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.