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January 28, 2014

Fannie Mae Guidelines Approaching, Lenders Still Have Questions

By Aaron Kovan, LEED AP

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.

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.

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About the Authors

Aaron Kovan, LEED AP

Executive Director - Building Sciences

Executive Director of the Building Science Division, Aaron Kovan, LEED AP is responsible for the overall quality and consistency of Property Condition Reports which includes efforts in quality assurance, quality control, staff training, process and policy development and implementation, as well as managing client relationships. Mr. Kovan has more than 15 years of experience in the engineering, environmental, construction, and development fields. He has successfully managed projects of varying property types, including; institutional, retail, assisted living, and multifamily residential throughout the country. Mr. Kovan is trained as an Architect and has worked as a General Contractor, Developer, and Subcontractor. As Technical Director, he draws on this diverse knowledge base and experience in the residential, industrial, institutional, and commercial environments in order to be a major contribution to Partner Engineering and Science’s national team.

Get in Touch

Aaron Kovan, LEED AP
(952) 856-6055
[email protected]

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