Document Collection for Condo and Coop Financing
Document collection is one of the most tedious aspects of purchase financing or refinancing a condo or coop. It is also one of the most important. The documents required provide information to the lender and to other secondary market partners, like the Federal National Mortgage Association or Fannie Mae and the Federal Home Loan Mortgage […]
News: Project Risk Evaluation Partners Featured in Brick Underground Article
We are thrilled to announce that Project Risk Evaluation Partners was featured in an article by Jennifer White Karp on Brick Underground. The piece, titled “Here’s why it’s so hard to get condo questionnaires filled out”, dives into the complexities and challenges of the condo questionnaire process in New York City. The article highlights the intricacies […]
Understanding the New Fannie Mae Insurance Requirements for Condos and Coops
Insurance requirements for condos and coops have recently undergone significant changes, with Fannie Mae introducing a new level of detail that requires confirmation of certain perils that are not always delineated in a master insurance policy. Lenders, underwriters, condo associations and coop boards being aware of this change is crucial. This article offers a comprehensive […]
Loan Commitment in Condo Purchases: A Guide for Lenders & Borrowers
Importance of Loan Commitment in Condominium Unit Purchase When financing a condominium unit purchase, a borrower, working with his or her lender, has a set amount of time to obtain a loan commitment. The borrower’s application to the lender for the loan commitment triggers the underwriting of the borrower and the eligibility evaluation of the […]