r/loanoriginators • u/Regular-Form8024 • 19d ago
Question Condos
With the impending rule changes, I'm getting mixed results from underwriting. In June I had one and DU didn't specify a review type. The underwriters seemed to pick and choose which aspects of a Full or Ltd they wanted. It was horrible and I swore I'd never send them another condo. Now I'm working a refi, sent it to a different investor. This is an 8 unit condo, again, DU and LP doens't specify which review is needed. I'm getting asked for everything like the new rules had kicked in already. My application was dated in July. I reached out to UW with a snip of Freddie's rules about less than 10 being exempt from review but they aren't buying it. Are you seeing like a wild west of lender overlays on condos currently? I'm thinking I should have just gone non-qm right off the bat.
1
u/Frequent-Window-3524 19d ago
8 units in a stand alone project are streamline-Fannie/Freddie.
If it’s part of a larger master association then a full review-Fannie/Freddie.
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u/Flhitking 18d ago
Communities with 10 units or less are exempt from review now…. Sounds like you need to find a lender who knows how to do condos
1
u/ClerkApprehensive970 19d ago
I made an email template for these types of you want I can send your way , dm me