Section 404

Property Condition Assessment (PCA)

404.01

When to Perform a PCA

Requirements

Before the Commitment Date Commitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. , you must:

404.02

Date of PCA Report and PCA Site Visit

Requirements

A PCA Report ( Form 4099 ) containing an HPB Module HPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or any standalone HPB Report) must be dated as of the date of the site visit by the PCA Consultant PCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. , and must be less than 6 months before the Commitment Date Commitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

A PCA PCAAssessment of the Property's physical condition and historical operation. report that does not include an HPB Module HPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. may be dated up to 12 months before the Commitment Date Commitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. if you:

  • ensure a site visit is performed within 90 days before the Commitment Date Commitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. ; and
  • confirm that there has been no material adverse change to the physical condition of 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). since the date of the PCA PCAAssessment of the Property's physical condition and historical operation. report.
404.03

Conducting the PCA

Requirements

When conducting the PCA PCAAssessment of the Property's physical condition and historical operation. , you must:

  • comply with  Form 4099 , and order all applicable PCA PCAAssessment of the Property's physical condition and historical operation. modules;
  • identify all conditions that impact resident safety, marketability, or value of 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). ; and
  • properly mitigate those conditions.

If you retain a PCA Consultant PCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. that does not meet the educational qualifications or professional certifications, registrations, or training required by  Form 4099 , you must:

  • determine that the PCA Consultant PCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. is qualified based on their alternative qualifications; and
  • attach your description of the PCA Consultant’s PCA Consultant’sIndividual or firm conducting a PCA and preparing a PCA Report. qualifications to the final PCA PCAAssessment of the Property's physical condition and historical operation. .

You must have an annual quality control program to review

  • the quality of the PCAs PCAsAssessment of the Property's physical condition and historical operation. performed by your PCA Consultant PCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. , and
  • your compliance with the requirements in this Section and the  Form 4099 .