The Federal Savings Bank in Chicago has partnered with CondoGrade, a local data company, to provide prospective buyers and sellers of condominiums with information about condo associations.
Through the agreement, Federal Savings Bank customers can obtain for a small fee a financial report about a condo property including private data from the condo association and information from public sources. CondoGrade will also provide that same information to the $284.5 million-asset bank when it's early in the mortgage process.
CondoGrade will also refer customers who are interested in securing financing for a condo purchase to The Federal Savings Bank.
The partnership stems from the requirements of Freddie Mac, Fannie Mae, the U.S. Department of Housing and Urban Development and the Department of Veterans Affairs. These agencies have additional requirements for loans made for condo properties regarding their value and marketability, which take into account the influence condo associations can have on those factors.
