WASHINGTON (December 8, 2023) – National Association of Realtors® President Tracy Kasper issued the following statement after Freddie Mac announced an important expansion of its Condo Project Advisor tool:
“On behalf of the 1.5 million members of NAR, we thank Freddie Mac for expanding this tool. Our association has advocated for these changes and previously called for government-sponsored enterprises to take a proactive role in helping to improve the availability and consistency of association documentation, financials, and studies. These changes are important steps to improve the HOA's ability to meet the more stringent requirements put in place after the Surfside building collapse. NAR appreciates these important changes and Freddie Mac's willingness to address these challenges proactively. We look forward to further collaboration and continuing to streamline processes for real estate professionals in the future.”
NAR sent a letter in 2021 suggesting adjustments such as this. With these changes, the Condo Project Advisor tool now assigns projects in Freddie Mac's database as an approved or not-approved status, allowing lenders to view previously reviewed condos. Approved statuses eliminate the need for costly and time-consuming resubmissions, while unapproved statuses require submission. Freddie Mac proactively contacts the HOA to remedy missing information if a project loses status. Furthermore, if a project loses its status, the HOA, rather than the lender, can contest the change directly with Freddie Mac. These three changes are significant, and NAR appreciates them.
The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.