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Condo Lending Standards Post-surfside Cause Consternation
In the two years after a notorious Surfside, Florida condo collapse, new temporary rules and increased enforcement have been instituted to ensure building safety, but these measures have also intensified the challenge involved in finding affordable financing in this market. "There are more and mo...
2023-06-27 15:03:01
'Blacklist' Hits Sale of Condos
Fannie’s secret ‘Blacklist’ wreaks havoc for condo buyers and sellers Since the Surfside collapse, Fannie Mae’s list of ineligible condos and co-ops has grown 55%. ...
2023-05-01 11:19:37
Kensington Vanguard Tapped as an Exclusive Provider for CondoTek Platform
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2023-04-20 13:18:54
Progress in Lending podcast: Detailing New Tools That Will Advance Lending
We are excited to announce, CEO Asher Kahn was recently featured on the Lending Buzz, a podcast that gives listeners the latest news, trends, insights and strategies to help listeners grow their business. In The Spotlight Section Special Guest Asher Kahn, discusses how mortgage lenders are able to use technology to process condo loans faster despite the enhanced guidelines....
2022-08-02 20:06:10
Surfside tragedy makes condo buying challenging nationwide
While that list is not public, Orest Tomaselli, president of project review at CondoTek, a company that reviews condo documentation for lenders, says it included more than 900 condo buildings within 60 days. It has since grown to more than 1,000 properties. “That list is the worst list you can be on if you are a condominium property,” Tomaselli said....
2022-07-14 16:02:56
Let's Talk Condo Lending!
Join us Wednesday, June 22nd at 3pm Est for TMC's Connect Session, featuring CondoTek - Let's Talk Condo Lending! Presented by Co-Founder & CEO, Asher Kahn. Click here to register now!...
2022-06-21 16:21:24
New GSE Guidelines Challenge Condo/Co-op Lenders
Lenders have a terrible time obtaining up-to-date and accurate info from public data...
2022-06-21 16:17:20
The Mortgage Collaborative and CondoTek Form Preferred Partnership
Members of The Mortgage Cooperative will receive unique benefits when using CondoTek products and services, including CondoPak and Condo Project Warrant Philadelphia, PA – May xx, 2022 — The Mortgage Collaborative, the nation's largest independent mortgage cooperative, and CondoTek, the premier resource in technology and services for condominium and co-op lenders, announced today an exclusive Preferred Partnership that will bring CondoTek’s technology products and services to The Mortgage Collaborative members along with special benefits. “Mortgage lenders originating and servicing loans for condominiums and cooperatives face a cumbersome and costly task processing and underwriting condo loans on their own,” said Rich Swerbinsky, president and CEO of The Mortgage Collaborative. “Our members will enjoy exclusive benefits when using CondoTek’s products and solutions that gives them the ability to lower their costs and increase efficiencies when underwriting condo and coop loans.” Members of The Mortgage Collaborative will have access to CondoTek’s products, including CondoPak, a comprehensive documents and data product tool, and Condo Project Warrant (CPW), the ultimate end-to-end service that delivers documents, data and a risk-free project warrant. CondoTek is planning additional integration releases this year designed to create a comprehensive, streamlined user experience for mortgage lenders originating and underwriting loans, said Asher Kahn, CEO of CondoTek. “CondoTek is proud to be a preferred partner for the Mortgage Collaborative,” Kahn said. “We both place an emphasis on automation and technology for mortgage lenders to provide better, faster and more cost-effective processes that help create an optimum experience for their borrowers. It’s the perfect fit.” About CondoTek CondoTek is a technology, information and consulting firm that provides mortgage lenders with regulatory guidance, project approvals and easy access to products and services for approving, originating and underwriting loans for condominium and co-op properties. CondoTek’s automated offerings enable small/mid- to large-sized lenders and other financial institutions and real estate companies to enhance their operational efficiencies and streamline the condo and co-op financing and investment process. CondoTek was founded in 2013 and recently acquired National Condo Advisors during the fourth quarter of 2021. CondoTek operates in all 50 states. For more information or to request a demo, visit www.condotek.com. About The Mortgage Collaborative Based in San Diego, The Mortgage Collaborative was founded in 2013 to empower mortgage lenders across the country with better financial execution, reduced costs, enhanced expertise, improved compliance, and to help its members access the dynamic and changing consumer base in America. The association is managed by its founding members: John Robbins, CMB; David Kittle, CMB; Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals (NAHREP); and Jim Park, former chair of the Asian Real Estate Association of America (AREAA). Robbins and Kittle are former chairmen of the Mortgage Bankers Association of America (MBA). For more information, visit mortgagecollaborative.com. CondoTek Press Contact: Mike Murray Director of Communications Strategic Vantage 240.498.0863 MikeMurray@StrategicVantage.com ...
2022-05-19 14:11:05
CondoTek makes key move
"Geloso formerly served as the company’s director of business development and product operations. According to a company-provided bio, Geloso has nearly 25 years of mortgage industry experience and has held executive positions at Bank of America, Freedom Mortgage, and Arc Home LLC."...
2022-04-07 14:34:41
Why this recent change just made it harder to buy or sell an apartment
"New rules rolled out earlier this year by mortgage giants Fannie Mae and Freddie Mac are creating a bottleneck in the real estate market for those seeking to buy or sell condo or co-op apartments, according to agents and condo associations."...
2022-04-04 16:23:06
Mortgage Women Magazine
"In Particular, the new guidelines will significantly alter condo project reviews, which are going to be infinitely more complex and labor-intensive than before."...
2022-04-01 14:26:33
Product showcase: CondoTek focuses on mortgage niche
"CondoTek is a technology company that has carved out a solid niche in the mortgage space without turning to venture capital. The Philadelphia-based company provides B2B software products and services designed to create efficiencies for lenders underwriting condominium and co-op loans."...
2022-03-25 17:51:56
Condo Financing Getting Tough
""It's doubtful the company has reviewed that many in just two months," says Orest Tomaselli, the head of project reviews at CondoTek, a company that helps lenders with documentation requirements."...
2022-03-18 20:00:30
New condo mortgage rules create barriers for borrowers
“It’s a reckoning for sure,” says Orest Tomaselli, president of project review at CondoTek. “A lot of purchasers and owners are being denied access to financing because of these new rules through no fault of their own.”...
2022-03-09 20:13:38
CAI Urges Suspension of Fannie Mae and Freddie Mac Temporary Lending Guidelines for Condominiums and Cooperatives
"Guidance from Fannie Mae and Freddie Mac introduced in late 2021 brings new project requirements for condominiums and housing cooperatives to ensure safety and structural stability following the partial collapse of Champlain Towers South condominium in Surfside, Fla., last June."...
2022-03-04 21:03:35