Form ABS-15G HPA Depositor LLC For: Oct 18
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E-mail| 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-l) 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: 0001660817
| Home Partners of America 2021-2 Trust |
| (Exact name of issuing entity as specified in its charter) |
Central Index Key Number of issuing entity (if applicable): Not applicable
Central Index Key Number of underwriter (if applicable): Not applicable
| Patrick Esper, Senior Vice President |
| HPA Depositor LLC (312) 780-1483 |
| Name and telephone number, including area code, of the person to |
| contact in connection with this filing. |
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 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.
EXHIBIT INDEX
| 99.1 | Radian Real Estate Management LLC Certification of Services Performed |
| 99.2 | Stewart Title Guaranty Corporation HOA Discrepancy Review |
| 99.3 | SingleSource Diligence Solutions, LLC Report of Valuation Review |
| 99.4 | Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures |
SIGNATURE
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: October 18, 2021
| HPA DEPOSITOR LLC (Depositor) | ||
| By: | /s/ Brian Lin | |
| Name: Brian Lin | ||
| Title: Prinicpal | ||
| (senior officer in charge of securitization of the depositor) | ||
Exhibit 99.1
Item 4. Description of the due diligence performed
Item 5. Summary of findings and conclusions of review
Certification of Services Performed
October 15, 2021
Reference is made to that certain Loan Agreement (the “Loan Agreement”) to be entered into by and between SFR Borrower 2021-2 LLC (“Borrower”) and Bank of America, National Association. (“Lender”). Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.
I do hereby certify to Borrower, Lender and Home Partners Holdings LLC (“Client”), to the best of my knowledge and belief, that Radian Real Estate Management LLC (“RREM”) has completed the services ordered by Client under the Evaluation Services Agreement dated September 24, 2021, between RREM and Client, in connection with the borrowing of the Loan for the Properties (the “Properties”) contained in the data tape entitled “SFR 2021-2 Closing Tape External_08.31.21_v18.xsls” (the “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 Data Tape and (c) all Section 8 Leases are correctly reported on the Data Tape. |
| 2. | RREM has reviewed the Data Tape and, based on a review of the broker price opinions or appraisals, as applicable, RREM has determined that the values presented on the Data Tape correspond to the values and dates found on the broker price opinions or appraisals, as applicable. |
| 3. | RREM has reviewed (a) the addresses on the Data Tape and determined that they match the addresses that appear on the broker price opinions or appraisals, as applicable, and (b) the county designation for each Property in the Data Tape and determined that each such designation matches the county designation in the corresponding approved title commitment. |
| 4. | RREM has reviewed the Data Tape, which indicates which Properties have or do not have an active homeowner’s, condominium, or other common-interest community association (collectively, “HOA”) and has identified, based on its review of the title work and the Data Tape, if there are any Properties not identified in the Data Tape as having an HOA (“Non-HOA Properties”) but for which there is an indication in the title work that there is an HOA (“Flagged Properties”) and has provided such list of Properties to Stewart Title Guaranty Company (“Stewart Title”). Based on the report prepared by Stewart Title with respect to the |
| presence of any active HOAs with respect to the Flagged Properties, RREM has reviewed the final Data Tape and determined that none of the Non-HOA Properties are located in active HOAs. |
| 5. | RREM has reviewed the Data Tape, which indicates which Properties are condominiums and which Properties are not condominiums and has determined, based on property-type designations in the broker price opinion or appraisal, as applicable, 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 and the designations of Properties not as condominiums on the Data Tape are accurate. |
| 6. | RREM has reviewed the purchase documentation for each of the Properties provided by Borrower and in each case, determined that such purchase documentation is suitable for the type of purchase. RREM has compared the acquisition amounts provided by Borrower against the documentation provided and determined that the accurate values are reported on the Data Tape and identified any discrepancies pursuant to an exception report. |
| 7. | RREM has reviewed the renovation costs by category for each Property that appears on the general ledger of the Sponsor as provided to RREM on September 21, 2021 and tied out such costs with the Data Tape. |
| 8. | RREM has reviewed the right to purchase agreements, as amended (“RTP”) provided by Borrower with respect to each Property on the Data Tape and based on its review of each RTP, RREM has determined that the term of such RTP corresponds to the term of the related Lease. |
| 9. | Using the “Current RTP Year” set forth on the Data Tape, RREM has compared the Baseline Purchase Price set forth in Exhibit A (as amended or restated) of each RTP in the Lease Term (Year) that corresponds to such “Current RTP Year” and determined that the “Current RTP Price” set forth in the Data Tape corresponds to such Baseline Purchase Price. |
| 10. | Based on its review of the related Lease and the RTP, RREM has determined that the Current RTP Term specified in the Data Tape corresponds to the current term (by year) of the related Lease. |
| 11. | Based on its review of each RTP, RREM has, for each Property where the RTP price is marked with an “N” in the “RTP True Up” column on the Data Tape, determined that the “Contributed RTP Price” for each Property set forth on the Data Tape equals (a) the sum of the “Purchase Price” and the “Closing Costs” multiplied by (b) “Underwritten Escalation” plus one, rounded to the nearest hundredth. |
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed as of the date set forth above.
| RADIAN REAL ESTATE | ||
| MANAGEMENT LLC | ||
| By: | /s/ Tim Reilly | |
| Name: Tim Reilly | ||
| Title: EVP | ||
| Date: October 15, 2021 | ||
Exhibit 99.2
October 15, 2021
Stewart Title Guaranty Company
1360 Post Oak Blvd., Suite 100
Houston, TX 77056
| RE: | Home Partners of America 2021-2 SFR Securitization HOA Discrepancy Review |
Ladies and Gentlemen:
In connection with the offering (the “Offering”) of the Securities by the Issuer 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 homeowner’s, condominium, or other common-interest community association (each an “HOA”) as of the date set forth below. 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 certification has been provided to you concurrently herewith.
| I. | Manner and Scope of Review (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, certain mortgage loans (the “Mortgage Loans”) relating to certain residential rental properties (the “Properties”). |
| 2. | Some of the Properties were previously designated by Borrower 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 Borrower. |
| b. | Properties Subject to Review. [(1 ) through (3) of Item 4.] |
The Borrower and/or Borrower’s agent provided us with a list of properties with respect to which we were requested to perform our HOA Discrepancy Review (the “Subject Properties”). The list of Subject Properties is attached hereto as Schedule I.
| 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 Subject Property. 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 Property was previously subject may be reviewed, in order to ascertain whether a rider had been attached which would indicate that the 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. |
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:
| 1. | 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. |
| 2. | 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. |
| 3. | 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. |
| 4. | 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. |
| 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: |
| i. | Whether the origination of the Mortgage Loans conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements, |
| ii. | The value of the collateral securing the Mortgage Loans, |
| iii. | Whether the originators of the Mortgage Loans complied with federal, state or local laws or regulations, or |
| iv. | Any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer of the certificates that are secured by the Mortgage Loans 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. | 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, except as set forth on Schedule I as indicated in the “Updated Designation” column, none of the Subject Properties set forth on Schedule I is subject to an active 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 set forth on Schedule I, and we undertake no responsibility to update or supplement this report after the date hereof for any reason.
This report was prepared solely for the benefit of the addressees set forth above. It should not be relied on in any manner or for any purpose by any other person or entity, except for placement agents involved directly with the placement of this securitization transaction, including prospective investors or ratings agencies in connection with the offering referenced above (collectively, “Third Parties”). 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.
| Stewart Title Guaranty Company, a Texas | |||
| corporation | |||
| By: | /s/John Tacia | ||
| Name: | John Tacia | ||
| Title: | Vice President | ||
| Date: October 15,2021 | |||
Schedule I
| Subject Property Orignal Designated Non-HOA | State | Descrption of Discrepancy | Reivsied Designation (HOA or Apparent Non-HOA) | Date of Updated Designation |
| v36-1949 | CO | HOA Discrepancy | HOA | 10/15/2021 |
| v30-2809 | FL | HOA Discrepancy | HOA | 10/15/2021 |
| p40-0275 | NC | HOA Discrepancy | HOA | 10/15/2021 |
| p41-0021 | SC | HOA Discrepancy | HOA | 10/15/2021 |
| p41-0024 | SC | HOA Discrepancy | HOA | 10/15/2021 |
| v36-2360 | CO | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v36-4137 | CO | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v30-1989 | FL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v30-2262 | FL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p33-0075 | IL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p33-0106 | IL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p33-0131 | IL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p33-0411 | IL | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v37-0109 | IN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v37-0174 | IN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0705 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0764 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0779 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0793 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0833 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-0929 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-1145 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-1645 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-1658 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-1668 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v46-1694 | MD | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p38-1772 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-1820 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2325 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2332 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2363 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2376 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2435 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v38-2437 | MN | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p40-0183 | NC | HOA Discrepancy | Non-HOA | 10/15/2021 |
| p53-0770 | PA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v39-0299 | VA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-1338 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-1785 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2330 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2408 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2812 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2813 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2835 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2837 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2850 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2920 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
| v34-2925 | WA | HOA Discrepancy | Non-HOA | 10/15/2021 |
Exhibit 99.3
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 SFR Borrower 2021-2 LLC, a Delaware limited company (“Borrower”) and Bank of America, National Association, a national banking association chartered under the laws of the United States (“Lender”). SingleSource Diligence Solutions, LLC (“SingleSource”) has been retained by Home Partners Holdings LLC, a Delaware limited liability company (“Client”).
I do hereby certify to Borrower, Client and Lender, to the best of my knowledge and belief, that SingleSource has completed the services ordered by Client under the Scope of Work Agreement dated September 13, 2021, between SingleSource and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the Properties contained in the electronic file titled, “HPA 2021-2” (the “Properties”). Furthermore:
| 1. | SingleSource has reviewed the Broker Price Opinion value or Appraisal, as applicable, 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 or Appraisal, as applicable; (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 or Appraisal, as applicable, with a conclusion of value. |
[SIGNATURE FOLLOWS ON NEXT PAGE]
SingleSource Diligence Solutions, LLC
By: Dean Kelker, SSDS Managing Director
(Print name of duly authorized person)
/s/Dean Kelker October 11, 2021
(Signature)
(Date)
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 |
| P21-0032 | BPO | $220,000 | 9/13/2021 | $220,000 | 10/1/2021 |
| P21-0139 | BPO | $314,500 | 9/11/2021 | $314,500 | 10/2/2021 |
| P21-0162 | BPO | $291,000 | 9/11/2021 | $291,000 | 10/2/2021 |
| P21-0211 | BPO | $247,080 | 9/11/2021 | $247,080 | 10/1/2021 |
| P21-0270 | BPO | $250,000 | 9/11/2021 | $270,000 | 10/5/2021 |
| P21-0315 | BPO | $430,000 | 9/10/2021 | $422,000 | 10/3/2021 |
| P21-0351 | BPO | $185,000 | 9/12/2021 | $185,000 | 9/30/2021 |
| P21-0379 | BPO | $260,000 | 9/11/2021 | $275,000 | 10/3/2021 |
| P21-0386 | BPO | $300,000 | 9/12/2021 | $307,000 | 10/1/2021 |
| P21-0411 | BPO | $285,000 | 9/11/2021 | $285,000 | 10/3/2021 |
| P21-0422 | BPO | $245,000 | 9/10/2021 | $245,000 | 10/3/2021 |
| P21-0430 | BPO | $410,000 | 9/10/2021 | $410,000 | 10/2/2021 |
| P21-0433 | BPO | $350,000 | 9/9/2021 | $379,000 | 10/4/2021 |
| P21-0501 | BPO | $360,000 | 9/11/2021 | $385,000 | 10/2/2021 |
| P22-0026 | BPO | $280,000 | 9/14/2021 | $280,000 | 10/4/2021 |
| P22-0055 | BPO | $393,000 | 9/11/2021 | $398,000 | 10/3/2021 |
| P22-0072 | BPO | $360,000 | 9/9/2021 | $360,000 | 10/3/2021 |
| P22-0088 | BPO | $401,900 | 9/13/2021 | $394,000 | 10/3/2021 |
| P22-0189 | BPO | $215,000 | 9/11/2021 | $215,000 | 10/3/2021 |
| P22-0227 | BPO | $565,000 | 9/14/2021 | $565,000 | 10/3/2021 |
| P22-0262 | BPO | $345,000 | 9/11/2021 | $345,000 | 10/1/2021 |
| P22-0297 | BPO | $545,000 | 9/13/2021 | $545,000 | 10/5/2021 |
| P22-0363 | BPO | $440,000 | 9/12/2021 | $440,000 | 10/3/2021 |
| P22-0395 | BPO | $338,000 | 9/12/2021 | $338,000 | 10/3/2021 |
| P22-0402 | BPO | $370,000 | 9/14/2021 | $370,000 | 10/2/2021 |
| P22-0407 | BPO | $350,000 | 9/12/2021 | $373,000 | 10/3/2021 |
| P23-0010 | BPO | $480,000 | 9/9/2021 | $480,000 | 10/1/2021 |
| P23-0034 | BPO | $500,000 | 9/11/2021 | $500,000 | 10/3/2021 |
| P23-0083 | BPO | $425,000 | 9/11/2021 | $425,000 | 10/2/2021 |
| P24-0033 | BPO | $390,000 | 9/12/2021 | $404,000 | 10/3/2021 |
| P26-0002 | BPO | $410,000 | 9/12/2021 | $410,000 | 10/1/2021 |
| P29-0029 | BPO | $1,061,000 | 9/12/2021 | $1,061,000 | 9/30/2021 |
| P29-0065 | BPO | $880,000 | 9/13/2021 | $890,000 | 10/2/2021 |
| P29-0087 | BPO | $626,000 | 9/12/2021 | $641,000 | 10/1/2021 |
| P29-0108 | BPO | $540,000 | 9/12/2021 | $540,000 | 10/3/2021 |
| P29-0132 | BPO | $480,000 | 9/11/2021 | $480,000 | 10/3/2021 |
| P29-0141 | BPO | $740,000 | 9/12/2021 | $740,000 | 10/3/2021 |
| P29-0818 | BPO | $710,000 | 9/12/2021 | $710,000 | 10/2/2021 |
| P29-0965 | BPO | $460,000 | 9/13/2021 | $460,000 | 10/2/2021 |
| P29-1029 | BPO | $570,000 | 9/14/2021 | $555,000 | 10/4/2021 |
| P29-1124 | BPO | $380,000 | 9/12/2021 | $380,000 | 9/30/2021 |
| P29-1213 | BPO | $565,000 | 9/10/2021 | $588,000 | 10/3/2021 |
| P29-1258 | BPO | $695,000 | 9/11/2021 | $695,000 | 10/1/2021 |
| P29-1276 | BPO | $515,000 | 9/12/2021 | $570,000 | 10/5/2021 |
| P29-1376 | BPO | $593,000 | 9/9/2021 | $593,000 | 10/3/2021 |
| P29-1439 | BPO | $730,000 | 9/15/2021 | $730,000 | 10/4/2021 |
| P30-0046 | BPO | $360,000 | 9/12/2021 | $345,000 | 10/3/2021 |
| P30-0072 | BPO | $300,000 | 9/11/2021 | $300,000 | 10/3/2021 |
| P30-0103 | BPO | $286,000 | 9/9/2021 | $300,000 | 10/1/2021 |
| P30-0183 | BPO | $253,000 | 9/11/2021 | $275,000 | 10/1/2021 |
| P30-0207 | BPO | $495,000 | 9/12/2021 | $514,000 | 10/3/2021 |
| P30-0222 | BPO | $330,000 | 9/12/2021 | $330,000 | 10/2/2021 |
| P30-0232 | BPO | $470,000 | 9/11/2021 | $470,000 | 10/1/2021 |
| P30-0260 | BPO | $560,000 | 9/11/2021 | $560,000 | 10/3/2021 |
| P30-0386 | BPO | $700,000 | 9/10/2021 | $660,000 | 10/5/2021 |
| P30-0492 | BPO | $298,000 | 9/11/2021 | $298,000 | 10/1/2021 |
| P30-1522 | BPO | $326,000 | 9/13/2021 | $326,000 | 10/1/2021 |
| P30-1624 | BPO | $342,000 | 9/12/2021 | $342,000 | 10/4/2021 |
| P30-1660 | BPO | $360,000 | 9/13/2021 | $360,000 | 10/2/2021 |
| P30-1932 | BPO | $496,000 | 9/11/2021 | $496,000 | 10/1/2021 |
| P30-2027 | BPO | $390,000 | 9/11/2021 | $390,000 | 10/4/2021 |
| P30-2050 | BPO | $540,000 | 9/12/2021 | $555,000 | 10/3/2021 |
| P30-2197 | BPO | $558,000 | 9/12/2021 | $558,000 | 10/3/2021 |
| P30-2346 | BPO | $275,000 | 9/13/2021 | $283,000 | 10/3/2021 |
| P30-2415 | BPO | $205,000 | 9/13/2021 | $228,000 | 10/3/2021 |
| P30-2594 | BPO | $256,000 | 9/12/2021 | $290,000 | 10/5/2021 |
| P30-2690 | BPO | $260,000 | 9/10/2021 | $260,000 | 10/3/2021 |
| P30-2701 | BPO | $300,000 | 9/13/2021 | $312,000 | 10/1/2021 |
| P30-2813 | BPO | $402,000 | 9/13/2021 | $390,000 | 10/3/2021 |
| P30-2862 | BPO | $540,000 | 9/11/2021 | $570,000 | 10/1/2021 |
| P30-2985 | BPO | $300,000 | 9/11/2021 | $300,000 | 10/3/2021 |
| P30-3141 | BPO | $430,000 | 9/10/2021 | $430,000 | 10/5/2021 |
| P30-3210 | BPO | $525,000 | 9/11/2021 | $535,000 | 10/1/2021 |
| P30-3252 | BPO | $655,000 | 9/12/2021 | $655,000 | 10/3/2021 |
| P30-3266 | BPO | $319,000 | 9/10/2021 | $305,000 | 9/30/2021 |
| P30-3311 | BPO | $539,000 | 9/11/2021 | $539,000 | 10/3/2021 |
| P30-3428 | BPO | $378,000 | 9/9/2021 | $385,000 | 10/3/2021 |
| P30-3455 | BPO | $295,000 | 9/8/2021 | $315,000 | 9/30/2021 |
| P30-3465 | BPO | $374,000 | 9/11/2021 | $380,000 | 10/3/2021 |
| P30-3535 | BPO | $245,000 | 9/12/2021 | $245,000 | 10/4/2021 |
| P30-3545 | BPO | $340,000 | 9/11/2021 | $340,000 | 10/3/2021 |
| P30-3559 | BPO | $315,000 | 9/12/2021 | $315,000 | 10/3/2021 |
| P30-3885 | BPO | $415,000 | 9/14/2021 | $415,000 | 10/4/2021 |
| P30-3886 | BPO | $305,000 | 9/11/2021 | $325,000 | 10/3/2021 |
| P30-3890 | BPO | $350,000 | 9/11/2021 | $350,000 | 10/3/2021 |
| P30-3899 | BPO | $440,000 | 9/10/2021 | $440,000 | 10/3/2021 |
| P30-3982 | BPO | $524,000 | 9/11/2021 | $524,000 | 10/3/2021 |
| P30-4663 | BPO | $470,000 | 9/13/2021 | $470,000 | 10/2/2021 |
| P31-0074 | BPO | $257,000 | 9/12/2021 | $257,000 | 10/1/2021 |
| P32-0025 | BPO | $440,000 | 9/12/2021 | $451,000 | 10/3/2021 |
| P32-0069 | BPO | $420,000 | 9/12/2021 | $435,000 | 10/3/2021 |
| P32-0073 | BPO | $370,000 | 9/12/2021 | $391,000 | 9/29/2021 |
| P32-0142 | BPO | $465,000 | 9/14/2021 | $465,000 | 10/3/2021 |
| P32-0145 | BPO | $335,900 | 9/14/2021 | $358,000 | 10/2/2021 |
| P32-0156 | BPO | $415,000 | 9/10/2021 | $405,000 | 10/3/2021 |
| P32-0339 | BPO | $325,000 | 9/11/2021 | $325,000 | 10/3/2021 |
| P32-0418 | BPO | $397,000 | 9/10/2021 | $415,000 | 10/1/2021 |
| P32-0869 | BPO | $470,000 | 9/12/2021 | $484,000 | 10/1/2021 |
| P32-1056 | BPO | $293,000 | 9/12/2021 | $293,000 | 10/3/2021 |
| P32-1317 | BPO | $555,000 | 9/13/2021 | $555,000 | 10/4/2021 |
| P32-1601 | BPO | $280,000 | 9/13/2021 | $280,000 | 10/5/2021 |
| P32-1673 | BPO | $330,000 | 9/11/2021 | $330,000 | 10/3/2021 |
| P32-1678 | BPO | $285,000 | 9/12/2021 | $285,000 | 10/1/2021 |
| P32-1743 | BPO | $376,000 | 9/13/2021 | $376,000 | 10/3/2021 |
| P32-1834 | BPO | $414,900 | 9/12/2021 | $414,900 | 10/3/2021 |
| P32-1840 | BPO | $666,000 | 9/11/2021 | $666,000 | 10/3/2021 |
| P32-1844 | BPO | $250,000 | 9/12/2021 | $263,000 | 10/3/2021 |
| P32-1898 | BPO | $705,000 | 9/12/2021 | $705,000 | 10/1/2021 |
| P32-1917 | BPO | $470,000 | 9/14/2021 | $470,000 | 10/4/2021 |
| P32-1972 | BPO | $612,900 | 9/13/2021 | $612,900 | 10/5/2021 |
| P32-1979 | BPO | $355,000 | 9/12/2021 | $355,000 | 10/3/2021 |
| P32-2032 | BPO | $360,000 | 9/10/2021 | $360,000 | 10/2/2021 |
| P32-2065 | BPO | $310,000 | 9/12/2021 | $310,000 | 10/2/2021 |
| P32-2137 | BPO | $385,000 | 9/13/2021 | $385,000 | 10/2/2021 |
| P32-2146 | BPO | $425,000 | 9/9/2021 | $425,000 | 10/4/2021 |
| P32-2296 | BPO | $295,000 | 9/12/2021 | $295,000 | 10/3/2021 |
| P32-2298 | BPO | $710,000 | 9/13/2021 | $710,000 | 10/5/2021 |
| P32-2523 | BPO | $410,000 | 9/12/2021 | $440,000 | 10/3/2021 |
| P32-2575 | BPO | $665,000 | 9/12/2021 | $575,000 | 10/4/2021 |
| P32-2587 | BPO | $231,000 | 9/14/2021 | $245,000 | 10/2/2021 |
| P32-2809 | BPO | $360,000 | 9/9/2021 | $360,000 | 10/3/2021 |
| P32-2988 | BPO | $335,000 | 9/12/2021 | $335,000 | 10/4/2021 |
| P32-3002 | BPO | $320,000 | 9/10/2021 | $320,000 | 10/3/2021 |
| P32-3159 | BPO | $445,000 | 9/11/2021 | $400,000 | 10/4/2021 |
| P32-3219 | BPO | $350,000 | 9/12/2021 | $350,000 | 10/3/2021 |
| P32-3221 | BPO | $510,000 | 9/10/2021 | $550,000 | 10/4/2021 |
| P32-3253 | BPO | $525,000 | 9/15/2021 | $565,000 | 10/4/2021 |
| P32-3312 | BPO | $281,000 | 9/12/2021 | $281,000 | 10/2/2021 |
| P32-3347 | BPO | $430,900 | 9/12/2021 | $425,000 | 10/1/2021 |
| P32-3349 | BPO | $400,000 | 9/9/2021 | $400,000 | 10/4/2021 |
| P32-3356 | BPO | $360,000 | 9/8/2021 | $360,000 | 10/4/2021 |
| P32-3445 | BPO | $320,000 | 9/11/2021 | $320,000 | 10/3/2021 |
| P32-3449 | BPO | $200,000 | 9/12/2021 | $213,000 | 10/4/2021 |
| P32-3459 | BPO | $525,000 | 9/11/2021 | $525,000 | 10/4/2021 |
| P32-3523 | BPO | $465,000 | 9/11/2021 | $465,000 | 9/29/2021 |
| P32-3536 | BPO | $268,000 | 9/11/2021 | $288,000 | 10/5/2021 |
| P32-3560 | BPO | $550,000 | 9/11/2021 | $550,000 | 10/2/2021 |
| P32-3571 | BPO | $365,000 | 9/11/2021 | $365,000 | 10/2/2021 |
| P32-3751 | BPO | $520,000 | 9/14/2021 | $520,000 | 10/1/2021 |
| P32-3829 | BPO | $550,000 | 9/11/2021 | $550,000 | 10/4/2021 |
| P32-3833 | BPO | $435,000 | 9/16/2021 | $441,000 | 10/3/2021 |
| P32-4371 | BPO | $345,000 | 9/12/2021 | $356,000 | 9/29/2021 |
| P32-4792 | BPO | $285,000 | 9/12/2021 | $315,000 | 10/4/2021 |
| P33-0052 | BPO | $310,000 | 9/12/2021 | $318,000 | 10/4/2021 |
| P33-0063 | BPO | $308,000 | 9/11/2021 | $308,000 | 10/2/2021 |
| P33-0071 | BPO | $269,000 | 9/11/2021 | $284,000 | 10/4/2021 |
| P33-0075 | BPO | $300,000 | 9/13/2021 | $300,000 | 10/2/2021 |
| P33-0103 | BPO | $513,670 | 9/12/2021 | $513,670 | 10/2/2021 |
| P33-0112 | BPO | $505,000 | 9/11/2021 | $512,000 | 9/30/2021 |
| P33-0118 | BPO | $360,000 | 9/11/2021 | $370,000 | 10/2/2021 |
| P33-0145 | BPO | $310,000 | 9/11/2021 | $310,000 | 10/5/2021 |
| P33-0489 | BPO | $320,000 | 9/12/2021 | $320,000 | 10/2/2021 |
| P33-0696 | BPO | $354,550 | 9/11/2021 | $355,000 | 10/1/2021 |
| P33-0791 | BPO | $262,000 | 9/12/2021 | $262,000 | 10/5/2021 |
| P33-0839 | BPO | $300,000 | 9/13/2021 | $300,000 | 10/5/2021 |
| P33-0965 | BPO | $555,000 | 9/12/2021 | $555,000 | 10/6/2021 |
| P33-0972 | BPO | $190,000 | 9/11/2021 | $190,000 | 10/1/2021 |
| P33-1001 | BPO | $430,000 | 9/9/2021 | $430,000 | 10/5/2021 |
| P33-1021 | BPO | $250,000 | 9/12/2021 | $350,000 | 10/3/2021 |
| P33-1023 | BPO | $350,000 | 9/12/2021 | $350,000 | 10/5/2021 |
| P33-1057 | BPO | $338,000 | 9/9/2021 | $330,000 | 10/2/2021 |
| P33-1068 | BPO | $332,000 | 9/11/2021 | $332,000 | 10/3/2021 |
| P34-0004 | BPO | $450,000 | 9/12/2021 | $450,000 | 10/2/2021 |
| P34-0022 | BPO | $650,000 | 9/10/2021 | $680,000 | 10/3/2021 |
| P34-0619 | BPO | $830,000 | 9/12/2021 | $830,000 | 10/5/2021 |
| P34-0652 | BPO | $425,000 | 9/11/2021 | $451,000 | 10/3/2021 |
| P34-0668 | BPO | $395,000 | 9/20/2021 | $395,000 | 10/5/2021 |
| P34-0734 | BPO | $650,000 | 9/12/2021 | $650,000 | 9/30/2021 |
| P34-0750 | BPO | $850,000 | 9/13/2021 | $850,000 | 10/6/2021 |
| P34-0766 | BPO | $405,000 | 9/23/2021 | $460,000 | 10/5/2021 |
| P34-0806 | BPO | $455,000 | 9/12/2021 | $455,000 | 10/1/2021 |
| P34-0842 | BPO | $550,000 | 9/13/2021 | $550,000 | 10/5/2021 |
| P34-1239 | BPO | $395,000 | 9/12/2021 | $395,000 | 10/5/2021 |
| P34-1288 | BPO | $550,000 | 9/11/2021 | $625,000 | 10/5/2021 |
| P34-1359 | BPO | $521,000 | 9/14/2021 | $527,000 | 10/3/2021 |
| P34-1367 | BPO | $720,000 | 9/11/2021 | $720,000 | 10/1/2021 |
| P34-1371 | BPO | $488,000 | 9/12/2021 | $525,000 | 10/4/2021 |
| P34-1385 | BPO | $555,000 | 9/16/2021 | $555,000 | 10/2/2021 |
| P34-1427 | BPO | $340,000 | 9/9/2021 | $340,000 | 10/2/2021 |
| P34-1460 | BPO | $830,000 | 9/11/2021 | $830,000 | 10/1/2021 |
| P34-1462 | BPO | $474,000 | 9/10/2021 | $474,000 | 10/1/2021 |
| P34-1526 | BPO | $626,000 | 9/14/2021 | $626,000 | 10/3/2021 |
| P34-1735 | BPO | $430,000 | 9/11/2021 | $430,000 | 10/4/2021 |
| P34-2213 | BPO | $380,000 | 9/13/2021 | $350,000 | 10/1/2021 |
| P35-0027 | BPO | $330,000 | 9/14/2021 | $330,000 | 9/30/2021 |
| P35-0029 | BPO | $230,000 | 9/10/2021 | $230,000 | 10/5/2021 |
| P35-0046 | BPO | $276,000 | 9/10/2021 | $276,000 | 10/3/2021 |
| P36-0009 | BPO | $691,000 | 9/11/2021 | $691,000 | 10/2/2021 |
| P36-0025 | BPO | $545,000 | 9/10/2021 | $540,000 | 10/1/2021 |
| P36-0027 | BPO | $625,000 | 9/11/2021 | $615,000 | 10/2/2021 |
| P36-0091 | BPO | $654,000 | 9/12/2021 | $654,000 | 10/1/2021 |
| P36-0103 | BPO | $465,000 | 9/11/2021 | $538,000 | 9/30/2021 |
| P36-0126 | BPO | $471,000 | 9/11/2021 | $471,000 | 10/1/2021 |
| P36-0151 | BPO | $570,000 | 9/10/2021 | $570,000 | 10/3/2021 |
| P36-0154 | BPO | $520,000 | 9/9/2021 | $520,000 | 10/2/2021 |
| P36-0176 | BPO | $470,000 | 9/9/2021 | $470,000 | 10/2/2021 |
| P36-0225 | BPO | $545,000 | 9/10/2021 | $540,000 | 10/3/2021 |
| P36-0256 | BPO | $395,000 | 9/9/2021 | $395,000 | 10/2/2021 |
| P36-0304 | BPO | $495,000 | 9/14/2021 | $495,000 | 9/30/2021 |
| P36-0897 | BPO | $510,000 | 9/12/2021 | $523,000 | 10/2/2021 |
| P36-0933 | BPO | $495,000 | 9/13/2021 | $495,000 | 10/4/2021 |
| P36-1016 | BPO | $685,000 | 9/13/2021 | $670,000 | 10/4/2021 |
| P36-1088 | BPO | $640,000 | 9/13/2021 | $640,000 | 10/2/2021 |
| P36-1096 | BPO | $512,000 | 9/12/2021 | $512,000 | 10/1/2021 |
| P36-1155 | BPO | $490,000 | 9/11/2021 | $490,000 | 10/1/2021 |
| P36-1176 | BPO | $445,000 | 9/13/2021 | $445,000 | 10/5/2021 |
| P36-1267 | BPO | $549,000 | 9/11/2021 | $549,000 | 9/30/2021 |
| P36-1282 | BPO | $390,000 | 9/11/2021 | $390,000 | 10/4/2021 |
| P36-1367 | BPO | $665,000 | 9/11/2021 | $665,000 | 10/2/2021 |
| P36-1455 | BPO | $345,000 | 9/13/2021 | $335,000 | 10/3/2021 |
| P36-1495 | BPO | $408,000 | 9/12/2021 | $460,000 | 10/3/2021 |
| P36-1500 | BPO | $410,000 | 9/12/2021 | $395,000 | 10/1/2021 |
| P36-1543 | BPO | $600,000 | 9/12/2021 | $600,000 | 10/3/2021 |
| P36-1560 | BPO | $570,000 | 9/13/2021 | $535,000 | 10/1/2021 |
| P36-1624 | BPO | $560,000 | 9/13/2021 | $560,000 | 10/5/2021 |
| P36-1691 | BPO | $698,000 | 9/13/2021 | $698,000 | 10/2/2021 |
| P36-1708 | BPO | $335,000 | 9/13/2021 | $380,000 | 10/4/2021 |
| P36-1717 | BPO | $430,000 | 9/9/2021 | $430,000 | 10/3/2021 |
| P36-1768 | BPO | $500,000 | 9/13/2021 | $500,000 | 10/2/2021 |
| P36-1775 | BPO | $410,000 | 9/11/2021 | $410,000 | 10/1/2021 |
| P36-1822 | BPO | $410,000 | 9/13/2021 | $390,000 | 10/5/2021 |
| P36-1853 | BPO | $517,000 | 9/11/2021 | $525,000 | 10/3/2021 |
| P36-1863 | BPO | $310,000 | 9/12/2021 | $310,000 | 10/3/2021 |
| P36-1889 | BPO | $407,000 | 9/11/2021 | $407,000 | 10/1/2021 |
| P36-1968 | BPO | $460,000 | 9/12/2021 | $450,000 | 10/3/2021 |
| P36-1980 | BPO | $680,000 | 9/16/2021 | $690,000 | 10/4/2021 |
| P36-2045 | BPO | $434,000 | 9/14/2021 | $434,000 | 10/1/2021 |
| P36-2104 | BPO | $470,000 | 9/12/2021 | $470,000 | 10/1/2021 |
| P36-2111 | BPO | $455,000 | 9/15/2021 | $447,000 | 10/2/2021 |
| P36-2152 | BPO | $435,000 | 9/11/2021 | $435,000 | 10/3/2021 |
| P36-2482 | BPO | $445,000 | 9/11/2021 | $445,000 | 10/2/2021 |
| P37-0042 | BPO | $310,000 | 9/11/2021 | $310,000 | 9/30/2021 |
| P37-0182 | BPO | $305,000 | 9/12/2021 | $305,000 | 10/4/2021 |
| P37-0210 | BPO | $330,000 | 9/11/2021 | $330,000 | 10/2/2021 |
| P37-0211 | BPO | $458,000 | 9/14/2021 | $458,000 | 9/30/2021 |
| P37-0285 | BPO | $250,000 | 9/14/2021 | $250,000 | 10/5/2021 |
| P38-0007 | BPO | $589,000 | 9/11/2021 | $589,000 | 10/3/2021 |
| P38-0052 | BPO | $415,000 | 9/9/2021 | $415,000 | 10/1/2021 |
| P38-0069 | BPO | $220,000 | 9/13/2021 | $220,000 | 10/2/2021 |
| P38-0132 | BPO | $287,000 | 9/14/2021 | $324,000 | 10/4/2021 |
| P38-0145 | BPO | $407,000 | 9/17/2021 | $407,000 | 10/3/2021 |
| P38-0415 | BPO | $350,000 | 9/12/2021 | $374,000 | 9/30/2021 |
| P38-0428 | BPO | $353,000 | 9/12/2021 | $362,000 | 10/2/2021 |
| P38-0528 | BPO | $480,000 | 9/12/2021 | $480,000 | 10/1/2021 |
| P38-0579 | BPO | $295,000 | 9/16/2021 | $280,000 | 10/6/2021 |
| P38-0678 | BPO | $247,000 | 9/13/2021 | $247,000 | 10/2/2021 |
| P38-0732 | BPO | $543,000 | 9/15/2021 | $543,000 | 10/2/2021 |
| P38-0816 | BPO | $475,000 | 9/11/2021 | $475,000 | 10/2/2021 |
| P38-0940 | BPO | $560,000 | 9/11/2021 | $568,000 | 9/30/2021 |
| P38-0966 | BPO | $210,000 | 9/11/2021 | $210,000 | 10/1/2021 |
| P38-0984 | BPO | $528,000 | 9/11/2021 | $528,000 | 10/4/2021 |
| P38-0985 | BPO | $340,000 | 9/10/2021 | $340,000 | 10/2/2021 |
| P38-0986 | BPO | $325,000 | 9/13/2021 | $325,000 | 10/1/2021 |
| P38-1023 | BPO | $572,000 | 9/11/2021 | $572,000 | 10/5/2021 |
| P38-1137 | BPO | $274,000 | 9/14/2021 | $297,000 | 10/3/2021 |
| P38-1363 | BPO | $514,000 | 9/13/2021 | $514,000 | 10/1/2021 |
| P40-0042 | BPO | $320,000 | 9/12/2021 | $330,000 | 9/30/2021 |
| P40-0295 | BPO | $243,000 | 9/12/2021 | $240,000 | 10/4/2021 |
| P40-0329 | BPO | $495,000 | 9/9/2021 | $495,000 | 10/2/2021 |
| P40-0356 | BPO | $320,000 | 9/11/2021 | $320,000 | 10/3/2021 |
| P40-0501 | BPO | $395,000 | 9/14/2021 | $399,000 | 10/2/2021 |
| P40-0536 | BPO | $480,000 | 9/12/2021 | $480,000 | 10/5/2021 |
| P40-0555 | BPO | $460,000 | 9/13/2021 | $460,000 | 10/3/2021 |
| P40-0675 | BPO | $320,000 | 9/13/2021 | $320,000 | 10/2/2021 |
| P40-0683 | BPO | $257,000 | 9/11/2021 | $257,000 | 10/3/2021 |
| P40-0714 | BPO | $710,000 | 9/11/2021 | $710,000 | 9/30/2021 |
| P40-0731 | BPO | $360,000 | 9/11/2021 | $360,000 | 10/3/2021 |
| P40-0771 | BPO | $475,000 | 9/12/2021 | $496,000 | 10/2/2021 |
| P40-0808 | BPO | $465,000 | 9/12/2021 | $474,000 | 10/4/2021 |
| P40-0870 | BPO | $490,000 | 9/12/2021 | $525,000 | 10/1/2021 |
| P41-0046 | BPO | $315,000 | 9/13/2021 | $315,000 | 10/1/2021 |
| P41-0131 | BPO | $530,000 | 9/14/2021 | $555,000 | 10/2/2021 |
| P41-0192 | BPO | $640,000 | 9/14/2021 | $610,000 | 10/2/2021 |
| P44-0108 | BPO | $385,000 | 9/12/2021 | $385,000 | 10/3/2021 |
| P44-0131 | BPO | $430,000 | 9/12/2021 | $430,000 | 10/3/2021 |
| P44-0231 | BPO | $280,000 | 9/10/2021 | $280,000 | 10/4/2021 |
| P44-0278 | BPO | $360,000 | 9/18/2021 | $360,000 | 10/3/2021 |
| P44-0301 | BPO | $570,000 | 9/12/2021 | $570,000 | 10/3/2021 |
| P46-0124 | BPO | $420,000 | 9/12/2021 | $420,000 | 10/1/2021 |
| P46-0136 | BPO | $400,000 | 9/13/2021 | $400,000 | 10/2/2021 |
| P46-0298 | BPO | $405,000 | 9/13/2021 | $405,000 | 10/3/2021 |
| P46-0329 | BPO | $285,000 | 9/12/2021 | $280,000 | 10/2/2021 |
| P46-0405 | BPO | $560,000 | 9/12/2021 | $560,000 | 10/5/2021 |
| P46-0414 | BPO | $315,000 | 9/11/2021 | $330,000 | 9/30/2021 |
| P46-0463 | BPO | $360,000 | 9/11/2021 | $360,000 | 9/30/2021 |
| P46-0600 | BPO | $365,000 | 9/12/2021 | $365,000 | 10/1/2021 |
| P49-0020 | BPO | $373,650 | 9/12/2021 | $373,650 | 10/2/2021 |
| P49-0061 | BPO | $600,000 | 9/12/2021 | $600,000 | 10/3/2021 |
| P49-0077 | BPO | $230,000 | 9/10/2021 | $230,000 | 10/1/2021 |
| P49-0112 | BPO | $349,000 | 9/11/2021 | $349,000 | 10/3/2021 |
| P49-0130 | BPO | $290,000 | 9/12/2021 | $290,000 | 9/30/2021 |
| P49-0252 | BPO | $360,000 | 9/9/2021 | $366,000 | 9/30/2021 |
| P49-0286 | BPO | $325,000 | 9/11/2021 | $325,000 | 9/30/2021 |
| P49-0346 | BPO | $275,000 | 9/10/2021 | $290,000 | 10/4/2021 |
| P52-0183 | BPO | $579,000 | 9/15/2021 | $579,000 | 10/2/2021 |
| P52-0187 | BPO | $490,000 | 9/13/2021 | $510,000 | 10/1/2021 |
| P52-0204 | BPO | $610,000 | 9/11/2021 | $610,000 | 10/2/2021 |
| P52-0296 | BPO | $364,000 | 9/15/2021 | $364,000 | 10/2/2021 |
| P52-0312 | BPO | $498,000 | 9/12/2021 | $505,000 | 9/30/2021 |
| P52-0315 | BPO | $650,000 | 9/14/2021 | $650,000 | 10/3/2021 |
| P52-0318 | BPO | $635,000 | 9/13/2021 | $635,000 | 10/4/2021 |
| P52-0432 | BPO | $325,000 | 9/12/2021 | $325,000 | 10/1/2021 |
| P53-0182 | BPO | $283,000 | 9/12/2021 | $283,000 | 9/30/2021 |
| P53-0239 | BPO | $238,000 | 9/14/2021 | $238,000 | 10/3/2021 |
| P53-0341 | BPO | $535,000 | 9/13/2021 | $535,000 | 10/2/2021 |
| P53-0448 | BPO | $270,000 | 9/9/2021 | $270,000 | 10/1/2021 |
| P53-0454 | BPO | $360,000 | 9/13/2021 | $360,000 | 10/2/2021 |
| P53-0517 | BPO | $280,000 | 9/12/2021 | $280,000 | 10/3/2021 |
| P53-0523 | BPO | $272,000 | 9/11/2021 | $279,000 | 10/3/2021 |
| P53-0526 | BPO | $356,000 | 9/14/2021 | $356,000 | 10/5/2021 |
| P53-0573 | BPO | $341,900 | 9/11/2021 | $341,900 | 10/3/2021 |
| P53-0604 | BPO | $330,000 | 9/13/2021 | $315,000 | 9/30/2021 |
| P53-0612 | BPO | $370,000 | 9/15/2021 | $520,000 | 10/5/2021 |
| P54-0043 | BPO | $360,000 | 9/14/2021 | $352,000 | 9/30/2021 |
| P54-0048 | BPO | $365,000 | 9/11/2021 | $365,000 | 10/2/2021 |
| P54-0078 | BPO | $540,000 | 9/12/2021 | $540,000 | 10/2/2021 |
| P54-0081 | BPO | $330,000 | 9/13/2021 | $330,000 | 10/5/2021 |
| P54-0131 | BPO | $345,000 | 9/9/2021 | $345,000 | 10/2/2021 |
| P54-0204 | BPO | $417,000 | 9/13/2021 | $422,000 | 10/4/2021 |
| P54-0259 | BPO | $269,000 | 9/13/2021 | $290,000 | 10/4/2021 |
| P55-0065 | BPO | $500,000 | 9/12/2021 | $500,000 | 10/1/2021 |
| P56-0801 | BPO | $250,000 | 9/9/2021 | $250,000 | 10/4/2021 |
| P56-0819 | BPO | $493,000 | 9/10/2021 | $493,000 | 10/1/2021 |
| P56-0830 | BPO | $380,000 | 9/10/2021 | $380,000 | 10/5/2021 |
| P56-0907 | BPO | $241,000 | 9/11/2021 | $241,000 | 10/5/2021 |
| P56-0918 | BPO | $335,000 | 9/10/2021 | $335,000 | 10/2/2021 |
| P56-1864 | BPO | $220,000 | 9/12/2021 | $220,000 | 9/30/2021 |
| P56-2244 | BPO | $580,000 | 9/12/2021 | $580,000 | 10/2/2021 |
| P56-2723 | BPO | $575,000 | 9/11/2021 | $575,000 | 9/30/2021 |
| P56-2753 | BPO | $248,000 | 9/10/2021 | $248,000 | 10/1/2021 |
| P56-2901 | BPO | $470,000 | 9/13/2021 | $470,000 | 10/1/2021 |
| P56-2903 | BPO | $543,000 | 9/11/2021 | $555,000 | 10/2/2021 |
| P56-3464 | BPO | $220,000 | 9/12/2021 | $220,000 | 10/3/2021 |
| P56-3584 | BPO | $470,000 | 9/14/2021 | $470,000 | 9/30/2021 |
| P56-3600 | BPO | $370,000 | 9/12/2021 | $380,000 | 9/30/2021 |
| P56-3780 | BPO | $278,000 | 9/13/2021 | $297,000 | 10/2/2021 |
| P56-3980 | BPO | $495,000 | 9/10/2021 | $495,000 | 10/1/2021 |
| P56-4029 | BPO | $360,000 | 9/14/2021 | $335,000 | 9/30/2021 |
| P56-4133 | BPO | $265,000 | 9/12/2021 | $260,000 | 9/30/2021 |
| P56-4177 | BPO | $695,000 | 9/12/2021 | $695,000 | 10/2/2021 |
| P56-4313 | BPO | $265,000 | 9/11/2021 | $265,000 | 10/2/2021 |
| P56-4350 | BPO | $295,000 | 9/11/2021 | $308,000 | 9/30/2021 |
| P56-4359 | BPO | $491,800 | 9/13/2021 | $450,000 | 10/3/2021 |
| P56-4364 | BPO | $263,250 | 9/12/2021 | $274,000 | 10/5/2021 |
| P56-4375 | BPO | $249,000 | 9/11/2021 | $249,000 | 10/3/2021 |
| P56-4401 | BPO | $320,900 | 9/11/2021 | $320,900 | 10/1/2021 |
| P56-4404 | BPO | $365,000 | 9/11/2021 | $365,000 | 10/1/2021 |
| P56-4421 | BPO | $240,000 | 9/13/2021 | $246,000 | 9/30/2021 |
| P56-4463 | BPO | $325,000 | 9/12/2021 | $355,000 | 9/30/2021 |
| P56-4466 | BPO | $285,000 | 9/12/2021 | $285,000 | 9/30/2021 |
| P56-4565 | BPO | $580,000 | 9/8/2021 | $580,000 | 10/1/2021 |
| P56-4570 | BPO | $445,000 | 9/11/2021 | $445,000 | 10/5/2021 |
| P56-4578 | BPO | $390,000 | 9/11/2021 | $390,000 | 9/30/2021 |
| P56-4585 | BPO | $501,000 | 9/13/2021 | $501,000 | 10/2/2021 |
| P56-4593 | BPO | $345,000 | 9/11/2021 | $350,000 | 10/4/2021 |
| P56-4594 | BPO | $360,000 | 9/11/2021 | $360,000 | 10/4/2021 |
| P56-4611 | BPO | $331,900 | 9/11/2021 | $331,900 | 9/30/2021 |
| P56-4642 | BPO | $428,000 | 9/11/2021 | $428,000 | 10/5/2021 |
| P56-4674 | BPO | $390,000 | 9/10/2021 | $390,000 | 10/3/2021 |
| P56-4698 | BPO | $340,000 | 9/13/2021 | $340,000 | 10/5/2021 |
| P56-4726 | BPO | $322,000 | 9/9/2021 | $322,000 | 10/2/2021 |
| P56-4760 | BPO | $350,000 | 9/15/2021 | $350,000 | 10/3/2021 |
| P56-4922 | BPO | $276,000 | 9/12/2021 | $265,000 | 9/30/2021 |
| V29-0593 | BPO | $455,000 | 9/13/2021 | $455,000 | 10/1/2021 |
| V30-1078 | BPO | $315,000 | 9/12/2021 | $315,000 | 9/30/2021 |
| V30-1127 | BPO | $330,000 | 9/13/2021 | $330,000 | 10/1/2021 |
| V30-2735 | BPO | $263,000 | 9/12/2021 | $263,000 | 10/5/2021 |
| V30-3023 | BPO | $346,000 | 9/13/2021 | $340,000 | 10/3/2021 |
| V30-3222 | BPO | $385,000 | 9/12/2021 | $385,000 | 10/5/2021 |
| V30-3917 | BPO | $342,000 | 9/13/2021 | $328,000 | 10/4/2021 |
| V30-3994 | BPO | $290,000 | 9/13/2021 | $290,000 | 10/2/2021 |
| V32-2606 | BPO | $230,000 | 9/13/2021 | $230,000 | 10/1/2021 |
| V32-2924 | BPO | $250,000 | 9/14/2021 | $267,000 | 10/5/2021 |
| V32-5018 | BPO | $350,000 | 9/13/2021 | $350,000 | 10/3/2021 |
| V32-5067 | BPO | $370,000 | 9/14/2021 | $381,000 | 10/2/2021 |
| V32-5082 | BPO | $430,000 | 9/13/2021 | $410,000 | 10/3/2021 |
| V32-5132 | BPO | $305,000 | 9/12/2021 | $305,000 | 10/3/2021 |
| V32-5153 | BPO | $259,000 | 9/12/2021 | $259,000 | 10/3/2021 |
| V32-5199 | BPO | $315,000 | 9/13/2021 | $315,000 | 10/2/2021 |
| V32-5212 | BPO | $375,000 | 9/14/2021 | $375,000 | 10/1/2021 |
| V32-5278 | BPO | $440,000 | 9/12/2021 | $440,000 | 10/6/2021 |
| V33-0139 | BPO | $365,000 | 9/10/2021 | $365,000 | 10/3/2021 |
| V33-0162 | BPO | $200,000 | 9/12/2021 | $212,000 | 9/30/2021 |
| V33-0225 | BPO | $284,000 | 9/13/2021 | $284,000 | 9/30/2021 |
| V33-0363 | BPO | $299,000 | 9/13/2021 | $306,000 | 10/1/2021 |
| V33-0500 | BPO | $335,000 | 9/10/2021 | $320,000 | 9/30/2021 |
| V34-0428 | BPO | $597,000 | 9/12/2021 | $597,000 | 10/1/2021 |
| V34-0591 | BPO | $315,000 | 9/14/2021 | $315,000 | 9/30/2021 |
| V34-0596 | BPO | $510,000 | 9/13/2021 | $520,000 | 9/30/2021 |
| V34-1269 | BPO | $334,000 | 9/13/2021 | $420,000 | 10/5/2021 |
| V34-2772 | BPO | $550,000 | 9/12/2021 | $550,000 | 9/29/2021 |
| V34-2781 | BPO | $545,000 | 9/13/2021 | $545,000 | 10/1/2021 |
| V34-2819 | BPO | $425,900 | 9/13/2021 | $420,000 | 9/30/2021 |
| V36-2074 | BPO | $470,000 | 9/10/2021 | $470,000 | 10/5/2021 |
| V36-2287 | BPO | $310,000 | 9/14/2021 | $310,000 | 9/30/2021 |
| V36-2831 | BPO | $480,000 | 9/13/2021 | $480,000 | 10/2/2021 |
| V36-3282 | BPO | $355,000 | 9/12/2021 | $355,000 | 10/1/2021 |
| V36-4212 | BPO | $365,000 | 9/13/2021 | $365,000 | 10/5/2021 |
| V36-4263 | BPO | $425,000 | 9/11/2021 | $439,000 | 10/1/2021 |
| V36-4338 | BPO | $302,000 | 9/15/2021 | $315,000 | 10/1/2021 |
| V37-0174 | BPO | $205,000 | 9/23/2021 | $215,000 | 9/30/2021 |
| V38-1985 | BPO | $430,000 | 9/12/2021 | $415,000 | 10/1/2021 |
| V38-2245 | BPO | $270,000 | 9/21/2021 | $255,000 | 10/2/2021 |
| V38-2282 | BPO | $384,000 | 9/13/2021 | $384,000 | 10/1/2021 |
| V38-2296 | BPO | $326,000 | 9/12/2021 | $333,000 | 10/1/2021 |
| V38-2339 | BPO | $360,000 | 9/13/2021 | $360,000 | 10/5/2021 |
| V41-0200 | BPO | $305,000 | 9/10/2021 | $315,000 | 10/3/2021 |
| V41-0515 | BPO | $375,000 | 9/12/2021 | $365,000 | 10/1/2021 |
| V42-0338 | BPO | $287,000 | 9/13/2021 | $310,000 | 9/30/2021 |
| V42-1186 | BPO | $325,000 | 9/11/2021 | $315,000 | 10/2/2021 |
| V42-2021 | BPO | $345,000 | 9/9/2021 | $368,000 | 9/30/2021 |
| V42-2050 | BPO | $355,000 | 9/12/2021 | $355,000 | 10/5/2021 |
| V44-0111 | BPO | $320,000 | 9/12/2021 | $320,000 | 10/2/2021 |
| V44-0337 | BPO | $410,000 | 9/13/2021 | $410,000 | 10/2/2021 |
| V46-1679 | BPO | $240,000 | 9/13/2021 | $240,000 | 10/1/2021 |
| V46-1686 | BPO | $325,000 | 9/13/2021 | $325,000 | 10/3/2021 |
| V46-1698 | BPO | $360,000 | 9/13/2021 | $365,000 | 9/30/2021 |
| V49-0562 | BPO | $272,250 | 9/12/2021 | $272,250 | 9/30/2021 |
| V49-0872 | BPO | $330,000 | 9/12/2021 | $330,000 | 10/3/2021 |
| V53-0204 | BPO | $415,000 | 9/21/2021 | $415,000 | 10/1/2021 |
| V54-0240 | BPO | $365,000 | 9/13/2021 | $365,000 | 10/3/2021 |
| V55-0293 | BPO | $500,000 | 9/9/2021 | $500,000 | 10/1/2021 |
| V56-3319 | BPO | $380,000 | 9/20/2021 | $395,000 | 10/1/2021 |
| V56-3394 | BPO | $400,000 | 9/14/2021 | $400,000 | 9/30/2021 |
| V56-3408 | BPO | $257,000 | 9/9/2021 | $270,000 | 9/29/2021 |
| V56-3428 | BPO | $330,000 | 9/12/2021 | $330,000 | 9/29/2021 |
| V56-3500 | BPO | $353,000 | 9/13/2021 | $338,000 | 10/3/2021 |
| V56-3501 | BPO | $216,000 | 9/12/2021 | $216,000 | 10/3/2021 |
| V56-3534 | BPO | $350,000 | 9/13/2021 | $350,000 | 9/29/2021 |
| V56-3546 | BPO | $370,000 | 9/13/2021 | $370,000 | 10/1/2021 |
Exhibit 99.4
 |
Ernst & Young LLP One Manhattan West New York, NY 10001 |
Tel: +1 212 773 3000 Fax:+1 212 773 6350 ey.com |
Report of Independent Accountants on Applying Agreed-Upon Procedures
| Home Partners Holdings LLC HPA Depositor LLC 120 S. Riverside Plaza, Suite 2000 Chicago, Illinois 60606 |
18 October 2021 |
Re: Home Partners of America 2021-2 Trust (the “Issuing Entity”)
Single-Family Rental Pass-Through Certificates (the “Certificates”)
We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by Home Partners Holdings LLC (the “Loan Sponsor”), HPA Depositor LLC (the “Depositor”), BofA Securities, Inc. (“BofA Securities”), Citigroup Global Markets Inc. (“Citigroup”), Morgan Stanley & Co. LLC (“Morgan Stanley”), RBC Capital Markets, LLC (“RBC”) and Wells Fargo Securities, LLC (“Wells,” together with the Loan Sponsor, Depositor, BofA Securities, Citigroup, Morgan Stanley and RBC, the “Specified Parties”), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of single-family rental properties (the “Properties”) pledged to secure a loan (the “Loan”) relating to the Issuing Entity’s securitization transaction. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.
The procedures performed and our associated findings are included in Attachment A.
For the purpose of the procedures described in this report, the Loan Sponsor, on behalf of the Depositor, provided us with:
| a. | Electronic data files: |
| i. | Labeled “SFR 2021-2 Closing Tape External_08.31.21_v5.xlsx” and the corresponding record layout and decode information, as applicable (the “Base Preliminary Data File”), that the Loan Sponsor, on behalf of the Depositor, indicated contains information relating to certain single-family rental properties (the “Base Preliminary Properties”) as of 31 August 2021 (the “Property Cut-off Date”) that are expected to be representative of the Properties, |
|
Page 2 of 4 |
a. (continued)
| ii. | Labeled “SFR 2021-2 Closing Tape External_08.31.21_v13 Final.xlsx” and the corresponding record layout and decode information, as applicable (the “Preliminary Data File,” together with the Base Preliminary Data File, the “Provided Data Files”), that the Loan Sponsor, on behalf of the Depositor, indicated contains information relating to certain single-family rental properties (the “Preliminary Properties”) as of the Property Cut-off Date that are expected to be representative of the Properties, |
| iii. | Labeled “SFR 2021-2 Closing Tape External_08.31.21_v18.xlsx” and the corresponding record layout and decode information, as applicable (the “Data File”), that the Loan Sponsor, on behalf of the Depositor, indicated contains information relating to the Properties as of the Property Cut-off Date, |
| iv. | Labeled “SFR 2021-2 BPO Flat File_Final v4.xlsx” and the corresponding record layout and decode information, as applicable (the “BPO Support File”), that the Loan Sponsor, on behalf of the Depositor, indicated contains certain information obtained from certain third-party vendors relating to each Property as of the Property Cut-off Date, |
| v. | Labeled “CapEx Hard Soft Mixed_HPA II 2021-2_thru 08.31.21 V3.xlsx” and the corresponding record layout and decode information, as applicable (the “Cost Support File”), that the Loan Sponsor, on behalf of the Depositor, indicated contains certain capital expenditure and closing cost information relating to each Property as of the Property Cut-off Date and |
| vi. | Labeled “SFR 2021-2 Rent Delinquency Tie Out_08.31.21_v6” and the corresponding record layout and decode information, as applicable (the “Tenant Delinquency Support File,” together with the Cost Support File, the “Additional Source Files”), that the Loan Sponsor, on behalf of the Depositor, indicated contains certain tenant bill date amount and tenant delinquent due date amount information relating to each Property as of the Property Cut-off Date, |
| b. | Imaged copies of the: |
| i. | Settlement statement or closing disclosure (collectively and as applicable, the “Settlement Statement”) and |
| ii. | Lease agreement, commencement date addendum, lease addendum, lease amendment, early termination of lease agreement and/or lease renewal (collectively and as applicable, the “Lease Agreement,” together with the Settlement Statement, the “Source Documents”) |
that the Loan Sponsor, on behalf of the Depositor, indicated relate to the Sample Properties (as defined in Attachment A), as applicable,
| c. | The list of relevant characteristics (the “Sample Characteristics”) on the Provided Data Files, which is shown on Exhibit 1 to Attachment A, |
|
Page 3 of 4 |
| d. | The list of relevant characteristics (the “BPO Characteristics”) on the Data File, which is shown below: |
| i. | County, |
| ii. | Property address, |
| iii. | City, |
| iv. | State, |
| v. | Zip code, |
| vi. | MSA (metropolitan statistical area), |
| vii. | Property type, |
| viii. | Pool (yes/no), |
| ix. | Cut-off date value, |
| x. | Cut-off date value as-of date and |
| xi. | Current valuation type, |
| e. | The list of relevant characteristics (the “Compared Property Characteristics”) on the Data File, which is shown on Exhibit 2 to Attachment A, and |
| f. | Instructions, assumptions and methodologies, which are described in Attachment A. |
For the purpose of the procedures described in this report, the Provided Data Files and Data File are the “Subject Matter” as of the date of this report. We performed certain procedures on earlier versions of the Subject Matter (as applicable) and communicated any differences prior to being provided the final Subject Matter which was subjected to the procedures described below.
The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Provided Data Files, Data File, BPO Support File, Additional Source Files, Source Documents, Sample Characteristics, BPO Characteristics, Compared Property Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the BPO Support File, Additional Source Files, Source Documents or any other information provided to us, or that we were instructed to obtain, as applicable, by the Loan Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. We have not verified, and we make no representation as to, the accuracy, completeness, or reasonableness of any information related to the Loan. Accordingly, we make no representation and express no opinion or conclusion as to (a) the existence of the Loan, Base Preliminary Properties, Preliminary Properties or Properties, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Loan Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.
|
Page 4 of 4 |
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. 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.
The agreed-upon procedures described in this report was not performed for the purpose of:
| a. | Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or |
| b. | Making any findings with respect to: |
| i. | Whether the origination of the Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements, |
| ii. | The value of the Properties, |
| iii. | Whether the originator(s) of the Loan complied with federal, state or local laws or regulations or |
| iv. | Any other factor or characteristic of the Loan or Properties that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions. |
We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA . Independence requirements for agreed upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.
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. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.
/s/ Ernst & Young LLP
18 October 2021
|
Attachment A Page 1 of 2 |
Procedures performed and our associated findings
| 1. | As instructed by the Loan Sponsor, on behalf of the Depositor, we randomly selected a sample of 1,538 Base Preliminary Properties (the “Sample Properties”) from the Base Preliminary Data File. For the purpose of this procedure, the Loan Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample Properties or the methodology they instructed us to use to select the Sample Properties from the Base Preliminary Data File. |
| 2. | For each Sample Property, we compared the acquisition month, day and year and purchase price Sample Characteristics (collectively, the “Purchase Sample Characteristics”) listed on Exhibit 1 to Attachment A, as shown on the Base Preliminary Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, described in the notes on Exhibit 1 to Attachment A. The Source Documents that we were instructed by the Loan Sponsor, on behalf of the Depositor, to use for each Purchase Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 3 to Attachment A, all such compared information was found to be in agreement. |
| 3. | For each single-family rental property on the Base Preliminary Data File and Preliminary Data File, we compared the information identifying each single-family rental property (each, a “Property ID”), as shown on the Base Preliminary Data File, to the corresponding Property ID, as shown on the Preliminary Data File, and noted that: |
| a. | All of the Preliminary Properties included on the Preliminary Data File were included on the Base Preliminary Data File, |
| b. | One of the Base Preliminary Properties included on the Base Preliminary Data File was not included on the Preliminary Data File (the “Removed Base Preliminary Property”) and |
| c. | The Removed Base Preliminary Property was not a Sample Property. |
| 4. | For each Sample Property, we compared the lease start date, date of lease expiration, actual contractual rent (annual), future lease start date, date of future lease expiration, future actual contractual rent (annual) and section 8 status Sample Characteristics (collectively, the “Lease Sample Characteristics”) listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, described in the notes on Exhibit 1 to Attachment A. The Source Documents that we were instructed by the Loan Sponsor, on behalf of the Depositor, to use for each Lease Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 3 to Attachment A, all such compared information was found to be in agreement. |
|
Attachment A Page 2 of 2 |
| 5. | For each single-family rental property on the Preliminary Data File and Data File, we compared the Property ID, as shown on the Preliminary Data File, to the corresponding Property ID, as shown on the Data File, and noted that: |
| a. | All of the Properties were included on both the Preliminary Data File and Data File and |
| b. | No properties other than the Properties were included on the Preliminary Data File or Data File. |
| 6. | For each Sample Property on the Data File, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the applicable Provided Data Files, to the corresponding information, as shown on the Data File. Except for the information shown on Exhibit 4 to Attachment A, all such compared information was found to be in agreement. |
| 7. | For each Property, we compared the BPO Characteristics, as shown on the Data File, to the corresponding information on the BPO Support File. All such compared information was in agreement. |
| 8. | For each Property, we compared the Compared Property Characteristics listed on Exhibit 2 to Attachment A, as shown on the Data File, to the corresponding information located on the Additional Source Files, or to the corresponding information we recalculated using information on the Data File and/or Additional Source Files, as applicable, subject to the instructions, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are stated in the notes on Exhibit 2 to Attachment A. The Additional Source Files that we were instructed by the Loan Sponsor, on behalf of the Depositor, to use for each Compared Property Characteristic are shown on Exhibit 2 to Attachment A. All such compared information was found to be in agreement. |
| Exhibit 1 to Attachment A Page 1 of 3 |
Sample Characteristics and Source Documents
| Sample Characteristic | Source Document | Note(s) | ||
| Acquisition month, day and year | Settlement Statement | |||
| Purchase price | Settlement Statement and recalculation | i. | ||
| Lease start date | Lease Agreement | ii., iii. | ||
| Date of lease expiration | Lease Agreement | ii., iv. | ||
| Actual contractual rent (annual) |
(a) Lease Agreement or (b) Lease Agreement and recalculation |
ii., v. | ||
| Future lease start date | Lease Agreement | vi. | ||
| Date of future lease expiration | Lease Agreement | vi. | ||
| Future actual contractual rent (annual) |
(a) Lease Agreement or (b) Lease Agreement and recalculation |
vi., vii. | ||
| Section 8 status | Lease Agreement | viii. |
| i. | For the purpose of comparing the purchase price Sample Characteristic for each Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the purchase price as the difference between the: |
| (a) | Sum (as applicable) of the: |
| (1) | Contract sale price and |
| (2) | Personal property |
and
| (b) | Sum (as applicable) of the: |
| (1) | Repair credit, |
| (2) | Seller concession in lieu of repair, |
| (3) | Closing cost credit and |
| (4) | Broker concession, |
all as shown on the Settlement Statement.
| ii. | For the purpose of comparing the indicated Sample Characteristics for any Sample Property with a physical occupancy value of “Vacant,” as shown on the Provided Data File (each, a “Vacant Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Provided Data File. |
For the purpose of comparing the indicated Sample Characteristics for any Sample Property that is not a Vacant Sample Property (each, an “Occupied Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document (and in accordance with any other applicable note(s)).
| Exhibit 1 to Attachment A Page 2 of 3 |
Notes: (continued)
| iii. | For the purpose of comparing the lease start date Sample Characteristic for any Sample Property with a: |
| (a) | Month-to-month of “Yes,” as shown on the Provided Data File, and |
| (b) | Lease start date before the first day of the Property Cut-off Date month, as shown on the Lease Agreement, |
the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with the first day of the Property Cut-off Date month, as shown on the Provided Data File.
| iv. | For the purpose of comparing the date of lease expiration Sample Characteristic for any Sample Property with a month-to-month of “Yes,” as shown on the Provided Data File, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with the Property Cut-off Date, as shown on the Provided Data File. |
| v. | For the purpose of comparing the actual contractual rent (annual) Sample Characteristic for any Occupied Sample Property that does not have the actual contractual rent (annual) specifically stated in the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the actual contractual rent (annual) by multiplying (a) the monthly actual contractual rent, as shown in the Lease Agreement, by (b) 12. |
| vi. | For the purpose of comparing the indicated Sample Characteristics for any Vacant Sample Property with a rented (y/n) value of “No,” as shown on the Provided Data File, and any Occupied Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Provided Data File. |
For the purpose of comparing the indicated Sample Characteristics for any Vacant Sample Property with a rented (y/n) value of “Yes,” as shown on the Provided Data File (each, a “Future Occupied Sample Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to use the Lease Agreement as the Source Document (and in accordance with any other applicable note(s)).
| vii. | For the purpose of comparing the future actual contractual rent (annual) Sample Characteristic for any Future Occupied Sample Property that does not have the future actual contractual rent (annual) specifically stated in the Lease Agreement, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the future actual contractual rent (annual) by multiplying (a) the monthly actual contractual rent, as shown in the Lease Agreement, by (b) 12. |
| Exhibit 1 to Attachment A Page 3 of 3 |
Notes: (continued)
| viii. | For the purpose of comparing the section 8 status Sample Characteristic for any Vacant Sample Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “No,” as shown on the Provided Data File. |
We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are described in the notes above.
| Exhibit 2 to Attachment A Page 1 of 3 |
Compared Property Characteristics
| Compared Property Characteristic | Additional Source File or Recalculation | Note | ||
| Original length of lease (months) | Recalculation | i. | ||
| Underwritten annual net cash flow | Recalculation | ii. | ||
| Total capital expenditures | Cost Support File and recalculation | iii. | ||
| Closing cost | Cost Support File | |||
| Total cost (post-rehab) | Recalculation | iv. | ||
| Tenant delinquent- bill date | Tenant Delinquency Support File | v. | ||
| Tenant delinquent- due date | Tenant Delinquency Support File | vi. |
| Notes: |
| i. | For the purpose of comparing the original length of lease (months) Compared Property Characteristic for any Property with a physical occupancy value of “Vacant” and rented (y/n) value of “No,” both as shown on the Data File (each, a “Vacant Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of “N/A,” as shown on the Data File. |
For the purpose of comparing the original length of lease (months) Compared Property Characteristic for any Property that is not a Vacant Property and with a physical occupancy value of “Occupied,” as shown on the Data File (each, an “Occupied Property”), the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the original length of lease (months) by:
| (a) | Calculating the difference in months between the date of lease expiration and lease start date, both as shown on the Data File, and |
| (b) | Adding one to the value calculated in (a) above if the day of the date of lease expiration is greater than or equal to the day of the lease start date, both as shown on the Data File. |
For the purpose of comparing the original length of lease (months) Compared Property Characteristic for any Property that is not a Vacant Property or Occupied Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the original length of lease (months) by:
| (a) | Calculating the difference in months between the date of future lease expiration and future lease start date, both as shown on the Data File, and |
| (b) | Adding one to the value calculated in (a) above if the day of the date of future lease expiration
is greater than or equal to the day of the future lease start date, both as shown on the Data File. |
| Exhibit 2 to Attachment A Page 2 of 3 |
Notes: (continued)
| ii. | For the purpose of comparing the underwritten annual net cash flow Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the underwritten annual net cash flow as the difference between the: |
| (a) | Sum of the: |
| (1) | Underwritten annual rent and |
| (2) | Underwritten annual other income |
and
| (b) | Sum of the: |
| (1) | Underwritten annual vacancy, |
| (2) | Underwritten annual repairs and maintenance, |
| (3) | Underwritten annual marketing and leasing costs, |
| (4) | Underwritten annual turnover costs, |
| (5) | Underwritten annual pool costs, |
| (6) | Underwritten annual property management fee, |
| (7) | Underwritten annual real estate taxes, |
| (8) | Underwritten annual HOA fees, |
| (9) | Underwritten annual insurance costs, |
| (10) | Underwritten other expenses and |
| (11) | Underwritten annual CapEx reserve, |
all as shown on the Data File.
For the purpose of performing this procedure, the Loan Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/-$1 or less.
| iii. | For the purpose of comparing the total capital expenditures Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the total capital expenditures as the sum of the: |
| (a) | Hard, |
| (b) | Mixed and |
| (c) | Soft, |
all as shown on the Cost Support File.
| iv. | For the purpose of comparing the total cost (post-rehab) Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to recalculate the total cost (post-rehab) as the sum of the: |
| (a) | Purchase price, |
| (b) | Hard cost, |
| (c) | Mixed cost, |
| (d) | Closing cost and |
| (e) | Other cost, |
all as shown on the Data File.
| Exhibit 2 to Attachment A Page 3 of 3 |
Notes: (continued)
| v. | For the purpose of comparing the tenant delinquent- bill date Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of: |
| (a) | “No,” as shown on the Data File, if the amount due per bill date, as shown on the Tenant Delinquency Support File, is less than $500 or |
| (b) | “Yes,” as shown on the Data File, if the amount due per bill date, as shown on the Tenant Delinquency Support File, is greater than or equal to $500. |
| vi. | For the purpose of comparing the tenant delinquent- due date Compared Property Characteristic for each Property, the Loan Sponsor, on behalf of the Depositor, instructed us to note agreement with a value of: |
| (a) | “No,” as shown on the Data File, if the amount due per due date, as shown on the Tenant Delinquency Support File, is less than $500 or |
| (b) | “Yes,” as shown on the Data File, if the amount due per due date, as shown on the Tenant Delinquency Support File, is greater than or equal to $500. |
We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Loan Sponsor, on behalf of the Depositor, that are described in the notes above.
| Exhibit 3 to Attachment A Page 1 of 2 |
Sample Characteristic Differences
| Property ID | Sample Characteristic | Provided Data File Value | Source Document Value | |||
| p22-0014 | Acquisition month, day and year | 7/30/2013 | 7/26/2013 | |||
| p21-0111 | Lease start date | 11/13/2020 | 5/13/2021 | |||
| p29-0048 | Acquisition month, day and year | 7/7/2015 | 7/2/2015 | |||
| Purchase price | $315,000.00 | $316,000.00 | ||||
| p29-0991 | Lease start date | 3/2/2021 | 12/2/2020 | |||
| p29-1482 | Lease start date | 4/30/2021 | 4/27/2021 | |||
| p30-0253 | Lease start date | 12/6/2019 | 12/6/2020 | |||
| p30-0476 | Lease start date | 5/29/2020 | 5/28/2021 | |||
| p30-2181 | Acquisition month, day and year | 10/4/2016 | 10/5/2016 | |||
| Purchase price | $444,500.00 | $436,500.00 | ||||
| p30-2689 | Lease start date | 3/26/2021 | 3/1/2021 | |||
| p30-2888 | Date of lease expiration | 6/13/2023 | 6/13/2022 | |||
| p30-3513 | Lease start date | 6/29/2021 | 6/25/2021 | |||
| p30-3893 | Lease start date | 8/5/2021 | 4/19/2021 | |||
| p31-0005 | Lease start date | 12/23/2020 | 10/19/2020 | |||
| p32-0030 | Purchase price | $213,000.00 | $212,000.00 | |||
| p32-0101 | Lease start date | 3/24/2021 | 3/2/2021 | |||
| p32-0134 | Lease start date | 6/3/2021 | 5/18/2021 | |||
| p32-0192 | Lease start date | 7/24/2021 | 6/1/2021 | |||
| p32-1531 | Lease start date | 12/13/2020 | 11/9/2020 | |||
| p32-1690 | Future lease start date | 9/2/2021 | 8/26/2021 |
| Exhibit 3 to Attachment A Page 1 of 2 |
| Property ID | Sample Characteristic | Provided Data File Value | Source Document Value | |||
| Date of future lease expiration | 9/5/2022 | 8/28/2022 | ||||
| p33-0062 | Lease start date | 6/17/2021 | 6/14/2021 | |||
| p34-0676 | Purchase price | $314,000.00 | $313,800.00 | |||
| p34-0749 | Purchase price | $315,000.00 | $317,900.00 | |||
| p35-0045 | Purchase price | $247,950.00 | $247,250.00 | |||
| p37-0311 | Lease start date | 6/16/2021 | 6/15/2021 | |||
| p38-0008 | Purchase price | $219,262.00 | $220,000.00 | |||
| p38-0585 | Lease start date | 8/30/2021 | 7/12/2021 | |||
| p49-0001 | Date of lease expiration | 7/18/2022 | 7/17/2022 | |||
| p56-0891 | Lease start date | 3/3/2021 | 2/12/2021 | |||
| p56-1163 | Lease start date | 7/28/2021 | 7/15/2021 | |||
| p56-1424 | Lease start date | 5/24/2021 | 5/14/2021 | |||
| p56-2362 | Lease start date | 8/6/2021 | 7/11/2021 | |||
| P56-4864 | Date of lease expiration | 7/4/2023 | 7/4/2022 | |||
| v30-2800 | Acquisition month, day and year | 7/2/2021 | 6/29/2021 |
| Exhibit 4 to Attachment A Page 1 of 2 |
Sample Characteristic Differences
Between the Provided Data File and Data File
| Property ID | Sample Characteristic | Provided Data File Value | Data File Value | |||
| p22-0014 | Acquisition month, day and year | 7/30/2013 | 7/26/2013 | |||
| p21-0111 | Lease start date | 11/13/2020 | 5/13/2021 | |||
| p29-0048 | Acquisition month, day and year | 7/7/2015 | 7/2/2015 | |||
| Purchase price | $315,000.00 | $316,000.00 | ||||
| p29-0991 | Lease start date | 3/2/2021 | 12/2/2020 | |||
| p29-1482 | Lease start date | 4/30/2021 | 4/27/2021 | |||
| p30-0253 | Lease start date | 12/6/2019 | 12/6/2020 | |||
| p30-0476 | Lease start date | 5/29/2020 | 5/28/2021 | |||
| p30-2181 | Acquisition month, day and year | 10/4/2016 | 10/5/2016 | |||
| Purchase price | $444,500.00 | $436,500.00 | ||||
| p30-2689 | Lease start date | 3/26/2021 | 3/1/2021 | |||
| p30-2888 | Date of lease expiration | 6/13/2023 | 6/13/2022 | |||
| p30-3513 | Lease start date | 6/29/2021 | 6/25/2021 | |||
| p30-3893 | Lease start date | 8/5/2021 | 4/19/2021 | |||
| p31-0005 | Lease start date | 12/23/2020 | 10/19/2020 | |||
| p32-0030 | Purchase price | $213,000.00 | $212,000.00 | |||
| p32-0101 | Lease start date | 3/24/2021 | 3/2/2021 | |||
| p32-0134 | Lease start date | 6/3/2021 | 5/18/2021 | |||
| p32-0192 | Lease start date | 7/24/2021 | 6/1/2021 | |||
| p32-1531 | Lease start date | 12/13/2020 | 11/9/2020 |
| Exhibit 4 to Attachment A Page 2 of 2 |
| Property ID | Sample Characteristic | Provided Data File Value | Data File Value | |||
| p32-1690 | Future lease start date | 9/2/2021 | 8/26/2021 | |||
| Date of future lease expiration | 9/5/2022 | 8/28/2022 | ||||
| p33-0062 | Lease start date | 6/17/2021 | 6/14/2021 | |||
| p34-0676 | Purchase price | $314,000.00 | $313,800.00 | |||
| p34-0749 | Purchase price | $315,000.00 | $317,900.00 | |||
| p35-0045 | Purchase price | $247,950.00 | $247,250.00 | |||
| p37-0311 | Lease start date | 6/16/2021 | 6/15/2021 | |||
| p38-0008 | Purchase price | $219,262.00 | $220,000.00 | |||
| p38-0585 | Lease start date | 8/30/2021 | 7/12/2021 | |||
| p49-0001 | Date of lease expiration | 7/18/2022 | 7/17/2022 | |||
| p56-0891 | Lease start date | 3/3/2021 | 2/12/2021 | |||
| p56-1163 | Lease start date | 7/28/2021 | 7/15/2021 | |||
| p56-1424 | Lease start date | 5/24/2021 | 5/14/2021 | |||
| p56-2362 | Lease start date | 8/6/2021 | 7/11/2021 | |||
| P56-4864 | Date of lease expiration | 7/4/2023 | 7/4/2022 | |||
| v30-2800 | Acquisition month, day and year | 7/2/2021 | 6/29/2021 | |||
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