OPG 4.12 F47 Reconciliation Form

OMB No. 2502-0533
(Exp, 12/31/2017)
Mark-to-Market
Form 4.12
F47 Reconciliation Form
FORM 4.11 OR 4.12 MANDATORY AT PLAN AND PARTIAL PAYMENT OF
CLAIM (PPC) SUBMISSIONS
INTRODUCTION. PAE identifies the F47 discrepancy(ies), researches the cause and
compiles documentation to explain it, prepares an amortization schedule if there was a
discrepancy in the principal balance, completes and signs the Form 4.12, and submits the
entire package (the Form 4.12 Reconciliation Package) to the Preservation Office Closing
Coordinator (POCC) during due diligence.
SECTION I. The POCC reviews the Form 4.12 Reconciliation Package. If the POCC
agrees with the PAE’s findings, the POCC signs in concurrence in Section I. POCC
forwards a copy of the signed Form 4.12 (without attachments) to the PAE for the PAE
to submit with the Restructuring Plan. The POCC forwards a copy of the Form 4.12
Reconciliation Package to the Closing Specialist (CS) for Recap Headquarters review.
SECTION II. The CS reviews the Form 4.12 Reconciliation Package, and if it is
acceptable, signs off on the entire package and submits the package to MFIO for review
and reconciliation. The CS returns a copy of the Form 4.12, signed by the CS and POCC
for the PAE’s files. This is required for approval of the Restructuring Plan.
SECTION III.
PART A. This section is to be completed by the CS once the discrepancy is
cleared by MFIO and is changed within the MFIO database. The Form 4.12 is returned
to the POCC with a current F47 E-08 printout and HUD Amortization Schedule
reflecting the changes made to HUD’s system. The CS retains a copy of entire package
for HQ Closing files.
PART B. This section is to be completed by the HUD Claims Department and
the CS once the Claims Department has determined that the restructuring may close
despite an outstanding discrepancy that exceeds the Allowable Threshold. MFIO returns
the HUD Amortization Schedule to the CS, reflecting the changes made via the
reconciliation.
If there was a F47 discrepancy, a fully executed Form 4.12 is required to be attached to
the PPC package in order to get on the Closing Calendar.

August 2005

Form 4.12, Page 1

FORM 4.12 INTRODUCTION: PAE completes and attaches appropriate
documentation to this document and sends it to the POCC with a copy to the Debt
Restructuring Specialist. (Completion of all fields is required)
Project Name: _____________________________ FHA#:
______________

Date: ___________
Memo To:

(enter name)______________ Production Office Closing Coordinator

From:

(enter name)_______________PAE Contact
(enter PAE)_______________ PAE

Issues to be resolved for F47 Clearance:
(PAE check appropriate box)

UPB Balances ONLY
(Complete Existing Data for UPB Discrepancy below)
92080 Mortgagee Change of Record Form Required ONLY
(Attach 92080, E-08 & H-01 screens to this package – this completes the
4.12 Form requirements for 92080 changes)
UPB Balances AND 92080 Mortgagee Change of Record Form Required
(Attach 92080, E-08 & H-01 screens to this package and complete
Existing Data for UPB Discrepancy below)

Existing Data required for UPB Discrepancy
From F47:

From Lender:

Original Mortgage Amt:____________

Original Mortgage Amt:____________

Current Interest Rate:__________

Current Interest Rate:__________

Loan Term (months):________

Loan Term (months):__________

F47 UPB as of (enter date): ____

Lender UPB as of (enter date): ____

August 2005

Form 4.12, Page 2

__$__________________________

__$___________________________

We have researched the history on this loan and have identified the following
changes to the original loan terms, conditions, and/or payment schedule that we believe
account for the F47 UPB discrepancy. (If more space is required to provide an
explanation of the issues, please attach a separate narrative.)
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
We have attached all the following required documentation for 92080 clearance:
Completed and Signed Form 92080
F47 E-08 Screen printout
F47 H-01 Screen printouts for all entities (mortgagees and servicers that were
showing in the F47 system before and after the reconciliation)
We have also attached the supplemental documents (as marked below) which are
applicable to this review:
___Mortgage Note
___All Supplemental Notes
___All Modifications
___Lender UPB document used in UPB comparison
___Lender Loan History (if relevant to discrepancy, i.e.-prepayments)
___F47 E-08 Screen printout
___PAE’s amortization schedule incorporating the changes detailed above, which support
our conclusion that the F47 discrepancy should be resolved once the changes are
reflected in the F47 system.
Please forward the attached documents to MFIO and request that they update HUD’s F47
system. Please notify us as to how the adjusted F47 balance and lender UPB compare
and advise what further steps, if any, will be required.
Signed and Certified by:
___________________________________
(PAE Official)______________________
(Title)_____________________________

August 2005

Form 4.12, Page 3

cc:

Debt Restructuring Specialist

August 2005

Form 4.12, Page 4

FORM 4.12, SECTION I: The POCC completes Section I. The POCC checks one or
more options below which describes his/her assessment of the reason for the discrepancy,
signs below, and forwards the Form 4.12 with its attachments to the CS.
Project Name: _____________________________ FHA#:
______________
1. _____ The PAE has identified modifications (recorded or unrecorded) to the
original loan terms and conditions that affect the outstanding UPB and
amortization schedule in F47 and has provided copies of all supporting
documentation.
2. _____ The PAE has identified partial prepayments over the life of the loan that
affected the outstanding UPB and has provided copies of all supporting
documentation.
3. _____ The PAE has provided a properly executed Form 92080 with required
attachments that will correct the F47 discrepancies in the Mortgagee and/or
Servicer of Record.
4. ______OTHER (also use for additional comments)
________________________________________________________________________
________________________________________________________________________
I have determined that the documentation provided by the PAE is adequate to cure the
issues outlined in the Introduction and Section I above and that the proposed resolution
the PAE offered in the Introduction appears to resolve the UPB discrepancy and/or
discrepancies in the Mortgagee and/or Servicer of Record. Accordingly, the F47
reconciliation issues have been adequately addressed to warrant submission of the draft
Restructuring Plan to Recap.
Signature of Production Office Closing Coordinator & Date:
________________________________signature & date
FORM 4.12, SECTION II: The CS reviews the Introduction with supporting
documentation and prepares the final amortization schedule incorporating the changes
and submits it to MFIO.
Project Name: _____________________________ FHA#:
______________
I have reviewed the Introduction, with attachments, and Section I to Form 4.12 and have
determined that the information provided is adequate for submission to MFIO. The
package is being referred to MFIO with our request to correct the system records.

August 2005

Form 4.12, Page 5

________________________________signature & date Closing Specialist
FORM 4.12, SECTION III: Upon MFIO’s completion of their review and database
update, the CS completes the checlist below and signs Section III demonstrating
resolution or approval of the Form 4.12 Reconciliation Package.
The modifications to the original loan terms and conditions that affect the outstanding
UPB and amortization schedule in F47 have been addressed and corrected in the MFIO
database. They fully reconcile the discrepancy in the following manner:
a) ________ 92080 changes have been made to the MFIO system, as required.
(see attached E-08 reflecting updated information)
b) _________Lender’s UPB and the updated UPB in the F47 amortization schedule
match.
c) ________ Lender’s UPB is higher than the updated UPB in the F47
amortization schedule by $_______________. The Owner must pay this
amount at closing.
d) __________HUD’s updated UPB in the F47 amortization schedule is higher
than the Lender’s UPB by $___________ .
Part 1 below requires the signature of the CS only. Part 2 below requires signatures
from both the HUD Claims Department and the CS.
____ Part 1. This is within the Allowed Threshold set by MF Claims of 2
months of the portion of the owner's P&I payment amount payable to
principal as of the Comparison Date (CD).
(1) CD P&I=__________ (from HUD Amortization schedule, as of the
UPB dates being compared).
(2) Principal only portion of CD P&I above is $___________.
(3) 2 X Principal amount above = $___________.
MFIO system input has been completed. Updated F47 system balance as of (enter
date) is (enter UPB $ amount).
.
________________________________signature & date Closing Specialist
OR
____ Part 2. This exceeds the Allowed Threshold set by MF Claims of 2
months of the portion of the owner's P&I payment amount payable to principal as
of the CD.

August 2005

Form 4.12, Page 6

(4) CD P&I=__________ (from HUD Amortization schedule, as of the
UPB dates being compared).
(5) Principal only portion of CD P&I above is $___________.
(6) 2 X Principal amount above = $_____________.
MF Claims has reviewed the documentation regarding the above discrepancy that
exceeds their allowable threshold and has determined that this project may close with this
outstanding discrepancy.

_______________________________signature & date HUD Claims Department

________________________________signature & date Closing Specialist

August 2005

Form 4.12, Page 7

Public reporting burden for this collection of information is estimated to average 4.5
hour per response, including the time for reviewing instructions, searching existing data
sources, gathering and maintaining the data needed, and completing and reviewing the
collection of information. This information is required to obtain benefits. The Office of
Multifamily Housing, Office of Recapitalization, 451 7th Street SW, Room 6230
Washington, DC 20410. HUD may not collect this information, and you are not
required to complete this form, unless it displays a currently valid OMB control number.
Title V of the Departments of Veterans Affairs and Housing and Urban Development
and Independent Agencies Appropriations Act of 1988 (P.L.105-65, 111 Stat. 1384)
authorizes the FHA Multifamily Housing Mortgage and Housing Assistance
Restructuring Program. HUD implemented a statutory permanent program directed at
FHA-insured multifamily projects that have project- based Section 8contracts with
above- market rents. The information collection is used to determine criteria eligibility
of FHA-insured multifamily properties for participation in the Mark to Market program
and the terms on which participation should occur. The purpose of the program is to
preserve low-income rental housing affordability while reducing the long-term costs of
Federal rental assistance. While no assurances of confidentiality are pledged to
respondents, HUD generally discloses this data only in response to a Freedom of
Information request.