Condo Project Advisor: Greater Insight into Project Eligibility
Now there’s 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’ll need less 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.
Get Started Today
The new PAR status is available for loans secured by units in condo projects with settlement dates on or after September 4, 2023. However, you can take advantage of this earlier for loans with settlement dates on or after July 28, 2023, if you’re operationally ready to do so. If you’re a Condo Project Advisor user, you already have access and can start using the Project Certified Status within PAR right away.
Guide Section 5701.1(e) 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.