502.05
| 502.05A | |
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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 | |
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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.