# EDGAR Filing Document

**Accession Number:** 0001796399
**File Stem:** 0001104659-23-018323
**Filing Date:** 2023-2
**Character Count:** 17635
**Document Hash:** a78cb5780d5e83cddd4cdfb1042245ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018323.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018323

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230210

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Residential mortgages - Reverse Mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHAP 2018-1, LLC
- **CENTRAL INDEX KEY:** 0001796399
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04876
- **FILM NUMBER:** 23610190

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 2122574600

**MAIL ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cascade Funding Mortgage Depositor HB, LLC
- **CENTRAL INDEX KEY:** 0001796407
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 2122574600

**MAIL ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHAP 2018-1, LLC
- **CENTRAL INDEX KEY:** 0001796399
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04876

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 2122574600

**MAIL ADDRESS:**
- **STREET 1:** C/O WATERFALL ASSET MANAGEMENT, LLC
- **STREET 2:** 1251 AVENUE OF THE AMERICAS, 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

**UNITED STATES** **<br> SECURITIES AND EXCHANGE COMMISSION <br> Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER** **<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

**Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period** **________ to ________**

Date of Report (Date of earliest event reported):

Commission File Number of securitizer: _____________

Central Index Key Number of securitizer: _____________

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ◻

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ◻

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ◻

**[** **✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)**

**CFMT 2023-HB11, LLC** **<br> (Exact name of issuing entity as specified in its charter)**

Central Index Key Number of sponsor: <u>0001796399</u>

Central Index Key Number of issuing entity (if applicable): __________

Central Index Key Number of underwriter (if applicable): __________

Thomas Capasse

Telephone 212-257-4600<br> Name and telephone number, including area code, of the person to

contact in connection with this filing

**PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Schedules to this Form ABS-15G. Please see the Schedule Index for the related information.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| SHAP 2018-1, LLC | SHAP 2018-1, LLC |
| (Sponsor) | (Sponsor) |
| By: | /s/ Thomas Capasse |
| Name: Thomas Capasse | Name: Thomas Capasse |
| Title: President | Title: President |
| Date: February 10, 2023 | Date: February 10, 2023 |

---

**EXHIBIT INDEX**

<u>Exhibit Number</u>

[Exhibit 99.1](tm234868d2_ex99-1.htm) [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated January 30, 2023.](tm234868d2_ex99-1.htm)

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](tm234868d2_ex99-1img001.gif) | **Deloitte & Touche LLP** |
| ![](tm234868d2_ex99-1img001.gif) | Suite 400 |
| ![](tm234868d2_ex99-1img001.gif) | Harborside Plaza 10 |
| ![](tm234868d2_ex99-1img001.gif) | Jersey City, NJ 07311 |
| ![](tm234868d2_ex99-1img001.gif) | USA |
| ![](tm234868d2_ex99-1img001.gif) |  |
| ![](tm234868d2_ex99-1img001.gif) | Tel: +1 212 937 8200 |
| ![](tm234868d2_ex99-1img001.gif) | Fax: +1 212 937 8298 |
| ![](tm234868d2_ex99-1img001.gif) | www.deloitte.com |

---

SHAP 2018-1, LLC. <br> 1251 Avenue of the Americas, Floor 50 <br> New York, New York 10020

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of mortgage loans in connection with the proposed offering of CFMT 2023-HB11, LLC, Asset-Backed Notes, Series 2023-1. SHAP 2018-1, LLC (the "Company") is responsible for the information provided to us, including the information set forth in the Base Statistical Data File and Upsized Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth on the Base Statistical Data File and Upsized Statistical Data File. Additionally, Nomura Securities International, Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Performance Trust Capital Partners, LLC (collectively with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Base Statistical Data File and Upsized Statistical Data File and communicated differences prior to being provided the final Base Statistical Data File and Upsized Statistical Data File which were subjected to the procedures described below.

**Agreed-Upon Procedures**

On January 25, 2023, representatives of the Company provided us with a computer generated mortgage asset data files and related record layouts containing data, as represented to us by the Company, as of the close of business December 30, 2022, with respect to (i) 1,428 mortgage loans ("Base Statistical Data File) and (ii) 2,174 mortgage loans, which included each of the 1,428 mortgage loans in the Base Statistical Data File, (the "Upsized Statistical Data File").

At the Company's instruction, we performed certain comparisons and recomputations for each of the mortgage loans relating to the mortgage asset characteristics (the "Characteristics") set forth on the Base Statistical Data File and Upsized Statistical Data File, as applicable, and indicated below.

**Characteristics**

---

| | | | |
|:---|:---|:---|:---|
| 1 | WAM ID (for informational purposes only) | 50 | Post D&P Capitalized Interest |
| 2 | Subservicer ID (for informational purposes only) | 51 | Post D&P MIP |
| 3 | Subservicer Name (for informational purposes only) | 52 | Post D&P Servicing Fee |
| 4 | Intended Servicing Strategy | 53 | Post D&P Repayments |
| 5 | Property City | 54 | Outstanding Tax and Insurance Advances |
| 6 | Property State | 55 | Outstanding Corporate Advances |
| 7 | Property Zip Code | 56 | Outstanding Legal Advances |
| 8 | Loan Status | 57 | Outstanding Other Advances |
| 9 | Initial Advance | 58 | Outstanding Total Advances |
| 10 | Total Current Unpaid Balance | 59 | Property Type |
| 11 | Initial Advance Limit | 60 | Occupancy Status |
| 12 | Current Life Expectancy Set-Aside Amount | 61 | Original Appraisal Date |
| 13 | Current Payment Plan | 62 | Original Appraisal Value |
| 14 | Current Net Line of Credit | 63 | Due & Payable Appraisal Date |
| 15 | Term Payments Remaining | 64 | Due & Payable Appraisal Value |
| 16 | Current Monthly Payment | 65 | FCL Appraisal Date |
| 17 | Closing Date | 66 | FCL Appraisal Value |
| 18 | MIC Endorsement Date | 67 | DIL Appraisal Date |
| 19 | Maximum Claim Amount | 68 | DIL Appraisal Value |
| 20 | Original Interest Rate | 69 | Short Sale Appraisal Date |
| 21 | Current Interest Rate | 70 | Short Sale Appraisal Value |
| 22 | Debenture Interest Rate | 71 | REO Appraisal Date |
| 23 | MIP Rate | 72 | REO Appraisal Value |
| 24 | Servicing Fee | 73 | Most Recent Appraisal Date |
| 25 | Interest Type | 74 | Most Recent Appraisal Value |
| 26 | ARM Index | 75 | BPO Valuation Date |
| 27 | ARM Margin | 76 | BPO Value |
| 28 | ARM Next Rate Adjustment Date | 77 | Most Recent Valuation Date (Appraisal or BPO Only) |
| 29 | ARM Rate Change Frequency | 78 | Most Recent Valuation (Appraisal or BPO Only) |
| 30 | ARM Max Rate | 79 | AVM Valuation Date |
| 31 | Active Bankruptcy Flag | 80 | AVM Value |
| 32 | Bankruptcy Filed Date | 81 | Most Recent Valuation Date (Any Valuation) |
| 33 | Bankruptcy Dismissed Date | 82 | Most Recent Valuation (Any Valuation) |
| 34 | Bankruptcy Discharged Date | 83 | Borrower Birth Date |
| 35 | Bankruptcy Motion for Relief Granted Date | 84 | Co Borrower Birth Date |
| 36 | Foreclosure First Legal Deadline Date | 85 | Borrower Death Date |
| 37 | Foreclosure First Legal Completed Date | 86 | Co Borrower Death Date |
| 38 | HUD Notification Foreclosure First Legal Date | 87 | Borrower Gender |
| 39 | Foreclosure Scheduled Sale Date | 88 | Co Borrower Gender |
| 40 | Foreclosure Confirmed Sale Date | 89 | Active Repayment Plan Flag |
| 41 | Foreclosure Deed Recording Date | 90 | Extension Flag |
| 42 | Deed In Lieu Recording Date | 91 | Extension End Date |
| 43 | Marketable Title Acquired Date | 92 | Borrower Age |
| 44 | Default Date | 93 | Co Borrower Age |
| 45 | Default Balance | 94 | Curr LTV + MCA (Appraisal Only) |
| 46 | Called Due & Payable Flag | 95 | Curr LTV + MCA (Appraisal or BPO Only) |
| 47 | Called Due & Payable Date | 96 | Curr LTV + MCA (Any Valuation) |
| 48 | HUD D&P Approval Date |  |  |
| 49 | Loan Balance at Called D&P Date |  |  |

---

We compared Characteristics 4. through 91. to the corresponding information set forth on or derived from electronic mortgage loan files, prepared, created and delivered by the Company, from the Servicer's servicing system, as of close of business December 31, 2022 (collectively, the "Servicer System File").

With respect to Characteristic 92., we recomputed the Borrower Age as the number of years between (i) the Borrower Birth Date (as set forth on the Servicer System File) and (ii) December 31, 2022.

With respect to Characteristic 93., we recomputed the Co Borrower Age as the number of years between (i) the Co Borrower Birth Date (as set forth on Servicer System File) and (ii) December 31, 2022.

With respect to Characteristic 94., we recomputed the Curr LTV + MCA (Appraisal Only) as the quotient of (i) the Total Current Unpaid Balance and (ii) the sum of (a) the Most Recent Appraisal Value and (b) the Maximum Claim Amount (each as set forth on the Servicer System File).

With respect to Characteristic 95., we recomputed the Curr LTV + MCA (Appraisal or BPO Only) as the quotient of (i) the Total Current Unpaid Balance and (ii) the sum of (a) the Most Recent Valuation (Appraisal or BPO Only) and (b) the Maximum Claim Amount (each as set forth on the Servicer System File).

With respect to Characteristic 96., we recomputed the Curr LTV + MCA (Any Valuation) as the quotient of (i) the Total Current Unpaid Balance and (ii) the sum of (a) the Most Recent Valuation (Any Valuation) and (b) the Maximum Claim Amount (each as set forth on the Servicer System File).

The loan documents described above and any other related documents used in support of the Characteristics were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Source Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Source Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In addition, we make no representations as to whether the Source Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding mortgage loans.

**Agreed-Upon Procedures' Findings**

The results of the foregoing procedures indicated that the Characteristics set forth on the Base Statistical Data File and Upsized Statistical Data File, as applicable, were found to be in agreement with the above-mentioned Source Documents.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the mortgage loans underlying the Base Statistical Data File or Upsized Statistical Data File, as applicable, or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the mortgage loans or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Base Statistical Data File or Upsized Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

January 30, 2023