Condo Project Manager Reminder - Loans Using Desktop Underwriter

Bulletin 2023-054 Condo Project Manager Reminder - Loans Using Desktop Underwriter

Newrez LLC "Newrez" Approved Correspondent Clients: Below is a reminder for Condo Project Manager Requirements announced by Fannie Mae in SEL-2023-02  and effective with applications dated July 1, 2023 and after.

 

Condo Project Manager (CPM)


All loan applications dated on or after July 1, 2023 and run through Desktop Underwriter, will require the use of Condo Project Manager (CPM) for all projects being reviewed under the Lender Full Review Process.  The CPM ID number must be provided to deliver the loan to Fannie Mae. The loan file must include a copy of the unexpired CPM Certification in addition to all documentation required to warrant the project such as the budget, questionnaire, insurance and any additional documentation, as needed. In accordance with Fannie Mae LL-2021-14, CPM must also be checked to ensure the project being reviewed is not “Unavailable” regardless of the project review process used in underwriting the loan.

 

Correspondents, who are not Fannie Mae approved Seller/Servicers will now have access to CPM but must first register as a non-seller with access to CPM (CPM access for non-sellers is referred to as “CPMA Correspondent” in Technology Manager).  For CPM resources including registering your account, various job aids and a user guide, access Fannie Mae’s Condo Project Manager Page here.

 

From the Resources, choose Correspondent’s Toolkit for Condo Project Manager (CPM) to get started.

 

For any project submitted to Newrez for review, the Project Review Department will complete CPM.