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Fannie Mae Guidelines Approaching, Lenders Still Have Questions

Fannie Mae's new multifamily guidelines for underwriting and due diligence are less than a week from implementation, and additional revisions were just released on January 27th. As the industry readies itself, lenders still have many questions. Partner's Aaron Kovan discusses some FAQs regarding the changes.

By Aaron Kovan | Updated on January 28, 2014

Fannie Mae’s Multifamily Guide Update 13-09, released in October 2013, announced big changes to the Fannie Mae multifamily Selling and Servicing Guide that will take effect this February 3rd.  These changes include updated underwriting standards as well changes to property due diligence requirements.  In particular, the Physical Needs Assessment and Seismic Risk Assessment requirements for all multifamily loans were changed and will significantly transform the way in which these reports are written. 

This just in:  Yesterday (January 27th) Fannie Mae released additional changes to the guidelines that will replace some of the new Physical Needs Assessment requirements they released back in October.  The majority of these additional changes were to the property evaluator qualifications requirements which are divided into three sections of requirements: 1) those for the firm; 2) those for the individual field assessor or “property evaluator representative;” and 3) those for the report reviewer. 

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