You are on page 1of 55

NorthShore Systems Project: Freddie Mac Phase 2.

1 Underwriting Technical Document Valuation


VALUATION REVISION HISTORY
y DNP Level: changed to Property Level per Mike (04/07/09)

Table of Contents
y y y y y y y y y y y Valuation List Grid Valuation Market Info Appraisal Property Info Amenities Construction Analysis Location Analysis/Location Qualities Certificate of Property Condition Property Performance Sales Comps Rent Comps

Functional Specification

Notes For Programmers (Must read this first)


This project includes the following items (iFrames) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Valuation Market Info Appraisal Property Info Amenities Construction Analysis Location Analysis/Location Qualities Certificate of Property Condition Property Performance Sales Comps Rent Comps all are on one screen with collapsable/expandable frames.

In our current system, these are individual screensin different VS.Net projects. We want to combine them to one screen in one VS.Net 2010 project, called Valuation C:\Inetpub\wwwroot\NS\Valuation\Main.aspx, ValuationList.aspx, Valuation.aspx, MarketInfo.aspx, etc Valuation List grid is a very top grid. This grid is driven by PIPE_DEAL_APPRAISAL_LL AND PIPE_APPRAISAL, and each row should have an Appraisal_ID. Selecting a row in this grid should reload each frame with the Appraisal_ID and Deal_ID. Since the screens (1..10) are existing ones, you can copy it from projects as shown below. Then, make additional changes as stated (in yellows) in the rest of this document.
iFrame Names 1. 2. Valuation Market Info Project Name Valuation (2003 prj) MarketData(2010 prj) where to get the code (FTP - 6/2/2011 folder) C:\Inetpub\wwwroot\Valuation\NS\Valuation\Valu ation.aspx C:\Inetpub\wwwroot\MarketData\NS\MarketData\ Market.aspx My Comments:

we sent you Market Data screen requirement on 6/1/2011 for stand alone screen. Copy that screen and put it in iframe on this combined Valuation screen. So we want a stand-alone Market Data screen (6/1/2011) and also in iFrame on Valuation screen (6/2/2011)

3. 4. 5. 6. 7. 8. 9.

Appraisal Property Info Amenities Construction Analysis Location Analysis/Location Qualities Certificate of Property Condition Property Performance Sales Comps

Appraisal2 Appraisal2 Appraisal2 Appraisal2 Appraisal2 Appraisal2 CompSalesRent

C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Pro pertyInfo C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Am enities C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Co nstructionAnalysis C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Loc ationAnalysis C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Pro pertyConditions\PropertyConditions.aspx C:\Inetpub\wwwroot\Appraisal2\NS\Appraisal2\Pro pertyPerformance C:\Inetpub\wwwroot\CompSalesRent\NS\Appraisal \CompSale

Appraisal2 project also has this SalesComps, but don't use it. Copy the one from CompSalesRent prj.

Page 2 of 55

FRE valuation functional design doc v1.6.

Functional Specification
10. Rent Comps CompSalesRent C:\Inetpub\wwwroot\CompSalesRent\NS\Appraisal \CompSalesRent Appraisal2 project also has this SalesComps, but don't use it. Copy the one from CompSalesRent prj.

Additional Notes: (for standard feature of the grids, adding rows, deleting rows, confirmation message for deleting rows, etc should all be consistent. See Market Data project document) y y y y There must be only Active (checked) allowed in Valuation List. Active Valuation cannot be deleted. Valuation List grid is a View-only grid. In Valuation List grid, background color/Font style of Active checked row should be:
o o All rows backcolor="#E1E1E1" Color.FromName("#0033CC") and bold If the Active_YN = Y row

Page 3 of 55

FRE valuation functional design doc v1.6.

Functional Specification

VALUATION
Total # of Requirements: DNP Level The Valuation screen is a Property Level screen.The Security Matrix will have thesecurity at a Frame Level for all parent frames and the 3 sub frames under Valuation List grid the buttons will also be included. (Security Matrix is not HOBO s item)

Requirement Description The Valuation screen is a new screen that has been added to OUS to accommodate multiple valuations for a property. The Valuation and Sales Comps screens have been modified into frames beneath this Valuation screen.

Page 4 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Screen Design Valuation Screen:

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ + The frames below are also part of the consolidation of the pages. The frames below need to have + + the capability to turn them off, IE: make them invisible. We will be using the table + + T_Application_Rule_Lkup . An entry will be made for each frame below. + ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Appraisal Property Info: Market Info Frame: Amenities: Construction Analysis: Location Analysis/Location Qualities: Certificate of Property Condition: Property Performance: If the Active_YN = Y, then the corresponding frame should be visible, otherwise it should be hidden (including the +/icon of the collapsable/expandable frame) . You can hardcode the ID 316 to 322 for each frame as shown below. For example, if there is no row for ID 316, that s the same as Active_YN = N.

After you copy the code (as stated above in Programmer Notes section), compare the screens against the screen shots below, the yellows mostly indicate the additional changes.

Page 5 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Valuation Frame:(For Yellow markings below, the frame labels have been renamed)

New fieldset for Valuation List Grid update

Page 6 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Market Info Frame:

Appraisal Property Info:

Page 7 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Amenities:

Construction Analysis:

Page 8 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Location Analysis/Location Qualities:

Certificate of Property Condition:

Property Performance:

Page 9 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Sales Comps:

Page 10 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Rent Comps:

Page 11 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Data Requirements Valuation List Gap Field Active Valuation Type Report Date Valuation Effective Date REQ_# Table Name PIPE_APPRAISAL PIPE_APPRAISAL_TYPE_LKUP PIPE_APPRAISAL Table Field Active_YN Appaisal_Type_Lkup_ID Report_Dt Field Type Checkbo x DropDown Numeric (Date) Numeric (Date) SELECT PIPE_ENTITY.First_Name, PIPE_ENTITY.Last_Name, PIPE_ENTITY.ID FROM PIPE_ENTITY INNER JOIN PIPE_ENTITY_TYPE_LL ON PIPE_ENTITY.ID = PIPE_ENTITY_TYPE_LL.ENTITY_ID WHERE (PIPE_ENTITY_TYPE_LL.LEDGER_T YPE_LKUP_ID = 1) SELECT First_Name, Last_Name, Entity_ID FROM PIPE_ENTITY_CONTACT WHERE (Entity_ID = ID Selected Above ) MIA_Certified_YN FIRREA_Appraisal_YN

Firm Name

Update PIPE_LEDGER (Third Party) Always bring in the active.

DropDown

Contact Name MAI Certified FIRREA Appraisal


Valuation Gap Field FINAL VALUATION Final Cap Rate As-Is Final Cap Rate As-Stabilized Final Value Per Sq. Ft. As- Is Final Value Per Sq. Ft. As-Stabilized Final Value Per Unit As- Is Final Value Per Unit As-Stabilized Final Valuation As- Is Final Valuation As-Stabilized REQ_4619 REQ_4619 REQ_4621 REQ_4621 REQ_4620 REQ_4620 REQ_481 BR.771 REQ_481 BR.772 calculated calculated calculated calculated calculated calculated calculated calculated REQ_# Table Name

DropDown Checkbo x Checkbo x

PIPE_APPRAISAL PIPE_APPRAISAL

Table Field

Field Type

Comments Calculation: As Is Final Value/As Is Freddie Mac NOI Calculation: As Stabilized Final Value/As Stabilized Freddie Mac NOI Calculation: As Is Final Value/ Total Sq. Ft. of Property Calculation: As Stabilized Final Value/Total Sq. Ft. of Property Calculation: As Is Final Value/Total # of Units Calculation: As Stabilized Final Value/Total # of Units Calculation: Minimum of (As Is Appraisal Property Value, As Is FRE UW Property Value) Calculation: Minimum of (As Stabilized Appraisal Property Value, As Stabilized FRE

numeric ($) numeric ($) numeric ($) numeric ($) numeric ($) numeric ($) numeric ($) numeric ($)

Page 12 of 55

FRE valuation functional design doc v1.6.

Functional Specification
UW Property Value) Comments AppraisalDetails Active Valuation Type Report Date Firm Name Contact Name MAI Certified FIRREA Appraisal DIRECT CAP VALUATION Appraisal Company Report Date APPRAISAL TYPE As-Is REQ_4850 PIPE_APPR AISAL_VAL UATION PIPE_APPR AISAL_VAL UATION AS_Is_Only _YN AS_Is_Only _YN radio button CR-new text

PIPE_A PPRAIS AL PIPE_A PPRAIS AL

Active_YN

Checkbox Drop-Down

Report_Dt

Numeric (Date) Drop-Down Drop-Down Checkbox Checkbox Blank (Default) Will be based on the contact associated with the firm in entity maintenance.

REQ_4360 REQ_1336 REQ_3922

drop-down

PIPE_A PPRAIS AL

Report_Dt

date

As-Is and As-Stabilized RESIDENTIAL APPRAISAL

REQ_4850 REQ_4348 REQ_4357 REQ_1341 REQ_3970

radio button

NOI As- Is

NOI As-Stabilized

REQ_1341 REQ_3970

Cap Rate As- Is

REQ_1340 REQ_3969

Cap Rate As-Stabilized

REQ_1340 REQ_3969

Appraisal Value As- Is

REQ_1339 REQ_3968

Appraisal Value As-Stabilized

REQ_1339 REQ_3968 REQ_1084

Value Per Sq. Ft. As- Is

PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated

RA_NOI_A mt

numeric ($)

RA_NOI_A mt

numeric ($)

RA_Cap_Ra te_Pct

numeric ($)

RA_Cap_Ra te_Pct

numeric ($)

RA_Apprais al_Value_A mt

numeric ($)

RA_Apprais al_Value_A mt RA_Value_S

numeric ($)

numeric ($)

Calculation: AsIs Residential Appraisal

Page 13 of 55

FRE valuation functional design doc v1.6.

Functional Specification
REQ_4055 PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S q_Ft_amt Value /Total Residential Square Footage

Value Per Sq. Ft. As-Stabilized

REQ_1084 REQ_4055

RA_Value_S q_Ft_amt

numeric ($)

Calculation: As Stabilized Residential Appraisal Value /Total Residential Square Footage.

Value Per Unit As- Is

REQ_468 REQ_4055

RA_Value_ Unit_Amt

numeric ($)

Calculation: As-Is Residential Appraisal Value /Total Number of Residential Units

Value Per Unit As-Stabilized

REQ_468 REQ_4055

RA_Value_ Unit_Amt

numeric ($)

Calculation: As Stabilized Residential Appraisal Value /Total Number of Residential Units

COMMERCIAL APPRAISAL

REQ_4347 REQ_4357 REQ_2099 REQ_3973 PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated CA_NOI_A mt

NOI As- Is

numeric ($)

NOI As-Stabilized

REQ_2099 REQ_3973

CA_NOI_A mt

numeric ($)

Cap Rate As- Is

REQ_2098 REQ_3972

CA_Cap_Ra te_Pct

numeric ($)

Cap Rate As-Stabilized

REQ_2098 REQ_3972

CA_Cap_Ra te_Pct

numeric ($)

Appraisal Value As- Is

REQ_2101 REQ_3971

CA_Apprais al_Value_A mt

numeric ($)

Appraisal Value As-Stabilized

REQ_2101 REQ_3971

CA_Apprais al_Value_A mt

numeric ($)

Calculation: As Is Commercial Appraisal Value/Total Commercial Square Footage. CA_Value_S q_Ft_Amt CA_Appraisal_Value_Amt / SUM PIPE_RENT_ROLL_DETAIL.SQFT For the active rent roll Where PIPE_RENT_DETAIL.Tenant_Type_Lkup_ID =2 Calculation: As Stabilized Commercial

Value Per Sq. Ft. As- Is

REQ_4359 REQ_4055

numeric ($)

Value Per Sq. Ft. As-Stabilized

REQ_4359

CA_Value_S

numeric ($)

Page 14 of 55

FRE valuation functional design doc v1.6.

Functional Specification
REQ_4055 PIPE_APPR AISAL_VAL UATION_CA LCULATION S q_Ft_Amt Appraisal Value/Total Commercial SquareFootage. CA_Appraisal_Value_Amt / SUM PIPE_RENT_ROLL_DETAIL.SQFT For the active rent roll Where PIPE_RENT_DETAIL.Tenant_Type_Lkup_ID =2

COMBINED APPRAISAL VALUE

REQ_4349 calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Pipe_Apprai sal Pipe_Apprai sal Calculation: As Is Residential NOI + As Is Commercial NOI. = RA_NOI_Amt + CA_NOI_Amt Calculation: As Stabilized Residential NOI + As Stabilized Commercial NOI. numeric ($) = RA_NOI_Amt + CA_NOI_Amt

NOI As- Is

REQ_4361 REQ_4055

CAV_NOI_A mt

numeric ($)

NOI As-Stabilized

REQ_4361 REQ_4055

CAV_NOI_A mt

Cap Rate As- Is

REQ_405 REQ_4055

CAV_Cap_R ate_Pct

numeric ($)

Calculation: As Is Property NOI /As Is Appraisal Property Value. CAV_NOI_Amt / CAV_Appraisal_Value_Amt Calculation: As Is Property NOI /As Stabilized Appraisal Property Value.

Cap Rate As-Stabilized

REQ_405 REQ_4055

CAV_Cap_R ate_Pct

numeric ($) CAV_NOI_Amt / CAV_Appraisal_Value_Amt

Appraisal Value As- Is

REQ_2102 REQ_4055

CAV_Apprai sal_Value_A mt

Calculation: As Is Residential Appraisal Value + As Is Commercial Appraisal Value. numeric ($) RA_Appraisal_Value_Amt + CA_Appraisal_Value_Amt Calculation: As Stabilized Residential Appraisal Value + As Stabilized Commercial Appraisal Value. numeric ($) RA_Appraisal_Value_Amt + CA_Appraisal_Value_Amt Calculation: As Is Appraisal Value (Combined) divided by Total Residential Units Calculation: As Stabilized Appraisal Value (Combined) divided by Total Residential Units

Appraisal Value As-Stabilized

REQ_2102 REQ_4055

CAV_Apprai sal_Value_A mt

Value Per Unit As- Is

REQ_468

Direct_Cap _Value Direct_Cap _Value Improveme nt_Cost_Am t Land_Value _Amt Cost_App_V alue Cost_App_V alue_Per_U nit_Amt

numeric ($)

Value Per unit As-Stabilized COST APPROACH Improvements Cost Land Value Value Value Per Unit APPRAISED VALUE

REQ_468

numeric ($)

REQ_7901 REQ_7902 REQ_7899 REQ_7900 REQ_7903 REQ_7904 REQ_7905

PIPE_APPR AISAL PIPE_APPR AISAL Pipe_Apprai sal Pipe_Apprai sal

numeric ($) numeric ($) numeric ($) numeric ($) Calculation: Value per Unit = (Cost Approach: Value) / Total Residential Units

Page 15 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Pipe_Apprai sal Pipe_Apprai sal REQ_7884 REQ_7885 REQ_7886 REQ_7887 REQ_7888 REQ_7889 Pipe_Apprai sal Pipe_Apprai sal Calculated Pipe_Apprai sal Calculated Pipe_Apprai sal REQ_7908 REQ_7909 REQ_7910 Pipe_Apprai sal Pipe_Apprai sal Pipe_Apprai sal Pipe_Apprai sal PIPE_APPR AISAL_VAL UATION Final_recon _Value Stabilized_V alue_Amt Value_As_I s_Dt Value_As_S tabilized_D T Appraised_ Value_Per_ Unit_As_Is_ Amt Appraised_ Value_Per_ Unit_As_Sta bilized_Amt Sales_Com p_Value Sales_Value _Per_Unit_ Amt Insurable_V alue Insurable_V alue_Per_U nit_Amt Appraisal_V aluation_Co mments Separate_C ommercial_ Valuation_Y N

Appraised Value As- Is Appraised Value As-Stabilized Value Date As- Is

numeric ($) numeric ($) numeric (date) numeric (date) Calculation: As Is Appraised Value divided by Total Residential Units

Value Date As-Stabilized

Appraised Value Per Unit As-Is

numeric ($)

Appraised Value Per Unit As-Stabilized MARKET APPROACH Value Value Per Unit INSURABLE VALUE Value Value Per Unit REQ_7914 REQ_7915 REQ_7916

numeric ($)

Calculation: As Stabilized Appraised Value divided by Total Residential Units

numeric ($) numeric ($) Calculation: Value Per Unit = (Sales Comparison Approach: Value) / (Total Residential Units)

numeric ($) numeric ($) Calculation: Insurable Value Per Unit = (Insurable Value) / Total Residential Units

Comments FREDDIE MAC VALUATION Separate Commercial Valuation? RESIDENTIAL VALUATION REQ_1050

text

Pipe_Apprai sal

checkbox

NOI As- Is

REQ_3801

PIPE_APPR AISAL_VAL UATION_CA LCULATION S

BR.2390 Residential NOI must be calculated as the difference between NOI(total) and Commercial NOI. RV_NOI_A mt numeric ($) Mapped: If Separate Commercial Valuation = checked, field will map to As-Is Residential NOI from FRE Proforma Mapped: If Separate Commercial Valuation = not checked, field will map to As-Is (total) NOI from FRE Proforma Mapped: If Separate Commercial Valuation = checked, field will map to AsStabilized Residential NOI from FRE Proforma numeric ($) Mapped: If Separate Commercial Valuation = not checked, field will map to As-Stabilized (total) NOI from FRE Proforma numeric ($) RV_Cap_Ra te_Pct

NOI As-Stabilized

REQ_3801

PIPE_APPR AISAL_VAL UATION_CA LCULATION S

RV_NOI_A mt

Cap Rate As- Is

REQ_517 REQ_3974

PIPE_APPR AISAL_VAL UATION_CA LCULATION S

Page 16 of 55

FRE valuation functional design doc v1.6.

Functional Specification
PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION numeric ($) RV_Cap_Ra te_Pct numeric ($) RV_UW_Ca p_Rate_Pct Calculation: As Is Freddie Mac Residential NOI divided by As Is Freddie Mac Underwritten Residential Value. numeric ($) RV_UW_Ca p_Rate_Pct Calculation: As-Is Freddie Mac Residential NOI divided by As-Is Freddie Mac Underwritten Residential Value.

Cap Rate As-Stabilized

REQ_517 REQ_3974

UW Cap Rate As- Is

REQ_884 REQ_4057

UW Cap Rate As-Stabilized

REQ_884 REQ_4057

Value As- Is

REQ_882 REQ_4057

RV_Value_A mt

numeric ($)

Calculation: As-Is Freddie Mac Residential NOI/As-Is Cap Rate

Value As-Stabilized

REQ_882 REQ_4057

RV_Value_A mt

numeric ($)

Calculation: As-Stabilized Freddie Mac Residential NOI/ As-Stabilized Cap Rate

UW Value As- Is

REQ_883 REQ_3975

RV_UW_Val ue_Amt

numeric ($)

UW Value As-Stabilized

REQ_883 REQ_3975

RV_UW_Val ue_Amt

numeric ($)

UW Value/Sq. Ft. As- Is

REQ_1054 REQ_4057

RV_UW_Val ue_Sqft_A mt

Calculation: If Separate Commercial Valuation = checked,As-Is FRE UW Residential Value/Total Residential Sq. Ft. numeric ($) Calculation: If Separate Commercial Valuation = not checked,As-Is FRE UW Residential Value/Total Sq. Ft. Calculation: If Separate Commercial Valuation = checked,As-Stabilized FRE UW Residential Value/Total Residential Sq. Ft. numeric ($) Calculation: If Separate Commercial Valuation = not checked,As-Stabilized FRE UW Residential Value/Total Sq. Ft. Calculation: If Separate Commercial Valuation = checked,As-Is FRE UW Residential Value/Total # Residential Units numeric ($) Calculation: If Separate Commercial Valuation = not checked,As-Is FRE UW Residential Value/Total # Units Calculation: If Separate Commercial Valuation = checked,As-Stabilized FRE UW Residential Value/Total # Residential Units Calculation: If Separate Commercial

UW Value/Sq. Ft. As-Stabilized

REQ_1054 REQ_4057

RV_UW_Val ue_Sqft_A mt

UW Value/Unit As- Is

REQ_1053 REQ_4057

RV_UW_Val ue_Per_Uni t_Amt

UW Value/Unit As-Stabilized

REQ_1053 REQ_4057

RV_UW_Val ue_Per_Uni t_Amt

numeric ($)

Page 17 of 55

FRE valuation functional design doc v1.6.

Functional Specification
S COMMERCIAL VALUATION REQ_1411 PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL CV_NOI_A mt Mapped: display from fre proforma there are rules around what gets displayed depending on the separate commercial valuation indicator. refer to req_3804 for details. Mapped: display from fre proforma there are rules around what gets displayed depending on the separate commercial valuation indicator. refer to req_3804 for details. Valuation = not checked,As-Stabilized FRE UW Residential Value/Total # Units

NOI As- Is

REQ_3804

numeric ($)

NOI As-Stabilized

REQ_3804

CV_NOI_A mt

numeric ($)

Cap Rate As- Is

REQ_1051 REQ_3976

CV_Cap_Ra te_Pct

numeric ($)

Cap Rate As-Stabilized

REQ_1051 REQ_3976

CV_Cap_Ra te_Pct

numeric ($)

UW Cap Rate As- Is

REQ_1412 REQ_4058

CV_UW_Ca p_Rate_Pct

numeric ($)

Calculation: FRE As-Is Commercial NOI/FRE As-Is UW Commercial Value

numeric ($) RV_UW_Ca p_Rate_Pct Calculation: FRE As-Stabilized Commercial NOI/FRE As-Stabilized UW Commercial Value

UW Cap Rate As-Stabilized

REQ_1412 REQ_4058

Value As- Is

REQ_1055 REQ_4058

RV_Value_A mt

numeric ($)

Calculation: FRE As-Is Commercial NOI/FRE As-Is Commercial Cap Rate

Value As-Stabilized

REQ_1055 REQ_4058

RV_Value_A mt

numeric ($)

Calculation: FRE As-Stabilized Commercial NOI/ FRE As-Stabilized Commercial Cap Rate

UW Value As- Is

REQ_1049 REQ_3977

RV_UW_Val ue_Amt

numeric ($)

UW Value As-Stabilized

REQ_1049 REQ_3977

RV_UW_Val ue_Amt

numeric ($)

UW Value/Sq. Ft. As- Is

REQ_1530 REQ_4058

RV_UW_Val ue_Amt RV_UW_Val ue_Sqft_A mt

PIPE_APPRA ISAL_VALUA TION_CALC ULATIONS numeric ($)

Calculation: FRE As-Is UW Commercial Value/Total Commercial Sq. Ft.

UW Value/Sq. Ft. As-Stabilized

REQ_1530 REQ_4058

Calculation: FRE As-Stabilized UW Commercial Value/Total Commercial Sq. Ft.

Page 18 of 55

FRE valuation functional design doc v1.6.

Functional Specification
UATION_CA LCULATION S BLENDED VALUATION REQ_2097 PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S Calculated PIPE_APPR AISAL_VAL UATION_CA LCULATION S PIPE_APPR AISAL_VAL UATION CV_Cap_Ra te_Pct Calculation: FRE As-Is NOI/FRE As-Is Property Value

Cap Rate As- Is

REQ_2095

numeric ($)

Cap Rate As-Stabilized

REQ_2095

CV_Cap_Ra te_Pct

numeric ($)

Calculation: FRE As-Stabilized NOI/FRE As-Stabilized Property Value

NOI As- Is

REQ_4362

CV_NOI_A mt

numeric ($)

Mapped: FRE As-Is NOI from Freddie Mac As-Is Proforma

NOI As-Stabilized

REQ_4362

CV_NOI_A mt

numeric ($)

Mapped: FRE As-Stabilized NOI from Freddie Mac As-Is Proforma

Value As- Is

REQ_2096

CV_Value_A mt

numeric ($)

Calculation: FRE As-Is UW Residential Value + FRE As-IS UW Commercial Value

Value As-Stabilized

REQ_2096

CV_Value_A mt

numeric ($)

Calculation: FRE As-Stabilized UW Residential Value + FRE As- Stabilized UW Commercial Value

Comments

CR-new

Blended_Va luation_Co mments

text

Market Info MOVED TO THE NEW MARKET PAGE Gap Field


MARKET OVERVIEW

REQ_#

Table Name PIPE_PROPERTY_MARKET_DATA

Table Field

Field Type

Vacancy Previous Quarter Vacancy Inventory (Units) Asking Rent Previous Quarter Asking Rent Absorption (Units) Source of Market Data REQ_7794 REQ_7795 REQ_7798 REQ_7799 REQ_7802 REQ_7803 REQ_7802 REQ_7803 REQ_7810 REQ_7811

PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA

Numeric (Percentage with 2 Decimals) Numeric (Whole Number) Numeric (Whole Number, $) Numeric (Whole Number, $) Numeric (Whole Number) Text

Page 19 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Date of Market Data Market Rating Unemployment Unemployment As Of Date Avg Household Income Avg Household Income As Of Date Population Population As Of Date Est Household Income Est Household Income Date Est Population Est Population As Of Date Employer Name 1 Employer Name 1 No. of Employees Employer Name 2 Employer Name 2 No. of Employees Employer Name 3 Employer Name 3 No. of Employees Employer Name 4 Employer Name 4 No. of Employees Employer Name 5 Employer Name 5 No. of Employees Comments
SUBMARKET OVERVIEW

REQ_7832 REQ_7833 REQ_7816 REQ_7817 REQ_7818 REQ_7819 REQ_7820 REQ_7821 REQ_7822 REQ_7823 REQ_7824 REQ_7825 REQ_7826 REQ_7827 REQ_7828 REQ_7829 REQ_4557 REQ_4557 REQ_7830 REQ_7831 REQ_7832 REQ_7833 REQ_7830 REQ_7831 REQ_7832 REQ_7833 REQ_7830 REQ_7831 REQ_7832 REQ_7833 REQ_7830 REQ_7831 REQ_7832 REQ_7833 REQ_7830 REQ_7831 REQ_7832 REQ_7833 REQ_4557

PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA

Numeric (Date) Text Numeric (Percentage with 2 Decimals) Month/Year Numeric (Whole Number, $) Year Numeric (Whole Number) Year Numeric (Whole Number, $) Year Numeric (Whole Number) Year Text Numeric (Whole Number) Text Numeric (Whole Number) Text Numeric (Whole Number) Text Numeric (Whole Number) Text Numeric (Whole Number) Text

Vacancy Previous Quarter Vacancy Inventory (Units) REQ_7796 REQ_7797 REQ_7800 REQ_7801

PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA
Page 20 of 55

Numeric (Percentage with 2 Decimals) Numeric (Whole Number)

FRE valuation functional design doc v1.6.

Functional Specification
REQ_7804 REQ_7805 REQ_7804 REQ_7805 REQ_7812 REQ_7813 REQ_7836 REQ_7837 REQ_7838 REQ_7839 REQ_7840 REQ_7840 REQ_7840 REQ_7840 REQ_7840 REQ_7834 REQ_7835 Numeric (Whole Number, $) Numeric (Whole Number, $) Numeric (Whole Number) Text Numeric (Date) Numeric (Whole Number, $) Numeric (Whole Number, $) Numeric (Whole Number, $) Numeric (Whole Number, $) Numeric (Whole Number, $) Calculation: Weighted Average of Rental Rate by Bedroom Count Avg. Contract Rent for each Unit Type MULTIPLIED BY # of Units for Unit Type Calculation: Weighted Average of Rental Rate by Bedroom Count Avg. Contract Rent for each Unit Type MULTIPLIED BY # of Units for Unit Type Calculation: Weighted Average of Rental Rate by Bedroom Count Avg. Contract Rent for each Unit Type MULTIPLIED BY # of Units for Unit

Asking Rent Previous Quarter Asking Rent Absorption (Units) Sources Sources As Of Date Submarket Rent Submarket Rent Submarket Rent Submarket Rent Submarket Rent Studio 1 BR 2 BR 3 BR 4 BR

PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA PIPE_PROPERTY_MARKET_DATA

Property In-Place Studio Rent

PIPE_PROPERTY_MARKET_DATA

REQ_7834 REQ_7835

Property In-Place 1 BR Rent

PIPE_PROPERTY_MARKET_DATA

REQ_7834 REQ_7835

Property In-Place 2 BR Rent

PIPE_PROPERTY_MARKET_DATA

Page 21 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Type Calculation: Weighted Average of Rental Rate by Bedroom Count PIPE_PROPERTY_MARKET_DATA Avg. Contract Rent for each Unit Type MULTIPLIED BY # of Units for Unit Type Calculation: Weighted Average of Rental Rate by Bedroom Count Avg. Contract Rent for each Unit Type MULTIPLIED BY # of Units for Unit Type Text

REQ_7834 REQ_7835

Property In-Place 3 BR Rent

REQ_7834 REQ_7835

Property In-Place 4 BR Rent

PIPE_PROPERTY_MARKET_DATA

Comments

REQ_7840

PIPE_PROPERTY_MARKET_DATA

Appraisal Property Info Gap Field Overall Condition Seismic Zone Appraisal Units U of M Flood Zone Current Zoning Comm. Panel #/Date Legal Use Conforming Use Legal Comments FEMA Map Date Rent Comments Rent Control Property Class Parking Spaces REQ_#

PLEASE USE CURRENT PAGE FOR MAPPING Table Name Table Field Field Type Drop-Down Drop-Down Numeric (Whole Number) Drop-Down Drop-Down Text Numeric (Whole Number) Radio Radio Text (Comment Box) Numeric (Date) Text (Comment Box) Checkbox Drop-Down Numeric (Whole Number)

PIPE_Appraisal_Extended

FEMA_Map_Dt

Page 22 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Star Rating Prkg Ratio/1,000 GLA Gross Sq. Ft. RV/Boat Spaces Number Buildings Number of Elevators Number of Stories Mezzanine Year Built Year Expanded Year Last Renovated Prop Type Space Type Num Units SF/Units Unit Rent/Mo Amenities PLEASE USE CURRENT PAGE FOR MAPPING Gap Field Amenity Item Qty. Comment Common Amenity Item Common Amenity Qty. Common Amenity Comment Security Amenity Item Security Amenity Qty. Security Amenity Comment Construction Analysis PLEASE USE CURRENT PAGE FOR MAPPING Gap Field Item Drop-Down Numeric (Pct to 3 Decimals) Numeric (Whole Number) Numeric (Whole Number) Numeric (Whole Number) Numeric (Whole Number) Numeric (Whole Number) Checkbox Drop-Down Drop-Down Drop-Down Drop-Down Text Numeric (Whole Number) Numeric (Whole Number) Numeric (Whole Number)

REQ_#

Table Name

Table Field

Field Type Drop-Down Numeric (Whole Number) Text Drop-Down Numeric (Whole Number) Text Drop-Down Numeric (Whole Number) Text

REQ_#

Table Name

Table Field

Field Type Drop-Down

Page 23 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Rating Type Construction Location Analysis/Location Qualities PLEASE USE CURRENT PAGE FOR MAPPING Gap Field Item Rating Dist. From Subject Quality Quality Comments Certificate of Property Conditions PLEASE USE CURRENT PAGE FOR MAPPING Gap Field Phased Property Shared Amenities Commercial Uses Shared Access Non-Contiguous Parcels Unusual Easements Partial Condo Ground Lease Flag Lot Unusual Encroachments 100% Condo Other Description Comments Property Performance PLEASE USE CURRENT PAGE FOR MAPPING Gap Field Item Item Sub Type Num/Pct Date
Sales / Comp

Drop-Down Text Text (Comment Box)

REQ_#

Table Name

Table Field

Field Type Drop-Down Drop-Down Numeric (Whole Number) Drop-Down Text (Comment Box)

REQ_#

Table Name

Table Field

Field Type Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Checkbox Text Text (Comment Box)

REQ_#

Table Name

Table Field

Field Type Drop-Down Drop-Down Numeric (2 Decimal Places) Numeric (Date)

Page 24 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Gap Field Included Sales Comparison on Approval Doc Photo Include in Approval Doc Source Date of Sale Property Name Property Address PropertyCit y PropertySta te Property Zip Year Built # of Units Total Sq. Ft. Average Sq. Ft./Unit Sale Price x x Sale Price/Sq. Ft. Sale Price /Unit Implied CAP Rate Comments Source Date of Sale Property Name Property Address PropertyCit y PropertySta te Property Zip Year Built # of Units Loan_Purpose Pipe_Deal Pipe_Property Pipe_Property Pipe_Property Pipe_Property Pipe_Property V_Rent_Roll_Unit_Sq_Totals REFI_Acquired_Dt Deal_Name Prop_Addr1 Prop_City Prop_State Postal_Code_1_5 Postal_Code_6_9 Prop_Year_Built_Dt Total_Units REQ_# Table Name Table Field Field Type Comments

REQ_4564

checkbox (Y/N)

button Pipe_Appraisal_Sales_Comp REQ_4407 REQ_3795 REQ_3878 REQ_3792 REQ_3874 REQ_3871 REQ_3875 REQ_3793 REQ_3876 REQ_3794 REQ_3877 Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp REQ_3796 REQ_3879 REQ_3797 REQ_3880 REQ_3799 REQ_3882 REQ_3800 REQ_3883 REQ_463 REQ_3872 REQ_3791 REQ_3873 REQ_1161 REQ_3884 REQ_3798 REQ_3881 Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Include_Sales_Comparison_YN Data_Source Sale_Dt Property_Name Address City State Postal_Code_1_5 Built_Yr Units Size checkbox (Y/N) drop-down date text text text text numeric (5-4) numeric(4) numeric(integer) numeric (integer) numeric (integer) Pipe_Appraisal_Sales_Comp Actual_Price_Amt numeric ($) numeric ($) numeric ($) Pipe_Appraisal_Sales_Comp Pipe_Appraisal_Sales_Comp Est_Cap_Rate_Pct Comments numeric (%) text text date text text text text numeric (5-4) numeric(4) numeric (integer) FRE As-Is or FRE Stabilized

x x

NOT CALCULATED

NOT CALCULATED

NOT CALCULATED

Record Type = "P

Comes from the R but Rent Roll will the Property recor taking the Res # o

Page 25 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Total Sq. Ft.

Pipe_Appraisal_Sales_Comp

Size

numeric (integer)

Average Sq. Ft./Unit

Pipe_Appraisal_Sales_Comp

Avg_Sqft_By_Unit_Amt

numeric (integer)

Total_Sq_Ft / Tota

Sale Price

Pipe_Appraisal_Sales_Comp

Actual_Price_Amt

numeric ($)

Pulls from Valuatio Final Value

Sale Price/Sq. Ft.

Pipe_Appraisal_Sales_Comp

Actual_Price_By_Sqft_Amt

numeric ($)

Pulls from Valuatio Final Value/Sq. Ft.

Sale Price /Unit Adj. Price/Unit Implied CAP Rate

Pipe_Appraisal_Sales_Comp REQ_7771 PIPE_APPRAISAL_SALES_COMP

Actual_Price_By_Unit_Amt Sales_Price_Unit_Adjusted_Amt

numeric ($) numeric ($) numeric (% to 2 decimals) [CR 88]

Pulls from Valuatio Final Value/Unit

Comparison X Comments

REQ_7771, REQ_7773, REQ_7776

PIPE_APPRAISAL_SALES_COMP Pipe_Appraisal_Sales_Comp

Overall_Compatibility_Lkup_Id Comments

Drop-Down text

Pulls from Valuatio As-Is Final or As-S Final Implied Cap based on Loan Pro -Similar (Default) -Inferior -Superior

Rent Comps Gap Field REQ_# Table Name Rentable Comparable Information Photo Details REQ_7871 REQ_7844 Property Name PIPE_APPRAISAL_RENTAL_COMP REQ_7845 Address City ST Zip Tenant Type Units Occupancy % REQ_7859 REQ_7860 REQ_7867 REQ_7846 REQ_7847 REQ_7848 REQ_7849 REQ_7850 REQ_7851 REQ_7883 REQ_7607 PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL
Page 26 of 55

Table Field

Field Type

Radio Property_Name Text

Address City ST Postal_Code_1_5 Tenant_Type Units Occ_Pct

Text Text Drop-Down Numeric (Zip Code) Drop-Down Numeric (Whole Number) Numeric (2

FRE valuation functional design doc v1.6.

Functional Specification
REQ_7868 Distance from Subject Year Built REQ_7852 REQ_7853 PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RENTAL_COMP PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL REQ_7865, REQ_7866 REQ_7865, REQ_7866 REQ_7863 REQ_7864 REQ_7854 REQ_7863 REQ_7864 REQ_7855 REQ_7856 REQ_7857 REQ_7858 REQ_7862 REQ_7869 REQ_7870 PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL PIPE_APPRAISAL_RNTL_COMP_DTL Distance_Frm_Subject_Miles Built_Yr Location Condition Amenities Quality Appeal Overall Comments Concession Utility_Included_Rent Tenant_Name SqFt Start_Dt Term Avg_Rent_Unit_Amt Rent_Range_Amt Base_Rental_SF_Amt Space_Type SqFt Numeric (Whole Number) Numeric (Whole Number) Numeric (Whole Number) Text Decimal Places) Text Numeric (Whole Number) Drop-Down Drop-Down Drop-Down Drop-Down Drop-Down Drop-Down Text Text Text Text Numeric (Whole Number) Numeric (Date) Numeric (Whole Number) Numeric ($) Text Range

Location Condition Amenities Quality Appeal Overall Comments Concession Utility Included Rent Rentable Comparable Details Tenant Leasing Area (SF) Start Date Term (Yrs) Rent/Unit RentRange Base Rental/SF Unit Type Unit Size (SF)

# of Beds

PIPE_APPRAISAL_RNTL_COMP_DTL

No_Beds

# of Baths

PIPE_APPRAISAL_RNTL_COMP_DTL

No_Bath

Comments

PIPE_APPRAISAL_RNTL_COMP_DTL

Comments

Drop-Down Configuration Field REQ Drop-Down Value


Page 27 of 55

FRE valuation functional design doc v1.6.

Functional Specification
BLANK Complete, Self-Contained (Default) Complete, Summary Limited, Self-Contained Limited Summary Restricted Broker Price Opinion Other BLANK (Default) Poor Fair Average Good Excellent BLANK (Default) 0 1 2A 2B 3 4 5 PML BLANK (Default) Units Rooms Pads Sq Ft Bed BLANK (Default) ZONE A ZONE B ZONE C ZONE D SHADED X UNSHADED X BLANK (Default) A B C D BLANK (Default) One Two Three Four Five BLANK (Default) 1900 2100 BLANK (Default)
Page 28 of 55

ValuationType

Overall Condition

Seismic Zone

U of M

Flood Zone

Property Class

Star Rating

Year Built Year Expanded

FRE valuation functional design doc v1.6.

Functional Specification
1900 2100 BLANK (Default) 1900 2100 BLANK (Default) Multifamily Multifamily w/Commercial BLANK (Default) Balcony/Patio Car Wash Area Club House Dishwasher Disposal Other Amenities Drapes Fire Places FitnessCenter Basketball Court Guarded Gate Indoor Pool Golf Course Racquetball Court Lofts Microwave FitnessCenter Volleyball Court Mini-Blinds Outdoor Pool Playground Oven/Range External Storage Overhead Fans Panic Button CarCareCenter Perimeter Fence Playground Refrigerator Sauna/Jacuzzi Security Patrol Storage Tennis Courts Trash Compactor Unit Activated Entrance Vaulted Ceiling W&D Hook-Ups Washer/Dryer Sprinklers Smoke Alarm BLANK (Default)
Page 29 of 55

Year Last Renovated

Prop Type

Amenity Item

Common

Amenity

FRE valuation functional design doc v1.6.

Functional Specification
Items Balcony/Patio Car Wash Area Club House Dishwasher Disposal Other Amenities Drapes Fire Places FitnessCenter Basketball Court Guarded Gate Indoor Pool Golf Course Racquetball Court Lofts Microwave FitnessCenter Volleyball Court Mini-Blinds Outdoor Pool Playground Oven/Range External Storage Overhead Fans Panic Button CarCareCenter Perimeter Fence Playground Refrigerator Sauna/Jacuzzi Security Patrol Storage Tennis Courts Trash Compactor Unit Activated Entrance Vaulted Ceiling W&D Hook-Ups Washer/Dryer Sprinklers Smoke Alarm BLANK (Default) Balcony/Patio Car Wash Area Club House Dishwasher Disposal Other Amenities Drapes Fire Places FitnessCenter Basketball Court Guarded Gate

Security Items

Amenity

Page 30 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Indoor Pool Golf Course Racquetball Court Lofts Microwave FitnessCenter Volleyball Court Mini-Blinds Outdoor Pool Playground Oven/Range External Storage Overhead Fans Panic Button CarCareCenter Perimeter Fence Playground Refrigerator Sauna/Jacuzzi Security Patrol Storage Tennis Courts Trash Compactor Unit Activated Entrance Vaulted Ceiling W&D Hook-Ups Washer/Dryer Sprinklers Smoke Alarm BLANK (Default) Frame Type Siding Type Roof Type Plumbing Concrete Masonry Steel BLANK (Default) Excellent Good Average Fair Poor BLANK (Default) Power Lines Railroad Lines Landfills Sewer Facilities High Volume Streets BLANK (Default) Poor Fair
Page 31 of 55

Construction Analysis Item

Construction Analysis Rating

Location Item

Analysis

Location Rating

Analysis

FRE valuation functional design doc v1.6.

Functional Specification
Average Good Excellent BLANK (Default) Access to Local Amen Traffic Grounds Property Condition BLANK (Default) Covenant Analysis Economic Vacancy Physical Vac-SubMarket Physical Vacancy-Market Physical Vacancy=Subject Value Comp Method BLANK (Default) If Property Performance Item is Covenant Analysis, Item Sub Type is: y DCR y LTC y LTV If Property Performance Item is Economic Vacancy, Item Sub Type is: y Appraiser y Lender Survey If Property Performance Item is Physical Vacancy-Market, Item Sub Type is: y Appraiser y Prior Year y Underwriting y Year-To-Date If Property Performance Item is Physical Vacancy-Subject, Item Sub Type is: y Appraiser y Cert. Rent Roll If Property Performance Item is Value Comp Method, Item Sub Type is: y Gross Income Multiplier y Value Per Room y Value Per Sq. Ft. y Value Per Unit BLANK (Default) Subject Appraisal Other (values are User selected) BLANK (Default) [List of 50 US States- abbreviated/alphabetical] DC (District of Columbia) PR (Puerto Rico) Similar (default) Inferior Superior BLANK (Default) [List of 50 US States- abbreviated/alphabetical] DC (District of Columbia) PR (Puerto Rico)
Page 32 of 55

Quality

Property Performance Item

Item Sub Type

Source of Sales Comps

REQ_440 7/BR.149 8

PropertyState REQ_777 1, REQ_777 3

Comparison

Rent Comps ST

FRE valuation functional design doc v1.6.

Functional Specification
BLANK (Default) Residential Commercial BLANK (Default) Inferior Similar Superior Nothing BLANK (Default) Inferior Similar Superior Nothing BLANK (Default) Inferior Similar Superior Nothing BLANK (Default) Inferior Similar Superior Nothing BLANK (Default) Inferior Similar Superior Nothing BLANK (Default) Inferior Similar Superior Nothing DEFAULT

Tenant Type

Location

Condition

Amenities

Quality

Appeal

Overall

REQUIRED

Functionality Description VALUATION LIST GRID   The Valuation List Grid allows the User to enter multiple valuations for a property. The User can add, save, delete, and copy rows in the Valuation List Grid. y Add If the user clicks on the Add button a new row will be created. y Save If the user clicks on the Save button any additions or modifications will be saved.
Page 33 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Delete If the user clicks on the Delete button the selected row will be deleted. Copy If the user selects a row and then clicks on the Copy button, all the data elements from the Valuation List grid, Valuation frame, Sales Comp frame, and Rent Comp frame will be copied except for 2 data fields differences: - If the user copies an Active row, the copied row will not be marked Active . - The copied row Report Date field will be populated based on when the row was copied. The User will first need to select a valuation by selecting a row in the Valuation List grid in order to enter data into the frames below the grid. The User will select the active valuation by selecting the Active checkbox for a row. Columns in the Valuation List Grid can be sorted when clicked on the header of the grid. y y

  

VALUATION FRAME: y Review Appraisal o The Seller/Servicer orders and reviews an appraisal prior to sending it to Freddie Mac. Once the appraisal is submitted to Freddie Mac, the Underwriter will review the appraisal in its entirety. The Underwriter will compare the results of the appraiser's income and expense analysis to the underwritten income and expenses and determine whether any differences require reconciliation or an adjustment of the assumptions used while developing the underwritten NOI. Satisfies Requirement(s): REQ_368 y Freddie Mac (Portfolio) Valuation o The Underwriter will develop an estimate of Property value on every investment (the "Internal Value") distinct from the conclusion of the third party appraiser (the "Appraised Value"). The Internal Value will be based on the Property's physical and financial condition. Satisfies Requirement(s): REQ_354  Submit Button: Selecting the Submit button will save all the information on the Valuation screen. Satisfies Requirement(s): REQ_4615, REQ_4545, REQ_4546, REQ_4622

FINAL VALUATION o If the Appraisal Valuation is not currently present, the Final Valuation will be set to the FRE Property Value. Satisfies Requirement(s): REQ_481/BR.544 o Since CME is not applicable for this phase, the system will pull the FRE Portfolio Proforma to obtain the NOI calculation. Satisfies Requirement(s): REQ_4619
FINAL VALUATION- Requirement/Business Rules Mapping Enterable or Calculated As-Is As-Stabilized

Page 34 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Calculated Calculated Calculated Calculated Final Final Final Final Cap Rate Value Per Unit Valuation Value Per Sq. Ft. REQ_4619/BR.2167 REQ_4620/BR.2218 REQ_481/BR.1526 REQ_4622/BR.2219

FINAL VALUATION- Requirement/Business Rules Mapping Enterable or Calculated Calculated Calculated Calculated Calculated As-Is Final Final Final Final Cap Rate Value Per Sq. Ft. Value Per Unit Valuation REQ_4619/BR.2168 REQ_4622/BR.2222 REQ_4620/BR.2220 REQ_481/BR.771 As-Stabilized REQ_4619/BR.2169 REQ_4622/BR.2223 REQ_4620/BR.2221 REQ_481/BR.772

DIRECT CAP VALUATION o Appraisal Company (TYPE-AHEAD SEARCH) drop-down: This field will populate with Entities in the database that are associated with the 'Appraisal' entity type.  This field is a type-ahead search field. The User should be able to type in the field, and the dropdown should filter and display entities that match the entered criteria. The User will have the ability to select one of the values in the drop-down. Satisfies Requirement(s): REQ_1323, REQ_4350/BR.1780/BR.2356, REQ_3921, REQ_4360 o Appraisal Type Radio Buttons:  The Appraisal Type radio buttons are only for the use of the Direct Cap Valuation frame and will remain within the Direct Cap Valuation frame per Release 2.0 design. Default: (Appraisal Type) As-Is radio button will be selected by default. Values on in the Appraisal Valuation section are controlled by the Appraisal Type indicator. Satisfies Requirement(s): REQ_4850/BR.2419  If the As-Isradio button is selected, the enterable fields listed in the As-Is column in the following table should be open for entry. Fields listed in the As-Stabilized column should be protected. y y Calculated fields in the As-Is column will automatically calculate. Calculated fields in the As-Stabilized column will not calculate and remain blank. Satisfies Requirement(s): REQ_4055/BR.2407
DIRECT CAP VALUATION- Requirement/Business Rules Mapping As-Is Radio Button selected Enterable or As-Is Calculated RESIDENTIAL APPRAISAL NOI Enterable REQ_1341/BR.1967, REQ_3970/BR.2344 Cap Rate Enterable REQ_1340/BR.1631, REQ_3969/BR.1636 Appraisal Value Enterable REQ_1339/BR.1637, REQ_3968/BR.1656 As-Stabilized

Protected Protected Protected

Page 35 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Value Per Sq. Ft. REQ_1084/BR.1202 Value Per Unit Calculated REQ_468/BR.589 COMMERCIAL APPRAISAL NOI Enterable REQ_2099/ BR.2042, REQ_3973/BR.2352 Cap Rate Enterable REQ_2098/ BR.2345, REQ_3972/BR.2353 Appraisal Value Enterable REQ_2101/ BR.2354, REQ_3971/BR.2355 Value Per Sq. Ft. Calculated REQ_4359/BR.2139 BLENDED VALUE Calculated NOI REQ_4361/BR.2049 Calculated Cap Rate REQ_405/BR.1103 Calculated Appraisal Value REQ_2102/BR.548 Calculated

Protected Protected Protected

If the As-Is and As-Stabilized radio button is selected, the enterable fields listed in the As-Is and As-Stabilizedcolumns in following table should be open for entry. y y Calculated fields in the As-Isand As-Stabilizedcolumns will automatically calculate. If the User has already selected the As-Is and As-Stabilized radio button and saved data, the As-Stabilized values will be cleared if the User chooses to select the As-Is radio button and save data. Satisfies Requirement(s): REQ_4055/BR.2408/BR.2409
APPRAISAL VALUATION- Requirement/Business Rules Mapping As-Is and As-Stabilized Radio Button selected

Enterable or As-Is Calculated RESIDENTIAL APPRAISAL NOI Enterable REQ_1341/BR.2024, REQ_3970/BR.2026 Cap Rate Enterable REQ_1340/BR.2020, REQ_3969/BR.2022 Appraisal Value Enterable REQ_1339/BR.678, REQ_3968/BR.1804 Value Per Sq. Ft. Calculated REQ_1084/BR.2030 Value Per Unit Calculated REQ_468/BR.2028 COMMERCIAL APPRAISAL NOI Enterable REQ_2099/BR.2040, REQ_3973/BR.2043 Cap Rate Enterable REQ_2098/BR.2036, REQ_3972/BR.2038 Appraisal Value Enterable REQ_2101/BR.2032, REQ_3971/BR.2034 Value Per Sq. Ft. Calculated REQ_4359/BR.2137 BLENDED VALUE Calculated NOI REQ_4361/BR.2047 Calculated Cap Rate REQ_405/BR.1749

As-Stabilized NOI REQ_1341/BR.2025, REQ_3970/BR.2027 Cap Rate REQ_1340/BR.2021, REQ_3969/BR.2023 Appraisal Value REQ_1339/BR.1701, REQ_3968/BR.1805 Value Per Sq. Ft. REQ_1084/BR.2031 Value Per Unit REQ_468/BR.2029 NOI REQ_2099/BR.2041, REQ_3973/BR.2044 Cap Rate REQ_2098/BR.2037, REQ_3972/BR.2039 Appraisal Value REQ_2101/BR.2033, REQ_3971/BR.2035 Value Per Sq. Ft. REQ_4359/BR.2138 NOI REQ_4361/BR.2048 Cap Rate REQ_405/BR.1750

Page 36 of 55

FRE valuation functional design doc v1.6.

Functional Specification
Calculated Appraisal Value REQ_2102/BR.2045 Appraisal Value REQ_2102/BR.2046

Portfolio (Freddie Mac) Valuation Section:  Separate Commercial Valuation checkbox: o If Commercial NOI > 0, then the Separate Commercial Valuation checkbox will be open for selection. Otherwise, it will be protected. If Commercial NOI = 0, then the system will default the Separate Commercial Valuation checkbox to unchecked (no value). Selecting this checkbox will calculate the Commercial Valuation and Blended Valuation frames in the Portfolio Valuation section. Otherwise, these frames will be hidden. Since CME is not applicable for this phase, the system will pull the Portfolio Proforma to obtain the NOI for Residential and Commercial Valuations Satisfies Requirement(s): REQ_4341, REQ_4342, REQ_4343, REQ_4344, REQ_3804, REQ_4362, REQ_3801  Selecting the Separate Commercial Valuation checkbox will determine which NOI value to pull into the Residential/Commercial NOI fields from the FRE Proforma. o o If unchecked, the system will pull the Total NOI value into the Residential NOI field If checked, the system will pull the Residential NOI value into Residential NOI field and the Commercial NOI valueinto Commercial NOI field.

If the selected Freddie Mac Proforma contains only an As-Is Proforma, the system will display the As-Is valuation. If the selected Freddie Mac Proforma contains an As-Is and As-Stabilized Proforma, the system will display the As-Is and As-Stabilized valuations.

Satisfies Requirement(s): REQ_4057/BR.1090/BR.1714/BR.2381, REQ_4058/BR.1090/BR1714/BR.2381


FREDDIE MAC VALUATION- Requirement/Business Rules Mapping As-Is Values Present As- Is As- Stabilized RESIDENTIAL VALUATION NOI Protected REQ_3801/BR.2387 Separate Commercial Valuation Checkbox = No NOI Protected Separate Commercial REQ_3801/BR.1752 Valuation Checkbox = Yes REQ_517/BR.2377 Protected Cap Rate REQ_3974/BR.2378 UW Cap Rate REQ_884/BR.543 Protected Value REQ_882/BR.541 REQ_883/BR.2379 Protected UW Value REQ_3975/BR.2380 UW Value/Sq. Ft. REQ_1054/BR.798 Page 37 of 55

Enterable

Enterable Enterable Calculated Calculated Enterable Calculated

FRE valuation functional design doc v1.6.

Functional Specification
REQ_1054/BR.2115 REQ_1053/BR.797 REQ_1053/BR.2412 REQ_1412/BR.1713 REQ_1051/BR.2382 REQ_3976/BR.2383 REQ_3804/BR.1759 REQ_1055/BR.897 REQ_1049/BR.2384 REQ_3977/BR.2385 REQ_1530/BR.1061 REQ_2095/BR.1075 REQ_4362/BR.2066 REQ_2096/BR.1078

Calculated

UW Value/Unit COMMERCIAL VALUATION UW Cap Rate Cap Rate NOI Value UW Value UW Value/Sq. Ft. BLENDED VALUATION Cap Rate NOI Value

Calculated Enterable Enterable Calculated Enterable Calculated Calculated Calculated Calculated

Protected Protected Protected

FREDDIE MAC VALUATION- Requirement/Business Rules Mapping As-Is and As-Stabilized Values Present As- Is As- Stabilized RESIDENTIAL VALUATION Enterable NOI Separate Commercial REQ_3801/BR.2388 REQ_3801/BR.2389 Valuation Checkbox = No Enterable NOI Separate Commercial REQ_3801/ BR.1754 REQ_3801/ BR.1756 Valuation Checkbox = Yes Enterable REQ_517/BR.769 REQ_517/BR.1703 Cap Rate REQ_3974/BR.1806 REQ_3974/BR.1807 Calculated UW Cap Rate REQ_884/BR.1706 REQ_884/BR.1707 Calculated Value REQ_882/BR.1753 REQ_882/BR.1755 REQ_883/BR.1757 REQ_883/BR. 1758 Enterable UW Value REQ_3975/BR.1808 REQ_3975/BR.1809 REQ_1054/BR.789 REQ_1054/BR.790 Calculated UW Value Per Sq. Ft. REQ_1054/BR.2413 REQ_1054/BR.2414 REQ_1053/BR.787 REQ_1053/BR.788 Calculated UW Value Per Unit REQ_1053/2410 REQ_1053/BR.2311 COMMERCIAL VALUATION Enterable NOI REQ_3804/BR.1760 REQ_3804/BR.1761 REQ_1051/BR.1710 REQ_1051/BR.1709 Enterable Cap Rate REQ_3976/BR.1811 REQ_3976/BR.1810 Calculated UW Cap Rate REQ_1412/BR.1711 REQ_1412/BR.1712 Calculated Value REQ_1055/BR.785 REQ_1055/BR.786 REQ_1049/BR.706 REQ_1049/BR.770 Enterable UW Value REQ_3977/BR.1812 REQ_3977/BR.1813 Calculated UW Value Per Sq. Ft. REQ_1530/BR.1764 REQ_1530/BR.1765 BLENDED VALUATION Calculated NOI REQ_4362/BR.2067 REQ_4362/BR.2068 Calculated Cap Rate REQ_2095/BR.1076 REQ_2095/BR.1077 Calculated Value REQ_2096/BR.1079 REQ_2096/BR.1080

MARKET INFO FRAME: y y The User can enter and submit data using the Submit button. Property in Place grid must directly pull from the Active Rent Roll and update when the Active Rent Roll is updated

Page 38 of 55

FRE valuation functional design doc v1.6.

Functional Specification

APPRAISAL PROPERTY INFO FRAME: y The User can enter and submit data using the Submit button.

Page 39 of 55

FRE valuation functional design doc v1.6.

Functional Specification

AMENITIES FRAME: y y The User can add and delete amenity items using the Add and Delete buttons. The User can add duplicate items

The User can submit data using the Submit button.

CONSTRUCTION ANALYSIS FRAME: y y The User can add and delete items using the Add and Delete buttons. The User can add duplicate items

Page 40 of 55

FRE valuation functional design doc v1.6.

Functional Specification

The User can submit data using the Submit button.

LOCATION ANALYSIS/LOCATION QUALITIES FRAME: y y The User can add and delete items using the Add and Delete buttons. The User can add duplicate items

The User can submit data using the Submit button.

Page 41 of 55

FRE valuation functional design doc v1.6.

Functional Specification

CERTIFICATE OF PROPERTY CONDITION FRAME: y The User can enter and submit data using the Submit button.

PROPERTY PERFORMANCE FRAME: y y The User can add and delete items using the Add and Delete buttons. The User can add duplicate items

The User can submit data using the Submit button.

SALES COMP FRAME FRAME: y Sales Comparisons is an alternative approach to determine internal Freddie Mac value of the property. The Underwriter will use the appraisal, data from recent acquisition loans purchased by Freddie Mac, recent appraisals on other similar Freddie Mac transactions as sources for sales comparable data. Satisfied Requirement(s): REQ_355  Add/Edit Sales Comparison Record:
Page 42 of 55

FRE valuation functional design doc v1.6.

Functional Specification

OUS allows the user to add Multiple Sales Comparison Records in the Sales Comparisons Grid. Selecting the Add button will create a new blank line item in the Sales Comparable Grid. The User will then add the pertinent data from the source (appraisal) and click on the Submit button on the bottom of the page to save the data to the grid. The lines items will appear in the comparisons frame below the grid. OUS will allow the user to add/enter and update data within the Sales Comparisons grid: y y y y y y y y y y y y y y y y y y Include Sales Comparison in Approval Document (Checkbox: if checked defaults the Approval Doc check boxes in the Sales Comparison frame) Photo (this is only populated if a Photo has been added via the Add Photo button) Source (drop-down values are Subject Appraisal and Other ) (BR.1498) Sale price Sale price per square footage Property Name Property Address PropertyCity PropertyState Date of Sale Year built Total Number of Units Implied CAP Rate Total Square Footage Average Square Foot Per Unit Sale Price Per Unit Adj. Price Per Unit Comparison

Page 43 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Satisfies Requirement(s): REQ_4601, REQ_4407  Delete an Existing Sales Comparison Record: o To delete a Sales Comparison record in the Sales Comparable grid, the User must first highlight a row in the grid. Selecting the Delete button will prompt the User with the following pop-up message, "Are you sure you want to delete this Sales Comp Record?"  Selecting the OK button will delete the selected Sales Comp row in the grid and delete the associated column in the Sales Comparison Frame. Selecting the Cancel button will close the pop-up box and return the User back to the Sales Comp screen. If the User does not select a row before selecting the Delete button, the system will display a pop-up message stating, "Please select a row to delete".

 

Add Photos button: o Highlighting a row in the grid and selecting the Add Photos button will direct the User to the following screen to allow them to upload picture files related to the selected Sales Comparable Record in the grid:  Programmer's Note: Use current Add Photo functionality on Broker System

Page 44 of 55

FRE valuation functional design doc v1.6.

Functional Specification

If the User does not select a row before selecting the Add Photos button, the system will display a popup message stating, "Please select a row in the grid". If a picture is attached to a Sales Comparison record, the grid will display an attachment (paperclip) icon in the Photos column for the Sales Comparison record. Selecting the Attachment (paperclip) icon in the Photos column will take the User to the Add Photos screen for the selected Sales Comparison record. The Add Photos button will not be saved to the File Cabinet . The Add Photos button will be used for this page only and not for the brief.

Subject Property Values: The Subject Property Values will come from the current Deal/Property Record displayed in the Header Record. All information related to Subject Property will be protected. See Data Requirements for where fields map. o If Loan Purpose = Refinance or Supplemental (DEFERRED), the Date of Sale field will populate with the value entered in the Original Acquired Date field in the Loan Purpose frame. Otherwise, the Date of Sale field will remain blank. If the Product Type is equal to one of the following values:     Conventional Mortgage Streamlined Acquisition of FMAC Mortgage Streamlined Refinance of FMAC Mortgage Standard Refinance of FMAC Mortgage

then the following fields in the Subject Property column will map to Final As-Is Values on the Valuation screen- see Data Requirements:      o Source field will display 'FRE As-Is' Sale Price Sale Price/Sq. Ft. Sale Price/Unit Implied Cap Rate

If the Product Type is equal to one of the following values:


Page 45 of 55

FRE valuation functional design doc v1.6.

Functional Specification

   

Acquisition Upgrade Mortgage Acquisition Rehabilitation Mortgage Premier Lease-Up Standard Lease-Up

then the following fields in the Subject Property column will map to Final As-Stabilized Values on the Valuation screen- see Data Requirements:      Source field will display 'FRE As-Stabilized' Sale Price Sale Price/Sq. Ft. Sale Price/Unit Implied Cap Rate

To update data, the user will select the comparable line to be updated, and then click the cursor in the field to be updated. This action will cause the field to be become open and available for modification. Once the user is finished with the data updates, they will need to click on the Submit button located at the bottom of the screen to save the changes. OUS will allow the user to select the Sales Comparisons to be included in the brief by checking the Include Sales Comparisons in Approval Document check box located above the Sales Comparisons grid.

Submit Button: When the user clicks on the Submit button, located on the bottom of the screen, all of the entered information to the Sales Comparable grid and comments will be saved.

Page 46 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Satisfies Requirement(s): REQ_463, REQ_3872, REQ_3791, REQ_3873, REQ_3792, REQ_3874, REQ_3871, REQ_3875, REQ_3793, REQ_3876, REQ_3794, REQ_3877, REQ_3795, REQ_3878, REQ_3796, REQ_3879, REQ_3797, REQ_3880, REQ_3798, REQ_3881, REQ_3799, REQ_3882, REQ_3800, REQ_3883, REQ_1161, REQ_3884, REQ_4564

Sales Comparison Frame  When the User selects the Submit button after entering data in the Sales Comparisons grid OUS will automatically create a Subject Property column and Comparable columns in the Sales Comparisonframe. The Sales Comparable column data is feed directly from the grid. Only those fields that are populated in the grid will display in the Comparable column (see screen print below). To update data the Comparison column user needs to update the Comparisons grid.

Information related to the Subject Property will be protected and displayed on the left side in a "frozen" section. Comparable Records are scrollable using the scroll bar across the bottom. Information in all other columns will be protected and cannot be modified in the frame. The following data fields will be viewable in the Sales Comparisons Subject Property frames if the user has entered the data in the Sales Comparisons grid:    Source of Sales Comparisons Date of Sale Property Name
Page 47 of 55

FRE valuation functional design doc v1.6.

Functional Specification
               Property Address PropertyCity PropertyState Sales Comparison Section in brief (Y/N) Selected Sales Comparison to include in the brief Year Built Total #of Units Total Sq. Ft. Average Sq. Ft./Unit Sales Price Sales Price/Sq. Ft. Sales Price/Unit Adj. Price/Unit Implied Cap Rate [CR 45] Comparison

Page 48 of 55

FRE valuation functional design doc v1.6.

Functional Specification
o Check to Include in Approval Doccheckboxes will default to checked , if the Include Sales Comparisons in Approval Document check box is checked. To exclude the data elements from the Brief the User needs to uncheck to the boxes. Submit Button: to save the comparison data the user will click the Submit button.

o o

Access levels: access to the Sales Comparison screen is managed by the Security Matrix. Satisfies Requirement(s): REQ_5225, REQ_4537, REQ_5226

Selecting Fields to Include in the Brief (Approval Doc):


Level 2Include in Approval Doc (Grid Column- Checkbox) APPEARS IN STATUS APPROVAL DOC? Checked YES- comp record appears Checked YES- comp record appears Unchecked NO- comp record does not appear Unchecked NO- comp record does not appear Unchecked NO- comp record does not appear Unchecked NO- comp record does not appear Checked NO- comp record does not appear Checked NO- comp record does not appear Level 3Uncheck to Exclude From Approval Doc (Field Level Checkboxes) APPEARS IN STATUS APPROVAL DOC? Checked YES- field appears in comp section Unchecked NO- field does not appear Unchecked NO- field does not appear Checked NO- field does not appear Unchecked NO- field does not appear Checked NO- field does not appear Checked NO- field does not appear Unchecked NO- field does not appear

Level 1Include Sales Comparison in Approval Doc (Single Checkbox) APPEARS IN STATUS APPROVAL DOC? Checked YES- section appears Checked YES- section appears Checked YES- section appears Checked YES- section appears Unchecked NO- section does not appear Unchecked NO- section does not appear Unchecked NO- section does not appear Unchecked NO- section does not appear

The above grid outlines the instances where OUS will or will not display Sales Comparisons in the Brief (Approval Doc). The intention of this section is to provide the user with an understanding and the variations around the Approval check boxes. The Include Sales Comparisons in the Approval Document check box drives the data elements that will ultimately included or excluded from the Brief. This is all accomplished by checking or unchecking the check boxes located on the Sales Comps screen, which was described in the section above.  Level 1: Include Sales Comp in Approval Doc Checkbox  The Level 1:Include Sales Comparison in Approval Doccheckbox will be unchecked until the first Sales Comparison Record is created. When the FIRST Sales Comparison Record is created, the checkbox will be automatically checked. If Level 1:Include Sales Comparison in Approval Doc checkbox is checked: o o o Sales Comparison section will be included in the Approval Doc. Level 2:Include in Approval Doc checkbox column in the Sales Comparison grid will be active Level 3: Uncheck to Exclude From Approval Doc checkbox column in the Sales Comp Comparison frame will be active (select Compare Sales Comps button to see Sales Comp Comparison frame)

Page 49 of 55

FRE valuation functional design doc v1.6.

Functional Specification

If Level 1:Include Sales Comparison in Approval Doc checkbox is unchecked: o o o Sales Comparison section will not be included in the Approval Doc. Level 2:Include in Approval Doc checkbox column in the Sales Comp grid will keep their current state (checked/unchecked) but Checkbox will become inactive. Level 3: Uncheck to Exclude From Approval Doc checkboxes on the Sales Comp Comparison frame will keep their current state (checked/unchecked) but Checkbox will become inactive.

Level 2: Sales Comp Record Checkboxes in Sales Comp Grid  The Level 2:Include in Approval Doc checkbox will be defaulted to checked (regardless if the field is active or inactive for User input) when a new Sales Comparison Record is created. If Level 2: Include in Approval Doc checkbox is checked for a Comparable Record in the grid: o Sales Comparable Record will be included in the Approval Doc If Level 2: Include in Approval Doc checkbox is unchecked for a Comparable Record in the grid: o Sales Comparable Record will be omitted from the Approval Doc

Level 3: Field Level Checkboxes  The Level 3: Uncheck to Exclude From Approval Doc checkboxes will be defaulted to checked (regardless if the field is active or inactive for User input) when a new Sales Comparison Record is created. If Level 3: Uncheck to Exclude From Approval Doc checkbox is checked for a field: o Field column will be included for all Comparable Records that are included in the Approval Doc If Level 3: Uncheck to Exclude From Approval Doc checkbox column is unchecked for a field: o Field column will be omitted for all Comparable Records that are included in the Approval Doc

 

Page 50 of 55

FRE valuation functional design doc v1.6.

Functional Specification

Satisfied Requirement(s): REQ_465, REQ_499, REQ_4564

RENT COMPS: o The Origination and Underwriting System (OUS) shall display the following data elements associated with every Rent Comparable Property:  Property Name  Property Address  PropertyCity  PropertyState  Property Zip  Year Built  Unit Type -Number of Bedrooms -Number of Bathrooms  Number of Units per Unit Type  Number of Units  Range of Residential Square Footage per Unit Type  Range of Monthly Rent per Unit Type  Percentage of Occupied Units per Unit Type  Rent Comparison Comments Note: Number of Units per Unit Type will not be captured in the system. o The Origination and Underwriting System (OUS) shall allow the user to save all the following data elements for every Rent Comparable property.  Property Name  Property Address  PropertyCity  PropertyState  Year built  Number of Bedrooms per Unit Type  Number of Bathrooms per Unit Type  Number of Units per Unit Type  Residential Square Footage per Unit Type
Page 51 of 55

FRE valuation functional design doc v1.6.

Functional Specification
   o Monthly Rent per Unit Type Percent of Occupied Units Rent Comp Boilerplate Comments

The Origination and Underwriting System (OUS) shall prevent the user from editing the following subject property data  Property Name  Property Address  PropertyCity  PropertyState  Property Zip  Year built  Number of Bedrooms per Unit Type  Number of Bathrooms per Unit Type  Number of Units for every Unit Type  Residential Square Footage per Unit Type  Monthly Rent per Unit Type  Percent of Occupied Units Satisfies Requirement(s): REQ_7608, REQ_7881, REQ_7882

OUS allows the user to add Multiple Rent Comparison Records in the Rent Comparisons Grid. Selecting the Add button will create a new blank line item in the Rent Comparable Grid. The User will then add the pertinent data from the source (appraisal) and click on the Submit button on the bottom of the page to save the data to the grid. The lines items will appear in the comparisons frame below the grid.

Delete an Existing Rent Comparison Record: o To delete a Rent Comparison record in the Rent Comparable grid, the User must first highlight a row in the grid. Selecting the Delete button will prompt the User with the following pop-up message, "Are you sure you want to delete this Rent Comp Record?"

Selecting the OK button will delete the selected Rent Comp row in the grid and delete the associated column in the Rent Comparison Frame.
Page 52 of 55

FRE valuation functional design doc v1.6.

Functional Specification

 

Selecting the Cancel button will close the pop-up box and return the User back to the Rent Comp screen. If the User does not select a row before selecting the Delete button, the system will display a pop-up message stating, "Please select a row to delete".

Add Photos button: o Highlighting a row in the grid and selecting the Add Photos button will direct the User to the following screen to allow them to upload picture files related to the selected Rent Comparable Record in the grid:  Programmer's Note: Use current Add Photo functionality on Broker System

If the User does not select a row before selecting the Add Photos button, the system will display a popup message stating, "Please select a row in the grid". If a picture is attached to a Rent Comparison record, the grid will display an attachment (paperclip) icon in the Photos column for the Rent Comparison record. Selecting the Attachment (paperclip) icon in the Photos column will take the User to the Add Photos screen for the selected Rent Comparison record. Submit Button: When the user clicks on the Submit button, located on the bottom of the screen, all of the entered information to the Rent Comparable grid and comments will be saved.

Rentable Comparable Frame:

Page 53 of 55

FRE valuation functional design doc v1.6.

Functional Specification
 When the User selects the Submit button after entering data in the Rent Comparisons grid OUS will allow for the User to enter in details in the Rentable Comparable Details grid that are related to the Rent Comparison row selected in the Rent Comparisons grid.

The User can add and delete items using the Add and Delete buttons.

Page 54 of 55

FRE valuation functional design doc v1.6.

Functional Specification

The User can submit data using the Submit button.

BUSINESS RULES/ FIELD VALIDATIONS/ CONFIGURATIONS


No additional business rules/validations for this section.

Page 55 of 55

FRE valuation functional design doc v1.6.