The Mortgage Bankers Association (MBA) has completed and implemented a new commercial/multifamily real estate property inspection form for various property types, including office, retail, multifamily, healthcare, lodging and industrial. According to the MBA, this enhanced form recognizes the increasing importance of monitoring commercial/multifamily real estate and what the servicers and investors need for property performance information.
The updated inspection form, which is available at the MBA's Web site, already has industry-wide adoption for all funding sources, including Fannie Mae and Freddie Mac. The form will not be used by the Federal Housing Administration (FHA).
‘The new property inspection form is a major step forward for the commercial/multifamily industry as it will result in a more streamlined, accurate and standardized inspection process while also reinforcing the importance of timely maintenance which is key to preserving property value,’ says Jan Sternin, MBA's senior vice president of commercial/multifamily.
MBA notes that it spearheaded an industry committee tasked with enhancing the original inspection form. The committee reviewed over 300 suggestions and proposed changes. MBA obtained feedback from its members, Commercial Mortgage Securities Association, industry constituents, and Fannie Mae and Freddie Mac. A MISMO working group representative also participated on the committee to ensure that the MISMO data directory was incorporated in the current inspection form.
Source: Mortgage Bankers Association
