CREFC IRP v8.2 with Key LIBOR-to-SOFR Data Fields Set for Implementation this Reporting Period
October 12, 2021
Adopted and announced by CREFC on July 31, 2021, the Investor Reporting Package™ (IRP™) Version 8.2 (SOFR) will be first implemented as expected this reporting period—October 2021.
The IRP v8.2 contains changes relative to the implementation of various SOFR tenors in anticipation of the sunset of LIBOR. IRP v8.2 is a supplement to the full IRP narrative of v8.0 and the Loan Modification/Forbearance Best Practices (v8.1).
Since the announcement, the IRP Committee has adopted a new definition for the new field added as part of v8.2, the “Index Rate Adjustment Factor (L153).” The new definition can be found on the v8.2 Change Matrix linked below.
The CREFC IRP is a transparent, standardized set of bond, loan, and property- level information provided for all CMBS securitizations. Initially rolled out in 1997, Version 1.0 contained 100 of the most important bond/loan property level fields. Version 8.0 took effect on September 30, 2016 and now contains more than 400 data points.
Comments or questions? Contact Kathleen Olin