Everything Condo: Lending's Perspective
Tuesday, March 14, 2023 (12:30 PM - 3:00 PM) (EDT)
Brought to you by Affiliate Business Partner, Caliber Home Loans.
Let’s Talk About Condos!
Warrantable condo guidelines – a discussion of the current conventional lending guidelines with an emphasis on condo project characteristics that we want to evaluate early in the process to mitigate early and make the customer experience as smooth as possible.
Smart condo guidelines – a comparison of warrantable guidelines to our expanded project eligibility under our Smart products. We lend in condotels, projects with excess commercial and single entity ownership, and projects with rec leases, among other things. Get a feel for what we are able to do and a good understanding of areas we are not able to offer expanded eligibility.
Fannie/Freddie temp guidance on deferred maintenance and special assessments – we are finding a lot of challenges around this new area of guidance. We will discuss what we are seeing in the Florida market and provide you with tools to quickly evaluate if a project will be acceptable in this area.
New Florida Legislation – how does compliance with this new legislation impact lending in condominium projects? There are some positive results that will come from this new legislation and also some lending challenges as HOAs adjust to the new requirements.
Gretchen Rowe, Vice President
National Condominium Project Review
Gretchen Rowe is the Vice President of Condominium Project Review for NewRez/Caliber Home Loans. As a veteran in the mortgage business (25 years – 15 years with NewRez), Gretchen and her team of Project Review Analysts work with their partners to approve condo projects for warrantable and non-warrantable loan programs. Gretchen’s team understands the unique regional condo lending challenges of different areas of the country and are experts in partnering with our customers to find solutions when challenges arise.
4590 Ulmerton Road
Clearwater, FL 33762