Public Comments Sought: Revised MBA Standard Property Inspection Form
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The Mortgage Bankers Association released for public comment a revision to its Standard Property Inspection Form.
Comments should be sent to MBA Commercial/Multifamily Group Director Andrew Foster at firstname.lastname@example.org by July 20.
"These incremental improvements help further standardize and streamline the property inspection process, allowing lenders more time to focus on monitoring property condition and performance," said Grandbridge Real Estate Capital Vice President Anne Doty, who participated in the revision process. "By putting a fresh set of eyes on the form, we have made a significant number of fixes and tweaks, increasing the usability of the form for servicers, investors and other end users."
Corey Babarovich, president of Strategic Asset Services, Foothill Ranch, Calif., chaired the MBA Servicer Council's Property Inspection Task Force. He said the new form simplifies the prior version and cleans up some items that would have been difficult to address without participation from across the industry. Many of the data fields on the form have been reorganized and consolidated to simplify and make the form more intuitive. Validity checks have been added to a number of data fields to promote internal consistency. "The main substantive changes over the last month to be aware of are the removal of the maps tab, which was generally not being used in practice, as well as additional language in the management interview to address short-term rentals for multifamily properties," he said.
MBA Vice President Kathy Marquardt said the industry has used this form to perform property inspections for more than 15 years. "This revision ensures the Standard Property Inspection Form remains relevant and efficiently delivers what lenders need to know," she said. "We appreciate the over 50 commercial real estate finance professionals from 20-plus companies who collaborated on MBA's efforts to keep the form up to date as the market and lender's businesses continue to evolve."