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Form ABS-15G AMNL SECURITIZATION DEPO For: Jul 05

July 5, 2022 5:12 PM EDT

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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:

 

oAn electronic data file labeled “Completed Report_06.24.22.xlsx” (the “BPO Results File”);
oA worksheet labeled “Support Files” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Support File”);
oA worksheet labeled “Property Type” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Property Type File”);
oA 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”);
oA worksheet labeled “UW” embedded in an electronic data file labeled “AMSR 2022-2 (NYL) - Support File v6.xlsx” (the “Underwriting File”); and
oAn 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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