It’s a new year and time for a new Fannie Mae Physical Needs Assessment! This past fall, Fannie Mae announced changes to its Multifamily Guide (Update 13-09) which include significant changes to the Physical Needs Assessment requirements. These changes are set to take effect on February 3rd, 2014 and will change the way Physical Needs Assessment (PNA) Reports are conducted and written. Fannie Mae lenders and brokers are preparing to incorporate the changes into their policy – are you ready?
Some of the biggest changes include:
- New qualification requirements for the PNA firm, the PNA Property Evaluator and the PNA Report Reviewer. These changes will no doubt limit the number of PNA providers but are intended to increase the quality of providers and thus the quality of reports.
- New report format and forms
- Creation of a Base Physical Needs Assessment report and additional PNA report modules based on the property type
- Required remediation recommendations for “known problematic materials” such as exterior insulation finish systems (EIFS) and aluminum branch wiring.
To help the industry get ready, Partner is hosting two webinars to review these and other changes to the Fannie Mae Physical Needs Assessment – one on January 7th and one on January 31st. Click here to sign up.