Partnering to streamline the condo mortgage process.
Fannie Mae is gathering data to help determine condo project eligibility. Our goal: to reduce administrative burdens on condo boards and property managers while increasing access to condo mortgage financing.
Your organization's participation in this data-gathering initiative is invaluable. Together, we can enhance the efficiency of the condo housing market and create an environment that benefits all participants.
Coming soon: Lookup tool for HOAs
In Q3 2024, Fannie Mae will introduce a new online lookup tool for homeowners’ associations (HOAs) and their management companies to view project ineligibility information. Stay tuned for further updates.
Why Participate?
An easier process for you...
With comprehensive condo project data provided to Fannie Mae, we can make project eligibility decisions without requiring review from our lenders. Fewer lender requests to condo boards and managers enable a more efficient lending process with reduced administrative burdens and delays for your organization.
...and for your residents.
Efficient loan eligibility decisions ensure a smoother path to home purchases and refinances. Your participation will help reduce costs for borrowers by potentially avoiding lender project eligibility review charges and enable greater access to financing options for your potential and current residents.
Meet Our Data Collection Vendors
Our vendors are authorized to obtain condo project documents and data on Fannie Mae's behalf and have been selected based on their ability to do so.
Precedent Management Phoenix Mortgage Services
All information provided to our data partners is subject to our rigorous information security program. This data will be used to determine the eligibility of your condo project for potential mortgage financing.
Take the Shortcut to Condo Project Eligibility
Accessing condo project information with Fannie Mae's Condo Project Manager™ (CPM™) can help streamline lender project eligibility reviews.
Condo Project Eligibility by the Numbers
Since 2021, the number of condo loans acquired by Fannie Mae that have been able to take the shortcut has grown from 2% to more than 30%.
Between March 2022 and June 2023, Fannie Mae purchased more than 42,000 project eligibility shortcut loans, saving borrowers an estimated $13+ million in project review fees.
About 90% of the condo projects we review are Fannie Mae-eligible.
Commitment
At Fannie Mae, we're committed to fostering collaborative partnerships that drive safety and sustainability in the housing market.
