Reporting requirements

Your facility documents specify exactly what you owe and when. Missing deadlines ranges from annoying (fee penalties) to serious (default events). This page covers the standard reporting calendar and how to stay on top of it.

Monthly reporting

Servicer report (due 15-20 days after month-end)

The servicer report is your core deliverable. It covers:

Beginning and ending pool balance
Collections received (principal and interest)
Delinquency by bucket (30, 60, 90+ days)
Modifications, extensions, and deferrals
Charge-offs and recoveries
New originations added to the pool
Payoffs and curtailments

Most facilities require loan-level detail in addition to summary statistics. That means delivering a full tape every month, not just aggregates.

Borrowing base certificate (due 15-20 days after month-end)

The borrowing base certificate is your formal statement of how much you can borrow. It shows:

Total receivables balance
Ineligible exclusions
Concentration limit deductions
Reserve requirements
Net eligible balance and resulting borrowing capacity

You certify that the numbers are accurate and that you are in compliance with portfolio covenants.

Cash activity report (due 5-10 days after month-end)

Shows all cash movements for the period:

Collections deposited
Fundings drawn
Interest and principal payments made
Fees paid
Reserve account activity

Your calculation agent or trustee typically prepares this, but you need to review it before it goes to lenders.

Quarterly reporting

Covenant compliance certificate (due 30-45 days after quarter-end)

A formal certification that you are in compliance with all covenants. Includes:

Portfolio covenant testing (delinquency triggers, concentration limits)
Financial covenant testing (tangible net worth, liquidity, leverage)
Any covenant breaches and cure status
Officer certification and signature

See covenant compliance monitoring for detailed guidance.

Updated financial statements (due 45-60 days after quarter-end)

Unaudited quarterly financials for the originator/servicer. Lenders want to see that you remain financially healthy. They look for:

Balance sheet (TNW calculation, liquidity position)
Income statement (profitability trends)
Cash flow statement (operating cash generation)

Concentration report (due with quarterly compliance)

Detailed breakdown of portfolio concentrations:

Geographic concentration by state
Obligor concentration (for commercial loans)
Product type or loan program concentration
Credit score or risk tier distribution

Annual reporting

Audited financial statements (due 90-120 days after fiscal year-end)

Your auditor’s opinion on your financial statements. Most facilities require:

Unqualified opinion (no going concern language)
Auditor must meet minimum reputation requirements
Specific schedules (e.g., servicing compliance testing)

Servicing examination (annual or per facility requirements)

Third-party examination of your servicing operations. Common standards include:

Regulation AB Criteria for Servicing (for SEC-registered deals)
Uniform Single Attestation Program (USAP) for mortgage servicers
Custom agreed-upon procedures (AUP) for private facilities

Cost: $50K-150K depending on portfolio size and complexity.

Annual review meeting (timing varies)

Most warehouse lenders want an annual business review. You present:

Prior year performance vs. projections
Coming year origination forecast
Strategic initiatives and business changes
Collateral performance deep-dive
Capital needs and facility utilization outlook

Deadlines matter

Late reporting triggers range from annoying to serious. A typical escalation:

Days Late	Consequence
1-5 days	Grace period, no penalty
5-15 days	Late fee (typically $1,000-5,000)
15-30 days	Notice of default, cure period begins
30+ days	Event of default if not cured

Your documents define exact timelines. Read them.

Tip: Build a 3-day buffer into your internal deadlines. If the BBC is due on the 20th, your internal deadline is the 17th. That gives you time to catch errors before they become lender issues.

Monthly reporting checklist

Borrowing base certificate - BBC preparation and common errors
Performance reporting - Delinquency, loss, and prepayment metrics
Covenant compliance - Testing and breach management
Investor and SEC reporting - Formats and regulatory requirements