicing Tape |
| 99 |
Tax Reserve - Initial Deposit ($ or N/A) |
Servicing Tape, List of all Escrow Accounts Held, Settlement Statement, Continuing Covenant Agreement |
| 100 |
Tax Reserve - Contractual Payment ($ or N/A) |
Servicing Tape, List of all Escrow Accounts Held, Continuing Covenant Agreement |
| 101 |
Insurance Reserve - Current Balance ($ or N/A) |
Servicing Tape |
| 102 |
Insurance Reserve - Initial Deposit ($ or N/A) |
Servicing Tape, List of all Escrow Accounts Held, Settlement Statement, Continuing Covenant Agreement |
| 103 |
Insurance Reserve - Contractual Payment |
Servicing Tape, List of all Escrow Accounts Held, Continuing Covenant Agreement |
| 104 |
Engineering Reserve - Current Balance ($ or N/A) |
Servicing Tape |
| 105 |
Engineering Reserve - Initial Deposit ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held, Settlement Statement |
| 106 |
Engineering Reserve - Contractual Payment ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 107 |
Replacement Reserve - Current Balance ($ or N/A) |
Servicing Tape |
| 108 |
Replacement Reserve - Initial Deposit ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held, Settlement Statement |
| 109 |
Replacement Reserve - Contractual Payment ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 110 |
Replacement Reserve - Contractual - Cap ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| Attribute Number |
Attribute |
Source Document(s) |
| 111 |
Other Reserve - Current Balance ($ or N/A) |
Servicing Tape |
| 112 |
Other Reserve - Initial Deposit ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held, Settlement Statement |
| 113 |
Other Reserve Description |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held, Settlement Statement |
| 114 |
Other Reserve - Contractual Payment ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 115 |
Other Reserve - Contractual - Cap ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 116 |
Springing Reserve Name |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 117 |
Springing Reserve Amount ($ or N/A) |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 118 |
Springing Reserve Description |
Continuing Covenant Agreement, Servicing Tape, List of all Escrow Accounts Held |
| 119 |
Letter of Credit Amount |
Letter of Credit, Continuing Covenant Agreement |
| 120 |
Letter of Credit Description |
Letter of Credit, Continuing Covenant Agreement |
| 121 |
Are Escrows/Reserves LOC or can be converted to LOC (Y/N) |
Continuing Covenant Agreement |
| 122 |
Specify Accounts for Escrows/Reserves LOC |
Continuing Covenant Agreement |
| 123 |
Environmental Insurance (Y/N) |
Environmental Insurance Certificate, Form 1133 |
| 124 |
Environmental Insurance Expiration Date |
Provided by Company |
| 125 |
Environmental Insurance Carrier (Name or N/A) |
Provided by Company |
| 126 |
Environmental Insurance Carrier Rating |
Provided by Company |
| 127 |
Environmental Insurance Coverage ($ or N/A) |
Provided by Company |
| 128 |
Flood Insurance (Y/N) |
Standard Flood Hazard Determination Form, Property Insurance Certificate, Form 1133, Flood Waiver |
| 129 |
Windstorm Insurance (Y/N) |
Property Insurance Certificate, Form 1133 |
| 130 |
Earthquake Insurance Required (Y/N) |
Property Insurance Certificate, Form 1133, Seismic Report, Continuing Covenant Agreement |
| 131 |
Terrorism Insurance (Y/N) |
Property Insurance Certificate, Form 1133 |
| 132 |
Terrorism Insurance Expiration Date |
Provided by Company |
| 133 |
Terrorism Insurance Coverage ($ or N/A) |
Provided by Company |
| 134 |
Terrorism Insurance Deductible ($ or N/A) |
Provided by Company |
| 135 |
Terrorism Insurance Carrier (Name or N/A) |
Provided by Company |
| 136 |
Terrorism Insurance Carrier Rating |
Provided by Company |
| 137 |
Property Insurance Coverage (Y/N) |
Property Insurance Certificate, Form 1133 |
| 138 |
Property Insurance Expiration Date |
Provided by Company |
| Attribute Number |
Attribute |
Source Document(s) |
| 139 |
Property Insurance Carrier (Name or N/A) |
Provided by Company |
| 140 |
Property Insurance Carrier Rating |
Provided by Company |
| 141 |
Property Insurance Coverage ($ or N/A) |
Provided by Company |
| 142 |
Property Insurance Deductible ($ or N/A) |
Provided by Company |
| 143 |
Liability Insurance Coverage (Y/N) |
Liability Insurance Certificate, Form 1133 |
| 144 |
Liability Insurance Expiration Date |
Provided by Company |
| 145 |
Liability Insurance Carrier (Name or N/A) |
Provided by Company |
| 146 |
Liability Insurance Carrier Rating |
Provided by Company |
| 147 |
Liability Insurance Coverage ($ per occurrence/$ aggregate or N/A) |
Provided by Company |
| 148 |
Liability Insurance Deductible ($ or N/A) |
Provided by Company |
| 149 |
Cash Management (Description or N/A) |
Cash Management Agreement, Lockbox Agreement, Continuing Covenant Agreement |
| 150 |
Lockbox (Y/N) |
Cash Management Agreement, Lockbox Agreement, Continuing Covenant Agreement |
| 151 |
Additional Financing In Place (existing) (Y/N) |
Continuing Covenant Agreement, Secondary Financing Documents |
| 152 |
Additional Financing Amount (existing) |
Continuing Covenant Agreement, Secondary Financing Documents |
| 153 |
Additional Financing Description (existing) |
Continuing Covenant Agreement, Secondary Financing Documents |
| 154 |
Future Mezzanine Debt (Y/N) |
Continuing Covenant Agreement |
| 155 |
Future Secondary Financing (Y/N) |
Continuing Covenant Agreement |
| 156 |
Future Secondary Financing Description |
Continuing Covenant Agreement |
| 157 |
Substitution Permitted (Y/N) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 158 |
Number of Properties per Loan |
Appraisal, Continuing Covenant Agreement, Management Agreement, Assignment of Management Agreement |
| 159 |
Collateral Release Price ($ or N/A) |
Cross Collateralization Agreement, Continuing Covenant Agreement |
| 160 |
Crossed Loans |
Cross Collateralization Agreement, Continuing Covenant Agreement |
| 161 |
Release (Y or N or N/A) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 162 |
Release Provisions (Description or N/A) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 163 |
Loan Purpose |
Continuing Covenant Agreement, Investment Brief, Settlement Statement |
| 164 |
Borrowing Entity |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents |
| 165 |
Entity Type |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents |
| Attribute Number |
Attribute |
Source Document(s) |
| 166 |
State of Organization |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption
Documents |
| 167 |
Borrower Principal |
Provided by Company |
| 168 |
Borrower Type |
Continuing Covenant Agreement |
| 169 |
Tenants In Common (Y/N) |
Continuing Covenant Agreement |
| 170 |
Delaware Statutory Trust (Y/N) |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents, Trust Agreements |
| 171 |
Independent Director (Y/N) |
Continuing Covenant Agreement |
| 172 |
Non-Consolidation Opinion (Y/N) |
Opinion of Counsel, Commitment Letter |
| 173 |
Assumption Fee |
Continuing Covenant Agreement |
| 174 |
Recourse (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 175 |
Recourse Description |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 176 |
Bad Boy Indemnitor / Guarantor |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 177 |
Environmental Indemnitor (Name or N/A) |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 178 |
Environmental Carveout (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 179 |
Fraud Carveout (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 180 |
Misapplication of Rent and Insurance Proceeds Carveout (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 181 |
Voluntary Bankruptcy Carveout (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 182 |
Waste Carveout (Y/N) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 183 |
Borrower/Principal Liquid Assets |
Provided by Company |
| 184 |
Borrower/Principal Net Worth |
Provided by Company |
| 185 |
Borrower Or Principal Prior Bankruptcy (Y/N) |
Freddie Mac Form 1115, Investment Brief, Borrower Organizational Documents |
| 186 |
Bankruptcy Description (Chapter # or N/A) |
Provided by Company |
| 187 |
Management Company |
Management Agreement, Assignment of Management Agreement, Continuing Covenant Agreement |
| 188 |
Primary Servicing Fee |
Exhibit A to Commitment Letter, Exhibit A to Early Rate Lock Agreement |
| 189 |
Master Servicing Fee |
Provided by Company |
| 190 |
Trustee Fee |
Trustee Fee Bid Letter |
| 191 |
Master Servicing Surveillance Fee |
Provided by Company |
| 192 |
Special Servicing Surveillance Fee |
Provided by Company |
| 193 |
CREFC Royalty Fee |
CREFC Fee Letter |
| Attribute Number |
Attribute |
Source Document(s) |
| 194 |
Number of LIHTC Units |
Legal Affordability Summary Report, Regulatory Agreements |
| 195 |
Bond Counsel Name |
Opinion of Counsel |
| 196 |
Tax Credit Syndicator Name |
Provided by Company |
| 197 |
Tax Credit Investor Name |
Continuing Covenant Agreement, Limited Partnership Agreements, Operating Agreements |
| 198 |
Rental/Income/Age Restrictions (Y/N) |
Legal Affordability Summary Report, Regulatory Agreements, Continuing Covenant Agreement |
| 199 |
Issuer |
Governmental Note, Funding Loan Agreement |
| 200 |
Fiscal Agent Name |
Funding Loan Agreement, Continuing Covenant Agreement, Project Note |
| 201 |
Sponsor Name |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 202 |
Annual Governmental Lender Fee |
Funding Loan Agreement, Regulatory Agreements, Commitment Letter |
| 203 |
Annual Fiscal Agent Fee ($) |
Funding Loan Agreement, Regulatory Agreements |
| 204 |
Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Regulatory Agreements |
| 205 |
First Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Regulatory Agreements |
RECOMPUTED ATTRIBUTES
| Attribute Number |
Attribute |
Calculation Methodology |
| 206 |
Cut-off Balance |
Recompute using the Original Principal Balance, Interest Calculation, Seasoning as of Cut Off Date, Interest Only Term, First
Payment Date, Maturity Date, Note Rate and Monthly Debt Service, as applicable. Assume all scheduled payments of principal and/or interest on the Loans are made and that there are no prepayments or other unscheduled collections. |
| 207 |
Maturity Balance |
Recompute as the aggregate principal amount that is scheduled to be paid on the Maturity Date, excluding the principal component
that is included in the Monthly Debt Service that is due on the Maturity Date using the Original Principal Balance, Interest Calculation, Seasoning as of Cut Off Date, Interest Only Term, First Payment Date, Maturity Date, Note Rate and Monthly Debt
Service, as applicable. Assume all scheduled payments of principal and/or interest on the Loans are made and that there are no prepayments or other unscheduled collections. |
| 208 |
% of Cut-off Date Pool Balance |
Respective Cut-off Balance divided by sum of pool Cut-off Balances. |
| 209 |
% of Cut-off Date Loan Group Balance |
Respective Cut-off Balance divided by sum of loan group Cut-off Balances. |
| 210 |
Monthly Debt Service |
If Amortization Type is equal to “Interest Only”, set equal to Monthly Debt Service (IO). Otherwise, confirm using
Project Note. |
| 211 |
Monthly Debt Service (IO) |
Recompute using the Original Principal Balance, Interest Calculation, Interest Only Term and Note Rate. Assume all scheduled
payments of principal and/or interest on the Loans are made and that there are no prepayments or other unscheduled collections. |
| 212 |
Original Loan Term (months) |
Number of payments between and including the First Payment Date and Maturity Date. |
| 213 |
Remaining Amortization |
Recompute using the Original Amortization Term (months), Seasoning as of Cut Off Date and Interest Only Term. |
| 214 |
Remaining Term |
Recompute using the Original Loan Term (months), Maturity Date and Cut-off Date. |
| 215 |
Seasoning as of Cut Off Date |
Original Loan Term (months) minus Remaining Term. |
| 216 |
Cut-off Balance Per Unit |
Cut-off Balance divided by Number of Units. |
| 217 |
LTV at Cutoff |
Cut-off Balance divided by Appraised Value. |
| 218 |
LTV at Maturity |
Maturity Balance divided by Appraised Value. |
| 219 |
U/W NOI |
U/W EGI minus U/W Expenses |
| Attribute Number |
Attribute |
Calculation Methodology |
| 220 |
U/W DSCR (NCF) |
U/W NCF divided by product of 12 and Monthly Debt Service. |
| 221 |
U/W IO DSCR (NCF) |
U/W NCF divided by product of 12 and Monthly Debt Service (IO). |
| 222 |
Most Recent NOI |
Most Recent EGI minus Most Recent Expenses |
| 223 |
Most Recent DSCR (NCF) |
Most Recent NCF divided by product of 12 and Monthly Debt Service. |
| 224 |
2nd Most Recent NOI |
2nd Most Recent EGI minus 2nd Most Recent Expenses |
| 225 |
2nd Most Recent DSCR (NCF) |
2nd Most Recent NCF divided by product of 12 and Monthly Debt Service. |
| 226 |
3rd Most Recent NOI |
3rd Most Recent EGI minus 3rd Most Recent Expenses |
| 227 |
3rd Most Recent DSCR (NCF) |
3rd Most Recent NCF divided by product of 12 and Monthly Debt Service. |
| 228 |
Occupancy Rate |
Number of occupied units listed on the Rent Roll Source Document divided by Number of Units. |
| 229 |
Monthly Rent per Unit |
Monthly residential rent per the Rent Roll Source Document divided by the number of residential units per the Rent Roll, Appraisal
Report, Investment Brief, or Continuing Covenant Agreement Source Documents. |
| 230 |
% of GPR from Commercial Rental Income |
Commercial income divided by the sum of commercial income and residential gross potential rent from the Asset Summary Report (Excel
or PDF) Source Document. |
| 231 |
CDCR (Combined DCR) |
Equal to N/A if Additional Financing In Place (existing) (Y/N) is equal to “No”, or if additional financing (i) has a
floating interest rate, (ii) is ‘soft debt’, where there is either no requirement for repayment, or payments are calculated from excess cash flows, (iii) has conditions that provide for the potential forgiveness of the debt, (iv) is
owned by the Company, (v) is a pari passu companion loan or (vi) is unsecured. Otherwise, U/W NCF divided by product of 12 and the sum of Monthly Debt Service and monthly debt service of any Additional Financing In Place (existing) (Y/N) which is
not represented by any of the conditions (i) through (vi) above. |
| Attribute Number |
Attribute |
Calculation Methodology |
| 232 |
CLTV (Combined LTV) |
Equal to N/A if Additional Financing In Place (existing) (Y/N) is equal to
“No”, or if additional financing (i) is ‘soft debt’, (ii) has conditions that provide for the potential forgiveness of the debt, (iii) is owned by the Company, (iv) is a pari passu companion loan or (v) is unsecured.
Otherwise, sum of Cut-off Balance and any Additional Financing Amount (existing) which is not represented by any of the conditions (i) through (v) above, divided by Appraised Value. |
| 233 |
Affiliated Borrowers Group Name |
Recompute by grouping loans by Borrower Principal. |
| 234 |
Administration Fee |
Sum of Primary Servicing Fee, Master Servicing Fee, Trustee Fee, Master Servicing Surveillance Fee, Special Servicing Surveillance
Fee and CREFC Royalty Fee. |
| 235 |
Net Mortgage Rate |
Note Rate minus Administration Fee. |
INSTRUCTIONS
|
1. |
For those Compared Attributes with the source document indicated as “Provided by Company,” and those Recomputed Attributes with the calculation methodology indicated as “Provided by Company,”
we were instructed by the Company to assume the attribute or result is accurate and therefore, we did not perform any procedure. |
|
2. |
For the Compared Attribute “Environmental Cost to Cure (Phase I plus Phase II)”, we were instructed by the Company to (i) use ‘$0’ as the value for the Compared Attribute when the Source
Documents contained an Environmental Cost to Cure of less than $5,000, (ii) use ‘N/A’ as the value for the Compared Attribute when the Source Documents did not indicate a value and (iii) exclude any radon mitigation costs in the value
for the Compared Attribute. |
|
3. |
For the Compared Attribute “Flood Insurance (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Standard Flood Hazard Determination Form had
the ‘No’ field marked in the ‘Determination’ section, or when no Standard Flood Hazard Determination Form was available, and the Loan File did not indicate that the Mortgaged Property was located in a special flood hazard
area. When the Standard Flood Hazard Determination Form had the ‘Yes’ field marked in the ‘Determination’ section, we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute if either
flood insurance or an approved waiver was stated in the Source Documents. |
|
4. |
For the Compared Attribute “Earthquake Insurance Required (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Compared Attribute
“Elevated Seismic Hazard Region or PGA ≥ 0.15g (Y/N)” is equal to ‘No’ or when the Compared Attribute “PML (%)” is less than or equal to 20.0% or is N/A. Notwithstanding the above, if the Continuing Covenant
Agreement requires earthquake insurance due to building retrofitting we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute “Earthquake Insurance Required (Y/N)”. |
|
5. |
For the Compared Attribute “PML Report Required (Y/N)”, for Loans where “Property Sub-Type” is equal to “Manufactured Housing Community” or contains “MHC”, we were
instructed by the Company to use ‘No’ as the value for the Compared Attribute, unless a Source Document was provided. |
|
6. |
For the Compared Attribute “PML Report Required (Y/N)”, for Loans where a Seismic Report was provided, we were instructed by the Company to use ‘Yes’ as the value for the Compared
Attribute. |
|
7. |
For the Compared Attributes “Tenant Concentration Type” and “% of Tenant Concentration”, we were instructed by the Company to exclude concentration types and percentages listed for
‘Seniors’ and ‘Graduate Students’ in the Source Documents. |
|
8. |
For the Compared Attribute “Borrower Or Principal Prior Bankruptcy (Y/N)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Source Document
(“Freddie Mac Form 1115”) did not have ‘Yes’ checked for the applicable question. |
|
9. |
For the Compared Attribute “Tax Credit Investor Name”, we were instructed by the Company to list all entities with over a 15% ownership interest in the borrower, as identified in the ‘Organizational
Chart of Borrower’ in the Source Document (“Continuing Covenant Agreement”). |
|
10. |
For the Compared Attribute “Year Renovated”, we were instructed by the Company to use the year of the value for “Expected Construction Completion Date” if the value of “Expected
Construction Completion Date” was not equal to ‘N/A’. |
|
11. |
For the Compared Attribute “Number of Properties per Loan”, we were instructed by the Company to use ‘1’ as the value for the Compared Attribute when the Source Documents described multiple
parcels managed by a single entity. |
|
12. |
For the Mortgaged Property with Property Name equal to ‘Crossroad Commons’, for the Recomputed Attributes “Cut-off Balance” and “Maturity Balance”, we were instructed by the Company
to apply the scheduled principal payment during the first accrual period identified in the Project Note to the Original Principal Balance prior to recomputation. |
|
13. |
For Mortgaged Properties with a ‘Taxable Supplemental’ loan identified in the Compared Attribute “Additional Financing Description (existing)”, we were instructed to include such when
recomputing the following Recomputed Attributes: “Cut-off Balance Per Unit”, “LTV at Cutoff”, “LTV at Maturity”, “U/W DSCR (NCF)”, “U/W IO DSCR (NCF)”, “Most Recent DSCR (NCF)”,
“2nd Most Recent DSCR (NCF)”, and “3rd Most Recent DSCR (NCF)”. |
|
14. |
For the Compared Attributes “Appraised Value” and “Appraisal Date”, we were instructed by the Company to use the appraised value and appraisal value date, as shown in the related Appraisal
Report, that are associated with the appraisal valuation type that is identified in the “Valuation Type from Appraisal Report” column of the table below. For the Compared Attribute “Appraised Value Type”, we were instructed
by the Company to use the appraisal valuation type listed in the “Appraised Value Type” column of the table below. |
| Property Name |
Valuation Type from Appraisal Report |
Appraised Value Type |
| Vista Ridge Apartments |
Market Value As Is - Restricted |
As-Is (Rent Restrictions) |
| Harbor At Twin Lakes Apartments |
As Is - Restricted |
As-Is (Rent Restrictions) |
| Crossroad Commons |
As Is Market Value, of the subject property’s Leasehold estate, subject to rent restrictions (LIHTC) |
As-Is (Rent Restrictions) |
| The Oaks |
Hypothetical Restricted Rent Value Scenarios - Encumbered: Hypothetical Value Upon Stabilization |
As-Stabilized (Rent Restrictions) |
| The Flats At 2109 |
As Is - With Restrictions |
As-Is (Rent Restrictions) |
| Salem Gardens |
Hypothetical Value As If Renovated/Stabilized at Approved HAP Rents |
As-Stabilized (Rent Restrictions) |
| Uncle Bob's Place |
Hypothetical As If Stabilized: LIHTC |
As-Stabilized (Rent Restrictions) |
| Westfield Landing Apartments |
As Is (LIHTC As Is) |
As-Is (Rent Restrictions) |
| Larry Moore Manor |
Hypothetical As If Stabilized - As Restricted |
As-Stabilized (Rent Restrictions) |
| Casa Redonda De Vigil Apartments |
The Subject's hypothetical leased fee market value as complete and stabilized assuming restricted operations
with hypothetical rents at the lesser of maximum restricted rents and market rents |
As-Stabilized (Rent Restrictions) |
| Woodland Gardens II |
Hypothetical Lower of LIHTC Including PRAC (Stabilized) |
As-Stabilized (Rent Restrictions) |
Federal Home Loan Mortgage (QB) (USOTC:FREJP)
過去 株価チャート
から 11 2024 まで 12 2024
Federal Home Loan Mortgage (QB) (USOTC:FREJP)
過去 株価チャート
から 12 2023 まで 12 2024
