Form ABS-15G AMNL SECURITIZATION DEPO For: Jul 05
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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) |
AMSR 2022-SFR2 TRUST
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of depositor: 0001916107
Central Index Key Number of issuing entity (if applicable): N/A
Central Index Key Number of underwriter (if applicable): N/A
AMNL Securitization Depositor, LLC
Attn: Joseph V. Gatti
(512) 342-3020
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
The disclosures required by Rule 15Ga-2 (17 CRF 240.15Ga-2) are attached hereto as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.
EXHIBIT INDEX
| 99.1 | Independent Accountants' Report on Applying Agreed-Upon Procedures |
| 99.2 | BCHH, Inc. HOA Discrepancy Review |
| 99.3 | SingleSource Property Solutions, LLC Report of Valuation Review |
| 99.4 | Radian Real Estate Management, LLC Certification of Services Performed |
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.
AMNL Securitization Depositor, LLC
(Depositor)
By: /s/ Joseph V. Gatti
Name: Joseph V. Gatti
Title: Vice President
Date: July 5, 2022
Exhibit 99.1
Report of Independent Accountants on Applying
Agreed-Upon Procedures
AMNL Funding Company, LLC
5001 Plaza on the Lake, Suite 200
Austin, Texas 78746
Ladies and Gentlemen:
We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by AMNL Funding Company, LLC (the “Company” as the engaging party) and Goldman Sachs & Co. LLC, who are collectively referred to herein as the “Specified Parties”, solely to assist you in performing certain procedures relating to the accuracy of certain attributes of the collateral assets (the “Properties”) included on the Final Data Tape (as defined below) with respect to the AMSR 2022-SFR2 securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the attributes of the collateral assets included on the Final Data Tape.
In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.
Procedures and Findings
In connection with the Transaction, for Procedure 1, the Specified Parties agreed on a sample size of 412 Properties, which the Specified Parties instructed us to select randomly from the pool of 1,559 assets on the Initial Data Tape identified by the Company as being the Properties that will collateralize the Transaction.
In connection with the Transaction, for Procedure 2, the Specified Parties agreed on a sample size of 427 Properties, which the Specified Parties instructed us to select randomly from the pool of 1,638 assets on the Second Initial Data Tape identified by the Company as being the Properties that will collateralize the Transaction.
In connection with the Transaction, for Procedure 5, the Specified Parties have requested that the procedures be performed on the entire pool of assets on the Final Data Tape as identified by the Company as being the Properties that will collateralize the Transaction.
This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.
In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:
| · | The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us; |
PricewaterhouseCoopers LLP, 655 New York Ave, NW, Suite 1100, Washington DC, 20001
T: (202) 414 1000, F: (202) 414 1301, www.pwc.com/us
| · | The conformity of the assets to stated underwriting, standards, criteria or other requirements; |
| · | The value of such assets; and |
| · | The compliance of the originator or purchaser of the assets with federal, state, and local laws and regulations. |
We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.
With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.
It should be understood that we make no representations as to:
| (i) | The interpretation of Transaction documents (including, but not limited to, the loan agreement or other offering documents) included in connection with our procedures; |
| (ii) | Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; |
| (iii) | The reasonableness of any of the assumptions provided by the Responsible Party; and |
| (iv) | The adequacy of the sample size, as provided by the Specified Parties, nor do we draw any conclusions about the Initial Data Tape or the Final Data Tape based on the sample size and results of the procedures performed. |
These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.
For purposes of performing these agreed-upon procedures, no exceptions were reported for differences within the tolerances stated in Exhibit 1 of this AUP Report.
We make no representations regarding the methodologies or assumptions provided to us by the Company.
Except as described in this report, we performed no procedures to determine the accuracy or completeness of the information contained in the Data Files.
Data, Information and Documents Provided
The following definitions, unless otherwise indicated, have been adopted in presenting our procedures and findings:
| · | The phrase “compared” refers to the comparison of one or more data attributes to underlying documentation. |
| · | The phrase “recalculated” refers to a recalculation of one of more data attributes using a prescribed methodology. |
| Page 2 of 17 |
| · | The phrase “in agreement” refers to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the Company provided tolerance level (if any), as indicated within Exhibit 1 and Exhibit 2. |
| · | The phrase “Initial Property Cut-Off Date” refers to February 23, 2022. |
| · | The phrase “Updated Property Cut-Off Date” refers to May 31, 2022. |
| · | The phrase “Data Room” refers to Firmex, used to store the Source Documents used for the purposes of our procedures. |
| · | The phrase “Initial Lease Review Date” refers to information provided by the Company from February 15, 2022 to March 3, 2022. |
| · | The phrase “Updated Lease Review Date” refers to information provided by the Company from June 15, 2022 to June 22, 2022. |
| · | The phrase “Sample Attributes” refers to the data attributes listed in the table below: |
| Sample Attributes | |
| Lease Start Date | Acquisition Type |
| Date of Lease Expiration | MSR Onboarding Date |
| Contractual Rent/Month (Rented) | |
| · | The phrase “Specified Attributes” refers to the Sample Attributes and the data fields listed in Exhibit 2. |
The “Data Files” refer to the following files provided to us by the Company:
| · | An electronic data file labeled “AMSR 2022-2 - Tape as of 2.23.2022 v1.xlsx” received on March 1, 2022 containing the Sample Attributes as of the Initial Property Cut-Off Date for the pool of assets identified by the Company as being the Properties that will collateralize the Transaction (the “Initial Data Tape”); |
| · | An electronic data file labeled “AMSR 2022-2 (NYL) - Tape as of 5.31.2022.xlsx” received on June 22, 2022 containing the Sample Attributes as of the Updated Property Cut-Off Date for the pool of assets identified by the Company as being the Properties that will collateralize the Transaction (the “Second Initial Data Tape”); |
| · | An electronic data file labeled “AMSR 2022-2 (NYL) - Tape as of 5.31.2022 v5.xlsx” received on June 30, 2022 containing the Sample Attributes as of the Updated Property Cut-Off Date for the pool of assets identified by the Company as being the Properties that will collateralize the Transaction (the “Final Data Tape”); |
| · | An electronic data file labeled “AMSR 2022-2 - Acquisition Type Support.xlsx” containing the list of properties where the seller was a construction company or home builder (the “New Build File”); |
| Page 3 of 17 |
| · | Certain resident ledgers containing the transaction history of each Property for the Month to Month Sample Properties from the Company’s property management system for the month of May 2022 that were made available in the Data Room (the “MTM Support File”); |
| · | Certain lease and purchase documentation relating to the Sample Properties and the Final Sample Properties that were made available in the Data Room or via email, as applicable (the “Source Documents”); and |
| · | Certain electronic data files provided for the purposes of performing the electronic comparison and recalculation procedures enumerated in Exhibit 2 (the “Supplemental Data Files”), listed and defined as follows: |
| o | An electronic data file labeled “Completed Report_06.24.22.xlsx” (the “BPO Results File”); |
| o | A worksheet labeled “Support Files” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Support File”); |
| o | A worksheet labeled “Property Type” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Property Type File”); |
| o | A worksheet labeled “Taxes, Insurance and HOA” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Taxes, Insurance and HOA File”); |
| o | A worksheet labeled “UW” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Underwriting File”); and |
| o | An electronic data file labeled “DQ_AMSR 2022_2 5-31-2022 (EXT).xlsx” (the “DQ Support File”). |
Procedures Performed
Procedure 1 Using the Initial Data Tape, the Specified Parties instructed us to select randomly 412 Properties (the “Initial Sample Properties”) from the 1,559 Properties on the Initial Data Tape. We make no representations as to the adequacy of the sample size, nor do we draw any conclusions about the entire Initial Data Tape based on the sample size and results of the procedures performed.
For each of the Initial Sample Properties, using the information, instruction, and assumptions provided by the Company and listed in Exhibit 1, we compared the Sample Attributes, as shown on the Initial Data Tape, with the corresponding information in the applicable Source Documents provided by the Company as of the Initial Lease Review Date. For the purposes of our comparison procedures, we were instructed by the Company to use the logic enumerated in the applicable “Comparison Instructions” section of Exhibit 1. We make no representations regarding the methodologies or assumptions provided to us by the Company.
For each Sample Attribute, for the purposes of our comparison procedures, we were instructed by the Company to use the tolerances listed in Exhibit 1 as the maximum acceptable difference.
We compared the Sample Attributes on the Initial Data Tape for the Initial Sample Properties to the Source Documents and found them to be in agreement, with the exception of the following differences (the “Initial Purchase and Lease Discrepancies”):
| Page 4 of 17 |
Table 1: Initial Purchase and Lease Discrepancies
| # | Included on the Second Initial Data Tape? |
Sample Attribute | Initial Data Tape Value |
Source Document Value | |
| 312 | Yes | MSR Onboarding Date | May 16, 2019 | March 26, 2019 | |
| 313 | Yes | MSR Onboarding Date | September 30, 2019 | May 21, 2019 | |
| 395 | Yes | MSR Onboarding Date | September 30, 2019 | June 11, 2019 | |
| 45 | Yes | Contractual Rent/Month (Rented) | $1,615.00 | $1,770.00 | |
| 6 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 8 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 17 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 19 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 22 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 23 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 24 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 27 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 28 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 29 | Yes | Acquisition Type | Auction | MLS | |
| 32 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 34 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 35 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 39 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 40 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 41 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 42 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 48 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 59 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 60 | Yes | Acquisition Type | Bulk Sale | Auction | |
| 67 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 68 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 73 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 74 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 76 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 77 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 83 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 84 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 86 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 88 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 91 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 92 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 95 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 97 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 98 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 100 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 103 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 105 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 107 | Yes | Acquisition Type | Auction | Bulk Sale | |
| 108 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 111 | Yes | Acquisition Type | MLS | Auction | |
| 123 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 124 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 125 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 128 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 129 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 130 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 132 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 141 | Yes | Acquisition Type | MLS | Auction | |
| 142 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 143 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 146 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 152 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 153 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 154 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 156 | Yes | Acquisition Type | MLS | Auction | |
| 157 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 158 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 160 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 167 | Yes | Acquisition Type | Bulk Sale | Auction | |
| 172 | Yes | Acquisition Type | Bulk Sale | MLS |
| Page 5 of 17 |
| # | Included on the Second Initial Data Tape? |
Sample Attribute | Initial Data Tape Value |
Source Document Value |
|
173 |
Yes | Acquisition Type | Auction | MLS | |
| 181 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 186 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 190 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 192 | Yes | Acquisition Type | MLS | Auction | |
| 196 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 199 | Yes | Acquisition Type | MLS | Auction | |
| 202 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 203 | Yes | Acquisition Type | MLS | Auction | |
| 205 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 210 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 213 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 215 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 222 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 223 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 224 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 225 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 226 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 227 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 228 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 229 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 233 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 235 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 239 | Yes | Acquisition Type | Auction | MLS | |
| 240 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 252 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 255 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 256 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 258 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 262 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 265 | Yes | Acquisition Type | Bulk Sale | Auction | |
| 266 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 276 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 277 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 279 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 288 | Yes | Acquisition Type | MLS | Auction | |
| 293 | Yes | Acquisition Type | Auction | MLS | |
| 298 | Yes | Acquisition Type | MLS | Auction | |
| 300 | Yes | Acquisition Type | Auction | MLS | |
| 302 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 304 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 309 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 310 | Yes | Acquisition Type | Auction | MLS | |
| 312 | Yes | Acquisition Type | MLS | Auction | |
| 313 | Yes | Acquisition Type | MLS | Auction | |
| 320 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 322 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 333 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 335 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 336 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 340 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 344 | Yes | Acquisition Type | MLS | Auction | |
| 345 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 346 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 347 | Yes | Acquisition Type | MLS | Auction | |
| 348 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 349 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 350 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 353 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 354 | Yes | Acquisition Type | MLS | Auction | |
| 362 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 365 | Yes | Acquisition Type | Auction | MLS | |
| 369 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 371 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 382 | Yes | Acquisition Type | MLS | Auction | |
| 384 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 385 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 391 | Yes | Acquisition Type | MLS | Bulk Sale |
| Page 6 of 17 |
| # | Included on the Second Initial Data Tape? |
Sample Attribute | Initial Data Tape Value |
Source Document Value |
| 392 | Yes | Acquisition Type | MLS | Auction | |
| 395 | Yes | Acquisition Type | MLS | Auction | |
| 396 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 399 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 406 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 407 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 410 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 411 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 412 | Yes | Acquisition Type | MLS | Bulk Sale |
Procedure 2 Using the Second Initial Data Tape, the Specified Parties instructed us to select randomly 427 Properties (the “Updated Sample Properties”) from the 1,638 Properties on the Second Initial Data Tape. We make no representations as to the adequacy of the sample size, nor do we draw any conclusions about the entire Second Initial Data Tape based on the sample size and results of the procedures performed.
For each of the Updated Sample Properties, using the information, instruction, and assumptions provided by the Company and listed in Exhibit 1, we compared the Sample Attributes, as shown on the Second Initial Data Tape, with the corresponding information in the applicable Source Documents provided by the Company as of the Updated Lease Review Date. For the purposes of our comparison procedures, we were instructed by the Company to use the logic enumerated in the applicable “Comparison Instructions” section of Exhibit 1. We make no representations regarding the methodologies or assumptions provided to us by the Company.
For each Sample Attribute, for the purposes of our comparison procedures, we were instructed by the Company to use the tolerances listed in Exhibit 1 as the maximum acceptable difference.
We compared the Sample Attributes on the Second Initial Data Tape for the Updated Sample Properties to the Source Documents and found them to be in agreement, with the exception of the following differences (the “Updated Purchase and Lease Discrepancies”):
Table 2: Updated Purchase and Lease Discrepancies
| # | Included on the Final Data Tape? |
Sample Attribute | Second Initial Data Tape Value |
Source Document Value | |
| 16 | Yes | Contractual Rent/Month (Rented) | $1,620.00 | $1,700.00 | |
| 19 | Yes | Contractual Rent/Month (Rented) | $1,605.00 | $1,660.00 | |
| 311 | Yes | Contractual Rent/Month (Rented) | $1,295.00 | $1,345.00 | |
| 372 | Yes | Contractual Rent/Month (Rented) | $1,540.00 | $1,795.00 | |
| 376 | Yes | Contractual Rent/Month (Rented) | $1,395.00 | $1,530.00 | |
| 1 | Yes | Acquisition Type | Bulk Sale | Auction | |
| 7 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 16 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 19 | Yes | Acquisition Type | Auction | MLS | |
| 21 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 22 | Yes | Acquisition Type | MLS | Auction | |
| 26 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 35 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 36 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 38 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 41 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 44 | Yes | Acquisition Type | MLS | Auction | |
| 46 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 47 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 50 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 51 | Yes | Acquisition Type | MLS | Bulk Sale |
| Page 7 of 17 |
| # | Included on the Final Data Tape? |
Sample Attribute | Second Initial Data Tape Value |
Source Document Value |
| 61 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 65 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 66 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 67 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 70 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 74 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 75 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 81 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 83 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 86 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 89 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 95 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 96 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 97 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 98 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 101 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 106 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 107 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 114 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 115 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 128 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 132 | Yes | Acquisition Type | MLS | Auction | |
| 133 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 140 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 141 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 143 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 145 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 158 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 162 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 163 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 167 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 170 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 171 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 176 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 182 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 183 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 189 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 201 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 202 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 204 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 205 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 206 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 207 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 212 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 217 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 219 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 222 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 227 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 231 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 246 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 248 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 263 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 284 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 286 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 294 | Yes | Acquisition Type | MLS | Auction | |
| 300 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 306 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 316 | Yes | Acquisition Type | Auction | MLS | |
| 328 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 332 | Yes | Acquisition Type | MLS | Auction | |
| 336 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 343 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 351 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 374 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 375 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 383 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 386 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 396 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 398 | Yes | Acquisition Type | Bulk Sale | MLS |
| Page 8 of 17 |
| # | Included on the Final Data Tape? |
Sample Attribute | Second Initial Data Tape Value |
Source Document Value |
| 400 | Yes | Acquisition Type | Bulk Sale | MLS | |
| 401 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 406 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 408 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 423 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 425 | Yes | Acquisition Type | MLS | Bulk Sale | |
| 427 | Yes | Acquisition Type | MLS | Bulk Sale |
Procedure 3 For each of the Updated Sample Properties included on the Final Data Tape provided by the Company, we performed the following procedures:
| a) | For the MSR Onboarding Date and Acquisition Type Sample Attributes relating to the Initial Purchase and Lease Discrepancies, we compared the “Source Document Value” shown in Table 1 to the corresponding Sample Attribute value on the Final Data Tape and noted no differences; and |
| b) | For the Sample Attributes relating to the Updated Purchase and Lease Discrepancies, we compared the “Source Document Value” shown in Table 2 to the corresponding Sample Attribute value on the Final Data Tape and noted no differences; and |
| c) | For each Sample Attribute that did not have an Updated Purchase and Lease Discrepancy, we compared the Second Initial Data Tape to the Final Data Tape and noted no differences above the tolerances in Exhibit 1. |
We make no representations as to the adequacy of the sample size, nor do we draw any conclusions about the entire Final Data Tape based on the sample size and results of the procedures performed.
Procedure 4 On the Final Data Tape, we identified 100 Properties where the Month-to-Month data attribute was equal to “Yes”. Of these 100 Properties, 23 of the Properties (the “Month to Month Sample Properties”) were part of the Updated Sample Properties. Using the MTM Support File provided by the Company, the Final Data Tape, and the methodology provided by the Company, we noted without exception that for each of the Month to Month Sample Properties:
| a) | the Rented data attribute was equal to “Rented” within the Final Data Tape; |
| b) | the Date of Lease Expiration Sample Attribute was prior to the Property Cut-Off Date; and |
| c) | as indicated in the MTM Support File, the tenant had been charged and paid rent for the month of May 2022, or if rent was unpaid and overdue by more than 30 days as of the Property Cut-Off Date, the Tenant Monthly Rent Days DQ data attribute was greater than zero on the Final Data Tape. |
Procedure 5 Using the information, instruction, and assumptions provided by the Company, for each of the Properties represented on the Final Data Tape, we performed the respective procedures for the fields listed in Exhibit 2. The Company provided the Final Data Tape, Supplemental Data Files and certain calculation methodologies as identified in Exhibit 2 for the purposes of comparing or recalculating each characteristic and instructed us to use these methodologies for the purpose of our procedures. We make no representations regarding the methodologies or assumptions provided to us by the Company.
| Page 9 of 17 |
In performing this procedure, we received one or more preliminary data files and performed certain procedures as set forth in Exhibit 2. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate.
We performed this procedure on the Final Data Tape, and we either (i) compared the information in the Supplemental Data Files to the Final Data Tape, as applicable or (ii) compared the recalculated values to the corresponding values on the Final Data Tape, as applicable, and, in each case, found them to be in agreement.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the accuracy of certain attributes of the collateral assets included on the Final Data Tape. 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 to you.
In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the Specified Parties, and is not intended to be and should not be used by anyone other than the Specified Parties.
If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is herein referred to as a “Non-Specified Party”), that Non-Specified Party cannot:
| i) | Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and |
| ii) | Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party. |
A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to
Rule 17G-5 of the Securities Exchange Act of 1934).
The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.
/s/PricewaterhouseCoopers LLP
Washington, DC
July 5, 2022
| Page 10 of 17 |
Exhibit 1
Sample Attribute: Lease Start Date
Tolerance Level: +/- 30 days
Comparison Instructions:
For the purposes of the Lease Start Date procedure, for Properties where the Month-to-Month data attribute equals “No”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or Updated Lease Review Date (as applicable) and signed by both the tenant and property manager on or prior to the Initial Property Cut-Off Date or the Updated Property Cut-Off Date, as applicable.
For Properties where the Month-to-Month data attribute equals “Yes”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or the Updated Lease Review Date (as applicable) and b) the latest lease agreement that was entered into prior to the Initial Property Cut-Off Date or Updated Property Cut-Off Date, as applicable.
For Properties where the Rented data attribute equals “Rented”, we compared the Lease Start Date Sample Attribute to information available in the Relevant Lease Agreement.
Sample Attribute: Date of Lease Expiration
Tolerance Level: +/- 30 days
Comparison Instructions:
For the purposes of the Date of Lease Expiration procedure, for Properties where the Month-to-Month data attribute equals “No”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or Updated Lease Review Date (as applicable) and signed by both the tenant and property manager on or prior to the Initial Property Cut-Off Date or the Updated Property Cut-Off Date, as applicable.
For Properties where the Month-to-Month data attribute equals “Yes”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or the Updated Lease Review Date (as applicable) and b) the latest lease agreement that was entered into prior to the Initial Property Cut-Off Date or Updated Property Cut-Off Date, as applicable.
For Properties where the Rented data attribute equals “Rented”, we compared the Date of Lease Expiration Sample Attribute to information available in the Relevant Lease Agreement.
| Page 11 of 17 |
Sample Attribute: Contractual Rent/Month (Rented)
Tolerance Level: +/- $30
Comparison Instructions:
For the purposes of the monthly rent procedure, for Properties where the Month-to-Month data attribute equals “No”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or Updated Lease Review Date (as applicable) and signed by both the tenant and property manager on or prior to the Initial Property Cut-Off Date or the Updated Property Cut-Off Date, as applicable.
For Properties where the Month-to-Month data attribute equals “Yes”, the “Relevant Lease Agreement” is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Initial Lease Review Date or the Updated Lease Review Date (as applicable) and b) the latest lease agreement that was entered into prior to the Initial Property Cut-Off Date or Updated Property Cut-Off Date, as applicable.
For Properties where the Rented data attribute equals “Rented,” we compared the Contractual Rent/Month (Rented) Sample Lease Attribute to the applicable monthly rent information available in the Relevant Agreement.
Sample Attribute: Acquisition Type
Tolerance Level: n/a
Comparison Instructions:
| 1) | If the Sample Property was included in the New Build File, compared the Acquisition Type data attribute to “New Build”. |
| 2) | If multiple properties are listed in the purchase agreement, settlement statement, recorded deed or bid receipt, as applicable, compared the Acquisition Type Sample Attribute to “Bulk Sale”. |
| 3) | If a bid receipt is available for the applicable Property, and only one property is listed in that bid receipt, compared the Acquisition Type Sample Attribute to “Auction”. |
| 4) | If a purchase agreement, settlement statement, or recorded deed is available for the applicable property and only one property is listed in that purchase agreement, compared the Acquisition Type Sample Attribute to “MLS”. |
| Page 12 of 17 |
Sample Attribute: MSR Onboarding Date
Tolerance Level: +/- 30 days
Comparison Instructions:
| 1) | If a settlement statement is available, compared the MSR Onboarding Date Sample Attribute to information available in the settlement statement. If a settlement statement is not available, then |
| 2) | If a bid receipt is available, compared the MSR Onboarding Date Sample Attribute to information available in the bid receipt. If a bid receipt is not available, then |
| 3) | If a purchase agreement is available, compared the MSR Onboarding Date Sample Attribute to information available in the purchase agreement. |
| Page 13 of 17 |
Exhibit 2
| Data Field | Procedure | Calculation | Data File(s) | Comments | ||||
Address
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (Property Address) | |||||
City
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (City) | |||||
State
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (State) | |||||
Zip
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (Zip) | |||||
Closest MSA
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | Support File | |||||
Property Type
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | Property Type File | |||||
Condo?
|
Final Data Tape to Supplemental Data File electronic comparison | n/a | Property Type File | |||||
Months Since MSR Onboarding
|
Recalculate and compare | Recalculation: (Property Cut-Off Date - MSR Onboarding Date) / 30 | Final Data Tape (MSR Onboarding Date) | Calculation rounded to the nearest integer. | ||||
Estimated Rent/Month (Not Rented) |
Final Data Tape to Supplemental Data File electronic comparison | n/a |
Support File
Final Data Tape (Rented)
|
For “Rented” Properties, the Estimated Rent/Month (Not Rented) was calculated to be zero. | ||||
Original Length of Lease (months) |
Recalculate and compare | Recalculation: (Date of Lease Expiration - Lease Start Date) / 30 | Final Data Tape (Date of Lease Expiration, Lease Start Date, Rented) |
For “Not Rented” Properties, the Original Length of Lease (months) was calculated to be zero.
Calculation rounded to the nearest integer. |
| Page 14 of 17 |
| Data Field | Procedure | Calculation | Data File(s) | Comments |
Tenant Monthly Rent Days DQ
|
Supplemental Data File to Final Data Tape electronic comparison | n/a | DQ Support File | |||||
Section 8 Flag (Yes/No)
|
Supplemental Data File to Final Data Tape electronic comparison | n/a | Support File | |||||
Estimated BPO Value
|
Supplemental Data File to Final Data Tape electronic comparison | n/a | BPO Results File (As Is Market Value) | |||||
BPO Value as-of Date
|
Supplemental Data File to Final Data Tape electronic comparison | n/a | BPO Results File (Date) | |||||
Underwritten Rent/Month
|
Recalculate and compare | Recalculation: For “Rented” Properties, Contractual Rent/Month (Rented); for “Not Rented” Properties, Estimated Rent/Month (Not Rented) | Final Data Tape (Rented, Contractual Rent/Month (Rented), Estimated Rent/Month (Not Rented)) | |||||
Underwritten Annual GPR |
Recalculate and compare | Recalculation: Underwritten Rent/Month * 12 | Final Data Tape (Underwritten Rent/Month) | |||||
Underwritten Annual Other Income |
Recalculate and compare | Recalculation: Underwritten Annual GPR * (Other Income Rate – Rent Concession Rate) |
Final Data Tape (Closest MSA, Underwritten Annual GPR)
Underwriting File (Other Income Rate, Rent Concession Rate) |
The Other Income Rate and Rent Concessions Rate are MSA-level estimates provided in the Underwriting File. | ||||
Total Underwritten Annual Gross Income |
Recalculate and compare | Recalculation: Underwritten Annual GPR + Underwritten Annual Other Income | Final Data Tape (Underwritten Annual GPR, Underwritten Annual Other Income) | |||||
Underwritten Annual Vacancy |
Recalculate and compare | Recalculation: Underwritten Annual GPR * (1 – Occupancy Rate) |
Final Data Tape (Closest MSA, Underwritten Annual GPR)
Underwriting File (Occupancy Rate) |
The Occupancy Rate is an MSA-level estimate provided in the Underwriting File.
|
| Page 15 of 17 |
| Data Field | Procedure | Calculation | Data File(s) | Comments |
Underwritten Annual Credit Loss |
Recalculate and compare | Recalculation: (Underwritten Annual GPR - Underwritten Annual Vacancy) * (Credit Loss Rate) |
Final Data Tape (Closest MSA, Underwritten Annual GPR, Underwritten
Annual Vacancy)
Underwriting File (Credit Loss Rate) |
The Credit Loss Rate is an MSA-level estimate provided in the Underwriting File. | ||||
Underwritten Annual Real Estate Taxes |
Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File | |||||
Underwritten Annual Insurance Costs |
Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File | |||||
Underwritten Annual HOA Fees
|
Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File | |||||
Underwritten Annual Repairs and Maintenance |
Recalculate and compare | Recalculation: Annual Repairs and Maintenance Fee |
Final Data Tape (Closest MSA)
Underwriting File (Annual Repairs and Maintenance Fee) |
The Annual Repairs and Maintenance Fee is an MSA-level estimate provided in the Underwriting File. | ||||
Underwritten Annual Turnover Costs |
Recalculate and compare | Recalculation: Turnover Fee |
Final Data Tape (Closest MSA)
Underwriting File (Turnover Fee) |
The Turnover Fee is an MSA-level estimate provided in the Underwriting File. | ||||
Underwritten Property Management Fees
|
Recalculate and compare | Recalculation: 6.75%* (Underwritten Annual GPR - Underwritten Annual Vacancy - Underwritten Annual Credit Loss) | Final Data Tape (Underwritten Annual GPR, Underwritten Annual Vacancy, Underwritten Annual Credit Loss) | |||||
Underwritten Annual Marketing and Leasing Costs |
Recalculate and compare | Recalculation: $350 per property | n/a |
| Page 16 of 17 |
| Data Field | Procedure | Calculation | Data File(s) | Comments |
Total Underwritten Annual Expenses |
Recalculate and compare | Recalculation: Underwritten Annual Real Estate Taxes + Underwritten Annual Insurance Costs + Underwritten Annual HOA Fees + Underwritten Annual Repairs and Maintenance + Underwritten Annual Turnover Costs + Underwritten Property Management Fees + Underwritten Annual Marketing and Leasing Costs | Final Data Tape (Underwritten Annual Real Estate Taxes, Underwritten Annual Insurance Costs, Underwritten Annual HOA Fees, Underwritten Annual Repairs and Maintenance, Underwritten Annual Turnover Costs, Underwritten Property Management Fees, Underwritten Annual Marketing and Leasing Costs) | |||||
Underwritten Annual Net Operating Income
|
Recalculate and compare | Recalculation: Total Underwritten Annual Gross Income - Total Underwritten Annual Expenses - Underwritten Annual Vacancy - Underwritten Annual Credit Loss | Final Data Tape (Total Underwritten Annual Gross Income, Total Underwritten Annual Expenses, Underwritten Annual Vacancy, Underwritten Annual Credit Loss) | |||||
Underwritten Annual CapEx Reserve |
Recalculate and compare | Recalculation: $750 per property | n/a | |||||
Underwritten Annual Net Cash Flow
|
Recalculate and compare | Recalculation: Underwritten Annual Net Operating Income - Underwritten Annual CapEx Reserve | Final Data Tape (Underwritten Annual Net Operating Income, Underwritten Annual CapEx Reserve) |
Page 17 of 17
Exhibit 99.2
July 5th, 2022
AMNL Funding Company, LLC
5001 Plaza on the Lake, Suite 200
Austin, Texas 78746
RE: 53 2022-SFR2 Trust (the “Issuing Entity”) HOA Discrepancy Review
To whom it may concern:
In connection with the offering (the “Offering”) of the securities of the Issuing Entity referenced above, we have conducted the HOA Discrepancy Review further described below. The review was conducted in accordance with what we believe to be customary residential title practice and was intended to assist in resolving certain discrepancies regarding whether specified properties may be subject to an active homeowners’, condominium, or other common-interest community association (each an “HOA”) as of the date hereof. A more detailed description of services performed and of our findings and conclusions is set forth below. The description below is intended to satisfy the disclosure requirements of Items 4 and 5 of FORM ABS DUE DILIGENCE-15E, which form has been provided to you concurrently herewith.
I. Manner and Scope of Review Performed (Item 4 of Form ABS Due Diligence-15E)
A. Background.
We have been informed that:
1. The securities are to be secured by, among other things, a mortgage loan (the “Mortgage Loan”) primarily secured by certain residential rental properties (the “Properties”).
2. Some of the Properties were previously designated by AMNL Funding Company, LLC (the “Loan Sponsor”) as not being subject to an HOA (“Non-HOA Properties”).
3. Based upon a review of the Properties conducted by a third party, certain discrepancies may have been identified suggesting that certain of the Non-HOA Properties may in fact be subject to an HOA; and/or an HOA Discrepancy Review for certain properties was deemed appropriate by the Loan Sponsor.
B. Properties Subject to Review. [(1) through (3) of Item 4.]
The Loan Sponsor and/or the Loan Sponsor’s agent provided us with a list of properties with respect to which we were requested to perform our HOA Discrepancy Review (each, a “Subject Property”; collectively, the “Subject Properties”). The list of Subject Properties is attached hereto as Schedule I. Our HOA Discrepancy Review did not include “sampling” the pool. The Subject Properties were not chosen using randomization, probability sampling, or any other statistical methodology. Rather, the Subject Properties were identified by you. Accordingly, they may not be representative of the entire pool, as to which we make no representation.
C. How the Review Was Conducted. [(4) of Item 4]
We applied what we believe to be customary residential title practice to locate evidence that a Subject Property may be subject to an active HOA. We and/or our third-party vendor(s) employ a variety of customary searching methods, the most salient of which are described below, that are reasonably designed to reveal evidence regarding the existence of an active HOA (the “HOA Discrepancy Review”). Every property is unique, and not every search method is employed with respect to each of the Subject Properties. These methods are intended to allow us to reach a reasonable judgment regarding the likely existence of an active HOA. However, for a variety of reasons, including the reasons described below under “Limitations of Searching Methods,” it is not possible to determine with absolute certainty that no active HOA exists with respect to the Subject Properties. Customary Searching Methods. Set forth below are certain customary inquiries which we and our third-party vendor(s) employ to locate evidence that an active HOA may exist. As noted, not all of these methods are used for every Subject Property.
1. Review of DCCR. In some instances, inquiry is made regarding whether the property is subject to any Declaration of Covenants, Conditions and Restriction (“DCCR”) or similar documentation. Where a DCCR does exist, it may be examined to ascertain whether the creation of an HOA was contemplated.
2. Review of state registrations. A search of appropriate state records is sometimes conducted to ascertain whether an HOA has been registered as may be required by applicable law.
3. Internet searches. Standard search engines may be used to search the internet for evidence of an active HOA.
4. Review of prior mortgages. Certain mortgages to which the Subject Properties were previously subject may be reviewed, in order to ascertain whether a rider had been attached which would indicate that a Subject Property is part of a Planned Unit Development. This type of rider is intended to give the lender the right to pay any dues that may be owed, and therefore is commonly used where an active HOA is present.
5. Contacting listing agents. Inquiry is sometimes made of one or two listing agents who appear to list other properties in the same neighborhood as the Subject Property.
6. Contacting homeowners or residents. Inquiry is sometimes made of one or two persons owning or residing at properties in the same development as the Subject Property.
Limitations of Searching Methods.
As noted, it is not possible for any inquiry to prove with absolute certainty that no HOA exists with respect to the Subject Properties, and customary searching methods are subject to certain inherent limitations. Those limitations include, but are not limited to, the following:
It is possible for an HOA to exist even though the DCCR reviewed does not contain an explicit reference to an HOA, or there appears to be no DCCR. This may happen for a number of reasons. For example, there may have been a drafting error in the DCCR, or an important amendment to the DCCR or the DCCR itself could have been misfiled or incorrectly referenced. Old or vague descriptions can also prevent this review from being definitive. It is also possible for a DCCR to contemplate an HOA, yet nonetheless one may not be active.
It is possible for an HOA to exist and yet not be registered with relevant state agencies. In some instances, an HOA may not be legally required to be registered. Furthermore, even when such a requirement applies, there may nonetheless be an HOA that is simply not in compliance with applicable registration requirements.
Many HOAs do not establish web sites or other presence on the world-wide net. Further, internet searches are, by their nature, imprecise. Thus, the lack of applicable search “hits” from general internet searching cannot prove that an HOA is not applicable to a Subject Property.
It is possible that a Subject Property has never been subject to a prior mortgage. Even where a prior mortgage does exist, it is possible for the lender to have failed to include a PUD rider in the mortgage, even if the property had been subject to an HOA.
Even when listing agents are contacted, there is no way of ensuring that any particular agent is in fact especially knowledgeable regarding any Subject Property or the neighborhood where the property is located.
Although neighborhood residents or homeowners are sometimes contacted for information, locating contact information for such persons is a random selection process. Persons contacted may not be able or willing to answer our questions, or they may even provide inaccurate information.
D. Additional Information Regarding Scope of Review. [(5) through (8) of Item 4]
We have not undertaken any data integrity or other review beyond what is described herein, nor was our review undertaken for the purpose of:
1. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization, or
2. Making any findings with respect to:
a. Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
b. The value of the Properties or any other collateral securing the Mortgage Loan,
c. Whether the originators of the Mortgage Loan complied with federal, state and local laws and regulations, or
d. Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the certificates that are secured by the Mortgage Loan will pay interest and principal in accordance with applicable terms and conditions.
Our HOA Discrepancy Review is limited to the procedures set forth in (c) above. Although we believe these procedures to be customary residential title practice to locate evidence that a property may be subject to an active HOA, we make no representation regarding the sufficiency of the procedures described in (c) above, either for the purpose for which this report has been requested or for any other purpose.
II. Summary of Findings and Conclusions from Our Review (Item 5 of Form ABS Due Diligence-15E)
Based upon the HOA Diligence Review conducted in accordance with the procedures outlined in Part I above, and assuming the accuracy of the information contained in the documents described therein, we concluded, as set forth in more detail in Schedule I attached hereto and subject to the limitations set forth herein, that:
To our knowledge, after inquiry as described above, 0 of 528 of the Subject Properties set forth on Schedule I are subject to an active and mandatory HOA.
Our conclusions are limited to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. The conclusions expressed herein are given only as of the dates when the research was conducted, and we undertake no responsibility to update or supplement this report after the dates thereof for any reason.
This report was prepared solely for the benefit of the addressee set forth above. It should not be relied on in any manner or for any purpose by any other person or entity, including prospective investors or ratings agencies in connection with the offering referenced above (collectively, “Third Parties”), except for placement agents involved directly with the placement of this securitization transaction. Accordingly, this report was not intended to create, and shall not be deemed to create any benefits, rights, duties, or obligations in or to, any such Third Parties.
Except as required by law, this report may not be quoted in whole or in part, including in any prospectus or offering memorandum, without our prior written consent. In addition, this report is not assignable to any person or entity without our prior written approval.
[SIGNATURES ON FOLLOWING PAGE]
Executed as of the day and year first above written.
BCHH, Inc.
| By: | /s/Charles Marino | |
| Name: | Charles Marino | |
| Title: | President |
Schedule I
| Property ID | HOA Status |
| 1150249 | Apparent Non-HOA Property |
| 1675807 | Apparent Non-HOA Property |
| 1730131 | Apparent Non-HOA Property |
| 1823369 | Apparent Non-HOA Property |
| 1950108 | Apparent Non-HOA Property |
| 1950113 | Apparent Non-HOA Property |
| 1974232 | Apparent Non-HOA Property |
| 1974239 | Apparent Non-HOA Property |
| 2058881 | Apparent Non-HOA Property |
| 2092739 | Apparent Non-HOA Property |
| 2092798 | Apparent Non-HOA Property |
| 2164399 | Apparent Non-HOA Property |
| 2377944 | Apparent Non-HOA Property |
| 2445053 | Apparent Non-HOA Property |
| 2479491 | Apparent Non-HOA Property |
| 2628314 | Apparent Non-HOA Property |
| 2630145 | Apparent Non-HOA Property |
| 3055784 | Apparent Non-HOA Property |
| 3154076 | Apparent Non-HOA Property |
| 3154147 | Apparent Non-HOA Property |
| 3189571 | Apparent Non-HOA Property |
| 3557861 | Apparent Non-HOA Property |
| 3558021 | Apparent Non-HOA Property |
| 3686788 | Apparent Non-HOA Property |
| 3750711 | Apparent Non-HOA Property |
| 3750962 | Apparent Non-HOA Property |
| 3864470 | Apparent Non-HOA Property |
| 3888967 | Apparent Non-HOA Property |
| 3917539 | Apparent Non-HOA Property |
| 3978679 | Apparent Non-HOA Property |
| 3983458 | Apparent Non-HOA Property |
| 4063902 | Apparent Non-HOA Property |
| 4086978 | Apparent Non-HOA Property |
| 4086984 | Apparent Non-HOA Property |
| 4086987 | Apparent Non-HOA Property |
| 4086988 | Apparent Non-HOA Property |
| 4237634 | Apparent Non-HOA Property |
| 4237732 | Apparent Non-HOA Property |
| 4360802 | Apparent Non-HOA Property |
| 4360803 | Apparent Non-HOA Property |
| 449052 | Apparent Non-HOA Property |
| 4491848 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 454690 | Apparent Non-HOA Property |
| 4608983 | Apparent Non-HOA Property |
| 4985933 | Apparent Non-HOA Property |
| 5040470 | Apparent Non-HOA Property |
| 514399 | Apparent Non-HOA Property |
| 5145771 | Apparent Non-HOA Property |
| 5181069 | Apparent Non-HOA Property |
| 5234662 | Apparent Non-HOA Property |
| 5264492 | Apparent Non-HOA Property |
| 5322070 | Apparent Non-HOA Property |
| 5330040 | Apparent Non-HOA Property |
| 5333699 | Apparent Non-HOA Property |
| 5404044 | Apparent Non-HOA Property |
| 5416032 | Apparent Non-HOA Property |
| 5422136 | Apparent Non-HOA Property |
| 5437996 | Apparent Non-HOA Property |
| 5438000 | Apparent Non-HOA Property |
| 5438001 | Apparent Non-HOA Property |
| 5438002 | Apparent Non-HOA Property |
| 5438005 | Apparent Non-HOA Property |
| 5438006 | Apparent Non-HOA Property |
| 5438008 | Apparent Non-HOA Property |
| 5439092 | Apparent Non-HOA Property |
| 5439093 | Apparent Non-HOA Property |
| 5439094 | Apparent Non-HOA Property |
| 5439096 | Apparent Non-HOA Property |
| 5453754 | Apparent Non-HOA Property |
| 5453755 | Apparent Non-HOA Property |
| 5487687 | Apparent Non-HOA Property |
| 5523040 | Apparent Non-HOA Property |
| 5532304 | Apparent Non-HOA Property |
| 5533217 | Apparent Non-HOA Property |
| 5560842 | Apparent Non-HOA Property |
| 5572126 | Apparent Non-HOA Property |
| 5594056 | Apparent Non-HOA Property |
| 5603522 | Apparent Non-HOA Property |
| 5619449 | Apparent Non-HOA Property |
| 5652401 | Apparent Non-HOA Property |
| 5670632 | Apparent Non-HOA Property |
| 5671301 | Apparent Non-HOA Property |
| 5671471 | Apparent Non-HOA Property |
| 5671951 | Apparent Non-HOA Property |
| 5680688 | Apparent Non-HOA Property |
| 5686763 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 5697642 | Apparent Non-HOA Property |
| 5726223 | Apparent Non-HOA Property |
| 5726867 | Apparent Non-HOA Property |
| 5766210 | Apparent Non-HOA Property |
| 5766242 | Apparent Non-HOA Property |
| 5766268 | Apparent Non-HOA Property |
| 5780515 | Apparent Non-HOA Property |
| 5787642 | Apparent Non-HOA Property |
| 5801355 | Apparent Non-HOA Property |
| 5815111 | Apparent Non-HOA Property |
| 5828143 | Apparent Non-HOA Property |
| 5881805 | Apparent Non-HOA Property |
| 5913257 | Apparent Non-HOA Property |
| 5913587 | Apparent Non-HOA Property |
| 5938592 | Apparent Non-HOA Property |
| 5972418 | Apparent Non-HOA Property |
| 5976445 | Apparent Non-HOA Property |
| 5976612 | Apparent Non-HOA Property |
| 6008985 | Apparent Non-HOA Property |
| 6022670 | Apparent Non-HOA Property |
| 6022678 | Apparent Non-HOA Property |
| 6032889 | Apparent Non-HOA Property |
| 6037473 | Apparent Non-HOA Property |
| 6037969 | Apparent Non-HOA Property |
| 6038853 | Apparent Non-HOA Property |
| 6078870 | Apparent Non-HOA Property |
| 6079281 | Apparent Non-HOA Property |
| 6089407 | Apparent Non-HOA Property |
| 6092583 | Apparent Non-HOA Property |
| 6095196 | Apparent Non-HOA Property |
| 6100131 | Apparent Non-HOA Property |
| 6135826 | Apparent Non-HOA Property |
| 6139640 | Apparent Non-HOA Property |
| 6140189 | Apparent Non-HOA Property |
| 6149000 | Apparent Non-HOA Property |
| 6149005 | Apparent Non-HOA Property |
| 6149008 | Apparent Non-HOA Property |
| 6149026 | Apparent Non-HOA Property |
| 6155242 | Apparent Non-HOA Property |
| 6155243 | Apparent Non-HOA Property |
| 6155247 | Apparent Non-HOA Property |
| 6177043 | Apparent Non-HOA Property |
| 6177058 | Apparent Non-HOA Property |
| 6181254 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 6181255 | Apparent Non-HOA Property |
| 6181790 | Apparent Non-HOA Property |
| 6190514 | Apparent Non-HOA Property |
| 6201826 | Apparent Non-HOA Property |
| 6202297 | Apparent Non-HOA Property |
| 6202372 | Apparent Non-HOA Property |
| 6215475 | Apparent Non-HOA Property |
| 6217037 | Apparent Non-HOA Property |
| 6225352 | Apparent Non-HOA Property |
| 6228759 | Apparent Non-HOA Property |
| 6229143 | Apparent Non-HOA Property |
| 6238161 | Apparent Non-HOA Property |
| 6242078 | Apparent Non-HOA Property |
| 6242094 | Apparent Non-HOA Property |
| 6242758 | Apparent Non-HOA Property |
| 6242954 | Apparent Non-HOA Property |
| 6242992 | Apparent Non-HOA Property |
| 6243439 | Apparent Non-HOA Property |
| 6255348 | Apparent Non-HOA Property |
| 6255378 | Apparent Non-HOA Property |
| 6293009 | Apparent Non-HOA Property |
| 6293401 | Apparent Non-HOA Property |
| 6305868 | Apparent Non-HOA Property |
| 6306132 | Apparent Non-HOA Property |
| 6306333 | Apparent Non-HOA Property |
| 6309635 | Apparent Non-HOA Property |
| 6309934 | Apparent Non-HOA Property |
| 6309996 | Apparent Non-HOA Property |
| 6310327 | Apparent Non-HOA Property |
| 6310853 | Apparent Non-HOA Property |
| 6320285 | Apparent Non-HOA Property |
| 6320325 | Apparent Non-HOA Property |
| 6320361 | Apparent Non-HOA Property |
| 6320438 | Apparent Non-HOA Property |
| 6326743 | Apparent Non-HOA Property |
| 6327007 | Apparent Non-HOA Property |
| 6327112 | Apparent Non-HOA Property |
| 6327219 | Apparent Non-HOA Property |
| 6327247 | Apparent Non-HOA Property |
| 6327461 | Apparent Non-HOA Property |
| 6327477 | Apparent Non-HOA Property |
| 6327481 | Apparent Non-HOA Property |
| 6327648 | Apparent Non-HOA Property |
| 6328238 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 6328476 | Apparent Non-HOA Property |
| 6328625 | Apparent Non-HOA Property |
| 6328756 | Apparent Non-HOA Property |
| 6340602 | Apparent Non-HOA Property |
| 6340659 | Apparent Non-HOA Property |
| 6340829 | Apparent Non-HOA Property |
| 6341199 | Apparent Non-HOA Property |
| 6341515 | Apparent Non-HOA Property |
| 6342294 | Apparent Non-HOA Property |
| 6343168 | Apparent Non-HOA Property |
| 6347949 | Apparent Non-HOA Property |
| 6348351 | Apparent Non-HOA Property |
| 6348635 | Apparent Non-HOA Property |
| 6348847 | Apparent Non-HOA Property |
| 6348949 | Apparent Non-HOA Property |
| 6348994 | Apparent Non-HOA Property |
| 6349460 | Apparent Non-HOA Property |
| 6423726 | Apparent Non-HOA Property |
| 6423813 | Apparent Non-HOA Property |
| 6431082 | Apparent Non-HOA Property |
| 6445996 | Apparent Non-HOA Property |
| 6452841 | Apparent Non-HOA Property |
| 6453025 | Apparent Non-HOA Property |
| 6485594 | Apparent Non-HOA Property |
| 6497588 | Apparent Non-HOA Property |
| 6506681 | Apparent Non-HOA Property |
| 6567537 | Apparent Non-HOA Property |
| 6568088 | Apparent Non-HOA Property |
| 6579637 | Apparent Non-HOA Property |
| 6586254 | Apparent Non-HOA Property |
| 6617967 | Apparent Non-HOA Property |
| 6620056 | Apparent Non-HOA Property |
| 6620102 | Apparent Non-HOA Property |
| 6625750 | Apparent Non-HOA Property |
| 6626017 | Apparent Non-HOA Property |
| 6669181 | Apparent Non-HOA Property |
| 6671726 | Apparent Non-HOA Property |
| 6694137 | Apparent Non-HOA Property |
| 6699453 | Apparent Non-HOA Property |
| 6700605 | Apparent Non-HOA Property |
| 6700615 | Apparent Non-HOA Property |
| 6702151 | Apparent Non-HOA Property |
| 6702614 | Apparent Non-HOA Property |
| 6704659 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 6709219 | Apparent Non-HOA Property |
| 6711826 | Apparent Non-HOA Property |
| 6715721 | Apparent Non-HOA Property |
| 6715785 | Apparent Non-HOA Property |
| 6715814 | Apparent Non-HOA Property |
| 6720517 | Apparent Non-HOA Property |
| 6720607 | Apparent Non-HOA Property |
| 6726090 | Apparent Non-HOA Property |
| 6727575 | Apparent Non-HOA Property |
| 6727618 | Apparent Non-HOA Property |
| 6733026 | Apparent Non-HOA Property |
| 6733078 | Apparent Non-HOA Property |
| 6737166 | Apparent Non-HOA Property |
| 6738249 | Apparent Non-HOA Property |
| 6738671 | Apparent Non-HOA Property |
| 6740573 | Apparent Non-HOA Property |
| 6747044 | Apparent Non-HOA Property |
| 6748452 | Apparent Non-HOA Property |
| 6759353 | Apparent Non-HOA Property |
| 6759376 | Apparent Non-HOA Property |
| 6759475 | Apparent Non-HOA Property |
| 6759499 | Apparent Non-HOA Property |
| 6759532 | Apparent Non-HOA Property |
| 6764497 | Apparent Non-HOA Property |
| 6766228 | Apparent Non-HOA Property |
| 6772791 | Apparent Non-HOA Property |
| 6773550 | Apparent Non-HOA Property |
| 6773556 | Apparent Non-HOA Property |
| 6773601 | Apparent Non-HOA Property |
| 6777935 | Apparent Non-HOA Property |
| 6785095 | Apparent Non-HOA Property |
| 6787495 | Apparent Non-HOA Property |
| 6788908 | Apparent Non-HOA Property |
| 6789087 | Apparent Non-HOA Property |
| 6790093 | Apparent Non-HOA Property |
| 6790829 | Apparent Non-HOA Property |
| 6791771 | Apparent Non-HOA Property |
| 6796183 | Apparent Non-HOA Property |
| 6796396 | Apparent Non-HOA Property |
| 6826657 | Apparent Non-HOA Property |
| 6862845 | Apparent Non-HOA Property |
| 6862846 | Apparent Non-HOA Property |
| 6862847 | Apparent Non-HOA Property |
| 6862848 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 6862849 | Apparent Non-HOA Property |
| 6862850 | Apparent Non-HOA Property |
| 6862851 | Apparent Non-HOA Property |
| 6862852 | Apparent Non-HOA Property |
| 6862853 | Apparent Non-HOA Property |
| 6862854 | Apparent Non-HOA Property |
| 6862855 | Apparent Non-HOA Property |
| 6862856 | Apparent Non-HOA Property |
| 6862857 | Apparent Non-HOA Property |
| 6862858 | Apparent Non-HOA Property |
| 6862859 | Apparent Non-HOA Property |
| 6862860 | Apparent Non-HOA Property |
| 6862861 | Apparent Non-HOA Property |
| 6862862 | Apparent Non-HOA Property |
| 6862863 | Apparent Non-HOA Property |
| 6862864 | Apparent Non-HOA Property |
| 6869011 | Apparent Non-HOA Property |
| 6870607 | Apparent Non-HOA Property |
| 6873754 | Apparent Non-HOA Property |
| 6873761 | Apparent Non-HOA Property |
| 6907405 | Apparent Non-HOA Property |
| 6912211 | Apparent Non-HOA Property |
| 6912286 | Apparent Non-HOA Property |
| 6912372 | Apparent Non-HOA Property |
| 6914562 | Apparent Non-HOA Property |
| 6923356 | Apparent Non-HOA Property |
| 6923580 | Apparent Non-HOA Property |
| 6931251 | Apparent Non-HOA Property |
| 6932546 | Apparent Non-HOA Property |
| 6932551 | Apparent Non-HOA Property |
| 6932560 | Apparent Non-HOA Property |
| 6942450 | Apparent Non-HOA Property |
| 6946831 | Apparent Non-HOA Property |
| 6953469 | Apparent Non-HOA Property |
| 6958091 | Apparent Non-HOA Property |
| 6959999 | Apparent Non-HOA Property |
| 6967874 | Apparent Non-HOA Property |
| 6968121 | Apparent Non-HOA Property |
| 6968220 | Apparent Non-HOA Property |
| 6970754 | Apparent Non-HOA Property |
| 6973909 | Apparent Non-HOA Property |
| 6976435 | Apparent Non-HOA Property |
| 6976436 | Apparent Non-HOA Property |
| 6978115 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 6986040 | Apparent Non-HOA Property |
| 6987290 | Apparent Non-HOA Property |
| 6987656 | Apparent Non-HOA Property |
| 6992548 | Apparent Non-HOA Property |
| 7205784 | Apparent Non-HOA Property |
| 7298737 | Apparent Non-HOA Property |
| 7302121 | Apparent Non-HOA Property |
| 7349332 | Apparent Non-HOA Property |
| 7358546 | Apparent Non-HOA Property |
| 7380961 | Apparent Non-HOA Property |
| 7393810 | Apparent Non-HOA Property |
| 7393836 | Apparent Non-HOA Property |
| 7393934 | Apparent Non-HOA Property |
| 7394515 | Apparent Non-HOA Property |
| 7401171 | Apparent Non-HOA Property |
| 7420659 | Apparent Non-HOA Property |
| 7426751 | Apparent Non-HOA Property |
| 7476246 | Apparent Non-HOA Property |
| 7496287 | Apparent Non-HOA Property |
| 7499098 | Apparent Non-HOA Property |
| 7500025 | Apparent Non-HOA Property |
| 7502104 | Apparent Non-HOA Property |
| 7515825 | Apparent Non-HOA Property |
| 7522726 | Apparent Non-HOA Property |
| 7534322 | Apparent Non-HOA Property |
| 7535592 | Apparent Non-HOA Property |
| 7535613 | Apparent Non-HOA Property |
| 7538638 | Apparent Non-HOA Property |
| 7538964 | Apparent Non-HOA Property |
| 7549019 | Apparent Non-HOA Property |
| 7560326 | Apparent Non-HOA Property |
| 7576891 | Apparent Non-HOA Property |
| 7582480 | Apparent Non-HOA Property |
| 7605374 | Apparent Non-HOA Property |
| 7631685 | Apparent Non-HOA Property |
| 7634465 | Apparent Non-HOA Property |
| 7638616 | Apparent Non-HOA Property |
| 7641945 | Apparent Non-HOA Property |
| 7646806 | Apparent Non-HOA Property |
| 7647315 | Apparent Non-HOA Property |
| 7656214 | Apparent Non-HOA Property |
| 7659468 | Apparent Non-HOA Property |
| 7664934 | Apparent Non-HOA Property |
| 7674349 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 7676379 | Apparent Non-HOA Property |
| 7680950 | Apparent Non-HOA Property |
| 7699992 | Apparent Non-HOA Property |
| 7707383 | Apparent Non-HOA Property |
| 7707385 | Apparent Non-HOA Property |
| 7728171 | Apparent Non-HOA Property |
| 7733850 | Apparent Non-HOA Property |
| 7734355 | Apparent Non-HOA Property |
| 7741814 | Apparent Non-HOA Property |
| 7755079 | Apparent Non-HOA Property |
| 7757294 | Apparent Non-HOA Property |
| 7757558 | Apparent Non-HOA Property |
| 7768830 | Apparent Non-HOA Property |
| 7783409 | Apparent Non-HOA Property |
| 7822374 | Apparent Non-HOA Property |
| 7829138 | Apparent Non-HOA Property |
| 7831865 | Apparent Non-HOA Property |
| 7832397 | Apparent Non-HOA Property |
| 7832848 | Apparent Non-HOA Property |
| 7838611 | Apparent Non-HOA Property |
| 7866766 | Apparent Non-HOA Property |
| 7870019 | Apparent Non-HOA Property |
| 7870861 | Apparent Non-HOA Property |
| 7873259 | Apparent Non-HOA Property |
| 7874452 | Apparent Non-HOA Property |
| 7875850 | Apparent Non-HOA Property |
| 7876427 | Apparent Non-HOA Property |
| 7880047 | Apparent Non-HOA Property |
| 7880855 | Apparent Non-HOA Property |
| 7888093 | Apparent Non-HOA Property |
| 7893024 | Apparent Non-HOA Property |
| 7893278 | Apparent Non-HOA Property |
| 7894264 | Apparent Non-HOA Property |
| 7902049 | Apparent Non-HOA Property |
| 7904399 | Apparent Non-HOA Property |
| 7904591 | Apparent Non-HOA Property |
| 7906539 | Apparent Non-HOA Property |
| 7908017 | Apparent Non-HOA Property |
| 7910040 | Apparent Non-HOA Property |
| 7912115 | Apparent Non-HOA Property |
| 7913251 | Apparent Non-HOA Property |
| 7914532 | Apparent Non-HOA Property |
| 7915187 | Apparent Non-HOA Property |
| 7923397 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 7929970 | Apparent Non-HOA Property |
| 7929979 | Apparent Non-HOA Property |
| 7930818 | Apparent Non-HOA Property |
| 7931084 | Apparent Non-HOA Property |
| 7932059 | Apparent Non-HOA Property |
| 7933532 | Apparent Non-HOA Property |
| 7936638 | Apparent Non-HOA Property |
| 7941046 | Apparent Non-HOA Property |
| 7941653 | Apparent Non-HOA Property |
| 7942996 | Apparent Non-HOA Property |
| 7944536 | Apparent Non-HOA Property |
| 7945607 | Apparent Non-HOA Property |
| 7953747 | Apparent Non-HOA Property |
| 7953938 | Apparent Non-HOA Property |
| 7955367 | Apparent Non-HOA Property |
| 7956398 | Apparent Non-HOA Property |
| 7956428 | Apparent Non-HOA Property |
| 7962625 | Apparent Non-HOA Property |
| 7968561 | Apparent Non-HOA Property |
| 7969509 | Apparent Non-HOA Property |
| 7970529 | Apparent Non-HOA Property |
| 7970657 | Apparent Non-HOA Property |
| 7971442 | Apparent Non-HOA Property |
| 7972715 | Apparent Non-HOA Property |
| 7977823 | Apparent Non-HOA Property |
| 7980907 | Apparent Non-HOA Property |
| 7981127 | Apparent Non-HOA Property |
| 7985586 | Apparent Non-HOA Property |
| 7989045 | Apparent Non-HOA Property |
| 7990487 | Apparent Non-HOA Property |
| 7991898 | Apparent Non-HOA Property |
| 7992685 | Apparent Non-HOA Property |
| 7993667 | Apparent Non-HOA Property |
| 7993868 | Apparent Non-HOA Property |
| 7993973 | Apparent Non-HOA Property |
| 7994852 | Apparent Non-HOA Property |
| 7995683 | Apparent Non-HOA Property |
| 7995805 | Apparent Non-HOA Property |
| 7998217 | Apparent Non-HOA Property |
| 8000589 | Apparent Non-HOA Property |
| 8001599 | Apparent Non-HOA Property |
| 8001605 | Apparent Non-HOA Property |
| 8003708 | Apparent Non-HOA Property |
| 8004384 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 8007428 | Apparent Non-HOA Property |
| 8007634 | Apparent Non-HOA Property |
| 8010064 | Apparent Non-HOA Property |
| 8012094 | Apparent Non-HOA Property |
| 8012678 | Apparent Non-HOA Property |
| 8015171 | Apparent Non-HOA Property |
| 8015565 | Apparent Non-HOA Property |
| 8019303 | Apparent Non-HOA Property |
| 8019506 | Apparent Non-HOA Property |
| 8023424 | Apparent Non-HOA Property |
| 8023533 | Apparent Non-HOA Property |
| 8029244 | Apparent Non-HOA Property |
| 8031784 | Apparent Non-HOA Property |
| 8037090 | Apparent Non-HOA Property |
| 8038528 | Apparent Non-HOA Property |
| 8042517 | Apparent Non-HOA Property |
| 8042521 | Apparent Non-HOA Property |
| 8044539 | Apparent Non-HOA Property |
| 8050660 | Apparent Non-HOA Property |
| 8053192 | Apparent Non-HOA Property |
| 8059312 | Apparent Non-HOA Property |
| 8065997 | Apparent Non-HOA Property |
| 8068153 | Apparent Non-HOA Property |
| 8071707 | Apparent Non-HOA Property |
| 8074315 | Apparent Non-HOA Property |
| 8074889 | Apparent Non-HOA Property |
| 8075648 | Apparent Non-HOA Property |
| 8076795 | Apparent Non-HOA Property |
| 8078747 | Apparent Non-HOA Property |
| 8089001 | Apparent Non-HOA Property |
| 8092041 | Apparent Non-HOA Property |
| 8092372 | Apparent Non-HOA Property |
| 8092538 | Apparent Non-HOA Property |
| 8093111 | Apparent Non-HOA Property |
| 8093626 | Apparent Non-HOA Property |
| 8094652 | Apparent Non-HOA Property |
| 8102641 | Apparent Non-HOA Property |
| 8106454 | Apparent Non-HOA Property |
| 8107934 | Apparent Non-HOA Property |
| 8108054 | Apparent Non-HOA Property |
| 8116169 | Apparent Non-HOA Property |
| 8116979 | Apparent Non-HOA Property |
| 8119782 | Apparent Non-HOA Property |
| 8121485 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 8121824 | Apparent Non-HOA Property |
| 8123519 | Apparent Non-HOA Property |
| 8128021 | Apparent Non-HOA Property |
| 8129286 | Apparent Non-HOA Property |
| 8129307 | Apparent Non-HOA Property |
| 8132800 | Apparent Non-HOA Property |
| 8133244 | Apparent Non-HOA Property |
| 8135255 | Apparent Non-HOA Property |
| 8137081 | Apparent Non-HOA Property |
| 8139427 | Apparent Non-HOA Property |
| 8143089 | Apparent Non-HOA Property |
| 8146763 | Apparent Non-HOA Property |
| 8149223 | Apparent Non-HOA Property |
| 8150397 | Apparent Non-HOA Property |
| 8160374 | Apparent Non-HOA Property |
| 8171506 | Apparent Non-HOA Property |
| 8172698 | Apparent Non-HOA Property |
| 8176802 | Apparent Non-HOA Property |
| 8176805 | Apparent Non-HOA Property |
| 8177467 | Apparent Non-HOA Property |
| 8177970 | Apparent Non-HOA Property |
| 8181759 | Apparent Non-HOA Property |
| 8185094 | Apparent Non-HOA Property |
| 8197820 | Apparent Non-HOA Property |
| 8203662 | Apparent Non-HOA Property |
| 8204806 | Apparent Non-HOA Property |
| 8207792 | Apparent Non-HOA Property |
| 8211853 | Apparent Non-HOA Property |
| 8212331 | Apparent Non-HOA Property |
| 8219561 | Apparent Non-HOA Property |
| 8223857 | Apparent Non-HOA Property |
| 8239700 | Apparent Non-HOA Property |
| 8245987 | Apparent Non-HOA Property |
| 8246895 | Apparent Non-HOA Property |
| 8262856 | Apparent Non-HOA Property |
| 8280093 | Apparent Non-HOA Property |
| 8314245 | Apparent Non-HOA Property |
| 8332580 | Apparent Non-HOA Property |
| 8348179 | Apparent Non-HOA Property |
| 8371549 | Apparent Non-HOA Property |
| 8384709 | Apparent Non-HOA Property |
| 8402517 | Apparent Non-HOA Property |
| 8405531 | Apparent Non-HOA Property |
| 8425926 | Apparent Non-HOA Property |
| Property ID | HOA Status |
| 8499151 | Apparent Non-HOA Property |
| 8499892 | Apparent Non-HOA Property |
Exhibit 99.3
| A. | Item 4. Description of the due diligence performed |
Certification of Services Performed
Reference is made to that certain proposed Loan Agreement (the “Loan Agreement”), by and between AMNL Asset Company 2 (“Co-Borrower”) and AMNL Asset Company 1 LLC, a Delaware limited liability company (“Borrower”), and Goldman Sachs Mortgage Company (“Client”). SingleSource Diligence Solutions, LLC (“SingleSource”) has been retained by the Client.
I do hereby certify to Borrower and Client, to the best of my knowledge and belief, that SingleSource has completed the services ordered by Client under that certain Scope of Work Agreement, dated as of March 3, 2022, by and between SingleSource and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the properties (the “Properties” and each, a “Property”) contained within the data tape of the electronic file entitled “AMSR 2022-SFR2-2”. Furthermore:
| 1. | SingleSource has reviewed the BPO Value for each Property and has provided a value reconciliation and / or value rebuttal based on market value analysis of the subject Property as fee simple basis unencumbered with market value defined as the most probable price the subject property would sell for in an open market excluding undue influence (such process, “Value Reconciliation”). Such Value Reconciliation is contained in Schedule A attached hereto. |
| 2. | The Value Reconciliation includes (i) confirmation of subject consistency by comparing photos; (ii) comparison of the property characteristics between reports; (iii) review of sales across report(s) with regards to proximity, age, design, etc.; (iv) opinion as to the quality of the client supplied Broker Price Opinion; (v) review of data including Sitex, County Public Records, RealQuest, Realtor.com and/or Google Earth; (vi) market trend including foreclosures; (vii) identification of external influences; and (viii) an analysis of the Broker Price Opinion report with a conclusion of value. |
[SIGNATURE FOLLOWS ON NEXT PAGE]
SingleSource Diligence Solutions, LLC
| By: | /s/Dean Kelker | 6/30/2022 | |
| (Signature) | (Date) | ||
| Name: Dean Kelker | |||
| Title: SSDS Managing Director |
| B. | Item 5. Summary of findings and conclusions of review |
Schedule A – Value Reconciliation
| Property ID | Valuation Type |
Valuation 1 Value | Valuation 1 Date |
Reconciled Value | Reconciled Value Date |
| 6328476 | BPO | $295,000 | 6/11/2022 | $295,000 | 6/28/2022 |
| 6708696 | BPO | $352,000 | 6/12/2022 | $352,000 | 6/27/2022 |
| 8116979 | BPO | $365,000 | 6/10/2022 | $365,000 | 6/29/2022 |
| 5670632 | BPO | $243,000 | 6/10/2022 | $243,000 | 6/28/2022 |
| 6733026 | BPO | $275,000 | 6/13/2022 | $285,000 | 6/26/2022 |
| 7722684 | BPO | $330,000 | 6/12/2022 | $330,000 | 6/28/2022 |
| 7646806 | BPO | $275,000 | 6/11/2022 | $275,000 | 6/27/2022 |
| 8135255 | BPO | $300,000 | 6/10/2022 | $315,000 | 6/25/2022 |
| 6740604 | BPO | $295,000 | 6/12/2022 | $285,000 | 6/25/2022 |
| 6710622 | BPO | $310,000 | 6/13/2022 | $310,000 | 6/28/2022 |
| 6708576 | BPO | $375,000 | 6/13/2022 | $380,000 | 6/28/2022 |
| 5413027 | BPO | $367,000 | 6/11/2022 | $367,000 | 6/26/2022 |
| 3140244 | BPO | $178,000 | 6/11/2022 | $178,000 | 6/27/2022 |
| 6788908 | BPO | $145,000 | 6/18/2022 | $145,000 | 6/28/2022 |
| 6907405 | BPO | $273,000 | 6/12/2022 | $273,000 | 6/27/2022 |
| 6761514 | BPO | $429,810 | 6/12/2022 | $429,810 | 6/28/2022 |
| 6710618 | BPO | $302,900 | 6/11/2022 | $295,000 | 6/28/2022 |
| 6293401 | BPO | $260,000 | 6/11/2022 | $278,000 | 6/28/2022 |
| 7515825 | BPO | $200,000 | 6/13/2022 | $200,000 | 6/26/2022 |
| 6711864 | BPO | $250,000 | 6/10/2022 | $250,000 | 6/27/2022 |
| 8244156 | BPO | $368,000 | 6/14/2022 | $368,000 | 6/25/2022 |
| 3558021 | BPO | $295,000 | 6/10/2022 | $310,000 | 6/26/2022 |
| 6340602 | BPO | $190,300 | 6/10/2022 | $190,300 | 6/28/2022 |
| 5412977 | BPO | $329,900 | 6/10/2022 | $329,900 | 6/28/2022 |
| 6126572 | BPO | $266,000 | 6/13/2022 | $266,000 | 6/28/2022 |
| 7674984 | BPO | $165,000 | 6/12/2022 | $165,000 | 6/27/2022 |
| 6579462 | BPO | $355,000 | 6/14/2022 | $355,000 | 6/27/2022 |
| 5347272 | BPO | $425,000 | 6/13/2022 | $425,000 | 6/29/2022 |
| 7886410 | BPO | $247,000 | 6/17/2022 | $247,000 | 6/26/2022 |
| 5412975 | BPO | $385,000 | 6/11/2022 | $375,000 | 6/27/2022 |
| 7783409 | BPO | $189,000 | 6/11/2022 | $200,000 | 6/26/2022 |
| 5412971 | BPO | $385,000 | 6/11/2022 | $385,000 | 6/27/2022 |
| 5680688 | BPO | $284,900 | 6/11/2022 | $284,900 | 6/26/2022 |
| 7808650 | BPO | $315,900 | 6/12/2022 | $300,000 | 6/28/2022 |
| 7919424 | BPO | $236,000 | 6/12/2022 | $236,000 | 6/26/2022 |
| 7893024 | BPO | $285,000 | 6/12/2022 | $285,000 | 6/27/2022 |
| 5295488 | BPO | $343,000 | 6/19/2022 | $343,000 | 6/27/2022 |
| 7647315 | BPO | $150,000 | 6/11/2022 | $150,000 | 6/28/2022 |
| 6277389 | BPO | $310,000 | 6/14/2022 | $310,000 | 6/27/2022 |
| 6947173 | BPO | $215,000 | 6/12/2022 | $225,000 | 6/27/2022 |
| 8074889 | BPO | $325,000 | 6/13/2022 | $300,000 | 6/27/2022 |
| 8209462 | BPO | $160,000 | 6/13/2022 | $160,000 | 6/28/2022 |
| 8118854 | BPO | $329,000 | 6/12/2022 | $329,000 | 6/27/2022 |
| 8023533 | BPO | $160,718 | 6/13/2022 | $167,000 | 6/28/2022 |
| 7868114 | BPO | $315,000 | 6/12/2022 | $315,000 | 6/27/2022 |
| 7297748 | BPO | $315,000 | 6/12/2022 | $310,000 | 6/27/2022 |
| 2381075 | BPO | $175,000 | 6/9/2022 | $175,000 | 6/27/2022 |
| 6202297 | BPO | $410,000 | 6/11/2022 | $410,000 | 6/28/2022 |
| 6242094 | BPO | $365,000 | 6/12/2022 | $365,000 | 6/27/2022 |
| 6432500 | BPO | $330,000 | 6/11/2022 | $330,000 | 6/28/2022 |
| 6229143 | BPO | $350,000 | 6/13/2022 | $350,000 | 6/28/2022 |
| 7732672 | BPO | $335,000 | 6/12/2022 | $335,000 | 6/28/2022 |
| 8102025 | BPO | $400,000 | 6/12/2022 | $400,000 | 6/27/2022 |
| 7664934 | BPO | $145,000 | 6/14/2022 | $145,000 | 6/25/2022 |
| 7868549 | BPO | $260,000 | 6/20/2022 | $272,000 | 6/26/2022 |
| 5909669 | BPO | $360,000 | 6/13/2022 | $360,000 | 6/29/2022 |
| 6710673 | BPO | $225,000 | 6/11/2022 | $225,000 | 6/27/2022 |
| 7932735 | BPO | $445,000 | 6/11/2022 | $445,000 | 6/28/2022 |
| 6292545 | BPO | $355,000 | 6/10/2022 | $355,000 | 6/28/2022 |
| 7393810 | BPO | $220,000 | 6/20/2022 | $220,000 | 6/27/2022 |
| 6692742 | BPO | $301,000 | 6/10/2022 | $301,000 | 6/25/2022 |
| 6328756 | BPO | $285,000 | 6/11/2022 | $245,000 | 6/26/2022 |
| 7914431 | BPO | $249,000 | 6/11/2022 | $249,000 | 6/25/2022 |
| 5453755 | BPO | $395,000 | 6/12/2022 | $390,000 | 6/26/2022 |
| 6759467 | BPO | $288,000 | 6/17/2022 | $288,000 | 6/27/2022 |
| 6916247 | BPO | $330,000 | 6/11/2022 | $330,000 | 6/28/2022 |
| 7962565 | BPO | $167,000 | 6/12/2022 | $167,000 | 6/27/2022 |
| 7611292 | BPO | $230,000 | 6/13/2022 | $230,000 | 6/27/2022 |
| 7928133 | BPO | $278,000 | 6/13/2022 | $278,000 | 6/27/2022 |
| 8055940 | BPO | $187,000 | 6/12/2022 | $187,000 | 6/26/2022 |
| 4010411 | BPO | $307,000 | 6/11/2022 | $307,000 | 6/27/2022 |
| 5626543 | BPO | $270,000 | 6/11/2022 | $270,000 | 6/27/2022 |
| 6348874 | BPO | $300,000 | 6/10/2022 | $300,000 | 6/26/2022 |
| 6711861 | BPO | $335,000 | 6/10/2022 | $335,000 | 6/27/2022 |
| 5461177 | BPO | $265,000 | 6/13/2022 | $265,000 | 6/27/2022 |
| 6709219 | BPO | $160,000 | 6/19/2022 | $174,000 | 6/27/2022 |
| 6008985 | BPO | $292,900 | 6/11/2022 | $292,900 | 6/27/2022 |
| 6873764 | BPO | $273,000 | 6/10/2022 | $273,000 | 6/28/2022 |
| 8057824 | BPO | $280,000 | 6/20/2022 | $280,000 | 6/26/2022 |
| 7932389 | BPO | $214,000 | 6/12/2022 | $214,000 | 6/26/2022 |
| 7706560 | BPO | $230,000 | 6/10/2022 | $230,000 | 6/27/2022 |
| 6032900 | BPO | $340,000 | 6/19/2022 | $340,000 | 6/25/2022 |
| 8197820 | BPO | $312,000 | 6/11/2022 | $312,000 | 6/29/2022 |
| 7358976 | BPO | $355,000 | 6/12/2022 | $355,000 | 6/25/2022 |
| 5276013 | BPO | $293,000 | 6/11/2022 | $293,000 | 6/27/2022 |
| 5413037 | BPO | $409,000 | 6/12/2022 | $400,000 | 6/27/2022 |
| 7909046 | BPO | $152,500 | 6/9/2022 | $152,500 | 6/25/2022 |
| 7710814 | BPO | $338,000 | 6/10/2022 | $355,000 | 6/25/2022 |
| 6327648 | BPO | $250,000 | 6/10/2022 | $250,000 | 6/25/2022 |
| 6078876 | BPO | $268,500 | 6/12/2022 | $250,000 | 6/25/2022 |
| 7763999 | BPO | $240,000 | 6/11/2022 | $240,000 | 6/25/2022 |
| 6720517 | BPO | $300,000 | 6/10/2022 | $300,000 | 6/27/2022 |
| 6708709 | BPO | $365,000 | 6/12/2022 | $390,000 | 6/26/2022 |
| 3031538 | BPO | $350,000 | 6/11/2022 | $350,000 | 6/26/2022 |
| 5439096 | BPO | $325,000 | 6/19/2022 | $325,000 | 6/28/2022 |
| 7204967 | BPO | $210,000 | 6/11/2022 | $210,000 | 6/29/2022 |
| 7754259 | BPO | $180,000 | 6/9/2022 | $190,000 | 6/25/2022 |
| 8192963 | BPO | $271,000 | 6/20/2022 | $271,000 | 6/25/2022 |
| 7933532 | BPO | $236,000 | 6/20/2022 | $236,000 | 6/28/2022 |
| 7757501 | BPO | $180,000 | 6/21/2022 | $180,000 | 6/28/2022 |
| 8116285 | BPO | $255,000 | 6/11/2022 | $255,000 | 6/26/2022 |
| 7867237 | BPO | $285,000 | 6/13/2022 | $285,000 | 6/25/2022 |
| 6946045 | BPO | $213,000 | 6/10/2022 | $213,000 | 6/25/2022 |
| 5347268 | BPO | $412,000 | 6/12/2022 | $412,000 | 6/25/2022 |
| 6708740 | BPO | $353,000 | 6/9/2022 | $353,000 | 6/29/2022 |
| 7365254 | BPO | $406,000 | 6/12/2022 | $376,000 | 6/26/2022 |
| 7500025 | BPO | $246,000 | 6/17/2022 | $246,000 | 6/25/2022 |
| 3750962 | BPO | $315,000 | 6/10/2022 | $315,000 | 6/29/2022 |
| 6327112 | BPO | $225,000 | 6/19/2022 | $225,000 | 6/26/2022 |
| 6341577 | BPO | $199,730 | 6/10/2022 | $224,000 | 6/28/2022 |
| 6708573 | BPO | $360,000 | 6/14/2022 | $335,000 | 6/28/2022 |
| 6759532 | BPO | $248,000 | 6/12/2022 | $248,000 | 6/24/2022 |
| 8239700 | BPO | $212,000 | 6/13/2022 | $212,000 | 6/25/2022 |
| 8255639 | BPO | $318,000 | 6/20/2022 | $351,000 | 6/28/2022 |
| 5439092 | BPO | $338,000 | 6/10/2022 | $338,000 | 6/28/2022 |
| 8015565 | BPO | $206,000 | 6/11/2022 | $220,000 | 6/26/2022 |
| 3185949 | BPO | $255,000 | 6/11/2022 | $255,000 | 6/25/2022 |
| 5413028 | BPO | $367,000 | 6/11/2022 | $367,000 | 6/26/2022 |
| 7611217 | BPO | $215,000 | 6/13/2022 | $205,000 | 6/25/2022 |
| 8089052 | BPO | $185,000 | 6/13/2022 | $185,000 | 6/27/2022 |
| 5040470 | BPO | $445,000 | 6/13/2022 | $460,000 | 6/25/2022 |
| 5652512 | BPO | $330,000 | 6/19/2022 | $305,000 | 6/29/2022 |
| 6940811 | BPO | $205,000 | 6/12/2022 | $205,000 | 6/26/2022 |
| 6777221 | BPO | $263,000 | 6/11/2022 | $263,000 | 6/28/2022 |
| 6327247 | BPO | $245,000 | 6/13/2022 | $245,000 | 6/25/2022 |
| 3686788 | BPO | $370,000 | 6/10/2022 | $370,000 | 6/28/2022 |
| 7893341 | BPO | $160,000 | 6/11/2022 | $160,000 | 6/26/2022 |
| 6382335 | BPO | $310,000 | 6/10/2022 | $310,000 | 6/26/2022 |
| 8201065 | BPO | $191,622 | 6/12/2022 | $195,000 | 6/29/2022 |
| 6826657 | BPO | $270,000 | 6/11/2022 | $282,000 | 6/25/2022 |
| 5787642 | BPO | $385,000 | 6/13/2022 | $370,000 | 6/26/2022 |
| 6862848 | BPO | $303,000 | 6/12/2022 | $295,000 | 6/25/2022 |
| 6708598 | BPO | $350,000 | 6/14/2022 | $350,000 | 6/28/2022 |
| 5882121 | BPO | $345,000 | 6/11/2022 | $345,000 | 6/25/2022 |
| 7163903 | BPO | $290,000 | 6/18/2022 | $297,000 | 6/28/2022 |
| 5413015 | BPO | $366,000 | 6/11/2022 | $366,000 | 6/28/2022 |
| 1906348 | BPO | $325,000 | 6/11/2022 | $325,000 | 6/29/2022 |
| 7690657 | BPO | $235,000 | 6/10/2022 | $235,000 | 6/28/2022 |
| 7393337 | BPO | $215,000 | 6/14/2022 | $215,000 | 6/27/2022 |
| 7535613 | BPO | $195,000 | 6/10/2022 | $195,000 | 6/27/2022 |
| 6708733 | BPO | $354,000 | 6/12/2022 | $354,000 | 6/26/2022 |
| 6201785 | BPO | $335,000 | 6/11/2022 | $335,000 | 6/25/2022 |
| 5439093 | BPO | $315,000 | 6/13/2022 | $315,000 | 6/27/2022 |
| 4169989 | BPO | $300,000 | 6/13/2022 | $300,000 | 6/24/2022 |
| 7874970 | BPO | $154,000 | 6/12/2022 | $154,000 | 6/25/2022 |
| 7402309 | BPO | $268,000 | 6/12/2022 | $279,000 | 6/25/2022 |
| 5796935 | BPO | $363,000 | 6/13/2022 | $363,000 | 6/25/2022 |
| 8167539 | BPO | $280,000 | 6/12/2022 | $280,000 | 6/28/2022 |
| 6715814 | BPO | $383,000 | 6/11/2022 | $383,000 | 6/28/2022 |
| 3313577 | BPO | $350,000 | 6/20/2022 | $350,000 | 6/28/2022 |
| 3557861 | BPO | $290,000 | 6/10/2022 | $290,000 | 6/26/2022 |
| 7914416 | BPO | $200,000 | 6/11/2022 | $200,000 | 6/27/2022 |
| 5423960 | BPO | $549,000 | 6/10/2022 | $561,000 | 6/24/2022 |
| 6126708 | BPO | $330,000 | 6/12/2022 | $330,000 | 6/25/2022 |
| 8278685 | BPO | $236,000 | 6/13/2022 | $236,000 | 6/29/2022 |
| 6974314 | BPO | $365,000 | 6/11/2022 | $372,000 | 6/28/2022 |
| 5413050 | BPO | $420,000 | 6/11/2022 | $410,000 | 6/24/2022 |
| 5413000 | BPO | $366,000 | 6/11/2022 | $366,000 | 6/27/2022 |
| 7764755 | BPO | $210,000 | 6/10/2022 | $210,000 | 6/28/2022 |
| 6708710 | BPO | $352,000 | 6/12/2022 | $372,000 | 6/24/2022 |
| 7833087 | BPO | $195,000 | 6/11/2022 | $195,000 | 6/28/2022 |
| 1540993 | BPO | $285,000 | 6/11/2022 | $285,000 | 6/24/2022 |
| 6710587 | BPO | $302,000 | 6/12/2022 | $285,000 | 6/25/2022 |
| 8092538 | BPO | $258,000 | 6/13/2022 | $258,000 | 6/25/2022 |
| 8212331 | BPO | $420,000 | 6/12/2022 | $420,000 | 6/26/2022 |
| 6310853 | BPO | $305,500 | 6/12/2022 | $305,500 | 6/28/2022 |
| 6320325 | BPO | $245,000 | 6/13/2022 | $245,000 | 6/28/2022 |
| 6320539 | BPO | $250,000 | 6/11/2022 | $250,000 | 6/27/2022 |
| 6328625 | BPO | $280,000 | 6/10/2022 | $280,000 | 6/26/2022 |
| 7865094 | BPO | $210,000 | 6/11/2022 | $210,000 | 6/29/2022 |
| 5412967 | BPO | $363,000 | 6/11/2022 | $368,000 | 6/27/2022 |
| 6976435 | BPO | $253,000 | 6/12/2022 | $253,000 | 6/26/2022 |
| 6702162 | BPO | $287,000 | 6/10/2022 | $287,000 | 6/26/2022 |
| 8088436 | BPO | $340,000 | 6/20/2022 | $340,000 | 6/24/2022 |
| 6733002 | BPO | $457,000 | 6/11/2022 | $419,000 | 6/24/2022 |
| 8188187 | BPO | $260,000 | 6/17/2022 | $260,000 | 6/27/2022 |
| 6862855 | BPO | $303,000 | 6/18/2022 | $314,000 | 6/27/2022 |
| 5762844 | BPO | $285,000 | 6/13/2022 | $265,000 | 6/26/2022 |
| 1974232 | BPO | $340,000 | 6/11/2022 | $340,000 | 6/29/2022 |
| 6923317 | BPO | $285,000 | 6/12/2022 | $273,000 | 6/24/2022 |
| 7928729 | BPO | $235,000 | 6/13/2022 | $235,000 | 6/24/2022 |
| 5412968 | BPO | $363,000 | 6/11/2022 | $363,000 | 6/28/2022 |
| 6320438 | BPO | $260,000 | 6/19/2022 | $260,000 | 6/28/2022 |
| 7816655 | BPO | $323,000 | 6/12/2022 | $323,000 | 6/24/2022 |
| 8169547 | BPO | $151,000 | 6/14/2022 | $185,000 | 6/24/2022 |
| 5412972 | BPO | $385,000 | 6/11/2022 | $385,000 | 6/28/2022 |
| 5787420 | BPO | $324,000 | 6/11/2022 | $324,000 | 6/24/2022 |
| 8101034 | BPO | $440,000 | 6/13/2022 | $440,000 | 6/28/2022 |
| 1800941 | BPO | $235,000 | 6/13/2022 | $235,000 | 6/26/2022 |
| 6600485 | BPO | $304,500 | 6/12/2022 | $304,500 | 6/29/2022 |
| 7956398 | BPO | $210,000 | 6/10/2022 | $210,000 | 6/24/2022 |
| 4237634 | BPO | $304,900 | 6/11/2022 | $305,000 | 6/26/2022 |
| 7944651 | BPO | $235,000 | 6/11/2022 | $235,000 | 6/26/2022 |
| 5412961 | BPO | $368,000 | 6/10/2022 | $368,000 | 6/24/2022 |
| 6711857 | BPO | $295,000 | 6/14/2022 | $295,000 | 6/25/2022 |
| 8171506 | BPO | $200,000 | 6/12/2022 | $200,000 | 6/24/2022 |
| 6225352 | BPO | $294,300 | 6/13/2022 | $300,000 | 6/24/2022 |
| 5438006 | BPO | $318,000 | 6/13/2022 | $318,000 | 6/26/2022 |
| 7893278 | BPO | $221,000 | 6/12/2022 | $221,000 | 6/28/2022 |
| 6773025 | BPO | $350,000 | 6/11/2022 | $350,000 | 6/28/2022 |
| 8384709 | BPO | $260,000 | 6/10/2022 | $310,000 | 6/27/2022 |
| 7757294 | BPO | $465,000 | 6/13/2022 | $480,000 | 6/24/2022 |
| 6181790 | BPO | $250,000 | 6/10/2022 | $250,000 | 6/29/2022 |
| 6790093 | BPO | $412,000 | 6/13/2022 | $412,000 | 6/28/2022 |
| 8179185 | BPO | $249,000 | 6/13/2022 | $249,000 | 6/28/2022 |
| 7998227 | BPO | $200,000 | 6/14/2022 | $200,000 | 6/24/2022 |
| 7213795 | BPO | $270,000 | 6/11/2022 | $270,000 | 6/27/2022 |
| 6714916 | BPO | $335,000 | 6/10/2022 | $335,000 | 6/27/2022 |
| 7605329 | BPO | $167,953 | 6/12/2022 | $172,000 | 6/24/2022 |
| 6711860 | BPO | $295,000 | 6/14/2022 | $295,000 | 6/25/2022 |
| 8071795 | BPO | $260,000 | 6/13/2022 | $260,000 | 6/28/2022 |
| 7890919 | BPO | $170,000 | 6/12/2022 | $170,000 | 6/29/2022 |
| 8231803 | BPO | $285,000 | 6/10/2022 | $285,000 | 6/28/2022 |
| 8253906 | BPO | $355,000 | 6/11/2022 | $355,000 | 6/27/2022 |
| 8129286 | BPO | $330,000 | 6/13/2022 | $330,000 | 6/26/2022 |
| 6671726 | BPO | $350,000 | 6/11/2022 | $350,000 | 6/24/2022 |
| 6923580 | BPO | $300,000 | 6/10/2022 | $300,000 | 6/27/2022 |
| 6710584 | BPO | $302,900 | 6/13/2022 | $295,000 | 6/24/2022 |
| 5333699 | BPO | $498,500 | 6/12/2022 | $498,500 | 6/24/2022 |
| 8116169 | BPO | $177,000 | 6/11/2022 | $177,000 | 6/29/2022 |
| 6862845 | BPO | $302,000 | 6/12/2022 | $302,000 | 6/26/2022 |
| 7906539 | BPO | $127,000 | 6/17/2022 | $127,000 | 6/28/2022 |
| 7403264 | BPO | $265,000 | 6/11/2022 | $244,000 | 6/29/2022 |
| 7894857 | BPO | $270,000 | 6/10/2022 | $270,000 | 6/28/2022 |
| 3866168 | BPO | $250,000 | 6/12/2022 | $250,000 | 6/26/2022 |
| 7538964 | BPO | $119,000 | 6/12/2022 | $119,000 | 6/24/2022 |
| 6733078 | BPO | $330,000 | 6/13/2022 | $330,000 | 6/25/2022 |
| 4360325 | BPO | $349,000 | 6/12/2022 | $349,000 | 6/28/2022 |
| 6708845 | BPO | $249,900 | 6/14/2022 | $260,000 | 6/25/2022 |
| 8174255 | BPO | $220,000 | 6/12/2022 | $220,000 | 6/28/2022 |
| 6710614 | BPO | $310,000 | 6/11/2022 | $310,000 | 6/25/2022 |
| 7375866 | BPO | $334,900 | 6/11/2022 | $335,000 | 6/24/2022 |
| 8160374 | BPO | $310,000 | 6/13/2022 | $370,000 | 6/27/2022 |
| 6347971 | BPO | $280,000 | 6/13/2022 | $313,000 | 6/27/2022 |
| 7535851 | BPO | $275,000 | 6/13/2022 | $275,000 | 6/27/2022 |
| 4659180 | BPO | $310,000 | 6/12/2022 | $310,000 | 6/27/2022 |
| 7193139 | BPO | $200,000 | 6/12/2022 | $200,000 | 6/28/2022 |
| 6717683 | BPO | $245,000 | 6/12/2022 | $245,000 | 6/26/2022 |
| 6464321 | BPO | $155,000 | 6/17/2022 | $155,000 | 6/27/2022 |
| 4086988 | BPO | $326,000 | 6/11/2022 | $326,000 | 6/27/2022 |
| 8522403 | BPO | $332,000 | 6/10/2022 | $320,000 | 6/24/2022 |
| 6796396 | BPO | $265,000 | 6/11/2022 | $265,000 | 6/27/2022 |
| 6727618 | BPO | $265,000 | 6/11/2022 | $273,000 | 6/27/2022 |
| 6708848 | BPO | $277,900 | 6/14/2022 | $282,000 | 6/24/2022 |
| 5412957 | BPO | $368,000 | 6/10/2022 | $368,000 | 6/24/2022 |
| 6962078 | BPO | $410,000 | 6/11/2022 | $410,000 | 6/25/2022 |
| 5778287 | BPO | $255,000 | 6/10/2022 | $255,000 | 6/28/2022 |
| 3140236 | BPO | $135,000 | 6/11/2022 | $135,000 | 6/25/2022 |
| 7402336 | BPO | $292,000 | 6/12/2022 | $292,000 | 6/28/2022 |
| 5150946 | BPO | $425,000 | 6/10/2022 | $405,000 | 6/27/2022 |
| 5713567 | BPO | $335,000 | 6/11/2022 | $351,000 | 6/24/2022 |
| 8212915 | BPO | $262,000 | 6/14/2022 | $299,000 | 6/24/2022 |
| 6708591 | BPO | $375,000 | 6/13/2022 | $375,000 | 6/28/2022 |
| 7695714 | BPO | $200,000 | 6/10/2022 | $200,000 | 6/24/2022 |
| 6714883 | BPO | $292,500 | 6/11/2022 | $274,000 | 6/24/2022 |
| 8003506 | BPO | $365,000 | 6/11/2022 | $370,000 | 6/27/2022 |
| 3214156 | BPO | $352,000 | 6/12/2022 | $352,000 | 6/29/2022 |
| 8167675 | BPO | $295,000 | 6/18/2022 | $290,000 | 6/28/2022 |
| 7707383 | BPO | $234,900 | 6/10/2022 | $234,900 | 6/24/2022 |
| 7707385 | BPO | $265,000 | 6/14/2022 | $265,000 | 6/27/2022 |
| 6201826 | BPO | $360,000 | 6/10/2022 | $360,000 | 6/25/2022 |
| 5572126 | BPO | $294,000 | 6/11/2022 | $294,000 | 6/29/2022 |
| 8082343 | BPO | $180,000 | 6/10/2022 | $180,000 | 6/25/2022 |
| 7990300 | BPO | $205,000 | 6/13/2022 | $215,000 | 6/28/2022 |
| 5347266 | BPO | $412,000 | 6/11/2022 | $412,000 | 6/25/2022 |
| 7502104 | BPO | $192,000 | 6/13/2022 | $185,000 | 6/24/2022 |
| 7757558 | BPO | $275,810 | 6/20/2022 | $275,810 | 6/28/2022 |
| 8222066 | BPO | $269,080 | 6/13/2022 | $316,000 | 6/27/2022 |
| 7704476 | BPO | $212,000 | 6/11/2022 | $212,000 | 6/25/2022 |
| 5814675 | BPO | $245,000 | 6/11/2022 | $261,000 | 6/29/2022 |
| 6037205 | BPO | $335,000 | 6/18/2022 | $352,000 | 6/29/2022 |
| 6090291 | BPO | $260,000 | 6/10/2022 | $257,000 | 6/28/2022 |
| 6708704 | BPO | $352,000 | 6/12/2022 | $352,000 | 6/28/2022 |
| 6309996 | BPO | $420,000 | 6/19/2022 | $420,000 | 6/28/2022 |
| 6727575 | BPO | $350,000 | 6/12/2022 | $350,000 | 6/24/2022 |
| 5347264 | BPO | $412,000 | 6/11/2022 | $412,000 | 6/27/2022 |
| 5824013 | BPO | $301,000 | 6/13/2022 | $328,000 | 6/27/2022 |
| 7676379 | BPO | $218,000 | 6/12/2022 | $218,000 | 6/28/2022 |
| 8118952 | BPO | $228,515 | 6/13/2022 | $185,000 | 6/27/2022 |
| 7189423 | BPO | $265,000 | 6/17/2022 | $265,000 | 6/24/2022 |
| 7969509 | BPO | $440,000 | 6/13/2022 | $425,000 | 6/27/2022 |
| 8107934 | BPO | $265,000 | 6/13/2022 | $275,000 | 6/25/2022 |
| 8134132 | BPO | $300,000 | 6/10/2022 | $275,000 | 6/26/2022 |
| 8440625 | BPO | $215,000 | 6/11/2022 | $236,000 | 6/24/2022 |
| 7971442 | BPO | $455,000 | 6/12/2022 | $462,000 | 6/29/2022 |
| 6181254 | BPO | $254,000 | 6/20/2022 | $254,000 | 6/24/2022 |
| 6177043 | BPO | $258,000 | 6/10/2022 | $258,000 | 6/28/2022 |
| 1675807 | BPO | $260,000 | 6/10/2022 | $260,000 | 6/29/2022 |
| 4585293 | BPO | $329,000 | 6/12/2022 | $329,000 | 6/26/2022 |
| 7560246 | BPO | $170,000 | 6/20/2022 | $170,000 | 6/24/2022 |
| 6452416 | BPO | $270,000 | 6/11/2022 | $283,000 | 6/24/2022 |
| 6505412 | BPO | $365,000 | 6/18/2022 | $365,000 | 6/28/2022 |
| 7953227 | BPO | $225,000 | 6/14/2022 | $220,000 | 6/24/2022 |
| 7516351 | BPO | $340,000 | 6/18/2022 | $350,000 | 6/24/2022 |
| 6341515 | BPO | $259,000 | 6/13/2022 | $243,000 | 6/28/2022 |
| 6293009 | BPO | $257,000 | 6/11/2022 | $271,000 | 6/29/2022 |
| 6090981 | BPO | $255,000 | 6/13/2022 | $255,000 | 6/25/2022 |
| 7962564 | BPO | $250,000 | 6/14/2022 | $260,000 | 6/27/2022 |
| 7819388 | BPO | $175,000 | 6/12/2022 | $175,000 | 6/25/2022 |
| 5412966 | BPO | $363,000 | 6/11/2022 | $363,000 | 6/24/2022 |
| 6702612 | BPO | $253,000 | 6/10/2022 | $253,000 | 6/27/2022 |
| 6022678 | BPO | $236,000 | 6/11/2022 | $250,000 | 6/27/2022 |
| 7615317 | BPO | $215,000 | 6/12/2022 | $215,000 | 6/27/2022 |
| 8078747 | BPO | $275,000 | 6/20/2022 | $275,000 | 6/24/2022 |
| 5347267 | BPO | $412,000 | 6/11/2022 | $412,000 | 6/27/2022 |
| 6702151 | BPO | $340,000 | 6/10/2022 | $350,000 | 6/25/2022 |
| 6862851 | BPO | $295,000 | 6/18/2022 | $295,000 | 6/27/2022 |
| 7881548 | BPO | $270,000 | 6/13/2022 | $270,000 | 6/23/2022 |
| 8089001 | BPO | $250,000 | 6/14/2022 | $250,000 | 6/26/2022 |
| 6708574 | BPO | $375,000 | 6/13/2022 | $375,000 | 6/27/2022 |
| 5234662 | BPO | $430,000 | 6/20/2022 | $435,000 | 6/29/2022 |
| 5824011 | BPO | $330,000 | 6/11/2022 | $330,000 | 6/28/2022 |
| 5539231 | BPO | $300,000 | 6/11/2022 | $300,000 | 6/28/2022 |
| 7535592 | BPO | $215,000 | 6/11/2022 | $215,000 | 6/27/2022 |
| 6190514 | BPO | $300,000 | 6/11/2022 | $295,000 | 6/26/2022 |
| 7704550 | BPO | $185,000 | 6/11/2022 | $175,000 | 6/24/2022 |
| 5877812 | BPO | $410,000 | 6/13/2022 | $410,000 | 6/27/2022 |
| 6600468 | BPO | $369,500 | 6/12/2022 | $369,500 | 6/28/2022 |
| 6340659 | BPO | $205,000 | 6/13/2022 | $205,000 | 6/26/2022 |
| 6733028 | BPO | $300,000 | 6/20/2022 | $305,000 | 6/25/2022 |
| 6710649 | BPO | $245,000 | 6/10/2022 | $245,000 | 6/26/2022 |
| 5666580 | BPO | $365,000 | 6/13/2022 | $365,000 | 6/28/2022 |
| 6708850 | BPO | $274,900 | 6/15/2022 | $282,000 | 6/23/2022 |
| 6665673 | BPO | $279,000 | 6/12/2022 | $279,000 | 6/27/2022 |
| 6708738 | BPO | $353,000 | 6/19/2022 | $353,000 | 6/26/2022 |
| 7764000 | BPO | $185,000 | 6/20/2022 | $185,000 | 6/28/2022 |
| 6710671 | BPO | $245,000 | 6/9/2022 | $245,000 | 6/25/2022 |
| 6674965 | BPO | $300,000 | 6/11/2022 | $300,000 | 6/27/2022 |
| 6746365 | BPO | $360,000 | 6/14/2022 | $385,000 | 6/27/2022 |
| 6746166 | BPO | $275,000 | 6/11/2022 | $275,000 | 6/24/2022 |
| 5295871 | BPO | $330,000 | 6/20/2022 | $330,000 | 6/26/2022 |
| 1755779 | BPO | $325,000 | 6/11/2022 | $297,000 | 6/25/2022 |
| 6987656 | BPO | $262,000 | 6/11/2022 | $270,000 | 6/26/2022 |
| 6090463 | BPO | $280,000 | 6/11/2022 | $265,000 | 6/25/2022 |
| 6430596 | BPO | $330,000 | 6/11/2022 | $326,000 | 6/28/2022 |
| 7490490 | BPO | $385,000 | 6/11/2022 | $406,000 | 6/28/2022 |
| 6907237 | BPO | $276,000 | 6/12/2022 | $276,000 | 6/24/2022 |
| 6319883 | BPO | $245,000 | 6/10/2022 | $245,000 | 6/27/2022 |
| 6444516 | BPO | $390,000 | 6/11/2022 | $390,000 | 6/25/2022 |
| 7417249 | BPO | $260,000 | 6/11/2022 | $260,000 | 6/26/2022 |
| 6708585 | BPO | $310,000 | 6/14/2022 | $290,000 | 6/26/2022 |
| 6135175 | BPO | $300,000 | 6/10/2022 | $300,000 | 6/28/2022 |
| 8001599 | BPO | $235,000 | 6/11/2022 | $258,000 | 6/29/2022 |
| 7953454 | BPO | $189,000 | 6/11/2022 | $189,000 | 6/28/2022 |
| 8112113 | BPO | $206,400 | 6/20/2022 | $205,000 | 6/25/2022 |
| 5461169 | BPO | $420,000 | 6/18/2022 | $420,000 | 6/27/2022 |
| 6702120 | BPO | $277,000 | 6/12/2022 | $277,000 | 6/27/2022 |
| 5413014 | BPO | $368,000 | 6/11/2022 | $368,000 | 6/27/2022 |
| 5900512 | BPO | $327,900 | 6/12/2022 | $316,000 | 6/27/2022 |
| 7722686 | BPO | $330,000 | 6/12/2022 | $330,000 | 6/23/2022 |
| 6974308 | BPO | $317,000 | 6/10/2022 | $317,000 | 6/29/2022 |
Exhibit 99.4
Items 4 and 5
Certification of Services Performed
July 5, 2022
Reference is made to that certain proposed Loan Agreement (the “Loan Agreement”), by and among AMNL ASSET COMPANY 1 LLC, a Delaware limited liability company (“Borrower 1”), AMNL ASSET COMPANY 1 LLC, a Delaware limited liability company (“Borrower 2” and, together with Borrower 1, each a “Borrower” and collectively, the “Borrowers”), and GOLDMAN SACHS MORTGAGE COMPANY (“Client”). Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.
I do hereby certify to each Borrower and Client, to the best of my knowledge and belief, that Radian Real Estate Management LLC (f/k/a Green River Capital, LLC) (“RREM”) has completed the services ordered by Client under the Evaluation Services Agreement, dated as of July 5, 2022, by and between RREM and Client, in connection with the borrowing of the Loan for the Properties contained in the data tape entitled “AMSR 2022-2 (NYL) – Tape as of 5.31.2022 v5.xlsx” (the “2022-SFR2 data tape”). Furthermore;
| 1. | RREM has reviewed the Lease for each Property provided by Client and has determined that (a) each such Lease has been executed by the applicable Tenant, (b) the monthly rental payment under each such Lease and the Lease commencement and expiration dates match the information included in the 2022-SFR2 data tape, (c) no such Lease contains terms that are materially inconsistent with customary lease terms for the jurisdiction where the applicable Property is located and (d) all Section 8 leases are correctly reported in the 2022-SFR2 data tape. |
| 2. | RREM has reviewed the values in the 2022-SFR2 data tape that are used in the calculations and reporting to the price estimate obtained on BPO’s provided by RREM are accurately reported. |
| 3. | RREM has reviewed (a) the addresses on the 2022-SFR2 data tape and determined that they match the addresses that appear on the Broker Price Opinions and (b) the county designation for each Property in the 2022-SFR2 data tape and determined each such designation is accurate and matches the county designation in the corresponding approved title policy commitment. |
| 4. | RREM has reviewed the 2022-SFR2 data tape which indicates which Properties are or are not subject to an active homeowner’s, condominium, or other common-interest community association (collectively, “HOA”) and has determined, based on its review of the title work, the 2022-SFR2 data tape and that certain HOA discrepancy review report dated on or about the date hereof executed by BCHH, Inc., that the Properties identified in the 2022-SFR2 data tape as not being subject to an HOA are accurately identified. |
| 5. | RREM has reviewed the 2022-SFR2 data tape, provided by Borrower, which indicates which Properties are condominiums and has determined, based on property-type designations in the Broker Price Opinion for each Property and, if necessary, based on the county records via an online database and other online resources, that the designations of Properties as condominiums on the 2022-SFR2 data tape are accurate. |
[SIGNATURE FOLLOWS ON NEXT PAGE]
IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed as of the date set forth above.
| RADIAN REAL ESTATE MANAGEMENT LLC | |
| /s/ Timothy Reilly | |
| Name: Timothy Reilly | |
| Title: EVP |
[AMSR 2022-SFR2 - RREM DILIGENCE CERTIFICATE]
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