About the Investor Reporting Package (IRP)
The CRE Finance Council Investor Reporting Package (CREFC IRP) is a transparent, standardized set of bond, loan and property level information provided for all CMBS securitizations. It was initially rolled out in 1997 (Version 1.0 contained 100 of the most important bond/loan property level fields), and the latest Version, 7.2, went into effect on October 31, 2015. CREFC IRP Version 8.0 Exposure Draft is currently out for member comment. Once adopted next month, it will go into effect on September 30, 2016. The CRE Finance Council IRP was developed for many reasons; chief among them was that various loan servicers were not providing the same information to the trustees on CMBS deals. Also, the trustee's statement to certificateholders (monthly remittance reports) were oftentimes in inconsistent formats (they now map to the IRP). Finally, investors were not privy to the same level of information from deal to deal, a problem remedied by the standard reporting format that the CRE Finance Council IRP provides.
The information in the CRE Finance Council IRP is contained in two different formats: electronic data files and reports (supplementals, reports for operating statement analysis, and templates). The CRE Finance Council IRP is usually available at the Trustee and/or Master Servicer websites.