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.