Exhibit 99.1
KPMG LLP
Suite 700
20 Pacifica
Irvine, CA 92618-3391
Independent Accountants Report on Applying Agreed-Upon Procedures
T-Mobile USA, Inc. (the Company)
RBC Capital Markets, LLC
(together, the Specified Parties)
Re: T-Mobile US Trust 2022-1 Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled ABSS_STAT_Data_20220907_v3.txt (the Data File), provided by the Company on September 21, 2022, containing information on 1,979,898 equipment installment plan sales contracts (the Receivables) as of September 7, 2022 (the Cutoff Date), which we were informed are representative of the receivables intended to be included as collateral in the offering by T-Mobile US Trust 2022-1. The Company is responsible for the specified attributes identified by the Company in the Data File.
Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
| The term compared means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| The term recomputed means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| The term reporting threshold means that dollar amounts, percentages, and number of Original Tenure months were within $1.00, 0.1%, and 1 month, respectively. |
| The term EIP Contract means the equipment installment plan contract provided by the Company. The EIP Contract was represented by the Company to be either the original EIP Contract, a copy of the original EIP Contract, and/or electronic records contained within the Companys servicing system. We make no representation regarding the validity or accuracy of the contract or the execution of the EIP Contract by the signor. |
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
| The term Additional Account Information Schedule means an electronic data file entitled STATPOOL_Samples_CHANNEL_INSURANCE_LAST_PAYMENT_METHOD.xlsx, provided by the Company on September 19, 2022, containing information on sales channel, insurance indicator, and last payment method for each Selected Receivable (defined below). |
| The term Account Information Schedule means an electronic data file entitled STATPOOL_Samples_Supporting_File_20220907.xlsx, provided by the Company on September 20, 2022, containing information on account type, account start date, state, account receivable, and first payment for each Selected Receivable. |
| The term FICO Schedule means an electronic data file entitled STATPOOL_Samples_FICO.xlsx, provided by the Company on September 20, 2022, containing credit report scores for each Selected Receivable. |
| The term EIP Start Date Schedule means an electronic data file entitled STATPOOL_Samples_Origination_Date_Support.xlsx, provided by the Company on September 20, 2022, containing information on equipment installment plan start date for each Selected Receivable. |
| The term Multi-equipment Schedule means an electronic data file entitled STATPOOL_Samples_Multiple_Device_Tracing.xlsx, provided by the Company on September 20, 2022, containing information on total financed amount, down payment and monthly payment for multi-equipment contracts. |
| The term Servicing System Schedules means the Additional Account Information Schedule, Account Information Schedule, FICO Schedule, EIP Start Date Schedule, and Multi-equipment Schedule. |
| The term Source Documents means the EIP Contract and Servicing System Schedules. |
| The term Instructions means the instructions provided by the Company pertaining to a procedure, attribute, methodology, or value, as described in Exhibit A. |
| The term Provided Information means the Source Documents and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
A. | We randomly selected a sample of 250 Receivables from the Data File (the Selected Receivables). A listing of the Selected Receivables is attached hereto as Exhibit B. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Selected Receivables we were instructed to randomly select from the Data File. |
B. | For each Selected Receivable, we compared or recomputed the specified attributes in the Data File listed below to or using the corresponding information included in the Source Documents listed below in the Provided Information column, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the indicated information from the Data File to the Source Documents, utilizing the Instructions as applicable, constituted an exception. The Source Documents and Instructions are listed in the order of priority. |
2
Attribute |
Provided Information | |
Equipment Identifier (EIP_EQUIP_ID) | EIP Contract | |
Account Type (ACCT_TYP_CD) | Account Information Schedule | |
Account Start Date (STRT_SRVC_DT) | Account Information Schedule | |
State (STATE_CD) | Account Information Schedule | |
Account Receivable (AR_BALANCE) | Account Information Schedule | |
Sales Channel (CHANNEL) | Additional Account Information Schedule | |
Last Payment Method (LATEST_PYMT_MTHD) | Additional Account Information Schedule | |
Insurance Indicator (INSURANCE_SOC) | Additional Account Information Schedule | |
First Payment Made (FIRST_PYMT_MADE) | Account Information Schedule, Instructions | |
FICO Score (FICO_SCORE) | FICO Schedule, Instructions | |
EIP Start Date (PLAN_STRT_DT) | EIP Contract, Instructions | |
Financed Amount (FA) | Recompute per the Instructions | |
Total Financed Amount (TFA) | Recompute per the Instructions | |
Monthly Payment (MNTHLY_PYMT) | Recompute per the Instructions | |
Down Payment (DPYMT) | Recompute per the Instructions | |
Original Tenure (CAL_MTH_TENURE) | Recompute per the Instructions |
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, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
3
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (NRSROs).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
Irvine, California
September 26, 2022
4
Exhibit A
Instructions
Number |
Attribute(s) |
Instructions | ||
1. | First Payment Made (FIRST_PYMT_MADE) | For Selected Receivables with no record in Account Information Schedule, consider the attribute to be in agreement if Data File value is not populated. | ||
2. | FICO Score (FICO_SCORE) | For Selected Receivables with no record in FICO Schedule, consider the attribute to be in agreement if Data File value is 0. For Selected Receivables with multiple records in FICO Schedule, consider the attribute to be in agreement if Data File value agrees to Provided Information value associated with the most recent date prior to the Cutoff Date. For Selected Receivables, if date in the PCD_ACT_D field in FICO Schedule is greater than Cutoff Date, consider the attribute to be in agreement if Data File value is 0. | ||
3. | EIP Start Date (PLAN_STRT_DT) | For Selected Receivables if data file value does not match the EIP Contract, use EIP Start Date Schedule as Provided Information. | ||
4. | Financed Amount (FA) | For single equipment contracts, consider EIP Contract as Provided Information. For multi-equipment contracts, recompute as the difference between Total Financed Amount and Down Payment. | ||
5. | Total Financed Amount (TFA), Monthly Payment (MNTHLY_PYMT), Down Payment (DPYMT) |
For single equipment contracts, consider EIP Contract as Provided Information. For multi-equipment contracts, consider Multi-equipment Schedule as Provided Information. | ||
6. | Original Tenure (CAL_MTH_TENURE) | Recompute as the difference (in months) between Account Start Date and EIP Start Date. Consider the attribute to be in agreement if the result is within 1 month of Data File value. |
A-1
Exhibit B
The Selected Receivables
Selected |
Equipment Identifier |
Selected Receivable Number |
Equipment Identifier |
Selected Receivable Number |
Equipment Identifier | |||||
1 | 1049991*** | 43 | 1050456*** | 85 | 1059436*** | |||||
2 | 1058215*** | 44 | 1062511*** | 86 | 1050549*** | |||||
3 | 1061560*** | 45 | 1048305*** | 87 | 1054323*** | |||||
4 | 1065023*** | 46 | 1046120*** | 88 | 1064468*** | |||||
5 | 1060154*** | 47 | 1024388*** | 89 | 1050418*** | |||||
6 | 1060526*** | 48 | 1023257*** | 90 | 1044113*** | |||||
7 | 1021039*** | 49 | 1054719*** | 91 | 1055041*** | |||||
8 | 1066114*** | 50 | 10530525** | 92 | 1054751*** | |||||
9 | 1045687*** | 51 | 1044681*** | 93 | 1022659*** | |||||
10 | 1044185*** | 52 | 1053111*** | 94 | 1056888*** | |||||
11 | 1038751*** | 53 | 1024470*** | 95 | 1043083*** | |||||
12 | 1019229*** | 54 | 1064489*** | 96 | 1061401*** | |||||
13 | 1065295*** | 55 | 1062862*** | 97 | 1046780*** | |||||
14 | 1043745*** | 56 | 1049116*** | 98 | 1062139*** | |||||
15 | 1056813*** | 57 | 1061300*** | 99 | 1064374*** | |||||
16 | 1054362*** | 58 | 1022195*** | 100 | 1056189*** | |||||
17 | 1033110*** | 59 | 1052111*** | 101 | 1041780*** | |||||
18 | 1060315*** | 60 | 1050697*** | 102 | 1033126*** | |||||
19 | 1044282*** | 61 | 1059211*** | 103 | 1059536*** | |||||
20 | 1042729*** | 62 | 1063331*** | 104 | 1054955*** | |||||
21 | 1045173*** | 63 | 1054891*** | 105 | 1038595*** | |||||
22 | 1039805*** | 64 | 1062095*** | 106 | 1047885*** | |||||
23 | 1023338*** | 65 | 1066200*** | 107 | 1051836*** | |||||
24 | 1022405*** | 66 | 1062623*** | 108 | 1063815*** | |||||
25 | 1035786*** | 67 | 1025116*** | 109 | 1048774*** | |||||
26 | 1061418*** | 68 | 1056446*** | 110 | 1058968*** | |||||
27 | 1057600*** | 69 | 1053127*** | 111 | 1063121*** | |||||
28 | 1051090*** | 70 | 1035979*** | 112 | 1048794*** | |||||
29 | 1055220*** | 71 | 1054434*** | 113 | 1030371*** | |||||
30 | 1065171*** | 72 | 1025324*** | 114 | 1052736*** | |||||
31 | 1044057*** | 73 | 1061304*** | 115 | 1048620*** | |||||
32 | 1061645*** | 74 | 1065498*** | 116 | 1051071*** | |||||
33 | 1065659*** | 75 | 1057970*** | 117 | 1039356*** | |||||
34 | 1057653*** | 76 | 1020215*** | 118 | 1049702*** | |||||
35 | 1050851*** | 77 | 1018806*** | 119 | 1044207*** | |||||
36 | 1054460*** | 78 | 1025392*** | 120 | 1057871*** | |||||
37 | 1055485*** | 79 | 1059638*** | 121 | 1049925*** | |||||
38 | 1021613*** | 80 | 1018732*** | 122 | 1038071*** | |||||
39 | 1043284*** | 81 | 1037341*** | 123 | 1051370*** | |||||
40 | 1061344*** | 82 | 1048110*** | 124 | 1059779*** | |||||
41 | 1055302*** | 83 | 1021006*** | 125 | 1019078*** | |||||
42 | 1023771*** | 84 | 1040985*** | 126 | 1018855*** |
B-1
Exhibit B
The Selected Receivables
Selected |
Equipment Identifier |
Selected Receivable Number |
Equipment Identifier |
Selected Receivable Number |
Equipment Identifier | |||||
127 | 1062404*** | 169 | 1047418*** | 211 | 1062641*** | |||||
128 | 1052570*** | 170 | 1042757*** | 212 | 1051171*** | |||||
129 | 1052496*** | 171 | 1042299*** | 213 | 1060344*** | |||||
130 | 1034583*** | 172 | 1047076*** | 214 | 1060885*** | |||||
131 | 1022303*** | 173 | 1020168*** | 215 | 1061569*** | |||||
132 | 1048703*** | 174 | 1023750*** | 216 | 1023831*** | |||||
133 | 1065224*** | 175 | 1022084*** | 217 | 1040758*** | |||||
134 | 1023241*** | 176 | 1043175*** | 218 | 1065040*** | |||||
135 | 1045819*** | 177 | 1047153*** | 219 | 1034896*** | |||||
136 | 1054196*** | 178 | 1025032*** | 220 | 1018664*** | |||||
137 | 1049560*** | 179 | 1019514*** | 221 | 1056717*** | |||||
138 | 1044061*** | 180 | 1059656*** | 222 | 1049762*** | |||||
139 | 1045755*** | 181 | 1060713*** | 223 | 1044977*** | |||||
140 | 1058883*** | 182 | 1061296*** | 224 | 1059575*** | |||||
141 | 1056517*** | 183 | 1055367*** | 225 | 1066022*** | |||||
142 | 1047034*** | 184 | 1053527*** | 226 | 1062649*** | |||||
143 | 1063478*** | 185 | 1045222*** | 227 | 1053607*** | |||||
144 | 1055331*** | 186 | 1062955*** | 228 | 1022307*** | |||||
145 | 1047273*** | 187 | 1046081*** | 229 | 1062373*** | |||||
146 | 1045112*** | 188 | 1048820*** | 230 | 1057003*** | |||||
147 | 1061561*** | 189 | 1038643*** | 231 | 1063666*** | |||||
148 | 1044307*** | 190 | 1021232*** | 232 | 1064145*** | |||||
149 | 1058603*** | 191 | 1057562*** | 233 | 1025774*** | |||||
150 | 1044289*** | 192 | 1068317*** | 234 | 1062301*** | |||||
151 | 1057648*** | 193 | 1025139*** | 235 | 1046103*** | |||||
152 | 1025487*** | 194 | 1066229*** | 236 | 1060042*** | |||||
153 | 1020386*** | 195 | 1024511*** | 237 | 1020485*** | |||||
154 | 1056530*** | 196 | 1047870*** | 238 | 1041479*** | |||||
155 | 1037771*** | 197 | 1065253*** | 239 | 1059869*** | |||||
156 | 1021852*** | 198 | 1065895*** | 240 | 1041746*** | |||||
157 | 1050137*** | 199 | 1020192*** | 241 | 1040531*** | |||||
158 | 1052722*** | 200 | 1042427*** | 242 | 1063691*** | |||||
159 | 1048008*** | 201 | 1062932*** | 243 | 1063562*** | |||||
160 | 1042965*** | 202 | 1061084*** | 244 | 1052763*** | |||||
161 | 1053083*** | 203 | 1065895*** | 245 | 1039379*** | |||||
162 | 1043646*** | 204 | 1050919*** | 246 | 1049642*** | |||||
163 | 1051257*** | 205 | 1053344*** | 247 | 1042406*** | |||||
164 | 1057848*** | 206 | 1043526*** | 248 | 1057859*** | |||||
165 | 1060305*** | 207 | 1047181*** | 249 | 1025519*** | |||||
166 | 1039573*** | 208 | 1047992*** | 250 | 1045048*** | |||||
167 | 1044935*** | 209 | 1047285*** | |||||||
168 | 1066196*** | 210 | 1063741*** |
B-2