With condominium lending rising, CoreLogic is now offering lenders self-service access to its condominium project review data service.
Called CondoSafe Express, the service is designed to help lenders reduce qualification times, increase certainty in underwriting, and more accurately generate estimates for condo loans, CoreLogic said.
Condominium loan volumes have grown significantly over recent years due to an increase in high-density construction in urban and suburban housing.
"Last year, volumes were up 14% over 2015 with smaller lenders, wholesalers and correspondents now accounting for 42% of total mortgage volume," said Jacqueline Doty, CoreLogic executive of product management and information solutions, in a press release.
"The CondoSafe Express self-service platform will greatly benefit community lenders offering them a new delivery model and pricing structure that meets their needs and creates greater efficiencies and certainty in underwriting and TRID disclosures," she said.
Through CondoSafe, community lenders will now have instant access to condo project information; the CondoSafe report with investor eligibility alerts and required documents, such as covenants, conditions and restrictions; budgets; master insurance information and litigation records, among others.
CondoSafe will also support lenders in TRID compliance by delivering a firm-quoted flat-fee pricing structure to be used for the loan estimate. This will not change in the closing documents.
Previously, CoreLogic introduced an enterprise version of CondoSafe to help lenders more efficiently collect specific information to underwrite condo projects. With this initial launch, lender options were limited and loan processors, officers and borrowers were required to directly interact with condominium associations.