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Guidelines for Project Review
The purpose of this job aid is to provide additional information on data fields required in Loan Delivery when the property is secured by a unit in a condominium (condo), cooperative (co-op), or Planned Unit Development (PUD). For more information about project eligibility, visit the Condo, Co-op, and PUD Eligibility page on fanniemae.com.
For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide, eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, please contact your Technology Manager administrator.
Use of Condo Project Manager™ (CPM™) can reduce the number of project fields required for condominium loans. CPM is a web-based system that centralizes and documents condo project reviews and supports Fannie Mae condo project acceptance guidelines. Use of CPM is required for all condo projects being reviewed under the Full Review Process, and for projects with a Fannie Mae Approval. For more information, visit the CPM Project ID job aid and Condo Project Manager page on fanniemae.com
Project Data for Delivery
When delivering a loan secured by a unit located in a condo, co-op, or PUD project, the seller must provide the project data below, as applicable. These fields are located in the Property Information section of the Loan Detail page within Loan Delivery.
In addition, the seller must provide any applicable special feature code(s) (SFCs), including those specified in the lender’s Master Agreement and in the Special Feature Codes document. For additional details, reference the Selling Guide.
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Project Data for Units in Condo, Co-op, and PUD Projects |
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ULDD Sort ID |
Condo |
Co-op |
PUD |
May Omit if CPM1 |
Omit if None2 |
Field Name in Loan Delivery |
Details |
Loan Delivery Drop-Down List Values |
| 38 |
X |
|
|
Y |
Condo Status | Established New |
||
| 39 |
X |
|
|
|
CPM ID | Required if Fannie Mae's Condo Project Manager (CPM) system was used to certify a condominium project review or if the project is approved by Fannie Mae. The CPM ID should be six numbers in length and should not include the project phase ID. | ||
| 41 |
X |
|
|
Y |
Attachment Type (for the project, not for the unit) | If the project contains a mix of attached and detached units, specify "Attached". | Attached Detached |
|
| 42 |
|
|
X |
|
|
Project Type | Identifies the type of project review performed by the seller. Required for all conventional loans.
Specify "Not in a Project" if the property is not located in a condo, co-op, or PUD. If "Not in a Project" is selected, do not provide condo or co-op data. |
E – Established PUD |
|
|
|
X |
|
|
F – New PUD | |||
|
- |
- |
- |
|
|
G – Not in a Project | |||
|
X |
|
|
|
|
P – Limited Review New Condo | |||
|
X |
|
|
|
|
Q – Limited Review Established Condo | |||
|
X |
|
|
|
|
R – Full Review New Condo | |||
|
X |
|
|
|
|
S – Full Review Established Condo | |||
|
X |
|
X |
|
|
T – Fannie Mae approved Condo or PUD | |||
|
X |
|
|
|
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U – FHA Approved Condo | |||
|
X |
X |
X |
|
|
V – Project Review Waived | |||
|
|
X |
|
|
|
1 – Full Review Co-op | |||
|
|
X |
|
|
|
2 – Fannie Mae approved Co-op | |||
| 43 |
X |
X |
|
Y |
Y |
Design Type | Required for attached condos and all co-ops. | Garden Project (1-3 stories)
High-Rise Project (8 plus stories) Mid-Rise Project (4-7 stories) OtherTownhouseRowhouse (common side wall(s) no common wall above or below) |
| 45 |
X |
X |
|
Y |
Y |
Project Total Units | Required for attached condos and all co-ops. | |
| 46 |
X |
X |
|
Y |
Y |
Units Sold | Required for attached condos and all co-ops. | |
| 47 |
X |
X |
|
|
|
Legal Structure | Condominium Cooperative |
|
| 48 |
X |
X |
|
|
|
Project Name |
Full legal name of the project. | |
| 49 |
|
|
X |
|
|
PUD Indicator |
Required for all loans. | |
| 641.3 641.4 641.5 641.6 |
X |
X |
X |
|
|
HOA Taxpayer ID |
Provide if known. Not required for delivery. | |
1May omit if Fannie Mae's CPM system was used to certify condominium project review.
2May omit if Appraisal Method equals "None."
| Special Feature Code (SFC) | Description |
| 588 | Detached Condominium – Used to identify detached units in a condo project. |
| 296 | Project Eligibility Waiver – Used to identify loans for which Fannie Mae has waived specific project eligibility requirements, such as the requirement that all common areas are complete. Do not use Project Type "V" in lieu of reporting SFC 296. |
| 235 | Manufactured Home – Used to identify loans secured by a manufactured home. |
Project Review Waived
Fannie Mae does not require a thorough project review for certain project types and transactions. Review the Fannie Mae Selling Guide for current eligibility.
When the project review is waived for condos or co-ops, select Project Type "V – Project Review Waived" in Loan Delivery. When the project review is waived for PUDs, select either Established PUD or New PUD in Loan Delivery.
Identifying the Subject Property Unit Number
The property street address must contain sufficient information to distinguish the subject property from other units in the project.