A few months ago Fannie Mae announced revisions to their requirements for the completion of Physical Needs Assessments included in their Form 4099, Instructions to the PNA Property Evaluator. Revisions are scheduled to go into effect for reports ordered on or after February 3, 2014.
Fannie Mae has responded to a number of our questions and has met with Senior Underwriters to emphasize that it is not their intent to dramatically affect the cost or conclusions of PNA reports. Fannie Mae plans to issue revised instructions this week which will reportedly include changes in qualification requirements, along with less significant changes in other areas.
We will post additional information as soon as possible. In the meantime, GRS Group is on schedule to deliver compliant reports for all PNAs ordered after Fannie Mae’s February 3 effective date.