Fannie Mae is the largest provider of loans for apartment buildings with $3.8 trillion in mortgages. As the largest credit and operational risk manager in the mortgage industry, Fannie Mae employs rigorous standards and advanced technologies to manage risk and safeguard customers, borrowers and investors. More than 50% of Fannie Mae-financed multifamily units are managed on Yardi software. Yardi and Fannie Mae are collaborating to allow Yardi clients to submit risk-related data electronically with Yardi Asset IQ.
Borrowers currently send monthly rent roll and operating statement data manually to their lending institution, which then reviews, summarizes and transmits it to Fannie Mae. Asset IQ will integrate with the mortgage loan enterprise’s Rent Roll Digitizer to standardize the rent roll data and let borrowers submit the information directly to Fannie Mae. Fannie Mae and Yardi plan to add operating statement automation once the development of the rent roll capability is complete.
“We rolled out Rent Roll Digitizer in late 2021 to streamline a reporting process that demanded too much time and effort,” states Woody Brewer, vice president of the Multifamily Chief Operating Office of product management for Fannie Mae. “We appreciate that Yardi will help its clients further reduce complexity, save time and provide up-to-date information in the reporting process.”
“Yardi is pleased to contribute to a better, faster and smarter solution for Fannie Mae loan reporting,” comments Terri Dowen, senior vice president of sales for Yardi. “Asset IQ is a robust operational management tool for asset performance, pricing, productivity reporting, budgeting and more.”
Photo by Brandon Griggs on Unsplash
