Section 502

Property Inspections

502.01

Forms

Requirements

For all PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections, you must use

  • the MBAMBAMortgage Bankers Association Standard Inspection Form, or
  • if a Catastrophic EventCatastrophic EventNatural or man-made hazard resulting in an event of substantial extent causing significant physical damage or destruction, loss of life, or drastic change to the natural environment, such as earthquake, flood, terrorist attack, or windstorm. has occurred, the Multifamily Catastrophic Loss Inspection form (Form 4261).

For a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property where the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures that comply with Part III, Chapter 4: Green Mortgage Loans, Section 403: Green Rewards Mortgage Loans. , you must also submit the Green Rewards Verification Inspection Form (Form 4221) per Part V, Chapter 4: Asset Management: Loan Document Administration, Section 408.03I: Green Rewards Efficiency Measure Verification.

Operating Procedures

On the MBAMBAMortgage Bankers Association Standard Inspection Form, you must: 

1.  Select the “Fannie Mae Inspection” option on the Tools tab.

2.  Complete the tabs per the following table.

Tab to be Completed Additional Tab Requirements
General Information Include the inspector's first and last name.
Physical Condition & Deferred Maintenance  
Photos Ensure photos of surrounding neighborhoods are included in addition to the minimum interior and exterior photo requirements per Part V, Chapter 5: Surveillance, Section 502.03: Property Inspection Protocol.
Rent Roll

Ensure the rent roll is:

 

  • obtained during the site inspection; and
  • retained in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. and available to Fannie Mae upon request.
Management Interview  
Multifamily

 
Fannie Mae Assessment Addendum

Ensure all Seller/Servicer Certification information is

 

  • completed, and
  • reviewed and certified by someone other than the actual inspector.
Senior Supplement Required only for a Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. .

3.   Assign an overall rating per the MBAMBAMortgage Bankers Association Rating Scale Definitions.

502.02

Property Condition Concerns

Operating Procedures

If the Property has... You must...
  • an inspection rating of 4 or 5 per the Fannie Mae Assessment Addendum tab of the MBA Standard Inspection Form;
  • incomplete repairs per the specified timing in the Loan Documents;
  • significant deferred maintenance; or
  • non-significant deferred maintenance that was not corrected within 12 months after notifying the Borrower.
  • Inform Multifamily InspectionsMultifamily InspectionsTeam that can be contacted at [email protected]. and Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected]. :
    • promptly after receiving notice of any Life Safety Issues per Part V, Chapter 5: Surveillance, Section 502.06F: Life Safety Issues; or
    • otherwise within 10 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after becoming aware.
  • Reinstate any suspended Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. or Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection rating is 4 or 5, unless the rating resulted from a casualty loss (see Part V, Chapter 5: Surveillance, Section 502.06E: Collateral Analysis).
  • Inspect the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). as necessary to ensure the BorrowerBorrowerPerson who is the obligor per the Note. resolves any deferred maintenance.
  • Regardless of whether the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. is on a WatchlistWatchlistThe risk rating classification if you or Fannie Mae determine the Mortgage Loan has heightened credit risk. , submit a request to Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected]. before ordering a PCAPCAAssessment of the Property's physical condition and historical operation. (excluding regularly-scheduled PCAsPCAsAssessment of the Property's physical condition and historical operation. required per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ).
  • Identify the appropriate Fannie Mae risk rating per Part VI, Chapter 1: Watchlist Management.
502.03

Property Inspection Protocol

Guidance

PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection frequency is based on

  • the current Fannie Mae risk rating,
  • the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. amount at the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , and
  • a full inspection (unless otherwise noted) of the specified percentage of units per the Property Inspection Protocol table criteria, but not:
    • less than the specified minimum; and
    • more than the specified maximum.

If the scheduled inspection due date is within 6 months of the Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. , the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. inspection due date will be set to 6 months before the Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .

Operating Procedures

You must complete:

  • a post-origination PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection within 12 months; and
  • additional PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections per the Inspection Frequency column in the following table.
Property Inspection Protocol
If the original Mortgage Loan Amount is greater than $30 million...
Type Fannie Mae Risk Rating Inspection Frequency Number of Units to Inspect

Minimum # of Photos

Total (Interior/Exterior)

 Inspector
%

Min/Max
All Mortgage Loans
  • Pass,
  • Pass-Watch, or
  • Special Mention
 Annual 5% 5/15 20 (5/15)
  • Third-Party, or
  • In-House
Substandard Annual 10% 10/20 20 (5/15) In-House Only
If the original Mortgage Loan Amount is greater than $6 million and less than or equal to $30 million...
NOTE:  DSCR is per the most recent annual financial statement submitted to Fannie Mae.
Type Fannie Mae Risk Rating Inspection Frequency Number of Units to Inspect

Minimum # of Photos

Total (Interior/Exterior)

 Inspector
%

Min/Max
Most Recent Inspection rating of 4 or 5 All Ratings Annual 10% 10/20 20 (5/15) In-House Only
  • Seniors Housing, or
  • Rent-Stabilized
  • Pass,
  • Pass-Watch, or
  • Special Mention
 Annual 5% 5/15 20 (5/15)
  • Third-Party, or
  • In-House
Substandard Annual 10% 10/20 20 (5/15) In-House Only
Maturing All Ratings Within 12 months before Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. Per applicable Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. type.
All Others
  • Pass, Pass-Watch, or Special Mention; and
  • DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. > 1.35, or Co-opCo-opMultifamily residential property owned by a Cooperative Organization. DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. > 1.00.
  • Every 2 years; or
  • Annual if required annual Operating Statement not received.
 5% 5/15 20 (5/15)
  • Third-Party, or
  • In-House
  • Pass, Pass-Watch, or Special Mention; and
  • DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. < 1.35, or Co-opCo-opMultifamily residential property owned by a Cooperative Organization. DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. < 1.00.
 Annual 5% 5/15 20 (5/15)
  • Third-Party, or
  • In-House
Substandard Annual 10% 10/20 20 (5/15) In-House Only
If the original Mortgage Loan Amount is $6 million or less...
NOTE:  If the Property has 10 units or less, at least 2 units must be inspected.
Type Fannie Mae Risk Rating Inspection Frequency Number of Units to Inspect

Minimum # of Photos

Total (Interior/Exterior)

 Inspector
%

Min/Max
Most Recent Inspection rating of 4 or 5 (unless Delivered Mortgage Loan Amount was less than $750,000) All Ratings Annual 10% 10/20 20 (5/15) In-House Only
  • Seniors Housing, or
  • Rent-Stabilized
  • Pass,
  • Pass Watch, or
  • Special Mention
 Annual 5% 5/15 20 (5/15)
  • Third-Party, or
  • In-House
Substandard Annual 10% 10/20 20 (5/15) In-House Only
Maturing All Ratings Within 12 months before Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. Per applicable Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. type.
All Others
  • Pass, Pass-Watch, or Special Mention; and
  • Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. < $750,000.
 Walk Around every 5 years N/A N/A 15 (exterior photos only)
  • Third-Party, or
  • In-House
  • Pass, Pass-Watch, or Special Mention; and
  • Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. > $750,000.
 Every 2 years 5% 2/5 15 (5/10)
  • Third-Party, or
  • In-House
Substandard Annual 10% 2/5 15 (5/10) In-House Only
502.04

Scheduling and Submissions
502.04A

Scheduling

Operating Procedures

You must:

  • ensure PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections are performed per Part V, Chapter 5: Surveillance, Section 502.03: Property Inspection Protocol; and
  • allow enough time to submit the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection form by the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. submission due date.

Guidance

For scheduling efficiency, you may request 1 automatic extension for up to 60 days after the submission due date if:

  • you request it before the original submission due date using the “Modification Request” tab within the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. ;
  • the Fannie Mae risk rating is not Substandard;
  • the most recent PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection rating is:
    • 1 or 2; or
    • 3 if the inspection is less than 1 year old; and
  • the extended MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. submission due date is at least 6 months before the Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .
502.04B

Submissions

Operating Procedures

You must:

  • Submit via the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. :
    • the origination inspection form:
      • within 45 days after Fannie Mae purchases the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. and loads it into the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. ; and
      • no later than the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. submission due date; and
    • each subsequent inspection form:
      • within 60 days after the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection date; and
      • no later than the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. submission due date.
  • Timely resolve all issues Fannie Mae identifies.

Guidance

See the MAMP User Guide for PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection form submission information.

If the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection is inadequate, Fannie Mae may require you to obtain a new inspection at your expense.

502.05

Property Inspectors
502.05A

Qualifications

Requirements

You must ensure any inspector:

  • Meets 1 of the following:

1.  Is certified by the:

- Real Estate Assessment Center for HUD as a Certified Home Inspector;
- American Society of Home Inspectors (ASHI); or
- International Association of Certified Home Inspectors (InterNACHI).

2.  Is a:

- state-certified home inspector;
- registered architect; or
- civil engineer.

3.  Successfully completed other acceptable training, including the MBA'sMBA'sMortgage Bankers Association School of Multifamily Property Inspections.

  • Has the following minimum experience:
Type Minimum Inspection Experience
Senior Housing Mortgage Loans 10 seniors housing property inspections
Substandard Fannie Mae Risk Rating 25 multifamily property inspections
All Others 10 multifamily property inspections
502.05B

Third Parties

Requirements

Any third-party inspector must:

  • have no financial interest in the inspected PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; 
  • have experience in the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).  market; and
  • not reassign responsibility to another PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). without your approval.

Guidance

Fannie Mae reserves the right, in its sole discretion, to notify you that a third-party inspector or inspection firm is unacceptable.

502.06

Content
502.06A

Unit Selection

Operating Procedures

When selecting units:

  • The inspector, not the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). manager, must select and inspect the interior of:
  • If substantial physical concerns exist, the inspector may inspect more than the maximum number of units per Part V, Chapter 5: Surveillance, Section 502.03: Property Inspection Protocol.
  • If a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). has Non-Contiguous ParcelsNon-Contiguous ParcelsMultiple parcels of land securing a Mortgage Loan that do not share common boundaries or that are separated by dedicated or private streets that are major arterials. or scattered sites, on each parcel or site:
    • inspect all buildings;
    • allocate the number of units to inspect in the same proportion as the total PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). units; and
    • randomly select the units to be inspected.
502.06B

Photos

Operating Procedures

You must submit at least the minimum number of photos per Part V, Chapter 5: Surveillance, Section 502.03: Property Inspection Protocol with the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection form.  The photos must include views and captions of the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).

  • signage,
  • frontage,
  • site office and clubhouse (if applicable), 
  • amenities,
  • typical building front,
  • apartment interior,
  • major building systems,
  • deferred maintenance and life safety items,
  • extraordinary repair or capital expenditure items, and
  • all critical or substantial issues per the inspection report.
502.06C

Interviews

Operating Procedures

Except for walk-around inspections, you must interview the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). manager and other on-site staff to:

  • ascertain the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). condition and performance; and 
  • confirm all life safety and deferred maintenance items per the most recent PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection were corrected.
502.06D

Market Analysis

Operating Procedures

You must evaluate: 

  • the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).  neighborhood, submarket, and market to determine material shifts in economic and real estate conditions; and
  • competitive properties to determine any changes in the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).  competitive position since 
    • initial underwriting, or 
    • the most recent PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection.
502.06E

Collateral Analysis

Operating Procedures

If the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). needs repairs or maintenance:

Step Activity You must...
1 Notify BorrowerBorrowerPerson who is the obligor per the Note.
  • Within 45 days after the inspection date,
    • identify the repair or maintenance issues,
    • include any photos, and
    • direct the BorrowerBorrowerPerson who is the obligor per the Note. to timely complete the work.
  • Use Form 4830 if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection rating is 3, 4, or 5.
2 Follow Up
  • Follow up to ensure the BorrowerBorrowerPerson who is the obligor per the Note. responded and the work was successfully completed.  If not:
  • Use Form 4831 or Form 4832 if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection rating is 3, 4, or 5.
3 Set Rating

Set the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection overall rating to 4 (or 5 depending on the severity or other existing issues) if:

 

  • 10% or more of the units are down for any reason; or
  • there is casualty damage equal to 
    • 25% of the current UPBUPBUnpaid Principal Balance , or
    • $1 million.

Guidance

Setting the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection rating to 4 or 5 does not:

  • add the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. to Fannie Mae’s WatchlistWatchlistThe risk rating classification if you or Fannie Mae determine the Mortgage Loan has heightened credit risk. ;
  • require an Action PlanAction PlanYour report analyzing the Mortgage Loan and Property issues, your resolution strategy, and related actions and outcomes. ; or 
  • require Replacement ReservesReplacement ReservesCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. reinstatement if the rating is the result of a casualty loss unless you
    • identify other performance issues that increase credit risk, or
    • expect insufficient funds or insurance proceeds to restore the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). to its original condition.
502.06F

Life Safety Issues

Requirements

If a third-party inspector identifies any PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). issues that would be rated 3, 4, or 5 per the “Life Safety” section of the Fannie Mae Assessment Addendum of the MBAMBAMortgage Bankers Association Standard Inspection Form, the inspector must notify you within 3 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after completing the inspection.

502.07

Quality Control
502.07A

Program

Requirements

You must: 

  • Have a quality control program to annually review the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections performed by third-party inspectors.
  • Ensure every PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection complies with Fannie Mae’s requirements before submission.
  • Show evidence and results of your quality control program if requested.
502.07B

Inspection Form Retention

Operating Procedures

You must 

  • retain all PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection forms in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. for at least 2 inspection cycles, and
  • submit them upon request.
502.07C

Additional Inspections and Fees

Guidance

PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections are a regular asset management responsibility, and additional PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspections may be required if circumstances warrant. 

You may charge the BorrowerBorrowerPerson who is the obligor per the Note. a reasonable PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). inspection fee if it is

  • permitted per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. or other written BorrowerBorrowerPerson who is the obligor per the Note. agreement, and
  • not prohibited by Fannie Mae.