th, the government-sponsored enterprises (GSEs) announced the new Fannie Mae and Freddie Mac Condominium Project Questionnaires that will now be supported by CoreLogic’s CondoSafe™ project review solution.
According to a company press release, CondoSafe helps lenders and mortgage investors determine whether individual condo projects meet eligibility guidelines, while also improving the efficiency of condo project review by delivering the required association documents.
“In 2015, over five million home sales in the U.S. were in condo projects, representing a 10 percent share of the market. 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.” said Jacquie Doty, vice president, industry outreach, for CoreLogic, a global property information, analytics and data-enabled services provider.
CondoSafe solicits, stores and monitors information from more than 140,000 condominium associations (COAs) in the U.S., 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 questionnaire, the GSE Short and Full Form Condominium Project Questionnaires can be requested within CondoSafe, and will be delivered along with the related COA documents that are needed to complete the project review.
“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,” said Doty.
On March 29