Fannie Mae DUS | 2026-10-07

Fannie Mae's No-Survey Path Still Needs Title Work

The current Multifamily Guide requires site review, issue coverage, and survey-exception deletion even when no as-built survey is obtained.

Fannie Mae's Multifamily Guide, Part II, Chapter 3, Section 305, requires the lender to decide whether to obtain an as-built survey and then follow the applicable path. If a survey is required, it must meet the 2026 ALTA/NSPS Minimum Standard Detail Requirements, include the required certification, and permit the title company to delete the standard survey exception from the title policy.

The Guide's survey guidance identifies recommended Table A items and says an acceptable survey should be dated within 360 days before the Security Instrument is recorded. If an older existing survey is used, it must satisfy all title-company requirements for deletion of the standard survey exception. A qualifying recent survey not prepared for the current origination may be recertified to the lender, the title company, and Fannie Mae, and the title company may request a no-new-improvements affidavit.

Choosing not to require an as-built survey still leaves specific diligence steps. The lender or appraiser must visually inspect the property, visible conditions such as easements, rights-of-way, or encroachments must be disclosed and insured under the title policy, and the title company must delete the standard survey exception. Whether or not a survey is obtained, the Guide also requires a determination of whether improvements are located in Special Flood Hazard Area Zone A or Zone V.

For borrower-side counsel, the opening checklist should record the lender's survey decision, the survey date and certification parties if one is used, any recertification or affidavit request, each visible site issue, and the title company's requirements for deleting the survey exception. Assigning those items early helps keep the survey decision, title commitment, and closing calendar aligned. This note is informational only and is not legal advice for any specific transaction.