Lender letter (ll-2021-14)
3 pages - 132.3 KB
Temporary requirements for condo and co-op projects. our condo and co-op project ... using an appraisal waiver does not exempt the lender.
Document in text mode:
© 2021 Fannie Mae LL-2021-14 Page 1 of 3 Lender Letter (LL-2021-14) Oct.13, 2021 To: All Fannie Mae Single-Family Sellers Temporary Requirements for Condo and Co-op Projects Our condo and co-op project standards policies are designed to support the ongoing viability of condo and co-op projects. In the wake of the tragic collapse of the Champlain South Tower in Surfside, Florida, residential buildings with aging infrastructure and significant deferred maintenance are a growing concern across the nation. This concern is expected to increase over the next decade as the majority of residential condo and co-op buildings were built more than twenty years ago. Lenders and other industry stakeholders have asked for clear guidance on how to manage emerging risk related to residential projects. In response to the concerns about projects with significant deferred maintenance, we are issuing temporary requirements that impact the eligibility of condo and co-op projects containing attached units. T...
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