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Fannie Mae Changes its Multifamily Guidelines! What Should You be Aware Of?

Fannie Mae has announced changes to its multifamily Selling and Servicing Guide. What are the key changes that can affect Vendor observations, report cost and schedule, and Lender underwriting?

By Aaron Kovan | Updated on October 29, 2013

Recently, Multifamily Guide Update 13-09 was released announcing changes to the Fannie Mae multifamily Selling and Servicing Guide.  In particular, the physical needs assessment requirements for all multifamily loans were changed, which will significantly change the way in which Physical Needs Assessment (PNA) reports are written.  The changes to the guide, scheduled to go into effect on February 3rd, 2014, are extensive and have been vetted through a nine-project pilot program.  Fannie Mae will be holding Lender training at their headquarters Tuesday, November 12, 2013. Training for Vendors will be held two days later.

As an indication of the increased complexity of the requirements, the previous Section of the Fannie Mae Selling and Servicing Guide regulating PNA reports (Section 316) was four pages long.  The new guidelines released last Thursday is 16 pages long with a 44 page instruction document and 35 additional pages of supplemental instructions, forms, and tables.

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