PREP began as a way to solve a problem.  When faced with volume fluctuation and ever-changing guidelines, how can residential mortgage lenders standardize project risk analysis on condominium and cooperative loans in a cost-effective and timely manner?  PREP was created to answer this problem.

Lenders need an accurate, cost-effective, and quick understanding of the risk on a condominium or cooperative project and whether a project is GSE compliant (and if it isn’t, how to get it there).  Quite simply, without any glitz or glamour, PREP focuses on project risk.  PREP maintains and aggregates data to create comprehensive, cost-effective project analysis and GSE compliance evaluations for lenders currently originating condominium and cooperative loans as well as for lenders without project risk expertise.  Only lenders can warrant to the GSEs but with PREP on their side, they can do so with confidence.

As the condominium and cooperative market continues to grow, lenders will have what they need from PREP to finance with confidence, participating fully in this highly nuanced space while avoiding unnecessary risk.