New Freddie Mac Requirements for Condominiums

The blog post highlights the new guidelines that Fannie Mae and Freddie Mac have released for condominiums in the wake of the Florida building collapse. In order to maintain underwriting or funding volume for mortgages, lenders must comply with the new requirements, which include stricter criteria for buildings with significant deferred maintenance or unsafe conditions, special assessments, and reserve funds. The blog also outlines the Joint Uniform Lender Questionnaire, a document that codifies the overlap between the two entities' requirements. The blog concludes by suggesting that property management software, such as Concierge Plus, that enables tracking of repair issues, file sharing, task and reminder tracking, and resident communication can help condo associations comply with the new guidelines and keep up with the necessary maintenance requirements.