Billy, fellows in CAI's College of Community Association Lawyers.
Read CAI's Guidance Document on Fannie Mae and Freddie Mac's 2021 Condo Requirements here.ĬAI Fannie/Freddie 2021 Guidelines WebinarĬAI held a Webinar on January 26, 2022 with Fannie Mae/Freddie Mac, and community association attorneys Edmund Allcock and Todd J. View Results as of March 2022 (NOTE: The survey is still open, please consider adding your story.)ĬAI Fannie/Freddie 2021 Condo Requirements Guidance Document By 'depository' as in commercial banks and by 'non-depository' as in direct lenders. If you are aware of a real estate transaction in a condominium and/or housing cooperative community that has been delayed, disrupted, or stopped because of the new guidance from Fannie Mae or Freddie Mac, please complete this survey. Fannie Mae and Freddie Mac are not only secondary market lenders, but these organizations also set regulations and guidelines for mortgages that depository and non-depository institutions have to abide by. However, the short timeframe of implementation and updated lender questionnaires have caught community association boards, managers, attorneys, and document providers by surprise, and they are now seeking to address the new requirements while keeping real estate transactions in their communities moving forward.ĬAI sent a letter to the Federal Housing Finance Agency (FHFA) requesting that implementation of the temporary Fannie Mae and Freddie Mac guidelines be suspended by at least one year.ĬAI is collecting data to better understand the impact of these new requirements on condominiums and housing cooperatives. With Fannie, the disputed account must in fact be removed from the credit report and resubmitted to the automated underwriting system. Fannie Mae and Freddie Mac introduced in late 2021 new project requirements for condominiums and housing cooperatives to ensure safety and structural stability following the partial collapse of Champlain Towers South condominium in Surfside, Fla., last June. Freddie Mac guidelines say that a disputed account in the credit file doesn’t require any confirmation of the accuracy of the disputed account whereas Fannie Mae does.