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Federal Home Loan Mortgage Corporation (QB) | USOTC:FREJP | OTCMarkets | Preference Share |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.
Date of Report (Date of earliest event reported): ___________
Commission File Number of securitizer: ___________
Central Index Key Number of securitizer: ___________
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]
[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).
Central Index Key Number of depositor: 0001026214
Federal Home Loan Mortgage Corporation (as issuer of the Multifamily Mortgage Participation Certificates,
Series WE6116 and WE6117)
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity (if applicable): 0001026214
Central Index Key Number of underwriter (if applicable): ___________
Jason Griest (703) 903-2000
(Name and telephone number, including area code, of the person to contact in connection with this filing)
INFORMATION TO BE INCLUDED IN THE REPORT
PART I: REPRESENTATION AND WARRANTY INFORMATION
N/A
PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
See Independent Accountants Agreed-Upon Procedures Report, dated July 16, 2024, of KPMG LLP, attached as Exhibit 99.1 to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 16, 2024 | Federal Home Loan Mortgage Corporation, as Depositor with respect to the Multifamily Mortgage Participation Certificates, Series WE6116 and WE6117 | |||
By: | /s/ Jason Griest | |||
Name: Jason Griest | ||||
Title: Vice President Multifamily Securitization |
Exhibit 99.1 | Independent Accountants Agreed-Upon Procedures Report, dated July 16, 2024, of KPMG LLP. |
Exhibit 99.1
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KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 |
Independent Accountants Agreed-Upon Procedures Report
Federal Home Loan Mortgage Corporation (the Company and Specified Party):
Re: Freddie Mac Multifamily Mortgage Participation Certificates, Series WE6116 and WE6117 Data File Procedures
We have performed the procedures described below on the specified attributes in the Data File (defined below), with respect to the Freddie Mac Multifamily Mortgage Participation Certificates, Series WE6116 and WE6117 (together, the Transaction). In connection with the Transaction, the Specified Party has requested that the procedures be performed on 2 funding loans intended to be tax-exempt loans (the Loans), each secured by multifamily mortgage loans secured by 2 related mortgaged properties (the Mortgaged Properties), which we were informed are intended to be included as collateral in the offering by the Transaction. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Party has agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting the Specified Party in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to the Specified Party of this report and may not meet the needs of the Specified Party of this report and, as such, the Specified Party is responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
| The term Data File means an electronic data file entitled July PCs Full Data Tape 7.11.2024 v4.xlsx provided by the Company on July 11, 2024, containing information on the Loans and the related Mortgaged Properties within the Transaction, as of July 1, 2024 (the Cut-off Date). |
| The term compared means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| The term recomputed means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| The term reporting threshold means that (i) dollar amounts, percentages, and debt service coverage ratios were within $1.00, 0.1%, and 0.01, respectively and (ii) dollar amounts were within $2.00 for the Data File attribute Maturity Balance. |
| The term Compared Attributes means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
| The term Recomputed Attributes means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
| The term Calculation Methodology means the formula listed in the Calculation Methodology field of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
| The term Instructions means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology, or value, as described in Attachment C. |
| The term Loan Files means the copies of source documents made available by the Company and listed in Attachment A. We make no representations regarding the validity or accuracy of these documents. |
| The term Provided Information means the Loan Files, Calculation Methodology and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Party. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows. We performed the procedures on the specified attributes in the Data File for the Loans with the Compared Attribute PC equal to WE6116 or WE6117:
A. | We compared the Compared Attributes in the Data File (except for those with Provided by Company in the Source Document(s) column of Attachment A) to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Party indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the Source Document(s) column of Attachment A, with the highest priority document listed first. |
B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, as detailed in the Calculation Methodology column of Attachment B, and (iii) the Instructions, as applicable. |
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the loans and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
2
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such loans and related mortgaged properties being securitized, (iii) the compliance of the originator of the loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the loans and related mortgaged 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. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (NRSROs).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Party. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Party but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
July 16, 2024
3
ATTACHMENT A
COMPARED ATTRIBUTES
Attribute |
Attribute |
Source Document(s) | ||
1 | Batch | Provided by Company | ||
2 | PC | Provided by Company | ||
3 | FM loan # (not part of final A-1) | Provided by Company | ||
4 | Loan No. / Property No. | Provided by Company | ||
5 | Property Name | Provided by Company | ||
6 | Originator | Governmental Note, Project Note, Continuing Covenant Agreement | ||
7 | Street Address | Appraisal Report, Engineering Report, USPS Website | ||
8 | Property City | Appraisal Report, Engineering Report, USPS Website | ||
9 | Property State | Appraisal Report, Engineering Report, USPS Website | ||
10 | Zip Code | Appraisal Report, Engineering Report, USPS Website | ||
11 | County | Appraisal Report, Engineering Report, USPS Website | ||
12 | Metropolitan Statistical Area | MSA Report | ||
13 | Property Type | Appraisal Report | ||
14 | Property Subtype | Appraisal Report, Investment Brief, Engineering Report, Property Inspection and Lease Audit, Continuing Covenant Agreement | ||
15 | Year Built | Engineering Report, Appraisal Report | ||
16 | Year Renovated | Engineering Report, Appraisal Report, Certificate of Substantial Completion (Form G704), Final Site Observation Report | ||
17 | Total Units | Rent Roll, Appraisal Report, Investment Brief, Continuing Covenant Agreement | ||
18 | Affordable Units (<=30% AMI) | CRA Report | ||
19 | Affordable VLI Units (<=50% AMI) | CRA Report | ||
20 | Affordable Units (<=60% AMI) | CRA Report | ||
21 | Affordable LI Units (<=80% AMI) | CRA Report | ||
22 | Affordable Units (80-90% AMI) | CRA Report | ||
23 | Affordable Units (90-100% AMI) | CRA Report | ||
24 | Affordable Units (100-120% AMI) | CRA Report | ||
25 | Occupancy As of Date | Rent Roll | ||
26 | Loan Purpose (Acquisition, Refinance) | Continuing Covenant Agreement, Investment Brief, Settlement Statement | ||
27 | Note Date | Project Note | ||
28 | First Payment Date | Project Note | ||
29 | Maturity Date | Project Note | ||
30 | Cut-Off Date | Provided by Company |
A-1
ATTACHMENT A
Attribute |
Attribute |
Source Document(s) | ||
31 | Original Loan Amount | Project Note | ||
32 | Cut-Off Date Loan Amount | Project Note | ||
33 | Maturity Balance | Project Note | ||
34 | Gross Interest Rate | Project Note | ||
35 | Rate Type | Project Note | ||
36 | Accrual Basis | Project Note | ||
37 | Loan Amortization Type | Project Note | ||
38 | Amortization Term (Original) | Project Note | ||
39 | IO Period | Project Note | ||
40 | Prepayment Provision | Project Note, Project Loan Agreement, Funding Loan Agreement | ||
41 | Appraisal Valuation Date | Appraisal Report | ||
42 | Appraisal Valuation Type | Appraisal Report | ||
43 | Appraised Value | Appraisal Report | ||
44 | UW EGI | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
45 | UW Expenses | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
46 | UW NCF | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
47 | Most Recent Financial End Date | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
48 | Most Recent EGI | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
49 | Most Recent Expenses | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
50 | Most Recent NCF | Final Investment Brief (Excel or PDF), Underwriters Summary Report | ||
51 | Replacement Reserve (Initial) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
52 | Engineering Reserve/ Deferred Maintenance (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
53 | Tax Reserve (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
54 | Insurance Reserve (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
55 | Replacement Reserve (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
56 | Other Reserve (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
57 | Other Reserve Type | Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement | ||
58 | Springing Reserve (Y/N) | Continuing Covenant Agreement, List of all Escrow Accounts Held | ||
59 | Springing Reserve Type | Continuing Covenant Agreement, List of all Escrow Accounts Held |
A-2
ATTACHMENT A
Attribute |
Attribute |
Source Document(s) | ||
60 | Seismic Insurance if PML >= 20% (Y/N) | Property Insurance Certificate, Form 1133, Seismic Report, Engineering Report, Continuing Covenant Agreement | ||
61 | Lien Position | Final Title Policy, Continuing Covenant Agreement | ||
62 | Title Vesting (Fee/Leasehold) | Security Instrument, Final Title Policy | ||
63 | Green Advantage® | FM Production Social Loan Report, CRA Report, Continuing Covenant Agreement | ||
64 | Tax Credit Syndicator Name | Provided by Company | ||
65 | Tax Credit Investor Name | Continuing Covenant Agreement, Limited Partnership Agreements, Operating Agreements | ||
66 | Governmental Lender | Governmental Note, Funding Loan Agreement | ||
67 | Fiscal Agent Name | Funding Loan Agreement, Continuing Covenant Agreement, Project Note | ||
68 | Sponsor Name | Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents | ||
69 | Type of Regulatory Agreement(s) | Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements | ||
70 | Description of Regulatory Agreement(s) | Legal Affordability Summary Report | ||
71 | Other Affordability Restrictions | Legal Affordability Summary Report | ||
72 | % Units with Income Restrictions | Legal Affordability Summary Report | ||
73 | % Units with Rent Restrictions | Legal Affordability Summary Report | ||
74 | HAP Maturity Date | Legal Affordability Summary Report | ||
75 | Crossed Loans (Y/N) | Cross Collateralization Agreement, Continuing Covenant Agreement | ||
76 | Crossed Pool ID | Provided by Company | ||
77 | Permitted Partial Release (Y/N) | Continuing Covenant Agreement, Cross Collateralization Agreement | ||
78 | Permitted Voluntary Partial Principal Prepayments (Y/N) | Continuing Covenant Agreement, Long-Term Financing Agreement | ||
79 | Permitted Substitution (Y/N) | Continuing Covenant Agreement, Cross Collateralization Agreement | ||
80 | Additional Financing In Place (Existing) (Y/N) | Continuing Covenant Agreement, Secondary Financing Documents | ||
81 | Securitization Compensation | Commitment Letter | ||
82 | Impact Bonds Type | Provided by Company | ||
83 | Property Name | Provided by Company | ||
84 | Additional Financing Pool ID | Provided by Company | ||
85 | Additional Financing Type | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
86 | Additional Financing Original Amount | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
87 | Additional Financing Provider/Lien Holder | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement |
A-3
ATTACHMENT A
Attribute |
Attribute |
Source Document(s) | ||
88 | Additional Financing Lien Priority | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
89 | Soft Pay/Hard Pay | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
90 | Additional Financing Current Gross Interest Rate | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
91 | Additional Financing Rate Type | Legal Issues Analysis; Secondary Financing Documents; Continuing Covenant Agreement | ||
92 | Additional Financing Maturity Date | Secondary Financing Documents; Continuing Covenant Agreement | ||
93 | Other Additional Financing Description (Existing) | Provided by Company | ||
94 | Freddie Mac Loan Number | Continuing Covenant Agreement, Project Note | ||
95 | Property Name | Provided by Company | ||
96 | Furthering Economic Opportunity in Areas(1) | Freddie Mac Mission Map website (Duty to Serve Tool) | ||
97 | Underserved Population | FM Production Social Loan Report | ||
98 | Transitional Housing | FM Production Social Loan Report | ||
99 | RAD(2) | FM Production Social Loan Report |
A-4
ATTACHMENT B
RECOMPUTED ATTRIBUTES
Attribute |
Attribute |
Calculation Methodology | ||
100 | Cut-Off Date Balance / Unit | Cut-Off Date Loan Amount divided by Total Units. | ||
101 | Occupancy% | Number of occupied units listed on the Rent Roll Source Document divided by Total Units. | ||
102 | % of Cut-Off Date Pool Balance | Respective Cut-Off Date Loan Amount divided by sum of pool Cut-Off Date Loan Amounts. | ||
103 | Monthly Debt Service Amount (Amortizing) | If Loan Amortization Type is equal to Interest Only, set equal to Monthly Debt Service Amount (IO). Otherwise, confirm using Project Note. | ||
104 | Monthly Debt Service Amount (IO) | Recompute using the Original Loan Amount, Accrual Basis, IO Period and Gross Interest Rate. Assume all scheduled payments of principal and/or interest on the Loans are made and that there are no prepayments or other unscheduled collections. | ||
105 | Amortization Term (Remaining) | Recompute using the Amortization Term (Original), Seasoning and IO Period. | ||
106 | Loan Term (Original) | Number of payments between and including the First Payment Date and Maturity Date. | ||
107 | Loan Term (Remaining) | Recompute using the Loan Term (Original), Maturity Date and Cut-off Date. | ||
108 | Seasoning | Loan Term (Original) minus Loan Term (Remaining). | ||
109 | Prepayment Provision End Date | Use Prepayment Provision to recompute the last business day of the prepayment period before the beginning of the window period, as defined in the Project Note. | ||
110 | Cut-Off Date LTV | Cut-Off Date Loan Amount divided by Appraised Value. | ||
111 | Maturity LTV | Maturity Balance divided by Appraised Value. | ||
112 | UW NCF DSCR | UW NCF divided by product of 12 and Monthly Debt Service Amount (Amortizing). | ||
113 | UW NCF DSCR (IO) | UW NCF divided by product of 12 and Monthly Debt Service Amount (IO). | ||
114 | Combined Cut-Off Date LTV | Equal to N/A if Additional Financing In Place (Existing) (Y/N) is equal to No, or if additional financing (i) is soft debt, (ii) has conditions that provide for the potential forgiveness of the debt, (iii) is owned by the Company, (iv) is a pari passu companion loan or (v) is unsecured. Otherwise, sum of Cut-Off Date Loan Amount and any cut-off balance of additional financing which is not represented by any of the conditions (i) through (v) above, divided by Appraised Value. |
B-1
ATTACHMENT B
Attribute |
Attribute |
Calculation Methodology | ||
115 | Combined UW NCF DSCR | Equal to N/A if Additional Financing In Place (Existing) (Y/N) is equal to No, or if additional financing (i) has a floating interest rate, (ii) is soft debt, where there is either no requirement for repayment, or payments are calculated from excess cash flows, (iii) has conditions that provide for the potential forgiveness of the debt, (iv) is owned by the Company, (v) is a pari passu companion loan or (vi) is unsecured. Otherwise, UW NCF divided by product of 12 and the sum of Monthly Debt Service Amount (Amortizing) and monthly debt service of any Additional Financing In Place (Existing) (Y/N) which is not represented by any of the conditions (i) through (vi) above. | ||
116 | Combined UW NCF DSCR (IO) | Equal to N/A if Additional Financing In Place (Existing) (Y/N) is equal to No, or if additional financing (i) has a floating interest rate, (ii) is soft debt, where there is either no requirement for repayment, or payments are calculated from excess cash flows, (iii) has conditions that provide for the potential forgiveness of the debt, (iv) is owned by the Company, (v) is a pari passu companion loan or (vi) is unsecured. Otherwise, UW NCF divided by product of 12 and the sum of Monthly Debt Service Amount (IO) and interest only monthly debt service of any Additional Financing In Place (Existing) (Y/N) which is not represented by any of the conditions (i) through (vi) above. | ||
117 | UW NOI | UW EGI minus UW Expenses | ||
118 | Most Recent NOI | Most Recent EGI minus Most Recent Expenses |
B-2
ATTACHMENT C
INSTRUCTIONS
1. | For those Compared Attributes with the source document indicated as Provided by Company, and those Recomputed Attributes with the calculation methodology indicated as Provided by Company, we were instructed by the Company to assume the attribute or result is accurate and therefore, we did not perform any procedure. |
2. | For the Compared Attribute Seismic Insurance if PML >= 20% (Y/N), we were instructed by the Company to use Yes as the value for the Compared Attribute if the Continuing Covenant Agreement requires earthquake insurance due to building retrofitting and evidence of earthquake insurance was observed in the loan files. |
3. | For the Compared Attribute Tax Credit Investor Name, we were instructed by the Company to list all entities with over a 15% ownership interest in the borrower, as identified in the Organizational Chart of Borrower in the Source Document (Continuing Covenant Agreement). |
4. | For the Compared Attribute Year Renovated, we were instructed by the Company to use the year of the expected completion date of repairs listed in the Continuing Covenant Agreement if such date is shown. |
5. | For the Compared Attribute Appraisal Valuation Type, we were instructed by the Company to use only the values As-Is, As-Complete, and As-Stabilized (each, an Acceptable Value Type). If the Appraisal Report included more than one of an Acceptable Value Type, we were instructed by the Company to use the appraised value listed in the Loan Terms and Underwriting Summary section of the Investment Brief to determine which Appraisal Report value to use for the Compared Attribute Appraised Value. |
6. | For the Compared Attribute Prepayment Provision, we were instructed by the Company to exclude any defeasance characteristics noted in the Source Documents. |
7. | For the Compared Attribute Gross Interest Rate, we were instructed by the Company to use the Interest Rate Plus Servicing Fee from the amortization schedule included in the Source Document (Project Note). |
8. | For the Compared Attribute Maturity Balance, we were instructed by the Company to use the outstanding balance that is scheduled to be due on the Maturity Date, excluding the principal component of the monthly debt service amount due on such date included in the Source Document (Project Note). |
9. | For mortgage loans that the Company identified as a taxable tail, which are supplemental to the related tax-exempt Loans (each, a Taxable Tail), we were instructed by the Company to use Taxable Tail as the value for the Compared Attribute Additional Financing Type. We were also instructed by the Company to include the Taxable Tail when calculating the following Recomputed Attributes: Cut-Off Date Balance / Unit, Cut-Off Date LTV, Maturity LTV, UW NCF DSCR, and UW NCF DSCR (IO). |
10. | For the Mortgaged Property with Property Name equal to Ovation At Arrowbrook II TEL, for the Compared and Recomputed Attributes UW Expenses, UW NOI and UW NCF, we were instructed by the Company to exclude the related expense adjustment in the Source Document so that UW NOI and UW NCF values reflect the full property amount. |
C-1
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