ServiSolutions is aligning with Fannie Mae Guidelines requiring lenders to use Condo Project Manager (CPM) for all condo projects being reviewed under the Full Review Process for loan applications dated on or after July 1, 2023.
All Fannie Mae seller/servicers have access to CPM. Correspondent originators who are not approved seller/servicers will have access by May 1, 2023.
Lenders are reminded that HFA Preferred loans will typically require the Full Review process due to their LTV/CLTV. Lenders are required to insert the CPM ID# in the loan-level ULDD Field (SID39) and deliver the loan with Project Type Code T to indicate that they used a Fannie Mae project approval for the transaction. Lenders should list the CPM approval on the 1008 and provide a copy of the lender-specific certification with any condo file delivered to ServiSolutions for purchase review.
If you have any questions about this information, please contact Lisa Treece at ltreece@ahfa.com.
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