Fannie Mae Advisor Brian Lenk, MBA’s Gail Griffith-Roch on Changes to the CMF Standard Inspection Form; How to Learn More
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Brian Lenk is an Advisor with Fannie Mae Multifamily within the Collateral Management Group focusing on property condition issues and quality control of Property Condition Assessments. He has over 22 years of experience inspecting/report preparation and conducting technical report review of Phase I Environmental Site Assessments and Property Condition Assessments of commercial, industrial and multi-family residential properties throughout the United States. During that time, he has had extensive experience with distressed asset properties. Additionally, Lenk has 11+ years of experience conducting environmental site assessments, remediation, and construction of commercial and residential properties throughout the United States for the U.S. EPA, State, and private clients.
Gail Griffith-Roch is the Mortgage Bankers Association’s Associate Vice President of Commercial/Multifamily Education Content.
Lenk and Griffith-Roch recently sat down with MBA NewsLink to go over recent changes to the MBA Commercial/Multifamily Standard Inspection Form, as well as provide more information on an upcoming workshop on the form scheduled for Aug. 14.
MBA NewsLink: What is the MBA Commercial/Multifamily Standard Inspection Form?
Lenk: The MBA Commercial Multifamily Inspection Form is a standardized form developed by the Mortgage Bankers Association used in the commercial/multifamily estate industry to assess the condition of commercial/multifamily properties. It is required as part of the underwriting process for loans, particularly when lenders seek to evaluate the physical condition of a property before offering financing and used by servicers to monitor ongoing physical condition.
MBA NewsLink: What is the purpose of the form?
Lenk: The form is primarily used by multifamily lenders, including Fannie Mae and Freddie Mac, to ensure the property meets the necessary standards and provides adequate collateral for the loan. The form helps lenders assess the potential risks associated with lending on the property. If a property is in poor condition, the risk of loan default may increase. The form helps identify potential maintenance or repair needs that could impact the property’s value over time.
Fannie Mae recently adopted the MBA rating scale as its own property condition ranking and now requires the lender to complete the form at origination and submit it prior to Fannie Mae purchasing the loan, in addition to its use by servicers. The form collects basic property information and property photographs, including rent roll detail, itemized deferred maintenance or capital improvements and memorializes the actual physical condition by building component. The form also collects environmental information and contains separate section for senior housing, hospitals and other medical facilities.
MBA NewsLink: What has changed related to the form recently?
Lenk: The current version of the form is version 4.03. The new version corrected miscellaneous bugs which impacted performance. Fannie Mae accepts only the MBA Standard Inspection Form for both Origination and Guideline inspections. The current acceptable versions are 3.1, 4.0 and 4.03. As of Jan. 1, 2025, Fannie Mae will only accept version 4.03. As of June 30, 2025, Freddie Mac is only accepting version 4.03.
MBA NewsLink: What elements are most important for members to pay attention to?
Lenk: The evaluation of the physical condition of the property, focusing on major systems (e.g., HVAC, plumbing, electrical systems), roofing, foundation, and exterior condition, the rating or scoring system to reflect the property’s overall condition (e.g., excellent, fair, or poor), and the cost estimates to cure deferred maintenance and/or required or planned capital improvements.
MBA NewsLink: What is the workshop on Aug. 14 related to the form?
Griffith-Roch: In this interactive, virtual workshop, MBA Education; Lenk, Fannie Mae; along with Randy Davis, Jules Lawrence and Mike Anfuso, Fannie Mae lender consultants; will provide step-by-step guidance on accurately completing the inspection form. Participants will:
• Analyze a sample property condition using a Fannie Mae redacted property condition report
• Review the structure and components of the form
• Determine appropriate Fannie Mae ratings
• Identify potential risks
• Ensure compliance with Fannie Mae’s updated requirements
Pre-work is required. Participants will review of a redacted property condition report provided ahead of the session. During the session, participants will collaborate with instructors to assess the property and complete the inspection form together.
MBA NewsLink: Who should attend the event?
Griffith-Roch: Originators and servicers for Fannie Mae and Freddie Mac loans.
Click here for more information on the workshop
