503.03A | |
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The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements for each PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). , normalized to account for any seasonal variations in income and expenses, in accordance with the requirements set forth for each Asset ClassAsset ClassType of Multifamily Property securing a Mortgage Loan (e.g., conventional, Seniors Housing, Manufactured Housing Community, Cooperative, etc.). in the tables below. The reports must be submitted through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. . All submitted operating statements will undergo automated quality control testing, and any quality control issues identified must be resolved timely.
The quarterly operating statements must reflect the actual physical occupancy level for the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). as of the end of each quarter, based on the most recently available rent roll. When quarterly reports are required, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must provide actual expenses, and must normalize certain expense items, including, but not limited to, real estate taxes, casualty insurance, Replacement ReservesReplacement ReservesCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. and management fees, consistent with the guidance provided in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. for submitting annual financial statements. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must explain any seasonal data discrepancies, and provide comments if any of the following are observed:
- a variance of greater than 20% from the same reporting period in the prior year of any of Effective Gross IncomeEffective Gross IncomeOn an annual basis or any specified period, the total of Net Rental Income plus other income per Part II, Chapter 2: Valuation and Income, Section 202: Income Analysis and the applicable products and features in Part III. , total operating expenses, Gross Potential RentGross Potential RentOn an annual basis or any specified period, the total actual and potential rent for a Property (per Part II, Chapter 2: Valuation and Income, Section 202: Income Analysis and the applicable products and features in Part III). , Private Pay, Medicare/Medicaid, Repairs and Maintenance, Utilities, Water and Sewer, Real Estate Taxes and Property Insurance;
- a variance in physical occupancy of greater than 10% from the immediately preceding reporting period;
- a change in the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). ’s tax-exempt status (if applicable);
- a change in the required P&IP&IPrincipal and interest payments during a reporting period (e.g., interest-only to amortizing);
- management fees of less than 3%;
- a change in any other pertinent information related to the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). financial analysis; or
- the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. is on the Fannie Mae WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. .
Quarterly financial reporting is not required, and no waiver need be submitted, for any Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. if it is secured by a Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. , or it is a Small Mortgage LoanSmall Mortgage LoanMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III, Chapter 9: Small Mortgage Loans. , unless such Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. or Small Mortgage LoanSmall Mortgage LoanMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III, Chapter 9: Small Mortgage Loans. is on the Fannie Mae WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. .
1. All Asset Classes (except Seniors HousingSeniors HousingMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. PropertiesPropertiesMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). , WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. PropertiesPropertiesMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). , Credit FacilitiesCredit FacilitiesStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. , and Bulk DeliveriesBulk DeliveriesStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. ). The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 75 days after the end of the second and third quarters, as set forth below.
All Asset Classes except Seniors Housing, Watchlist Properties, Credit Facilities, and Bulk Deliveries |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
Second |
September 15 |
Financial operating statements for the period from January 1 through June 30 |
6 months year to date operating data |
Third |
December 15 |
Financial operating statements for the period from January 1 through September 30 |
9 months year to date operating data |
*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
2. Seniors Housing Properties. For Seniors HousingSeniors HousingMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. PropertiesPropertiesMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). , the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 75 days after the end of the first, second, third and fourth quarters, as set forth below.
Seniors Housing Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
First |
June 15 |
Financial operating statements for the period from January 1 through March 31 |
Trailing 3 months operating data |
Second |
September 15 |
Financial operating statements for the period from April 1 through June 30 |
Trailing 3 months operating data |
Third |
December 15 |
Financial operating statements for the period from July 1 through September 30 |
Trailing 3 months operating data |
Fourth |
March 15 |
Financial operating statements for the period from October 1 through December 31 |
Trailing 3 months operating data |
*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
3. Watchlist Properties. For WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. PropertiesPropertiesMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). (including any Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. secured by a Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. or any Small Mortgage LoansSmall Mortgage LoansMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III, Chapter 9: Small Mortgage Loans. ), the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 90 days after the end of the first quarter, and 75 days after the end of the second and third quarters, as set forth below.
Watchlist Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
First |
June 30 |
Financial operating statements for the period from January 1 through March 31 |
3 months year-to-date operating data |
Second |
September 15 |
Financial operating statements for the period from January 1 through June 30 |
6 months year-to-date operating data |
Third |
December 15 |
Financial operating statements for the period from January 1 through September 30 |
9 months year-to-date operating data |
*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
4. Credit Facilities and Bulk Deliveries. For Credit FacilitiesCredit FacilitiesStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. and Bulk DeliveriesBulk DeliveriesStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. , the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit both the detailed quarterly operating statements and the Deal Level Structured Transaction (BD/CF) Quarterly report, including the Structured Facilities Monitoring Narrative (Form 4801), Spreadsheet (Form 4802), and any other relevant documents, 75 days after the end of the first, second, third, and fourth quarters, as set forth below.
Credit Facility and Bulk Delivery Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
First |
June 15 |
Financial operating statements for the period from January 1 through March 31, and deal level reports |
Trailing 3 months operating data |
Second |
September 15 |
Financial operating statements for the period from April 1 through June 30, and deal level reports |
Trailing 3 months operating data |
Third |
December 15 |
Financial operating statements for the period from July 1 through September 30, and deal level reports |
Trailing 3 months operating data |
Fourth |
March 15 |
Financial operating statements for the period from October 1 through December 31, and deal level reports |
Trailing 3 months operating data |
*If any due date is not a Business Day, then the submission may be made on the next Business Day. |