CoreLogic has announced that its condominium project review solution, CondoSafe, will support the new Fannie Mae and Freddie Mac condominium project questionnaires that the government-sponsored enterprises (GSEs) announced on March 29.
According to the company, CondoSafe helps lenders and mortgage investors determine whether individual condominium projects meet eligibility guidelines and also improves the efficiency of condominium project review by delivering the required association documents.
CoreLogic says CondoSafe solicits, stores and monitors information from more than 140,000 U.S. condominium associations (COAs) and conducts a questionnaire-driven structured analysis of that information to assist lenders in determining if a condominium project is eligible for GSE and investor lending.
In addition to the standardized CondoSafe questionnaire, the GSE short and full form condominium project questionnaires can be requested within the CondoSafe solution and will be delivered along with the related COA documents needed to complete the review.
“In 2015, there were over five million home sales in the U.S., of which approximately 10 percent were in condo projects,” says Jacquie Doty, vice president of industry outreach at CoreLogic. “Changes in demographics and housing preferences favor faster growth of multifamily housing, including condos. CoreLogic worked closely with leading lenders, U.S. housing agencies, condominium industry groups and real estate professionals to create an industry-standard condo project review solution that addresses the inherent problems found in condo lending.”
“We are excited to incorporate the new condo project questionnaires introduced by the GSEs to help bring consistency to condo project reviews across the industry and reduce lending risk for both originators and investors,” Doty adds.