Uniform Condominium Questionnaire Update

Boston, MA On March 29, federal housing agencies Freddie Mac and Fannie Mae released a standardized set of lender questionnaires for condominium unit mortgages. The Uniform Condominium Questionnaire is intended to reduce the burden on community associations that routinely provide condominium project information to mortgage lenders.

To comply with Freddie Mac and Fannie Mae mortgage purchase guidelines, mortgage lenders must verify financial and property standards for condominium projects. Over the past two years, Freddie Mac and Fannie Mae worked with CAI and the mortgage lender community to develop a uniform condominium questionnaire to ease the process of obtaining this information. Lenders will now have two options when requesting information from a condominium association. The first option, Form 1076, provides a broad overview of a condominiums association’s financial, legal and property status. A second, shorter form, Form 1077, is intended for use by lenders where a condominium association has previously completed a Form 1076. At this time, the form is not mandatory for lenders to use.

Visit www.caine.org to download a webinar that provides a step-by-step review of the uniform condominium questionnaire and guidance on answering the questions it asks.