It’s Here: Project Assessment Requests Supercharge Your Condo Loan Originations
It’s here. As announced in Single-Family Seller/Servicer Guide Bulletin 2022-20, Condo Project Advisor® now lets users submit Project Assessment Requests (PARs). This enhancement saves users time by helping them focus their condominium project reviews and drive workflow – allowing lenders of all sizes to supercharge their condo loan originations.
This new functionality adds on to the current Condo Project Advisor Project Waiver Requests (PWRs), allowing users to request unit-level exceptions for otherwise ineligible condo projects that require special review or examination.
How It Works
Users can submit PARs in 3 easy steps:
Step 1 - Input a zip code
Step 2 - Select the condo project name
Step 3 - Input the street name
Once complete, they will receive instantaneous results (PAR findings) that detail whether the project meets the requirements assessed by Condo Project Advisor and whether the tool has identified potential issues.
When issues are identified, feedback messages let users know where to focus their review by identifying aspects of the project that might not meet eligibility. By running the data early on and receiving this key information, Sellers can drive workflow based on the complexity of the review, in addition to ensuring compliance with requirements that Condo Project Advisor does not assess.
Condo Project Advisor is only available to Freddie Mac-authorized Sellers. If you’re already using Condo Project Advisor, good news – you automatically have access to submit PARs.
If you’re not using the tool, you can request access through Freddie Mac Access Manager. Learn more about it in the Condo Project Advisor Access job aid.
- Join us for a free, ninety-minute webinar.
- Check out the updated Condo Project Advisor FAQ.
- Visit the Condo Project Advisor web page
- View our Condo Project Advisor Training Resource catalog
- Explore Freddie Mac Access Manager Help Center.
If you have questions, please contact your Freddie Mac Representative or the Customer Support Contact Center (800-FREDDIE).