Green Mortgage Loan Measurement Reporting Requirement
Measurement is the collection and reporting of annual energy and water consumption and cost required for Green Mortgage Loans secured by properties with Green Building Certifications and Green Rewards Mortgage Loans. Annual Measurement reporting enables Borrowers and Fannie Mae to assess the installed energy and water upgrades.
Fannie Mae has contracted Bright Power, a national firm providing energy and water services for multifamily buildings, to assist Borrowers in collecting and reporting utility data to meet the annual reporting requirement.
The two components of the Measurement Reporting requirement are Measurement Setup and annual Measurement Reporting.
Measurement Setup
Effective for Mortgage Loans Committed on or after November 12, 2021, all Green Mortgage Loan Borrowers must enroll with Fannie’s Mae’s Green Measurement and Verification Consultant, Bright Power, within 60 days of the Mortgage Loan Origination Date to initiate Measurement Setup. To fulfill this requirement, Borrowers share property information and owner-paid utility data with Bright Power.
To get started, each Borrower completes three steps:
Step 1. Initiate Setup in First 60 Days of Origination
Email [email protected] requesting that Measurement Setup be initiated with Bright Power. Bright Power will reply with a customized Measurement Property Setup Form. All Green Loan Borrowers are responsible for submitting the Measurement Property Setup Form and for working with Bright Power, as needed, to complete the initial property setup process.
Step 2. Provide Property Information
Complete the Measurement Property Setup Form you will receive from Bright Power via email. The property information is needed to understand the unique characteristics of your property and benchmark it against similar properties in comparable climates. The Step-by-Step Measurement Setup Guide and Worksheet for Borrowers is an optional resource to help you compile property and utility information and streamline the setup process. Bright Power will reply with a customized Credential Capture Form.
Step 3. Provide Utility Login Credentials
Complete the Credential Capture Form you will receive from Bright Power via email. This form gives owner utility data access to Bright Power. Online utility logins will be requested to allow Bright Power access to owner-paid usage for the property. There are alternatives if login access is not available.
Upon completion of the Measurement setup process, Borrowers will be contacted by Bright Power to complete annual Measurement reporting.
Annual Measurement Reporting
Bright Power will contact Borrowers annually for the life of the Green Mortgage Loan to collect energy and water consumption and cost data for the entire property, including both owner and tenant data.
When tenant payments are made directly to utilities for energy and/or water at the property, Bright Power will collect whole property (aka “aggregate”) data, collect tenant release forms for a sample of apartments, or use other data sharing methods depending on the utility company.
Several Resources are available on the Measurement Reporting Process. If you have questions, please contact [email protected].