Condo Project Advisor: Greater Insight into Project Eligibility
On July 28, 2023, Condo Project Advisor was enhanced with a new status for Project Assessment Requests (PARs) within Condo Project Advisor® called “Project Certified” that gives you greater insight into project eligibility.
“Project Certified” Status
Project Certified status means that you'll have minimal project underwriting. You may need less project documentation on condo loans that receive a Project Certified PAR finding because there will be fewer project underwriting requirements to ensure compliance with the Single-Family Seller/Servicer Guide (Guide) prior to selling the loan to Freddie Mac. This may save you time and your borrower money.
Project Certified Submission (PCS)
Starting December 8, 2023, on certain PAR submissions, Condo Project Advisor may indicate that a condo project is eligible for a Project Certified review. You are not required to review the project prior to requesting a PCS review. Freddie Mac will do the project review free of charge when the Seller provides the required documentation. If the condo project receives a Project Certified status through a PCS, then the same flexibilities and provisions applicable to projects with a Project Certified status PAR finding will apply to that project.
Get Started Today
If you’re a Condo Project Advisor user, you already have access and can start using the PCS review process.
Not a Condo Project Advisor user? It is easy to get access. Check out this job aid on how you can start to take advantage of everything Condo Project Advisor has to offer.
More Information
Guide Section 5701.10 outlines all requirements for Project Certified status and details what Condo Project Advisor assesses and does not assess when returning a Project Certified status PAR finding. For loans with a Project Certified status PAR finding, the Note Date must be within 120 days of the issue date of the Condo Project Advisor Feedback Certificate. You can review our updated FAQs and training resources for more information.