Document Collection for Condo and Coop Financing
Document collection is one of the most tedious aspects of purchase financing or refinancing a
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 of the process for New York City condo or co-op buyers seeking conforming loans. It sheds light on the tug-of-war between lenders seeking comprehensive data to ensure buildings are financially and structurally sound and management companies that find some of the questions intrusive.
W. Patrick Connolly, our Chief Risk and Compliance Officer, and one of our Principals, offers an insightful perspective in the article. Describing his role in conveying crucial condo or co-op information to lenders to determine loan eligibility, Connolly articulates the challenges faced, which he likens to ‘pulling teeth’ to get these forms accurately completed. He emphasizes the frequent discrepancies in the details provided on the questionnaires and the need for thorough information to avoid hindering the approval process for condos and coops.
A significant portion of the article discusses the broader implications of incomplete or incorrect condo questionnaires. As Connolly explains, an improperly completed questionnaire can land a building on Fannie Mae’s ‘unavailable list,’ which has ramifications for an individual buyer and an entire condo or coop project.
The article concludes by addressing the broader concerns facing many New York City condo and co-op buildings, mainly the aging infrastructure and the imminent need for substantial repairs needed to meet lending requirements.
We are proud to contribute our expertise to such a pivotal conversation in the housing and lending sectors. To read the full article and gain a deeper understanding of the intricacies of the condo questionnaire process in New York City, click here.
If you have any questions or require insights into the condo and co-op lending landscape, don’t hesitate to contact us. Our experienced team is here to guide and support you every step of the way.
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