Commercial and Multifamily Property Inspection Reports Reference Guide

MBA’s Property Inspection Advisory Committee recently redefined the property inspection rating definitions in coordination with MBA members, Fannie Mae, and Freddie Mac.

This Reference Guide further augments the 2024 revision to the MBA Property Inspection Form by the adoption of a single rating scale. Up until this revision, there were two rating scales: The MBA Ratings Scale and the Fannie Mae Ratings Scale. Effective January 2024, the MBA Ratings Scale will be dropped, and only the FNMA Rating Scale (renamed the MBA Ratings Scale) will be used. The Guide is intended to provide information regarding due diligence for property inspections, completion of the inspection form report, as well as some helpful tips regarding the inspection process and review of the final report. The Guide is not intended to be used for instructional purposes, casualty losses (manmade or natural), condemnations, origination, due diligence, or special servicing/workout situations. However, much of the information contained herein may also apply to those circumstances.

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MBA gratefully acknowledges the Commercial Real Estate/Multifamily Finance Servicing Council’s Property Inspection Review and Revision Working Group, and contributors to the drafting process for making this Reference Guide for Commercial and Multifamily Property Inspection Reports a reality. The effort put forth by the many members who contributed their time and expertise is greatly appreciated.

Special thanks are extended to the following contributors for their hard work and dedication:

Work Group Chair
Corey Babarovich, Strategic Property Associates/Strategic Asset Services

Technical Assistance 
Ben Ballstaedt, Strategic Property Associates/Strategic Asset Services 

Work Group Members 
Thank you to all of you who contributed time and effort identifying, discussing, and reviewing the recommended revisions.

For more information, please contact Kelli Burke at (202) 557-2742 to join the Property Inspection Advisory Committee and Jacky Salazar at (202) 557-2746 to join the Asset Manager Peer Group and Servicer Council.