Primary Changes

Updated Expense field descriptions as follows:

• Management Fees:  includes asset management expenses related to the Property's operations;
• Payroll and Benefits:  excludes employee unit/rent; and
• Property Insurance (PINS):  requires reporting based on:
  • insurance premiums due or paid directly by the Servicer for the applicable period; and
  • the greater of "Borrower Actual" or Underwriting if insurance is not escrowed.

Questions

Please contact Michael Berger at (202) 752-0145, or [email protected], with any questions.