Generally

Requirements

You must:

• before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. , ensure your qualified employee per Part V, Chapter 5: Surveillance, Section 502.05A: Qualifications:
  • performs a physical 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;
  • confirms the status of all units selected for inspection below (e.g., whether occupied or vacant), per a current rent roll;
  • completes the MBAMBAMortgage Bankers Association Standard Inspection Form using their own photos; and
  • compares the consistency of their photos with the
    • PCAPCAAssessment of the Property's physical condition and historical operation. , and
    • AppraisalAppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. ;
• confirm the MBAMBAMortgage Bankers Association Standard Inspection Form is accurate and complete; and
• not DeliverDeliverSubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. any Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. with a Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). of 4 or 5.