502.07

Quality Control

502.07A

Program

Requirements

You must: 

  • Have a quality control program to annually review the Property PropertyMultifamily 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 Property PropertyMultifamily 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 Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’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 Property PropertyMultifamily 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 File Servicing 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

Property PropertyMultifamily 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 Property PropertyMultifamily 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 Borrower BorrowerPerson who is the obligor per the Note. a reasonable Property PropertyMultifamily 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 Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. or other written Borrower BorrowerPerson who is the obligor per the Note. agreement, and
  • not prohibited by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .