Marketing to RentersAlthough this change has been first implemented by Freddie expect Fannie to follow suit quickly, as both mirrors each other’s procedures.

In Jan 2022, Fannie announced a new 8-page condo cert for high-rise condos (3+ levels) that killed a lot of deals (and comm checks).

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Freddie Mac has enhanced its Condo Project Advisor to allow lenders of all sizes to easily request an automated project assessment request (PAR) to I.D. if a condo project meets certain review requirements quickly.

Lenders can submit PARs in three easy steps: type in a zip code, select the project name and street and hit enter.

The tool also will I.D. potential issues (within seconds) so lenders can quickly and easily focus their reviews. Expediting the evaluation of these projects will bring greater efficiency to the financing of condos, which are viewed as an important affordable housing option.

In Feb. 2022, The below list was over 300 HOA Projects
Fannie has now a published list of almost 100 “
unavailable/unlendable” California condo projects.

“This new Condo Project Advisor functionality provides lenders with valuable information on tens of thousands of condo projects so they can quickly and easily streamline their loan origination process, saving time and money while reducing risk,” says Tanya DeLia, Freddie Mac Single-Family’s vice president of auto underwriting and risk assessment.

“By providing lenders fast, clear and actionable findings, they’ll have confidence originating and delivering more condominium unit mortgages, which are an important source of affordable housing.”