MBA releases new commercial/multifamily property inspection formMortgagePress.comMBA, commercial inspection form, multifamily inspection form, Fannie Mae, Freddie Mac, FHA
The Mortgage Bankers Association (MBA) has announced the
completion and implementation of a new commercial/multifamily real
estate property inspection form for various property types
including Office, Retail, Multifamily, Healthcare, Lodging and
Industrial. The updated inspection form already has industry-wide
adoption by servicers 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," said Jan Sternin, MBA's senior vice
president of Commercial/Multifamily.
In June 2000, MBA released the first industry-accepted
commercial real estate property inspection form. For eight years
the original form has served as an industry tool to ensure accurate
and effective inspections of the property. The introduction of the
new form reinforces the same standards while expanding industry
adoption to include Fannie Mae and Freddie Mac. Additionally, this
2008 form takes advantage of electronic data management and is
MISMO compliant.
This enhanced form has been released recognizing the increasing
importance of monitoring commercial/multifamily real estate and
what the servicers and investors need for property performance
information.
MBA 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, the Commercial Mortgage Securities Association (CMSA),
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.
"I enjoyed working with a diverse, very experienced working
group," said Clare Dooley, SVP of Capmark Financing Inc. and
co-chair of the working group. "We believe the new inspection form
and reference guide will allow for standardized use and compliance
across the industry. In fact, Capmark has already started to use
the form for some of its clients."
To view the new commercial/multifamily property inspection form
and reference guide, click here.
For more informaiton, visit www.mortgagebankers.org.
