Form ABS-15G FEDERAL HOME LOAN MORTGA For: Dec 08
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate
the filing obligation to which this form is intended to satisfy:
| [_] |
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________. |
Date of Report
(Date of earliest event reported): ___________
Commission File Number of securitizer: ___________
Central Index Key Number of
securitizer: ___________
| (Name and telephone number, including area code, of the person to contact in connection with this filing) |
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]
Indicate by check mark
whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]
Indicate by check mark whether the securitizer has no activity to report for
the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]
[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).
Central Index Key Number of depositor:
0001026214
| Federal Home Loan Mortgage Corporation (as issuer of the Structured Pass-Through Certificates, Series K-136) and
FREMF 2021-K136 Mortgage Trust |
| (Exact name of issuing entity as specified in its charter) |
Central Index Key Number of
issuing entity (if applicable): 0001026214
Central Index Key Number of underwriter (if applicable): ___________
| Jason Griest (703) 903-2000 |
| (Name and telephone number, including area code, of the person to contact in connection with this filing) |
INFORMATION TO BE INCLUDED IN THE REPORT
PART I: REPRESENTATION AND WARRANTY INFORMATION
N/A
PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party
Due Diligence Report Obtained by the Issuer
See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated December 8, 2021, of PricewaterhouseCoopers LLP, attached as Exhibit 99.1 to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 8, 2021 |
Federal Home Loan Mortgage Corporation, as Depositor with respect to the Structured Pass-Through Certificates, Series K-136, and as Securitizer with respect to the FREMF 2021-K136
Mortgage Trust By: /s/ Jason Griest Name: Jason
Griest Title: Vice President–Multifamily Securitization |
EXHIBIT INDEX
| Exhibit 99.1 |
Report of Independent Accountants on Applying Agreed-Upon Procedures, dated December 8, 2021, of PricewaterhouseCoopers LLP. |
Exhibit 99.1
Report of Independent Accountants on Applying
Agreed-Upon Procedures
Federal Home Loan Mortgage Corporation (the “Company”)
8200 Jones
Branch Drive
McLean, VA 22102
We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company (as the engaging party), Credit Suisse Securities (USA) LLC and Credit Suisse First Boston Mortgage Securities Corp., who are collectively referred to herein as the “Specified Parties”, solely to assist you in performing certain procedures related to the accuracy of certain attributes and calculations included in
the Final Data File (defined below). The procedures were performed with respect to the Freddie Mac Structured Pass-Through Certificates, Series K-136 and Multifamily Mortgage Pass-Through Certificates, Series 2021-K136 (the
“Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File.
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, the Specified Parties have requested that the procedures be performed on 41 mortgage loans (the
“Mortgage Loan Assets”) secured by 41 mortgaged properties (the “Mortgaged Properties”) which represents the entire population of mortgage loan assets and mortgaged properties (collectively the “Collateral”)
within 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; |
| • | The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements; |
| • | The value of collateral securing such assets; and |
| • | The compliance of the originator 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 current 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:
| • | The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in
connection with our procedures; |
| • | Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; |
| • | The reasonableness of any of the assumptions provided by the Company or other Specified Parties. |
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 the purpose of this report:
| • | The phrase “Cut-off Date” refers to the date of December 1, 2021. | |
| • | The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided by the Company, which
includes certain attributes related to the Collateral. The Final Data File was provided on December 8, 2021 with certain Collateral attribute calculations adjusted for the Cut-off Date: | |
| o |
K-136 Red Tape.xlsm (provided on December 8, 2021). |
|
| • | The phrase “Specified Attributes” refers to the fields in the Final Data File. | |
| • | The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided
by the Company, related to the information contained in the Final Data File. | |
| • | The phrase “Loan File” refers to any Source Document or collection of Source Documents provided by the Company, and used by us, in
performing the procedures enumerated below. | |
| • | The term “compared” refers to the comparison of one or more Specified Attributes to Source Documents, as indicated within Exhibit
A. | |
| • | The term “recalculated” refers to a re-computation of one or more Specified Attributes using the Company provided methodology, as
indicated within Exhibit A. | |
| • | 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 A. | |
Source Documents included in the Loan File:
| • | The phrase “Appraisal Report” refers to a signed appraisal document. |
| • | The phrase “Cash Management Agreement” refers to a signed cash management agreement, and/or any riders thereof. |
| • | The phrase “Commitment Letter” refers to the Freddie Mac loan summary presenting loan terms and fees. |
| • | The phrase “CRA Report” refers to the listing, which summarizes the number of affordable low income units less than or equal
to 80%, 60% and 50% of Area Median Income (AMI) for each property. |
| • | The phrase “Cross Collateralization Agreement” refers to the signed cross collateralization agreement, and/or any riders
thereof. |
| • | The phrase “Engineering Report” refers to a signed property condition assessment document. |
| • | The phrase “Environmental Report” refers to a signed phase I and phase II (if applicable) environmental document. |
| • | The phrase “Fee Schedule” refers to the documentation for the Master Servicing Fee, Trustee Fee, Master Servicing Surveillance Fee
and CREFC Royalty Fee related to the Transaction. A value of $100,000 (the “Fixed SSS Fee”) was provided by the Company (in email format) to be used as the fixed dollar amount in the recalculation of the Special Servicer Surveillance
Fee. |
| • | The phrase “Flood Zone Determination” refers to the standard flood hazard determination form indicating “Yes” or “No” for the special flood hazard area. |
| • | The phrase “FM UW Schedule” refers to the historical and pro-forma cash flow statements prepared by the Freddie Mac underwriting
team. |
| • | The phrase “FRE Form 1115” refers to the borrower certificate of financial conditions |
| • | The phrase “Green Report” refers to the listing of all properties qualifying as green advantage, as tracked internally by the
Company. |
| • | The phrase “Ground Lease” refers to the signed ground lease agreement, and/or any assumptions or riders thereof. |
| • | The phrase “Guaranty Agreement” refers to the guaranty, and/or any riders thereof. |
| • | The phrase “Insurance Summary” refers to the Certificate of Insurance and/or Evidence of Property Insurance for the Collateral,
indicating a “Yes” or “No” for each insurance field. |
| • | The phrase “Investment Brief” refers to the Freddie Mac underwriting file. |
| • |
The phrase “Letter of Credit Agreement” refers to the signed original letter of credit, release of letter of credit and letter of credit agreement. |
| • | The phrase “Loan Agreement” refers to the signed loan agreement, other security agreements, or the equivalent, and/or any
assumptions or riders thereof. |
| • | The phrase “MSA Report” refers to the listing, which summarizes the metropolitan statistical area for each property. |
| • |
The phrase “Non-Consolidation Opinion” refers to the opinion of counsel indicating a non-consolidation requirement. |
| • | The phrase “Physical Risk Report” refers to the signed property condition/environmental site assessment documents included in the Loan File. |
| • | The phrase “Promissory Note” refers to the promissory note, or the equivalent, and/or any assumptions or riders thereof. |
| • | The phrase “Property Inspection and Lease Audit” refers to the property inspection and lease audit document. |
| • | The phrase “Property Management Agreement” refers to the assignment of property management agreement or original property management
agreement and/or any riders thereof. |
| • | The phrase “Rent Roll” refers to the rent roll document. |
| • |
The phrase “Seismic Report” refers to a signed seismic assessment document. |
| • | The phrase “Senior Loan Documents” refers to the first lien loan agreement, first lien mortgage note, or any other document related
to the respective loan’s senior debt. |
| • | The phrase “Servicing Report” refers to the servicing statements combined by the Company. |
| • | The phrase “Subordinate Loan Documents” refers to the junior lien loan agreement, junior lien mortgage note, or any other document
related to the respective loan’s subordinate debt. |
| • | The phrase “Title Policy” refers to the signed title policy. |
| • | The phrase “Zoning Report” refers to a signed zoning document. |
The procedures performed and results thereof are described in Exhibit A
and Exhibit B. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the
Responsible Party. The Responsible Party revised one or more of the data file(s) based on such communicated differences, where they determined it to be appropriate. We performed these procedures on the Final Data File, and the results of those
procedures are described in Exhibit A and Exhibit B.
From November 9, 2021 through December 8, 2021 the Company provided us with the Source Documents related to the Collateral for which we:
| • | Compared certain Specified Attributes to the corresponding Source Documents and found them to be in agreement (the “Compared
Attributes”); |
| • | Recalculated certain Specified Attributes and found them to be in agreement (the “Recalculated Attributes”); or |
| • | Assumed certain Specified Attributes were accurate as instructed by the Company, and neither compared nor recalculated the Specified Attributes
(the “Company Provided Attributes”). |
The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit A. For each procedure where a recalculation was performed, we compared the underlying
attributes to the corresponding Source Documents and found them to be in agreement. We did not perform any
procedures with respect to the Company Provided Attributes listed in Exhibit B.
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 Final Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported 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 (including for purposes of
substantiating the Specified Parties’ “due diligence defense” under the Securities Act of 1933), 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:
| • | 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; |
| • | 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.
New York, NY
December 8, 2021
Freddie Mac Structured Pass-Through Certificates, Series K-136
Exhibits
Exhibit A – Loan File Review Procedures
Exhibit B –
Company Provided Attributes
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
Exhibit A – Loan File Review Procedures
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 1 |
Freddie Mac Loan Number |
Commitment Letter; Promissory Note; Loan
Agreement; Investment Brief |
Freddie Mac Loan Number, as stated in the Commitment Letter,
Promissory Note, Loan Agreement and Investment Brief. |
None
|
| 2 |
Optigo Lender |
Note; Loan Agreement |
The lender, as stated in the Note or Loan Agreement. |
None
|
| 3 |
Address (Street) |
Appraisal Report; Engineering Report |
The address, as stated in the Appraisal Report or Engineering
Report. If two street addresses were listed, only the primary was selected. |
None
|
| 4 |
City |
Appraisal Report; Engineering Report |
The city, as stated in the Appraisal Report or Engineering
Report. |
None
|
| 5 |
County |
Appraisal Report; Engineering Report |
The county, as stated in the Appraisal Report or Engineering
Report. |
None
|
| 6 |
State |
Appraisal Report; Engineering Report |
The state, as stated in the Appraisal Report or Engineering
Report. |
None
|
| 7 |
Metropolitan Statistical Area |
MSA Report |
The metropolitan statistical area, as stated in the MSA Report;
or “N/A”, if the metropolitan statistical area is not listed in the MSA Report. |
None
|
| 8 |
Zip Code |
Appraisal Report; Engineering Report |
The zip code, as stated in the Appraisal Report or Engineering
Report. |
None
|
| 9 |
Property Type |
Appraisal Report |
The property type, as stated in the Appraisal Report. |
None
|
| 10
|
Property
Sub-Type |
Appraisal
Report; Property Inspection and Lease Audit; Investment Brief |
Determined based on the
number of stories of the property, as stated in the Appraisal Report: “Garden”, for 1 to 4 story buildings. “Mid Rise”, for 5 to 10 story buildings. “High Rise”, for buildings greater |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| than 10 stories; or “Townhomes”, “Manufactured Housing
Community” “MHC Age Restricted”, “Co-Op”, if the Appraisal Report refers to the property as such; or The Tenant Concentration Type, if the property exhibits a tenancy concentration which was greater than or equal to 50% as stated in the Property Inspection and Lease Audit or Investment Brief. |
||||
| 11 |
Original Principal Balance |
Promissory Note |
The principal balance, as stated on the front page of the Promissory
Note. |
None
|
| 12 |
Cut-off Balance |
Servicing Report |
The cut-off balance, as stated in the Servicing Report. |
None
|
| 13 |
Maturity Balance |
Calculation1; Promissory Note |
A computation from the Promissory Note in which the respective
loan’s amortization schedule was recalculated. For each loan, we computed the principal balance outstanding as of the respective loan’s Maturity Date based upon the respective loan’s Original Principal Balance, Monthly Debt
Service, Original Loan Term (months), Interest Calculation and Gross Interest Rate. |
$1.00 |
| 14
|
% of
Cut-off Date Pool Balance |
Calculation |
A computation from the Final
Data File in which the respective loan’s Cut-off Balance was divided by the sum of the total Cut-off Balance of the Collateral. |
None |
1 For the purpose of this recalculation, we were instructed by the Company to assume all scheduled payments of principal and/or interest are made and that there
are no prepayments or other unscheduled collections.
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 15 |
Note Date |
Promissory Note |
The effective date, as stated on the Promissory Note. |
None
|
| 16 |
Note Rate |
Promissory Note |
The fixed interest rate, as stated in Section 1 of the Promissory
Note. |
None
|
| 17 |
Rate Type |
Promissory Note |
The rate type, as stated on the front page of the Promissory
Note. |
None
|
| 18 |
Interest Calculation |
Promissory Note |
The interest calculation method, as stated in Section 3 of the
Promissory Note. |
None
|
| 19 |
Monthly Debt Service |
Promissory Note |
The monthly payment amount due on the first principal and interest
installment date, as stated in Section 3 of the Promissory Note; or For full term interest only loans, the Monthly Debt Service (IO) amount was utilized (see procedure below). |
None
|
| 20 |
Monthly Debt Service (IO) |
Calculation |
“N/A”, if the Interest Only Term was equal to 0; or For loans based on Actual/360 interest calculation, a calculation from the Final Data File in which the Gross Interest Rate was divided by 12, then multiplied by the Cut-off Balance, then multiplied by 365 and then divided by 360; or For loans based on 30/360 interest calculation, a calculation from the Final Data File in which the Gross Interest Rate was divided by 12 and then multiplied by the Cut-off Balance. |
None
|
| 21
|
First
Payment Date |
Promissory Note |
The first installment due
date, as stated in Section 1 of the Promissory Note. |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 22 |
Maturity Date |
Promissory Note |
The maturity date, as stated in Section 1 of the Promissory
Note. |
None
|
| 23 |
Payment Date |
Promissory Note |
Day of the month the payment is due, as stated in Section 3 of the
Promissory Note. |
None
|
| 24 |
Late Charge Grace Period (# of days) |
Promissory Note |
The number of grace period days from the installment due date prior
to a late charge being assessed, as stated in Section 7 of the Promissory Note; or As stated in Schedule 1 of the Promissory Note in instances where the property is
located in the state of North Carolina. |
None
|
| 25 |
Amortization Type |
Calculation |
“Fully Amortizing”, when the Original Loan Term (months)
was equal to the Original Amortization Term (months); or “Interest Only”, when the Interest Only term was equal to the Original Loan Term (months); or “Balloon”, when the Original Amortization Term (months) was greater than the Original Loan Term (months) and the Interest Only Term was equal to zero; or “Partial IO”, when the Interest Only Term was greater than zero and less than the Original Loan Term (months). |
None
|
| 26
|
Original
Amortization Term (months) |
Calculation; Promissory Note |
A computation from the Final
Data File in which the number of payments required to fully amortize the loan was determined based upon the loan's respective Fixed Interest Rate divided by 12, Monthly Debt Service and Original Principal Balance. |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 27 |
Original Loan Term (months) |
Calculation |
A computation from the Final Data File in which the number of
monthly payments occurring between the respective loan’s First Payment Date and the corresponding Maturity Date were counted. |
None
|
| 28 |
Remaining Amortization |
Calculation |
A computation from the Final Data File in which the number of months
of Seasoning as of Cut-off Date that exceed the Interest Only Term was deducted from the Original Amortization Term (months). |
None
|
| 29 |
Remaining Term |
Calculation |
A computation from the Final Data File in which the respective
loan’s Seasoning as of Cut-off Date was deducted from the corresponding Original Loan Term (months). |
None
|
| 30 |
Seasoning as of Cut Off Date |
Calculation |
A computation from the Final Data File in which the number of
monthly payments occurring between the respective loan’s First Payment Date, through and including, the Cut-off Date were counted. |
None
|
| 31 |
Interest Only Term |
Calculation; Promissory Note |
A computation from the Promissory Note in which the number of
monthly payments occurring between the first installment date and the first principal and interest installment date were counted. |
None
|
| 32
|
Prepay
Provision Description |
Calculation; Promissory Note |
A computation from the
Promissory Note in which the number of monthly payments during each segment of the lockout period, fixed prepayment premium period, yield maintenance period and window period, as applicable, were counted. |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 33 |
Defease to Maturity (Y/N) |
Loan Agreement |
“N/A”, if the Prepay Provision Description did not
include defeasance; or “Yes” or “No”, as applicable, if both the Prepayment Provision Description included defeasance and Section 11 of the
Loan Agreement included the payment due on the Maturity Date. |
None
|
| 34 |
Partial Defeasance Permitted (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if both the
Prepay Provision Description included defeasance and Section 11 of the Loan Agreement stated that partial defeasance was permitted; or “N/A”, if the Prepay Provision Description did not include defeasance. |
None
|
| 35 |
Appraised Value |
Appraisal Report |
The property value, as stated in the Appraisal Report. |
None
|
| 36 |
Appraised Value Type |
Appraisal Report |
The appraised value type (“As-Is”,
“As-Stabilized”, “As-Complete” or “As-Renovated”) associated with the Appraised Value, as stated in the Appraisal Report. |
None
|
| 37 |
Appraisal Firm |
Appraisal Report |
The appraisal firm, as stated in the Appraisal Report. |
None
|
| 38 |
Appraisal Date | Appraisal Report | The valuation date of the Appraised Value shown, as stated in the Appraisal Report. | None |
| 39 |
Year Built | Appraisal Report, Engineering Report | The year built, as stated in the Appraisal Report or Engineering Report. | None |
| 40 |
Year Renovated | Appraisal Report, Engineering Report |
The year renovated, as stated in the Appraisal Report or Engineering Report. | None |
| 41 |
Number of Units | Rent Roll; Appraisal Report; Investment Brief; Loan Agreement | The total number of residential units at the property, as stated in the Rent
Roll, Appraisal Report, |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| Investment Brief or Loan Agreement. | ||||
| 42 |
Affordable LI Units (<=80% AMI) |
CRA Report |
Total number of affordable low income units at the property, as
stated in the CRA Report. In instances where the number of units is not a whole number, the unit value in the CRA Report is rounded down to a whole number. |
None
|
| 43 |
Affordable LI Units (<=60% AMI) |
CRA Report |
Total number of affordable units at the property, as stated in the
CRA Report. In instances where the number of units is not a whole number, the unit value in the CRA Report is rounded down to a whole number. |
None
|
| 44 |
Affordable VLI Units (<=50% AMI) |
CRA Report |
Total number of affordable very low income units at the property, as
stated in the CRA Report. In instances where the number of units is not a whole number, the unit value in the CRA Report is rounded down to a whole number. |
None
|
| 45 |
Unit of Measure |
Rent Roll; Investment Brief; Appraisal
Report |
The unit of measure (“Beds”, “Units” or
“Pads”), as stated in the Rent Roll, Investment Brief or Appraisal Report. |
None
|
| 46 |
Cut-off Balance Per Unit |
Calculation |
Computation in which the respective loan’s
Cut-off Balance was divided by the corresponding Number of Units. For Crossed Loans, a computation in which the aggregate Cut-off Balance of the respective Crossed Loans group was divided by the sum of the corresponding Number of
Units. |
None
|
| 47 |
# Units - Commercial | Investment Brief; Appraisal Report | The number of commercial units at the property, as stated in the Investment Brief or Appraisal Report. | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 48 |
Elevator (Y/N) |
Appraisal Report, Engineering Report |
“Yes” or “No”, as applicable, if the
Appraisal Report or Engineering Report stated that an elevator was present at the property. |
None
|
| 49 |
FIRREA Eligible (Y/N) |
Appraisal Report |
“Yes” or “No”, as applicable, if the
Appraisal Report included FIRREA compliance. |
None
|
| 50 |
Zoning Status |
Zoning Report; Appraisal Report |
The zoning conclusion, as stated in the Zoning Report or Appraisal
Report. |
None
|
| 51 |
Lien Position |
Title Policy |
The lien position, as stated in the Title Policy. |
None
|
| 52 |
Fee Simple/Leasehold |
Title Policy |
The ownership interest in the land, as stated in Schedule A of the
Title Policy. If “Sub Leasehold” is stated in Schedule A of the Title Policy, then shown as “Leasehold”. |
None
|
| 53 |
Ground Lease Rent |
Ground Lease |
For leasehold and fee simple ownership interests and leasehold
ownership interests, the current ground lease rent, as stated in the Ground Lease; or “N/A”, for fee simple ownership interests. |
$1.00 |
| 54 |
Ground Lease Expiration Date | Ground Lease |
For leasehold and fee simple ownership interests and leasehold ownership interests, the ground lease expiration
date, as stated in the Ground Lease; or “N/A”, for fee simple ownership interests. |
None |
| 55 | Ground Lease Expiration Date w/ Extensions
|
Ground Lease | For leasehold and fee simple ownership interests and leasehold
ownership interests, the maximum ground lease expiration date if all extensions are exercised, as stated in the Ground Lease; or In cases where no extension is listed in the Ground Lease or Loan |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| |
Agreement, the Ground Lease Expiration Date w/ Extensions is equal to the Ground Lease Expiration Date; or “N/A”, for fee simple ownership interests. |
|||
| 56 |
LTV at Cutoff |
Calculation |
For Crossed Loans, a computation from the Final Data File in which
the Cut-off Balance was divided by the corresponding Appraised Value and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were summed and divided by the aggregate Cut-off Balance of the
respective Crossed Loans group; or For Non-Crossed Loans, a computation from the Final Data File in which the respective loan’s Cut-off Balance was divided by
the corresponding Appraised Value. |
None
|
| 57 |
LTV at Maturity | Calculation | For Crossed Loans, a computation from the Final Data File in which the
Maturity Balance was divided by the corresponding Appraised Value and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were summed and divided by the aggregate Cut-off Balance of the
respective Crossed Loans group; or For Non-Crossed Loans, a computation from the Final Data File in which the respective loan’s Maturity Balance was divided by the corresp9nding Appraised Value. |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 58 |
U/W EGI |
FM UW Schedule |
The proforma effective gross income, as stated in the FM UW
Schedule. |
$1.00 |
| 59 |
U/W Expenses |
FM UW Schedule |
The proforma total expenses, as stated in the FM UW Schedule.
|
$1.00 |
| 60 |
U/W NOI |
Calculation |
A computation from the Final Data File in which the U/W Expenses was
subtracted from the U/W EGI. |
$1.00 |
| 61 |
Underwritten Annual Reserves |
FM UW Schedule |
The proforma annual reserves, as stated in the FM UW Schedule.
|
$1.00 |
| 62 |
U/W NCF |
Calculation |
A computation from the Final Data File in which the Underwritten
Annual Reserves was subtracted from the U/W NOI. |
$1.00 |
| 63
|
U/W DSCR
(NCF) |
Calculation |
For Crossed Loans, a
computation from the Final Data File in which the U/W NCF was divided by the corresponding annual debt service payment and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were summed and
divided by the aggregate Cut-off Balance of the respective Crossed Loans group. The annual debt service payments were calculated by multiplying the sum of the Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt Service
(if applicable) by twelve; or For Non-Crossed Loans, a computation from the Final Data File in which the respective loan’s U/W NCF was divided by the corresponding annual debt service payment. The annual debt service
payment was calculated by multiplying the sum of the respective loan’s Monthly Debt |
0.01 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| Service any additional Senior Debt Amortizing Monthly Debt Service (if applicable) by twelve. |
||||
| 64 |
U/W IO DSCR (NCF) |
Calculation |
“N/A”, if the loan’s Monthly Debt Service
(IO) was N/A; or For Crossed Loans, a computation from the Final Data File in which the U/W NCF was divided by the corresponding annual debt service payment and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were summed and divided by the aggregate Cut-off Balance of the respective Crossed Loans group. The annual debt service payments were calculated by multiplying the sum of the Monthly Debt Service (IO) and any additional Senior Debt Amortizing Monthly Debt Service (if applicable) by twelve; or For Non-Crossed Loans, a computation in which the respective loan’s U/W NCF was divided by the corresponding annual debt service payment. The annual debt service payment was calculated by multiplying the sum of the respective loan’s Monthly Debt Service (IO) and any additional Senior Debt Amortizing Monthly Debt Service (if applicable) by twelve. |
0.01
|
| 65 |
Most Recent Period Ending | FM UW Schedule | The date of the most recent financial period, as stated in the FM UW Schedule. | None |
| 66 |
Most Recent EGI | FM UW Schedule | The effective gross income for the most recent financial period, as stated in the FM UW Schedule. | $1.00 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 67 |
Most Recent Expenses |
FM UW Schedule |
The total expenses for the most recent financial period, as stated
in the FM UW Schedule. |
$1.00 |
| 68 |
Most Recent NOI |
Calculation |
A computation from the Final Data File in which the Most Recent
Expenses was subtracted from the Most Recent EGI. |
$1.00 |
| 69 |
Most Recent NCF |
FM UW Schedule |
The net cash flow before debt service for the most recent financial
period, as stated in the FM UW Schedule. |
$1.00 |
| 70
|
Most
Recent DSCR (NCF) |
Calculation |
For Crossed Loans, a
computation from the Final Data File in which the Most Recent NCF was divided by the corresponding annual debt service payment and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were
summed and divided by the aggregate Cut-off Balance of the respective Crossed Loans group. The annual debt service payments were calculated by multiplying the sum of the Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt
Service (if applicable) by twelve; or For Non-Crossed Loans, a computation from the Final Data File in which the respective loan’s Most Recent NCF was divided by the corresponding annual debt service payment. The
annual debt service payment was calculated by multiplying the sum of the respective loan’s Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt Service (if applicable) by twelve. |
0.01 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 71 |
2nd Most Recent Period Ending |
FM UW Schedule |
The date of the 2nd most recent financial period, as stated in the
FM UW Schedule. |
None
|
| 72 |
2nd Most Recent EGI |
FM UW Schedule |
The effective gross income for the 2nd most recent financial period,
as stated in the FM UW Schedule. |
$1.00 |
| 73 |
2nd Most Recent Expenses |
FM UW Schedule |
The total expenses for the 2nd most recent financial period, as
stated in the FM UW Schedule. |
$1.00 |
| 74 |
2nd Most Recent NOI |
Calculation |
A computation from the Final Data File in which the 2nd Most Recent
Expenses was subtracted from the 2nd Most Recent EGI. |
$1.00 |
| 75 |
2nd Most Recent NCF |
FM UW Schedule |
The net cash flow before debt service for the 2nd most recent
financial period, as stated in the FM UW Schedule. |
$1.00 |
| 76
|
2nd Most
Recent DSCR (NCF) |
Calculation |
For Crossed Loans, a
computation from the Final Data File in which the 2nd Most Recent NCF was divided by the corresponding annual debt service payment and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were
summed and divided by the aggregate Cut-off Balance of the respective Crossed Loans group. The annual debt service payments were calculated by multiplying the sum of the Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt
Service (if applicable) by twelve; or For Non-Crossed Loans, a computation from the Final Data File in which the respective loan’s 2nd Most Recent NCF was divided by the corresponding annual debt service payment. The
annual debt service payment was calculated by |
0.01 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| multiplying the sum of the respective loan’s
Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt Service (if applicable) by twelve. |
||||
| 77 |
3rd Most Recent Period Ending |
FM UW Schedule |
The date of the 3rd most recent financial period, as stated in the
FM UW Schedule. |
None
|
| 78 |
3rd Most Recent EGI |
FM UW Schedule |
The effective gross income for the 3rd most recent financial period,
as stated in the FM UW Schedule. |
$1.00 |
| 79 |
3rd Most Recent Expenses |
FM UW Schedule |
The total expenses for the 3rd most recent financial period, as
stated in the FM UW Schedule. |
$1.00 |
| 80 |
3rd Most Recent NOI |
Calculation |
A computation from the Final Data File in which the 3rd Most Recent
Expenses was subtracted from the 3rd Most Recent EGI. |
$1.00 |
| 81 |
3rd Most Recent NCF |
FM UW Schedule |
The net cash flow before debt service for the 3rd most recent
financial period, as stated in the FM UW Schedule. |
$1.00 |
| 82
|
3rd Most
Recent DSCR (NCF) |
Calculation |
For Crossed Loans, a
computation from the Final Data File in which the 3rd Most Recent NCF was divided by the corresponding annual debt service payment and then multiplied by the Cut-off Balance, for each loan within the respective Crossed Loans group. Such amounts were
summed and divided by the aggregate Cut-off Balance of the respective Crossed Loans group. The annual debt service payments were calculated by multiplying the sum of the Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt
Service (if applicable) by twelve; or For Non-Crossed Loans, a computation from the Final Data |
0.01 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| File in which the respective loan’s 3rd Most
Recent NCF was divided by the corresponding annual debt service payment. The annual debt service payment was calculated by multiplying the sum of the respective loan’s Monthly Debt Service and any additional Senior Debt Amortizing Monthly Debt
Service (if applicable) by twelve. |
||||
| 83 |
Occupancy Rate |
Calculation; Rent Roll |
A computation from the respective property’s Rent Roll in
which the total number of occupied units was divided by the property’s Number of Units. For purposes of this calculation, non-revenue generating units (model, office and down units) were considered occupied. |
0.10% |
| 84 |
Occupancy as of Date |
Rent Roll |
The date of the occupancy information, as stated in the Rent
Roll. |
None
|
| 85 |
Monthly Rent per Unit |
Calculation; Rent Roll |
A computation from the respective property’s Rent Roll in
which the total monthly rental revenue for all units was divided by the Number of Units. For purposes of this calculation, a gross-up of the non-revenue generating units (vacant, model office and down units) to the estimated market rental rate was
added to the current in-place monthly rental revenue. |
$5.00 |
| 86 |
Tenant Concentration Type | Property Inspection and Lease Audit; Investment Brief; Loan Agreement; Appraisal Report | The tenant concentration type, as stated in the Property Inspection and Lease Audit, Investment Brief, Loan Agreement or Appraisal Report. | None |
| 87 | % of Tenant Concentration | Property Inspection and Lease Audit; Investment Brief; Loan Agreement; Appraisal Report | The percentages of tenant concentration, as stated in the Property Inspection and Lease Audit, Investment Brief Loan Agreement or Appraisal Report. | 0.10% |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 88 |
Non-Compliance Provisions (Y/N) |
Loan Agreement |
“Yes”, if either the “Manufactured Housing
Community MHC Tenant Protections” or “Required Rent and Income Restrictions” riders are included in the Loan Agreement; or “No”, if
neither the “Manufactured Housing Community MHC Tenant Protections” or “Required Rent and Income Restrictions” riders are not included in the Loan Agreement. |
None
|
| 89 |
Regulatory Agreement (Y/N) |
Loan Agreement |
“Yes”, if there is a “Tax Credit Properties”
or “Regulatory Agreement” rider included in the Loan Agreement; or “No”, if there is no “Tax Credit Properties” or
“Regulatory Agreement” rider included in the Loan Agreement. |
None
|
| 90 |
Condo Ownership (% or N/A) |
Calculation; Loan Agreement |
If a condo rider was included in the Loan Agreement, a computation
in which the borrower owned condos were divided by the total condo units; or “N/A”, if no condo
rider was included in the Loan Agreement. For loan “37”, if a townhome rider was included in
the Loan Agreement, a computation in which the borrower owned townhomes were divided by the total townhome units. |
None
|
| 91 |
Amount Sq. Ft - Commercial | Appraisal Report; Investment Brief; Rent Roll | The amount of commercial square footage at the property, as stated in the Appraisal, Investment Brief or Rent Roll. | None |
| 92 |
% of GPR from Commercial Rental Income | Calculation; FM UW Schedule | A computation from the FM UW Schedule in which the gross potential commercial
rental |
0.10% |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| income was divided by the property’s total gross potential rental income (residential plus commercial). | ||||
| 93 |
Environmental Firm |
Environmental Report; Physical Risk Report
|
The environmental firm, as stated in the Environmental Report,
or “N/A” (Physical Risk Report), if an Environmental Report was not included in the Loan File. |
None
|
| 94 |
Phase I Environmental Report Date |
Environmental Report; Physical Risk Report
|
The date of the phase I Environmental Report, as stated in the
Environmental Report; or “N/A” (Physical Risk Report), if an Environmental Report was not included in the Loan File. |
None
|
| 95 |
Phase II Recommended (Y/N) |
Environmental Report; Physical Risk Report
|
“Yes” or “No”, as applicable, if a phase II
Environmental Report was recommended in the follow up actions section of the Environmental Report or Physical Risk Report. |
None
|
| 96 |
Phase II Performed (Y/N) |
Environmental Report |
“Yes” or “No”, as applicable, if a phase II
Environmental Report was included in the Loan File. |
None
|
| 97 |
Phase II Environmental Report Date |
Environmental Report |
The date of the phase II Environmental Report, as stated in the
Environmental Report; or “N/A”, if no phase II Environmental Report was included in the Loan file. |
None
|
| 98 |
Environmental Cost to Cure (Phase I plus Phase II) | Environmental Report | The sum of the
environmental costs to cure, as stated in the Environmental Report. If the aggregate costs did not exceed $5,000, then $0 was presented; or “N/A”, if no Environmental Report was included in the Loan file.
|
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 99 |
Engineering Firm | Engineering Report; Physical Risk Report | The engineering firm, as stated in the Engineering Report or Physical Risk Report. | None |
| 100 |
Engineering Report Date |
Engineering Report; Physical Risk Report | The date of the report, as stated in the Engineering Report or Physical Risk Report. | None |
| 101 |
Immediate Repairs Cost Estimate |
Engineering Report; Physical Risk Report
|
The sum of the immediate repairs cost, as stated in the Engineering
Report or Physical Risk Report. |
$1.00 |
| 102 |
Replacement Reserves Cost Estimate per
Year |
Engineering Report; Physical Risk Report
|
The inflated replacement reserve cost per unit/per year, as stated
in the Engineering Report or Physical Risk Report; or If multiple reserves are listed, the average of the inflated replacement reserve cost per unit/year, as stated
in the Engineering Report or Physical Risk Report. |
$1.00 |
| 103 |
Seismic Firm |
Seismic Report |
The seismic firm, as stated in the Seismic Report; or “N/A”, if no Seismic Report was included in the Loan file. |
None
|
| 104 |
Seismic Report Date |
Seismic Report |
The report date, as stated in the Seismic Report; or “N/A”, if no Seismic Report was included in the Loan file. |
None
|
| 105 |
Earthquake Zone 3 or 4 or PGA ≥ 0.15g
(Y/N) |
Engineering Report; Physical Risk Report;
Seismic Report |
“Yes” or “No”, as applicable, if the
earthquake zone was greater than or equal to 3 or the PGA was greater than 0.15g, as stated in the Engineering Report, Physical Risk Report or Seismic Report. |
None
|
| 106 |
PML Report Required (Y/N) | Engineering Report; Physical Risk Report | “Yes”, for earthquake zones greater than or equal to 3;
or “No”, for earthquake zones less than 3 or in instances where the Property Sub-Type is identified as “Manufactured Housing |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| Community” or “MHC Age Restricted”. | ||||
| 107 |
PML (%) | Seismic Report | The 475 year PML, as stated in the Seismic Report; or “N/A”, if no Seismic Report in the Loan File. |
None |
| 108 |
Green Advantage |
Loan Agreement; Green Report |
“Green Up” or “Green Up Plus”, as
applicable, as stated in the Loan Agreement or Green Report; or “N/A”, if silent or left blank. |
None
|
| 109 |
Tax Reserve - Current Balance ($ or N/A)
|
Loan Agreement; Servicing Report |
If tax reserves are listed as “deferred” on the Loan
Agreement, “N/A”; or If tax reserves are listed as “collected” on the Loan Agreement, the tax escrow current balance, as stated in the
Servicing Report. |
None
|
| 110 |
Tax Reserve - Initial Deposit ($ or N/A)
|
Loan Agreement; Servicing Report |
If tax reserves are listed as “deferred” on the Loan
Agreement, “N/A”; or If tax reserves are listed as “collected” on the Loan Agreement, the tax escrow initial deposit, as stated in the
Servicing Report. |
$1.00 |
| 111 |
Tax Reserve - Contractual Payment ($ or
N/A) |
Loan Agreement; Servicing Report |
If the tax reserves are listed as “deferred” on the Loan
Agreement, “Springing”; or If the tax reserves are listed as “collected” on the Loan Agreement, the tax escrow contractual payment, as stated
in the Servicing Report. |
$1.00 |
| 112 |
Insurance Reserve - Current |
Loan Agreement; Servicing Report | If the insurance reserves are listed as “deferred” on the Loan Agreement, “N/A”; or | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| Balance ($ or N/A) | If insurance reserves are listed as “collected” on the Loan Agreement, the insurance escrow current balance, as stated in the Servicing Report. |
|||
| 113 |
Insurance Reserve - Initial Deposit ($ or
N/A) |
Loan Agreement; Servicing Report |
If the insurance reserves are listed as “deferred” on
the Loan Agreement, “N/A”; or If insurance reserves are listed as “collected” on the Loan Agreement, the insurance escrow initial deposit, as
stated in the Servicing Report. |
$1.00 |
| 114 |
Insurance Reserve - Contractual Payment
|
Loan Agreement; Servicing Report |
If the insurance reserves are listed as “deferred” on
the Loan Agreement, “Springing”; or If the insurance reserves are listed as “collected” on the Loan Agreement, the insurance escrow
contractual payment, as stated in the Servicing Report. |
$1.00 |
| 115 |
Engineering Reserve - Current Balance ($ or
N/A) |
Servicing Report |
The engineering escrow current balance, as stated in the Servicing
Report. |
None
|
| 116 |
Engineering Reserve - Initial Deposit ($ or
N/A) |
Loan Agreement; Servicing Report |
The engineering escrow initial deposit, as stated in the Loan
Agreement or Servicing Report. |
$1.00 |
| 117 |
Engineering Reserve - Contractual Payment ($ or
N/A) |
Loan Agreement; Servicing Report |
The engineering escrow contractual payment, as stated in the Loan
Agreement or Servicing Report. |
$1.00 |
| 118 |
Replacement Reserve - Current Balance ($ or N/A) |
Servicing Report | The replacement reserve current balance, as stated in the Servicing Report. | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 119 |
Replacement Reserve - Initial Deposit ($ or N/A) |
Loan Agreement; Servicing Report | If the replacement reserves are listed as
“deferred” on the Loan Agreement, “N/A”; or If the replacement reserves are listed as “collected” on the Loan Agreement, the replacement escrow initial deposit, as stated in the Loan
Agreement or Servicing Report. |
$1.00 |
| 120 |
Replacement Reserve - Contractual Payment ($ or
N/A) |
Loan Agreement; Servicing Report |
If the replacement reserves are listed as “deferred” on
the Loan Agreement, “Springing”; or If the replacement reserves are listed as “collected” on the Loan Agreement, the replacement escrow
contractual payment, as stated in the Loan Agreement or Servicing Report. |
$1.00 |
| 121 |
Replacement Reserve - Contractual - Cap ($ or
N/A) |
Loan Agreement; Servicing Report |
The replacement escrow contractual cap, as stated in the Loan
Agreement or Servicing Report. |
$1.00 |
| 122 |
Other Reserve - Current Balance ($ or N/A)
|
Servicing Report |
If the other reserves are listed as “deferred” on the
Loan Agreement, “N/A”; or If the other reserves are listed as “collected” on the Loan Agreement, the other escrow current balance, as stated
in the Servicing Report. |
None
|
| 123 |
Other Reserve - Initial Deposit ($ or N/A) | Loan Agreement; Servicing Report | If the other reserves are listed as “deferred” on the Loan
Agreement, “N/A”; or If the other reserves are listed as “collected” on the Loan Agreement, the other escrow initial deposit, as stated in the Loan Agreement or Servicing Report. |
$1.00 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 124 |
Other Reserve Description | Loan Agreement; Servicing Report | The other escrow description, as stated in the Loan Agreement or Servicing Report. | None |
| 125 |
Other Reserve - Contractual Payment ($ or N/A) |
Loan Agreement; Servicing Report | If the other reserves are listed as “deferred” on the
Loan Agreement, “Springing”; or If the other reserves are listed as “collected” on the
Loan Agreement, the other escrow contractual payment, as stated in the Loan Agreement or Servicing Report. |
$1.00 |
| 126 |
Other Reserve - Contractual - Cap ($ or
N/A) |
Loan Agreement; Servicing Report |
The other escrow cap, as stated in the Loan Agreement or Servicing
Report. |
$1.00 |
| 127 |
Springing Reserve Name |
Loan Agreement |
The name of the reserves marked “deferred” in the Loan
Agreement; or “N/A”, if no springing reserve was stated in the Loan Agreement. For
loan “4”, “N/A” as the other reserve was already triggered. |
None
|
| 128 |
Springing Reserve Amount ($ or N/A) |
Loan Agreement |
The dollar amount of the reserves marked “deferred” in
the Loan Agreement; or “N/A”, if no springing reserve was stated in the Loan Agreement. |
$1.00 |
| 129 |
Springing Reserve Description |
Loan Agreement |
The description of the reserves marked “deferred” in the
Loan Agreement; or “N/A”, if no springing reserve was stated in the Loan Agreement. |
None
|
| 130 |
Letter of Credit Amount | Loan Agreement; Letter of Credit Agreement | Letter of credit dollar amount stated in the Loan Agreement or Letter
of Credit Agreement; or “N/A”, if no letter of credit was stated in the Loan Agreement. |
$1.00 |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 131 |
Letter of Credit Description | Loan Agreement; Letter of Credit Agreement | Letter of credit description, as stated in the Loan Agreement or Letter of Credit Agreement; or “N/A”, if no letter of credit was stated in the Loan Agreement. |
None |
| 132 |
Are Escrows/Reserves LOC or can be converted to
LOC (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if escrows can
be converted to a letter of credit per the Loan Agreement. |
None |
| 133 |
Specify Accounts for Escrows/Reserves LOC
|
Loan Agreement |
The description of accounts that can be converted to a letter of
credit per the Loan Agreement; or “N/A”, when Escrows/Reserves LOC can’t be converted to LOC. |
None
|
| 134 |
Environmental Insurance (Y/N) |
Insurance Summary |
“Yes” or “No”, as applicable, as stated on
the Insurance Summary. |
None
|
| 135 |
Flood Insurance (Y/N) |
Flood Zone Determination; Insurance
Summary |
“Yes” or “No”, as applicable, as stated on
the Flood Zone Determination or Insurance Summary. |
None
|
| 136 |
Windstorm Insurance (Y or N) |
Insurance Summary |
“Yes” or “No”, as applicable, as stated on
the Insurance Summary. |
None
|
| 137 |
Earthquake Insurance In Place (Y/N) |
Insurance Summary |
“Yes” or “No”, as applicable, as
stated on the Insurance Summary if Earthquake Zone 3 or 4 or PGA ≥ 0.15g (Y/N) is “Yes”; or “No”, if Earthquake Zone 3 or 4 or PGA ≥ 0.15g (Y/N) is “No”. |
None
|
| 138 |
Terrorism Insurance (Y/N) |
Insurance Summary |
“Yes” or “No”, as applicable, as stated on
the Insurance Summary. |
None
|
| 139 | Property Insurance Coverage (Y/N |
Insurance Summary | “Yes”
or “No”, as applicable, as stated on the Insurance Summary. |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 140 | Liability Insurance Coverage (Y/N) | Insurance Summary | “Yes” or “No”, as applicable, as stated on the Insurance Summary. | None |
| 141 | Cash Management (Description or N/A) | Loan Agreement; Cash Management Agreement |
The cash management description, as stated in the cash management rider to the Loan Agreement or Cash Management
Agreement; or “N/A”, if no cash management rider was included in the Loan Agreement. |
None |
| 142 | Lockbox (Y/N) |
Cash Management Agreement | “Yes” or “No”, as applicable, if a lockbox
is required as part of the terms in the Cash Management Agreement. |
None |
| 143 |
Existing Financing In Place (existing)
(Y/N) |
Senior Loan Documents; Subordinate Loan
Documents; Loan Agreement |
“Yes”, if existing financing was in place as of the
Cut-off Date, as stated in the Senior Loan Documents or Subordinate Loan Documents or Loan Agreement; or “No”, if Senior Loan Documents or Subordinate Loan Documents were not included in the Loan File or Existing Financing was not identified in the Loan Agreement. |
None
|
| 144 |
Existing Financing Amount (existing) |
Senior Loan Documents; Subordinate Loan
Documents; Loan Agreement |
The amount of existing financing as of the Cut-off Date, as stated
in the Senior Loan Documents or Subordinate Loan Documents or Loan Agreement; or “N/A”, if Senior Loan Documents or Subordinate Loan Documents were not included in the Loan File or Existing Financing was not identified in the Loan Agreement. |
$1.00 |
| 145
|
Existing
Financing Description (existing) |
Senior
Loan Documents; Subordinate Loan Documents; Loan Agreement |
The description of existing
financing, as stated in the Senior Loan Documents or Subordinate Loan Documents or Loan Agreement; or |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| “N/A”, if Senior Loan Documents or Subordinate Loan Documents were not included in the Loan File or Existing Financing was not identified in the Loan Agreement. | ||||
| 146 |
CDCR (Combined DCR) |
Calculation |
A computation from the Final Data File in which the respective
loan’s U/W NCF was divided by the sum of the corresponding annual debt service payment for the loan and the annual debt service payment related to the Existing Financing Amount (existing), excluding any unsecured financing. The combined annual
debt service payments were calculated by multiplying the sum of the respective loan’s Monthly Debt Service and the monthly debt service of the Existing Financing Amount (existing), excluding unsecured financing, by twelve. |
None
|
| 147 |
CLTV (Combined LTV) |
Calculation |
A computation from the Final Data File in which the sum of the
respective loan’s Cut-off Balance and the Existing Financing Amount (existing), excluding unsecured financing, was divided by the Appraised Value of the corresponding mortgaged property. |
None
|
| 148 |
Future Mezzanine Debt (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if the Loan
Agreement permits future mezzanine debt. |
None
|
| 149 |
Future Secondary Financing (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if the Loan
Agreement permits future secondary financing. |
None
|
| 150 |
Future Secondary Financing Description | Loan Agreement | The conditions of secondary financing, as stated in the Loan Agreement; or | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| “N/A”, if Future Secondary Financing (Y/N)
was “No”. |
||||
| 151 |
Substitution Permitted (Y/N) | Loan Agreement | “Yes” or “No”, as applicable, if the Loan Agreement permits substitution. | None |
| 152 | Number of Properties per Loan |
Loan Agreement |
The count of a single parcel or two or more contiguous or
non-contiguous parcels collateralizing the loan, as stated in the Loan Agreement. For avoidance of doubt, with the exception of Crossed Loans or portfolio loans, each loan was considered to be secured by only 1 property. |
None |
| 153 |
Collateral Release Price ($ or N/A) |
Loan Agreement; Cross Collateralization Agreement |
The price to release a property if Crossed Loans was
identified and/or partial release was permitted, as stated in the Loan Agreement or Cross Collateralization Agreement, otherwise, “N/A”. |
$1.00 |
| 154 |
Crossed Loans |
Cross Collateralization Agreement |
“N/A”, if a Cross Collateralization Agreement was not
provided in the Loan File; or Crossed relationships were identified based on the loan numbers included in the Cross Collateralization Agreement. Crossed groups were then assigned numbers based on the aggregate Cut-off Balance of the group (starting with Group 1 being largest). |
None
|
| 155 |
Release (Y or N or N/A) |
Loan Agreement; Cross Collateralization
Agreement |
“Yes” or “No”, as applicable per the
Loan Agreement or Cross Collateralization Agreement, otherwise “N/A”. |
None
|
| 156 |
Release Provisions (Description or N/A) | Loan Agreement; Cross Collateralization Agreement | “N/A”, if Release (Y or N or N/A) was N/A; or The provision that need to be |
None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| satisfied before the release of the property, as stated in the Loan Agreement or Cross Collateralization Agreement. | ||||
| 157 |
Loan Purpose | Loan Agreement; Investment Brief | Refinance, Acquisition or Supplemental, as stated in the Loan Agreement or Investment Brief. | None |
| 158 |
Borrowing Entity | Promissory Note | The borrower, as stated in the Promissory Note. | None |
| 159 |
Entity Type |
Promissory Note |
The entity organization type of the borrower, as stated in the
Promissory Note. |
None
|
| 160 |
State of Organization |
Promissory Note |
The state of organization of the borrower, as stated in the
Promissory Note. |
None
|
| 161 |
Affiliated Borrowers Group Name |
Calculation |
Borrower relationships were identified based on shared Borrower
Principal names. Related groups were then assigned numbers based on the aggregate Cut-off Balance of the related group (starting with Group 1 being largest). |
None
|
| 162 |
Borrower Type |
Loan Agreement |
“SPE”, “SPE ($15M or less)”, “SPE
($20M or less)”, “SAE”, or “MAE” as stated in the Loan Agreement. |
None
|
| 163 |
Tenants In Common (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if there was a
tenancy in common rider to the Loan Agreement. |
None
|
| 164 |
Delaware Statutory Trust (Y/N) |
Promissory Note |
“Yes”, when Borrower Type was DST; or “No”, for all other Borrower Types. |
None
|
| 165 |
Independent Director (Y/N) |
Loan Agreement |
“Yes” or “No”, as applicable, if there was
an independent director rider to the Loan Agreement. |
None
|
| 166 |
Non-Consolidation Opinion (Y/N) | Non-Consolidation
Opinion; Commitment Letter |
“Yes” or “No”, as applicable, if Original Balance is equal or higher than $40,000,000 a non-consolidation opinion is required, | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| unless waived by Freddie Mac as stated in the Commitment Letter. For loans with an Original
Balance below $40,000,000 a non-consolidation opinion is not required. |
||||
| 167 |
Assumption Fee | Loan Agreement | The transfer fee, as stated in the Loan Agreement. | None |
| 168 |
Recourse(Y/N) |
Promissory Note |
“No”, if base recourse was stated as 0% in the
Promissory Note, otherwise “Yes”. |
None
|
| 169 |
Recourse Description |
Promissory Note |
“N/A”, if base recourse was stated as 0% in the
Promissory Note, otherwise the recourse description per the Promissory Note. |
None
|
| 170 |
Bad Boy Indemnitor / Guarantor |
Guaranty Agreement |
The guarantor, as stated in the Guaranty Agreement. |
None
|
| 171 |
Environmental Indemnitor (Name or N/A)
|
Calculation |
This attribute is set equal to Bad Boy Indemnitor / Guarantor.
|
None
|
| 172 |
Environmental Carveout (Y/N) |
Promissory Note |
“Yes” or “No”, as applicable, if
environmental carveouts were stated in Section 9 of the Promissory Note. |
None
|
| 173 |
Fraud Carveout (Y/N) |
Promissory Note |
“Yes” or “No”, as applicable, if fraud
carveouts were stated in Section 9 of the Promissory Note. |
None
|
| 174 |
Misapplication of Rent and Insurance Proceeds
Carveout (Y/N) |
Promissory Note |
“Yes” or “No”, as applicable, if
misapplication of rent and insurance proceeds carveouts were stated in Section 9 of the Promissory Note. |
None
|
| 175 |
Voluntary Bankruptcy Carveout (Y/N) |
Promissory Note |
“Yes” or “No”, as applicable, if voluntary
bankruptcy carveouts were stated in Section 9 of the Promissory Note. |
None
|
| 176 |
Waste Carveout (Y/N) | Promissory Note | “Yes” or “No”, as applicable, if waste carveouts were stated in Section 9 of the Promissory Note. | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT A |
| Loan File Review Procedures |
|
|
# |
Specified Attribute |
Source Document (by order of priority) |
Logic or Formula |
Tolerance Levels |
| 177 |
Borrower Or Principal Prior Bankruptcy (Y/N) | FRE Form 1115 | “Yes” or “No”, as applicable, as
described in the FRE Form 1115. |
None |
| 178 |
Management Company | Property Management Agreement; Loan Agreement; Investment Brief | The management company, as stated in the Property Management Agreement, Loan Agreement, or Investment Brief. | None |
| 179 |
Primary Servicing Fee |
Commitment Letter |
The servicing spread, as stated in the Commitment Letter.
|
None
|
| 180 |
Master Servicing Fee |
Fee Schedule |
The master servicing fee, as stated in the Fee Schedule. |
None
|
| 181 |
Trustee Fee |
Fee Schedule |
The trustee fee (annual trustee administration fee plus annual
certificate administration fee), as stated in the Fee Schedule. |
None
|
| 182 |
Master Servicing Surveillance Fee |
Fee Schedule |
Master servicing fee, as stated in the Fee Schedule. |
None
|
| 183 |
Special Servicing Surveillance Fee |
Calculation; Fee Schedule |
A computation from the Fee Schedule in which the Fixed SSS Fee was
divided by the aggregate Cut-off Balance of the Collateral. |
None
|
| 184 |
CREFC Royalty Fee |
Fee Schedule |
The CREFC Royalty Fee, as stated in the Fee Schedule. |
None
|
| 185 |
Administration Fee |
Calculation |
A computation from the Final Data File in which the Primary
Servicing Fee, Master Servicing Fee, Trustee Fee, Master Servicing Surveillance Fee, Special Servicer Surveillance Fee and CREFC Royalty Fee were summed. |
None
|
| 186 |
Net Mortgage Rate | Calculation | A computation from the Final Data File in which the Administration Fee was deducted from the Note Rate. | None |
| Freddie Mac Structured Pass-Through Certificates, Series K-136 |
EXHIBIT B |
| Company Provided Attributes |
|
Exhibit B – Company Provided Attributes
|
# |
Specified Attribute |
Collateral |
| 1 |
Annex # |
All |
| 2 |
Property Name |
All |
| 3 |
Cut-off Date |
All |
| 4 |
Rental Subsidy Indicator (Y/N) |
All |
| 5 |
Rental Subsidy Type |
All |
| 6 |
Environmental Insurance Expiration Date
|
All |
| 7 |
Environmental Insurance Carrier (Name or
N/A) |
All |
| 8 |
Environmental Insurance Carrier Rating
|
All |
| 9 |
Environmental Insurance Coverage ($ or
N/A) |
All |
| 10 |
Terrorism Insurance Expiration Date
|
All |
| 11 |
Terrorism Insurance Coverage ($ or N/A)
|
All |
| 12 |
Terrorism Insurance Deductible ($ or
N/A) |
All |
| 13 |
Terrorism Insurance Carrier (Name or
N/A) |
All |
| 14 |
Terrorism Insurance Carrier Rating
|
All |
| 15 |
Property Insurance Expiration Date
|
All |
| 16 |
Property Insurance Carrier (Name or
N/A) |
All |
| 17 |
Property Insurance Carrier Rating |
All |
| 18 |
Property Insurance Coverage ($ or N/A)
|
All |
| 19 |
Property Insurance Deductible ($ or
N/A) |
All |
| 20 |
Liability Insurance Expiration Date
|
All |
| 21 |
Liability Insurance Carrier (Name or
N/A) |
All |
| 22 |
Liability Insurance Carrier Rating
|
All |
| 23 |
Liability Insurance Coverage ($ per
occurrence/$ aggregate or N/A) |
All |
| 24 |
Liability Insurance Deductible ($ or
N/A) |
All |
| 25 |
Borrower Principal |
All |
| 26 |
Borrower/Principal Liquid Assets |
All |
| 27 |
Borrower/Principal Net Worth |
All |
|
28 |
Bankruptcy Description (Chapter # or N/A) |
All |
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