When to Perform a PCA
Before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae as described in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 3., you must complete a PCAPCAAssessment of the current physical condition and historical operation of the Property. for each PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). unless it is a Supplemental Mortgage LoanSupplemental Mortgage LoanMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. that complies with Part III, Chapter 14: Supplemental Mortgage Loans, Section 1402.05: Streamlined Underwriting.