Property Reporting System Quarterly Income & Expense (QIE)

Transcription

1 Property Reporting System Quarterly Income & Expense (QIE)

2 Agenda Describe the Quarterly Income & Expense (QIE) reporting requirements Introduce the Individual and Bulk QIE templates for Detailed & Abbreviated submissions Explain the Property Reporting System (PRS) QIE submission process Introduce/demo new PRS features 2

3 Overview We launched the second phase of the Freddie PRS. This version of PRS includes additional benefits with the following new features: Individual and Bulk templates for the Quarterly Income & Expense (QIE) form in both a Detailed and Abbreviated format. Elimination of extra steps in the assessment process by removing the use of the Quarterly Loan Performance Tool (Q Tool) Ability to view assessment details on screen Additional features to enhance PRS functionality 3

4 QIE Reporting Requirements QIE Format Conditions for QIE Format Timing of the Assessment QIE Detailed A Mortgage with a Risk Rating > 6, or All Mortgages, regardless of Risk Rating, if: The Property securing the Mortgage is designated as unstable in PRS, or PRS indicates that a detailed QIE is required based on the DCR August 31 (2 nd quarter, year-to- date) November 30 (3 rd quarter year-to-date) QIE Abbreviated 4 A Mortgage: With an Origination Date on or after 1/1/2003, and That has a Risk Rating of 6 or less, and That is secured by a Property that PRS designates as stable, and That has a DCR above the designated thresholds requiring a detailed submission August 31 (2 nd quarter, year-to- date) November 30 (3 rd quarter year-to-date)

5 Individual and Bulk QIE Templates QIE Templates: Individual Blank or Pre-populated forms Blank Bulk QIE template Capacity to toggle between Detailed and Abbreviated formats in either the Individual QIE or Bulk QIE template Completeness verification 5

6 Download Blank or Pre-populated QIE Form Blank Form 6 Freddie Mac Loan Number Property Name City State Submission Period/Quarter Risk Rating Servicer Loan Number Servicer Name Name of Analyst Contact Phone Contact Characteristics QIE Reporting Type

7 Property and Loan Overview FRE Loan Number UPB Annual Debt Service Annual Replacement Reserves Statement Beginning/Ending Dates Number of Months Reported Occupancy Rate Occupancy Rent Roll Date 7

8 QIE Reporting Type - Detailed 8

9 QIE Reporting Type - Abbreviated For loans that meet Abbreviated reporting conditions, the template will display abbreviated income and expense analysis section For Abbreviated reporting, analysis will consist of limited data fields Loan Type: 1. Standard Loan Amort 2. Standard Loan I/O 3. Co-ops 4. Senior Housing Amort 5. Senior Housing I/O Crossed: Yes No EGI YTD Amount YTD Operating Expense Adjusted for Real Estate Taxes & Insurance YTD Unsubordinated Ground Rent Annualized Actual Real Estate tax Annualized Actual Insurance Expense 9

10 QIE Comment Form 10

11 Bulk QIE Template 11

12 Bulk QIE Template Cont d Always enable the macro and Active X controls before using the template Bulk QIE template may be downloaded from the Blank Assessment Templates page of PRS For Abbreviated reporting, populate the required data fields in columns A to BJ For Detailed reporting, populate required data fields in columns A to HN excluding columns (BF, BG, BH, BI & BJ) Perform completeness checks and validations in the template by clicking the Validate button Data fields that are formula driven are contained in columns HO to NC. Formula driven data field will be calculated during the validation process. Assessment completeness feedback is provided in column ND of the Bulk QIE Template. 12

13 Completeness Verification QIE templates have a series of validation points to assist in completing the forms. Validation Completion Status Required Fields Valid Data Format Application Complete or Incomplete Fields that require user input will include a red border around them Once a required field has been completed, the red border will disappear. Certain fields contain validation rules that check whether or not the values entered into the field are correctly formatted. 13

14 PRS QIE Submission Process QIE Submission Process: QIE assessment population and status Downloading Blank or Pre-populated QIE templates Uploading QIE assessments and required attachments DCR test on Abbreviated QIE reporting 14

15 QIE Assessment Population and Status 15

16 Downloading Blank Templates To download a Blank QIE template, perform the following: 1. On the main menu, go to the Download drop-down menu and select Blank Assessment Templates. The document Iinterface window will appear with the latest assessment templates for download. 2. Right-click on the file you would like to download and select download Open or save the file.

17 Downloading Pre-populated Templates Pre-populated templates can be downloaded from the Queue Menus in the system. To download an individual assessment perform the following steps: 1. On the Queue grids, hover your mouse over the row of the particular assessment. 2. Right-click to open the Context Menu. 3. Select Download Template. 17 A document interface window will open with the file you have requested ready for download.

18 Download Pre-populated Templates cont d To download multiple assessments, perform the following steps: 1. On the QIE Due Queue grids, select the Assessments 2. On the Grid Menu, select Download Selected Templates A document interface window will open with the files you have requested ready for download. 18

19 Uploading QIE Assessments and Required Attachments - Individual Files To upload one or more Assessment or attachment files, perform the following functions: 1 On the Main Menu, go to the upload drop-down menu and select Upload individual Files. The document interface window will open up. 2 Click the blue up arrow (Upload Files). The Upload Files window will pop up. 3 Click Add. The Select Files window will pop up. 4 Browse to the appropriate location of files that you wish to upload and click Open. You have the ability to select one or more files. Ensure that the files are named properly. For the files to properly process in PRS, the document naming convention must be strictly followed. The files that you selected will appear in the Upload Files window. 5 Once you are ready to complete the upload, click Upload. Your document will be immediately processed by the system. 19

20 Uploading QIE Assessments and Required Attachments Bulk Files To upload a bulk QIE file, perform the following functions: 1. Save the bulk QIE file as.xlsx (Microsoft Excel 2007) file type on your machine 2. On the Main Menu, go to the Upload drop-down Menu and select Upload Bulk File. This will take you to the Upload Bulk File Page. 20

21 Uploading QIE Assessments and Required Attachments Bulk Files Cont d 3. Either enter the file path or click Select and locate the Excel (.xlsx) file that is ready for upload. Once you have entered the path, click submit. 21

22 Uploading QIE Assessments and Required Attachments Cont d Bulk QIE Upload Response Note: To make corrections on rejected assessment records, return to the file with an.xlsm (Microsoft Excel 2007/2010 Macro-Enabled workbook) file extension. Once corrections have been made, save the file with an.xlsx (Microsoft Excel 2007) extension before uploading into PRS. 22

23 Uploading QIE Assessments and Required Attachments Cont d After you complete an upload:» If successful, the documents will immediately move to the proper Assessment folder and will not appear on the Upload Files window.» If unsuccessful, the files will remain on the Upload Files window and will be added to the Upload Failures list as shown below. 23

24 Uploading QIE Assessments and Required Attachments Cont d QIE Naming Conventions File Type Bulk QIE (Quarterly Detailed/Abbreviated Income & Expense) Individual QIE Templates Document Naming Convention Bulk_QIE.xlsx xxxxxxxxx_qie_form_mm- DD-YY_S-YYYYQn.xls Notes The Bulk QIE will need to completed in the macro-enabled file (.xlsm). However, at the time of upload, the file will need to be saved as (.xlsx) file and uploaded into PRS as xlsx file. xxxxxxxxx = loan number; MM-DD-YY = due date of QIE; YYYY = Submission Period Year; n=quarter(1,2,3 or 4) File Type XLSX File (Microsoft Excel 2007) Excel Files (.xls or.xlsx) QIE - Other Attachments xxxxxxxxx_qie_other_mm- DD-YY_S-YYYYQn QIE - Borrower xxxxxxxxx_qie_fs_mm-dd- Operating Statement YY_S-YYYYQn QIE - Rent Roll xxxxxxxxx_qie_rr_mm-dd- YY_S-YYYYQn xxxxxxxxx = loan number; MM-DD-YY TIFF, PDF, HTML, = due date of QIE; YYYY = Submission Text, XLS, DOC, Period Year; n=quarter(1,2,3 or 4) JPG, Excel 2007, and Word 2007 xxxxxxxxx = loan number; MM-DD-YY TIFF, PDF, HTML, = due date of QIE; YYYY = Submission Text, XLS, DOC, Period Year; n=quarter(1,2,3 or 4) JPG, Excel 2007, and Word 2007 xxxxxxxxx = loan number; MM-DD-YY TIFF, PDF, HTML, = due date of QIE; YYYY = Submission Text, XLS, DOC, Period Year; n=quarter(1,2,3 or 4) JPG, Excel 2007, and Word

25 DCR Test on Abbreviated QIE Reporting Below is the DCR grid that each Abbreviated QIE reporting will be tested against. When the reported DCR based on loan type is below the set threshold, your submission will be rejected and you will be asked to submit a Detailed QIE The DCR test is not applicable to loans that are cross-collateralized and cross-defaulted. However detailed can be requested if WADCR is considered low at the time of Freddie Mac review 25

26 Ability to View Assessment Details You can now view Assessment forms at the loan level for LMF, AIE, & QIE (including those submitted in bulk) Note: AIF s are not available within PRS as these forms can always be seen in the Document Management System (DMS). To view details of an Assessment submission, perform the following steps: 1. On the Queue grids, hover your mouse over the row of the particular assessment. 2. Right-click to open the Context Menu. 3. Select View Form. A document interface window will open with the details of the assessment submission 26

27 Introduce/Demo New PRS Features Messages - The Messages page provides messages from Freddie Mac to Servicers Due Date Change - Ability to simultaneously request Due Date Change for multiple Assessments Waiver Request - Ability to simultaneously request waiver for multiple Assessments Loan Details - Loan Details provides information regarding the loan Assessment Details - LMF Details, AIE Details, QIE Details and AIF Details pages include the following sections:» Overview section: Data from the population upload» Forms: List of forms for selected Assessment Requests - Summary of Waiver and Due Date Change Requests 27

28 Introduce/Demo New PRS Functionalities Cont d Access to pipeline and status reports in PRS Immediate feedback messages on the completeness of any submission Ability to view Assessment forms at the loan level for AIE, AIF, LMF, & QIE (including those submitted in bulk) 28

29 PRS Tips Do not delete tabs from any Assessment template The Expiration Date of Operating License field on the AIF Seniors Supplement VI requires a date only in response Analyst Contact Phone number in any assessment template should be entered as ten digit number w/o any special character Ensure to use the accurate due date of an assessment in the file name of the assessment A due date change request should be submitted if you are requesting a due date change for a specific assessment A waiver request should be submitted if the loan should no longer require assessments 29

30 Next Steps QIE assessment population is available in PRS The QIE Individual & Bulk templates along with the Desk References can be obtained from the Asset Management Resource Center The 2nd quarter reporting is due on 8/31 Submit questions to Include PRS Question in the Subject Line 30

31 Q&A What questions do you have? 31

32 Course Evaluation Please take a moment to complete the Course Evaluation. 32