September 16, 2024
New Condo Project Advisor Updates Ease Tool Navigation and Condo Project Reviews
New enhancements in Condo Project Advisor® can simplify your Project Assessment Request (PAR), Project Certified Submission (PCS) and Project Waiver Request (PWR) processes. Navigating the tool and reviewing condo projects are streamlined to save you time. The improved design and intuitive screen updates help to enrich your user experience.
PAR Enhancements
- The following updates are being made to the Project Assessment Request page:
- Project ID search – The page now includes an option to search for a project by Project ID in addition to the ZIP.
- Eligible for Project Certified review pop-up – If the condominium project of your PAR is eligible for a Project Certified Submission review, you’ll receive a message informing you how to proceed with a review.
- As a reminder, the Project Certified status helps streamline condo originations, providing lenders with:
- Greater certainty, as they can be confident that the project meets Freddie Mac’s project eligibility requirements that are assessed for this status and are relieved from R&W relief.
- Reduced origination costs, without needing to complete a full project review.
- Potential borrower savings, as the cost of obtaining documentation from the property management company or homeowners association (HOA) isn’t passed to the homebuyer.
- Improvements to Project Assessment Results page and export include:
- Eligible for PCS review field – A new column is displayed indicating if the project is eligible for PCS review along with the date the eligibility expires.
- Filter by Eligible for PCS review – There is now an enhanced Project Assessment Results “Filter By” criteria option, where you can filter by PAR records of condominium projects that are eligible for PCS review.
- Eligible for PCS review export fields – The export now includes two new columns indicating if the condominium project of the subject PAR is eligible for PCS review and the date the PCS review option expires.
- Eligible for PCS review
- Eligible for PCS review Expiration Date
PCS Enhancements
- More time to obtain and submit documentation – If Freddie Mac requests additional information for Project Certified Submissions, documents must be uploaded within 21 calendar days instead of 10 business days. If additional information is not submitted within 21 days, the PCS will be cancelled.
In addition, two reminder notifications will be sent before the PCS is cancelled. One when there are 5 days left, and one when there are 2 days left before cancellation.
PWR Enhancements
- Clear direction for required documents – Upon submitting a PWR, if the required documents have not been uploaded, then a new popup will appear indicating the document requirements.
Access Training and Tutorials
For more information, find multiple resources on the Condo Project Advisor webpage. Learn more about the various features of Condo Project Advisor and how the tool’s capabilities can help you bring consistency, convenience and confidence in your condo loan originations.