907.03
PCA
Requirements
A PCAPCAAssessment of the current physical condition and historical operation of the Property. is required:
- if the site inspection
- notes structural or physical concerns, or
- results in an overall rating of 3 being reported on the Comp Assmt Addendum tab of the MBAMBAMortgage Bankers Association Master Inspection Form; or
- when a Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. is required per Part III, Chapter 9: Small Mortgage Loans, Section 908: Replacement Reserve.
Guidance
When a PCAPCAAssessment of the current physical condition and historical operation of the Property. is required, you may use:
- the Streamlined Property Condition Assessment Guidance (Form 4099.A), but the PCAPCAAssessment of the current physical condition and historical operation of the Property. must otherwise comply with Part II, Chapter 4: Inspections and Reserves, Section 402: Property Condition Assessment (PCA); and
- the Streamlined PCA Requirements (Form 4099.A) instead of the MBAMBAMortgage Bankers Association Master Inspection Form, if you include the overall inspection rating as defined on the MBAMBAMortgage Bankers Association Master Inspection Form.