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March 3, 2014

Overhauling Fannie Mae’s Physical Needs Assessment: What Lenders and Investors Need To Know

By Aaron Kovan, LEED AP

Published in Real Estate Finance & Investment

In 2013, Fannie Mae announced a major revision was coming to its multifamily Selling and Servicing Guide. Since then, lenders, investors and their consultants have been trying to wrap their heads around the changes and how they will affect business. The final guidlines have gone into effect. As of 2014, but there are still many questions that need to be answered.

In addition to underwriting standard changes, there were significant changes to the engineering due diligence requirements, namely the Physical Needs Assessment and seismic risk screening.

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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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