Mark-to-Market
Mark-to-Market Form 7.21 Transmittal and Certification of Interim/Final Settlement Statement and Closing Escrow Instructions
Both the PAE and Closing Escrow Agent must sign this certifications acknowledging that the information contained in this Ffoorm, attached Settlement Statement and other attached and documents attached accurately reflect the flow of funds POC, received and disbursed from the Closing Escrow.
The initials PAE and/or CEA adjacent to each item below reflects whether the PAE and/or Closing Escrow Agent must complete and certify to it below. “Closing” in the context of this form will mean s the date the PAE Attorney signs the Certification forms 7.8, 7.11 or 7.14
|Project Name: |
|FHA #: |
|Date of Closing: |
|PAE: |
|7.21 Prepared by: |
|Name: |
|Title: Telephphone #: |
|Entity: |
|Version: Original submission_____ Revision # ______ Final _____ If this is a revised 7.21, indicate revision # above and highlight any changes |
|to transmittal and attachments |
Deadlines established herein for submission of refer to the date of “Closing”. In this context, “Closing” refers to the date the PAE Attorney signs the Attorney’s Certification, forms 7.8, 7.11 and/or 7.14 as appropriate
1) PAE & CEA Attached the Followingare:
a) Closing Escrow Instructions ______________
b) Check below indicating document(s) attached:
c) _, new submission reqt and
d)
Check below indicating document(s) attached:
i) __________Interim/Final Settlement Statement
ii) Interim/Final Disbursement Statement (optional, but if attached, must also include an Interim Settlement Statement as well. See 2 below)
e) If Accounts Payables are paid at closing attach itemized list to Settlement Statement – see 12 below
__________Interim Disbursement Statement (optional, but if attached, must also include an Interim Settlement Statement as well.)
__________ Final Settlement Statement (FSS)
__________ Final Disbursement Statement (optional, but if attached, must also include an Final Settlement Statement as well.)
Statement as used herein refers to any or all of the above documents attached to this version of the 7.21 (Interim and/or Final Settlement Statements, Interim and/or Final Disbursement Statements, as applicable).
2) PAE & CEA If Interim Settlement and/or Disbursement Statement attached:
a) List all un-disbursed any outstanding funds which; f have not been disbursed but are reflected on this Statement under Usesinal settlement statement signed by both PAE & EA will need to be provided to HQ Closing Dept. no later than 3 days after final disbursement, however the docket must contain the final settlement statement and Form 7.21 showing all disbursed funds:
|Un-disbursed Funds |$$ Amount |Reason Why Un-disbursed |Estimated Time of Final |
| | | |Disbursement |
|1. |$ | | |
|2. |$ | | |
|3. |$ | | |
_________________________________________________________ ___________________________________________________________
|FUND SOURCES |
b) Explain why those funds have not been disbursed and provide anticipated disbursal date (not to exceed 30 days past Closing date without prior OAHP HQ Closing approval) __________________________________ __________________________________________________________
c) Provide estimated date that Final Settlement Statement will be provided to PAE and HQ Closing Dept, no later than 3 days after final disbursement. _____________
FUND SOURCES
3) PAE & CEA Is MRN/CRN amount shown on Statement or is HUD Claim amount? _________ Revise Statement if MRN/CRN amount is shown. Reflect claim amount if there is an anticipated claim payment (total of MRN and CRN will not always equal claim and Statement. If there will be no claim payment (i.e., HUD-held), do not reflect MRN/CRN on Statement, it must reflect only real funds in the closing escrow (not notes).
4) PAE & CEA List the actual dollar amounts received into the escrow from by each SSource (check or wire): :
Amounts must match what was verified by HQ Closing prior to funding the partial payment of claim (if appl.) and/or must match the Exhibit F Sources and Uses:
|Source of Funds |$Amount Received |
|HUD (If HUD-Held N/A but reflect the amount of the M2M Notes on inset of S.S.) |$ |
|Existing Escrows (see 4a below) |$ |
|Takeout Financing (If new escrows netted only reflect net funds to Escrow – see 5 below) |$ |
|Owner (Must match S.S., Exhibit F and Final Administrative Amendment to RC) |$ |
|Other Sources (e.g., bridge loan funds to cover tax credit equity- see 6 below) |$ |
HUD_____________
a) Takeout financing ______________
b) Owner ____________________
c) other sources (add lines if needed) _____________
5) PAE Status of eExisting escrows.
a) Provide summary breakout of each existing escrow account, specifically addressed in the Closing Escrow Instructions, identifying how and when the existing balances were/will be disbursed (e.g., POC to new lender, POC to mortgagor, netted, or funds sent to Closing Escrow):
|Pre-Closing Escrow Accounts |$$ Amount |$$ Amount |$$ Amount |
| |POC to New Lender |Netted from Existing Pay Off |Funded to Closing Escrow |
| |(A)$$ amount |(B)how/when disbured: (e.g., $XX to new|(C) |
| | |lender __ date, etc.) | |
|R4R |$$ |$ |$ |
|Property Ttaxes |$$ |$ |$ |
|Hazard Insurance ins |$$ |$ |$ |
|MIP |$$ |$ |$ |
|Residual Receipts |$ $ |$ |$ |
|Other (specify) |$$ |$ |$ |
|Total |$ |$ |$ |
b) ALL existing escrow balances must be specifically addressed in Closing Escrow Instructions.
* If escrows are POC from old to new lender, obtain from old mortgagee estimated time of delivery to new mgtee
6) Sources that do not flow through the Closing Escrows. Show funds that do not flow through the Closing Escrow on Statement in the narrative column on the left. Write POC adjacent (indicating Paid Outside of Closing). Do not list dollar amounts in the columns to the right if they are not sent to (or disbursed by) the escrow agent.
5) PAE & CEA LTakeout financing with lender fees and escrows netted from takeout. Provide total of all escrows and lender financing costs netted from the takeout financing:
|$$ Takeout Financing |
|minus |
|Total Escrows |
|$ Loan Proceeds |
|$- Total New Escrows/Fees (from #9a column B below) |
|$ Total*(Net takeout financing) |
*Sometimes total is negative meaning additional funds are due to new mortgagee
6 Sources that do not flow through the Closing Escrows. Show these funds in the narrative column on the left side of the Settlement Statement and write POC (Paid Outside of Closing). Do not list dollar amounts in the columns to the right if they are not actually sent to (or disbursed by) the escrow agent.
a) If payments due to the new lender for financing costs and/or to establish new escrows were netted out of the lender funds deposited to the closing escrow, provide breakout here (e.g., $500,000 loan proceeds, less 75,000 reserves less 5,000 financing fees = 420,000 net funded into escrow) ___________________ ______________________________________________________________________________________________________________________
a. PAE Funds committed but not available at Closing. Are there any other Sources of Funds (besides existing escrows and the netted lender funds above) reflected on the Statement that did not flow through the closing escrow (e.g., construction financing, tax credit equity, etc?) Yes/No
i. ______________________________________________________________________________________________________________________
|Other Funds |Source |
|$ | |
|$ | |
b. PAE Additional Sources on Statment. Are there any Sources not listed on the Exhibit F S&U that flowed through the Closing Escrow? List them here (e.g., bridge loan funds to cover tax credit equity) _____________________
__________________________________________________________
|FUND USES |
FUND USES
7) List the actual dollar amounts of 3rd party disbursements:
Amounts must match funding as reflected on the settlement/disbursement statement and Closing Escrow Instructions:
|Summary of Uses |$Amount |
| |3rd party disbursements|
|**Existing Financing (If existing escrows are netted only reflect net p/o –see 8 below) |$ |
|Set-up of New Escrow Accounts (Show combined total for all escrows – see 9 below) |$ |
|HUD (Return surplus funds to HUD – see 11 below) |$ |
|Other Uses (e.g., Rehab Escrow, Operating Deficit Escrow, Payables, etc.) |$ |
|Owner (Excess residual receipts, new deposit to hazard ins escrow when no takeout financing) |$ |
**If multiple payoffs add lines as needed
8) PAE & CEA Payoff of Existing Lender. RDeflect the oes the Statement reflect the actual dollar amount of wired sent by the escrow agent to pay off the existing lender below (If net payoff reflect below)?
|$$ Gross Payoff |
|minus |
|Total Escrows |
|$ Gross Payoff (from CMB- includes P&I, fees) |
|$- Total Existing Escrows (must match 4a above) |
|$ Total* (Net Payoff) |
* Sometimes p/o is less than escrow balances meaning difference is either sent to escrow agent or mtgee
Revise Statement if inconsistent
PAE & CEA Netting of lender payoff. Does amount wired by Closing escrow agent to old lender reflect netting of existing escrows held by that lender (see 6a above)? ______ If yes, provide breakout of the net payoff amount to old lender (e.g., payoff of $3,000,000, lender holding escrows of 400,000, net payoff of 2,600,000 to lender) ______________________________________________________________ ______________________________________________________________
9) PAE New Escrows established at closing
10)
a) Provide breakout of each new escrow account name being established with new lender (or other entity if Rehab Escrow ) and how theyit wereill be funded below (e.g.,, tax escrow, $400 POC from old to new lender and additional $500 from funds in Closing Escrow):
|Post-Closing |$$ Aamount |$$ Amount |$$ Amount |
|New Escrow Acct |POC from Old to New Lender |Netted from Takeout Financing |Funded by Closing Escrow |
| |(A) |(B)how/when funded: |(C)Funded in full at closing |
| | | |from transaction costs |
| | | |NA |
|R4R |$ |$ |$ |
|Property Taxestaxes |$ |$ |$ |
|Hazard Ins. (If HUD-Held N/A)ins |$ |$ |$ |
|*MIP (impound adjustment) |$ NA |$ |$ |
|Residual Receipts |$ NA |$ NA |$ NA |
|Other (specify) |$ |$ |$ |
|Total |$ |$ |$ |
*Up- front funded in full at closing from transaction costs
b) If HUD will be in first lien position, do not collect or transfer funds for hazard insurance escrows to HUD; HUD does not service the owners hazard insurance.
c) Will escrows be fully funded after POC funds are disbursed? (If no, reconcile before disbursing funds).
Are escrows now fully funded? ___________
b) Will escrows be fully funded after POC funds disbursed? _______ If no, reconcile before disbursing funds.
11) PAE New Lender contact info for disbursement. Show total $ amount of any escrow balances held by old lender at closing to be sent directly to new lender: Are any existing escrow balances held by the old lender at closing, to be sent directly to new lender? _________. If yes, provide
|Aamount to be sent from old to new lender** |$ |
|Nnew lender name and mailing address | |
|Ccontact person name and phone # | |
(**Ssometimes less than the existing balance(s) will be sent goes to the new lender
11) If HUD is a payee on Statement of Itemized funds.
a) Provide the information below as per Chapter 7 of the OPG. Provide breakout of which line items from the Statement are included in each check so we can track proper application of the funds when received. If HUD is holding the escrows please properly identify in 7 above.
)
PAE Did HUD hold the existing escrows prior to closing (was it a previously HUD-held loan)? ________
8) PAE & CEA Is HUD a payee on Statement? ___________ If so:
a) Itemize funds sent to HUD. Provide check number(s), date, amount, and mailing address for each check sent to HUD (i.e., HUD Atlanta lockbox, HUD Chicago lockbox, HUD Multifamily Claims address) Provide breakout of which line items from the Statement are included in each check so we can track proper application of the funds when received.
|Date Ssent |Ccheck # |Aamount |HUD mailing address |SS line items in that check |
| | | | | |
| | | | | |
| | | | | |
i) Were any funds wired to HUD? __________ (HUD strongly discourages wires Closing from the Closing Escrow aAgent; checks are preferred).s from sending wires, prefers checks). If a wire was sent, provide tracking information:
Date Amount $ Identifying Information (on the transmittal) . ___________________________________________________ _________________________________________
9) PAE & CEA Is the mortgagor a payee on Statement? ___________ If so, identify funds sent to mortgagor and for what purpose (e.g., owner share of existing excess residual receipts, new deposit to hazard ins escrow when no takeout financing). _____________________________________________________ _____________________________________________________________
12) PAE Does the Statement reflect disbursement of Accounts Payables (AP) with individual payees identified on the Statement? _________ If not, revise Statement so that each AP payee is identified (attach a provide detailed list to the Settlement Statementbreakout).
13) PAE & CEA Is the Statement in balance? _________ . If there are excess funds, check with the PAE closing attorney for guidance before disbursement. , Ddo not disburse any funds until in balance.
The following certifications must be signed anew by both the PAE Attorney and Closing Escrow Agent at each submission of the 7.21.
Deadlines established herein for submission refer to the date of “Closing”. In this context, “Closing” refers to the date the PAE Attorney signs the Attorney’s Certification, forms 7.8, 7.11 and/or 7.14 as appropriate
PAE Attorney
I, _______________________,_ , representing __________________ (PAE for this transaction) have reviewed the attached settlement/disbursement Statement(s) attached and certify that the information ion the Statement(s) is correct and consistent with the information in this Form and (reflects the flow of funds received and disbursed from the Closing Escrow) and consistent with all items on this worksheet.
I further certify that at this time, ____________[enter date signed] the Closing Escrow is/is not [CIRCLE ONE] now closed and all funds have/have not [CIRCLE ONE] been disbursed.
Closing Escrow Agent
I, ________________________ ,, representing ______________ (CEA, Closing Escrow Agent for this transaction), have reviewed the attached settlement/disbursement Statement(s), attached dated_________ and certify that the information inon the Statement(s) is correct and consistent with the information in this Form and (reflects the flow of funds received and disbursed by from the Closing Escrow) and consistent with the following items on this worksheet which I certify I have specific knowledge of: items 1-4, 6a, 7, 8, 12, 13, and 15 of this worksheet.
I further certify that at this time, ____________[enter date signed] the Closing Escrow is/is not [CIRCLE ONE] now closed and all funds have/have not [CIRCLE ONE] been disbursed.
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