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Standard Property Inspection Form Key

Mortgage Bankers Association of America

Standard Property Inspection Form Key

Following you will find a key for the attached inspection form that is available as an Excel template and hardcopy. It is important to follow this key to keep responses consistent.

To create a shorter form, we have provided drop down choices, so when you click on a cell you will note an arrow for additional options for the answer. When using the hardcopy, you will need this key to guide you on the options available. The fields with a drop down box are noted below with an asterisk.

Definitions of the descriptors used to qualify property condition and site condition follow.

Definitions of Descriptors

Excellent

/

New or like new condition

Good / Well maintained, no substantive deferred maintenance, average or above average condition
Fair / Below average properties of similar quality and type, some deferred maintenance. NOTE: All items listed as Fair or Poor, and all deferred maintenance items must be explained.
Poor / Property not maintained, much deferred maintenance, condition far below properties of similar quality and type. NOTE: All items listed as Fair or Poor, and all deferred maintenance items must be explained. Repairs are deemed immediate.

Section I – Loan/Inspection Information

Servicer Name / Name of company servicing the loan
Lender/Investor / Owner of the Loan
Borrower / Mortgagor
Property Name / Name of Property
Property Address / Street Address of Property
Property City St Zip / City, State and Zip of Property
Borrower Contact / Individual at borrower to contact, may be management company
Contact Phone / Telephone number of borrower contact, may be management company
Overall Property Rating * / Excellent, Good, Fair, Poor (see definitions)
Deferred Maintenance* / No, Yes – See page 3
Date of Inspection / Inspection Date
Inspected By / Name of inspecting company
Inspector Name / Name of individual performing inspection
Rent Roll Attached* / Yes, No, N/A
Loan Balance / This item will be provided by the lender, please do not ask property contact.
Section II – Market Data & Site Data
Area* / Urban, Suburban, Rural
Growth Rate* / Fully developed, Rapid, Steady, Slow
Change in Current Use* / Likely, Unlikely
New Construction* / Yes, No (Refers to new construction in market area)
Area Trends Appear to be* / Improving, Stable, Declining
Major Competition / Name major competition to the subject property
Development* / Over 75%, Between 25 – 75%, Under 25%
Present Use %* / (Choose percentage in increments of 10, e.g.)
Street Appeal* / Above Average, Average, Below Average
Visibility* / Above Average, Average, Below Average
Ingress and Egress* / Above Average, Average, Below Average
Traffic Volume* / Above Average, Average, Below Average
Access to Major Arteries* / Above Average, Average, Below Average
Access to Local Amenities* / Above Average, Average, Below Average
Access to Public Transportation* / Above Average, Average, Below Average
Compatibility with Neighborhood* / Above Average, Average, Below Average
Section III – Management Information
Management Company Name / Enter Management Company Name or N/A if none.
Site Contact / Contact person’s name and title.
Is Management Affiliated with Borrower / Yes, No, N/A
Frequency Property Manager visits property / Choose the frequency with which the property manager is at the property, Weekly, Monthly, Daily, On Site
Management of the Property Appears to be / Responsive, Satisfactory, Inadequate, Absent
Phone Number / Telephone number of Management Company
Section IV – Property Information
Number of Buildings / State number of buildings at the property
Number of Units / State the total number of units at the property
Number of Floors / Enter the number of floors in the buildings
Number of Parking Spaces / Enter the number of parking spaces at the property
Number of Elevators / Enter the number of elevators, passenger and freight
Square Feet / Enter to total number of square feet of the subject property
Number of Units Occupied / Enter the total number of units occupied at the time of the inspection
Percent Occupied / Calculate the percent of space occupied at the time of the visit
Owner Occupied / Yes/No or N/A

Office/Retail/Industrial

/ Check this box if the property type applies.(For Multifamily/Hospitality/Healthcare/Mobile skip to next section)
Five Largest Commercial Tenants / List the names of the five largest commercial tenants
Expiration / List the lease expiration dates of the tenant named in this row
Sq. Ft. / List the total square footage of space occupied by the tenant named in this row
%NRA / List to total Net Rentable Area of the tenant named in this row
Annual Rent / List the annual rental of the tenant named in this row
Rent/Sq. Ft. / Calculate the rent per square foot of the tenant named in this row
Multifamily/Hospitality/Healthcare/Mobile / Check this box if the property type applies.
Unit Type / State the type of unit, e.g. 1 br, 2 br, etc.
# of Units / State the total number of units at the property of this type
Avg. Sq. Ft./Unit / State the average square footage of the unit type in this row
Monthly Rent / State the monthly rent for the unit type in this row
# Vacant / Enter the number of units vacant
Amenities* / List the amenities found at the site
Improvements / Consists of two comment boxes for narrative
Section V. – Property Condition
Exterior/Interior* / For each item please choose from Excellent, Good, Fair, Poor, Not Accessible, Not Inspected, or N/A
Deferred Maintenance / All deferred maintenance, health or safety items must be explained in this narrative comment box.