Primary Changes

• Clarified the radon testing requirements in Form 4251, based on industry feedback, that apply to all Properties except:
  • Small Mortgage Loans;
  • Supplemental Mortgage Loans;
  • Cooperative Properties;
  • Manufactured Housing Communities;
  • Properties with:
    • no ground-contact residential units;
    • radon resistant design elements; and
    • property-wide radon mitigation systems already in place per an existing O&M Plan;
  • refinances of existing Fannie Mae or Freddie Mac loans that underwent previous radon testing per Form 4251; and
  • Properties where the Environmental Professional concludes and documents testing or mitigation is unnecessary.
• Updated non-radon related environmental due diligence requirements in Form 4251.
• Published 3 associated Loan Documents required for all Mortgage Loans subject to the new radon testing requirements:
  • Modifications to Multifamily Loan and Security Agreement (Radon Testing and Remediation) (Form 6277);
  • Modifications to Multifamily Loan and Security Agreement Addenda to Schedule 2 - Summary of Loan Terms (Radon Testing and Remediation) (Form 6102.27); and
  • Compliance Agreement for Radon Operations and Maintenance Plan (Form 6420.Radon).
• Republished the:
  • Loan Documentation Requirements (Form 6000); and
  • Multifamily Mortgage Loan Delivery Package Table of Contents (Form 6502.Folder I and Folder III). 

Superseded Publication

This publication supersedes Notification 23-04: Form 4251.

Questions

Please contact the Fannie Mae Deal Team with any questions.