Form ABS-15G FEDERAL HOME LOAN MORTGA For: Sep 25

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At your request, for each of the Mortgage Assets set forth on the Data File, we compared certain characteristics (except for the characteristics identified as "None" on Appendix A) set forth on the Data File (the "Characteristics" as indicated on Appendix A) to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Assets underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) the existence or ownership of the Mortgage Assets or (iii) the reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

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 conduct, and did not conduct, (i) an audit conducted in accordance with generally accepted auditing standards or (ii) an examination or a review conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying information. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the use and information of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

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For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents as provided to us by representatives of Freddie Mac, with respect to each of the Mortgage Assets (the "Source Documents"):

Promissory note, consolidated, amended and restated promissory note and/or loan modification (collectively, the "Note");

Loan agreement, multifamily loan and security agreement and/or amendment to multifamily loan and security agreement and other loan documents (collectively, the "Loan Agreement");

Mortgage, deed of trust, indemnity deed of trust and/or security instrument (collectively, the "DOT");

Closing statement (the "Closing Statement");

Escrow agreement and/or list of escrows held (collectively, the "Escrow Agreement");

Letter of credit (the "Letter of Credit");

Servicing report, record and/or provided electronic file (collectively, the "Servicing Report");

Commitment letter, exhibit A and/or ERLA (collectively, the "Commitment");

Guaranty agreements and/or exceptions to non-recourse agreement (collectively, the "Guaranty");

Title policy or pro-forma title policy (collectively, the "Title Policy");

Ground lease and/or ground lease estoppel (collectively, the "Ground Lease");

Real estate property appraisal report (the "Appraisal Report");

United States Postal Service website – www.usps.com (the "USPS");

Zoning report or zoning summary (collectively, the "Zoning Report");

Property condition report (the "Engineering Report");

Phase I environmental report (the "Phase I Report");

Phase II environmental report (the "Phase II Report");

Seismic report or zoning map (collectively, the "Seismic Report");

Final investment brief, underwriter's summary report and/or financial update (collectively, the "Investment Brief");

Asset Summary of Mortgage Loan (the "ASR");

Borrower rent roll (the "Rent Roll");

Commercial lease (the "Commercial Lease");

 

 

 

Property insurance certificate, environment insurance certificate, Form 1113 and/or MICT screenshot (collectively, the "Proof of Insurance");

Secondary financing document, subordinate promissory note, subordinate loan agreement, subordination agreement and/or modification, renewal and extension agreement (collectively, the "Secondary Financing Document");

Property management agreement or assignment of management agreement (collectively, the "Management Agreement");

Cash management agreement, lockbox agreements and/or legal summary (collectively, the "Cash Management Agreement");

Form 1115 (the "Form 1115");

Non-consolidation opinion (the "Non-Consolidation Opinion");

Cross-collateralization agreement (the "Cross-Collateralization Agreement");

 

Trustee bid letter (the "Trustee Bid"); and

CRA report (the "CRA Report").

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With respect to Characteristic 11, assuming, at your request, no prepayments of principal, we recomputed the Cut-off Balance using the First Payment Date, the Original Principal Balance, the Interest Calculation Method, the Monthly Debt Service, the Note Rate, the Interest Only Term and the Cut-off Date. At the request of representatives of Freddie Mac, Cut-off Balance differences of one dollar or less were deemed to be "in agreement" for purposes of this report.

 

With respect to Characteristic 12, assuming, at your request, no prepayments of principal, we recomputed the Maturity Balance using the First Payment Date, the Monthly Debt Service, the Original Principal Balance, the Interest Calculation Method, the Note Rate, the Interest Only Term and the Maturity Date. At the request of representatives of Freddie Mac, Maturity Balance differences of one dollar or less were deemed to be "in agreement" for purposes of this report.

 

With respect to Characteristic 13, we recomputed the % of Cut-off Date Pool Balance by dividing the (i) Cut-off Balance by (ii) sum of each of the Mortgage Assets' Cut-off Balance.

 

With respect to Characteristic 18, (i) for those Mortgage Assets with an Amortization Type of "Interest Only," we compared the Monthly Debt Service to the Monthly Debt Service (IO) and (ii) for those Mortgage Assets with an Amortization Type of "Partial IO" or "Balloon," we compared the Monthly Debt Service to the corresponding information set forth on the Note.

 

With respect to Characteristic 19, we recomputed the Monthly Debt Service (IO) as one twelfth of the product of (i) the Original Principal Balance, (ii) the Note Rate and (iii) a fraction equal to 365/360. This procedure was not performed for those Mortgage Assets with an Amortization Type of "Balloon."

 

With respect to Characteristic 25, we recomputed the Original Amortization Term using the Original Principal Balance, the Monthly Debt Service and the Note Rate and a 30/360 Interest Calculation Method. This procedure was not performed for those Mortgage Assets with an Amortization Type of "Interest Only."

 

With respect to Characteristic 26, we recomputed the Original Loan Term by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date.

 

With respect to Characteristic 27, we recomputed the Remaining Amortization by subtracting the (i) Seasoning from (ii) Original Amortization Term. With respect to those Mortgage Assets with an Amortization Type of "Partial IO," for purposes of the procedure indicated herein, the Seasoning is reduced by (but to a result not less than zero) the Interest Only Term. This procedure was not performed for those Mortgage Assets with an Amortization Type of "Interest Only."

 

With respect to Characteristic 28, we recomputed the Remaining Term by subtracting the (i) Seasoning from (ii) Original Loan Term.

 

With respect to Characteristic 29, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Cut-off Date.

 

 

 

 

With respect to Characteristic 30, (i) for those Mortgage Assets with an Amortization Type of "Partial IO," we recomputed the Interest Only Term by determining the number of payment dates from and inclusive of the First Payment Date to and exclusive of the first principal and interest installment due date (as set forth on the Note) and (ii) for those Mortgage Assets with an Amortization Type of "Interest Only," we compared the Interest Only Term to the Original Loan Term. This procedure was not performed for those Mortgage Assets with an Amortization Type of "Balloon."

 

With respect to Characteristic 44, we recomputed the Cut-off Balance Per Unit by dividing the (i) Cut-off Balance by (ii) Number of Units. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this procedure was performed with the aggregate Cut-off Balance and the aggregate Number of Units of the related cross collateralized Mortgage Assets.

 

With respect to Characteristic 54, we recomputed the LTV at Cut-off by dividing the (i) Cut-off Balance by (ii) Appraised Value. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance.

 

With respect to Characteristic 55, we recomputed the LTV at Maturity by dividing the (i) Maturity Balance by (ii) Appraised Value. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance.

 

With respect to Characteristic 61, we recomputed the U/W DSCR (NCF) by dividing the (i) U/W NCF by (ii) annualized Monthly Debt Service. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance.

 

With respect to Characteristic 62, we recomputed the U/W IO DSCR (NCF) by dividing the (i) U/W NCF by (ii) annualized Monthly Debt Service (IO). With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance. This procedure was not performed for those Mortgage Assets with an Amortization Type of "Balloon."

 

With respect to Characteristic 68, we recomputed the Most Recent DSCR (NCF) by dividing the (i) Most Recent NCF by (ii) annualized Monthly Debt Service. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance.

 

With respect to Characteristic 74, we recomputed the 2^nd Most Recent DSCR (NCF) by dividing the (i) 2^nd Most Recent NCF by (ii) annualized Monthly Debt Service. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence,

 

 

 

 

for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance.

 

With respect to Characteristic 80, we recomputed the 3^rd Most Recent DSCR (NCF) by dividing the (i) 3^rd Most Recent NCF by (ii) annualized Monthly Debt Service. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by their respective Cut-off Balance.

 

With respect to Characteristic 83, we recomputed the Monthly Rent per Unit by dividing the (i) aggregate gross potential rent (as set forth on or derived from the Rent Roll) by (ii) Number of Units. At the request of representatives of Freddie Mac, Monthly Rent per Unit differences of one dollar or less were deemed to be "in agreement" for purposes of this report.

 

With respect to Characteristic 88, we recomputed the % of NRI from Commercial Rental Income by dividing the (i) Freddie Mac proforma commercial income (as set forth on the Investment Brief or ASR) by (ii) sum of the (a) Freddie Mac proforma commercial income (as set forth on the Investment Brief or ASR) and (b) gross potential rent – residential (as set forth on the Investment Brief or ASR).

 

With respect to Characteristic 143, assuming, at your request, no prepayments of principal, we recomputed the Existing Financing Amount using the existing financing first payment date, the existing financing original principal balance, the existing financing monthly scheduled principal amount (each as set forth on the Secondary Financing Document) and the Cut-off Date. At the request of representatives of Freddie Mac, Existing Financing Amount differences of one dollar or less were deemed to be "in agreement" for purposes of this report.

 

With respect to Characteristic 145, we recomputed the CDCR (combined DCR) by dividing the (i) U/W NCF by (ii) the sum of the (a) annualized Monthly Debt Service and (b) annualized existing financing monthly scheduled principal amount (as set forth on the Secondary Financing Document). With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance. This procedure was not performed for those Mortgage Assets with an Existing Financing Amount of "N/A."

 

With respect to Characteristic 146, we recomputed the CLTV (combined LTV) by dividing the (i) sum of the (a) Cut-off Balance and (b) aggregate Existing Financing Amount by (ii) Appraised Value. With respect to a cross collateralized Mortgage Asset, if any (as set forth on the Loan Agreement or DOT), this characteristic was calculated as the weighted average quotient referred to in the previous sentence, for each related Mortgage Asset in such crossed loan group, weighted by the respective Cut-off Balance. This procedure was not performed for those Mortgage Assets with an Existing Financing Amount of "N/A."

 

With respect to Characteristic 183, we recomputed the Special Servicer Surveillance Fee as (i) $125,000 (as stipulated by representatives of Freddie Mac) divided by (ii) the sum of each of the Mortgage Assets' Cut-off Balance.

 

 

 

With respect to Characteristic 185, we recomputed the Administration Fee as the sum of the (i) Primary Servicing Fee, (ii) Master Servicing Fee, (iii) Trustee Fee, (iv) Master Servicer Surveillance Fee, (v) Special Servicer Surveillance Fee and (vi) CREFC® Royalty Fee.

 

With respect to Characteristic 186, we recomputed the Net Mortgage Rate by subtracting the (i) Administration Fee from (ii) Note Rate.