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When must CPM be used for a condo project review?

Condo Project Manager (CPM)

Lenders must use CPM to assist in their Full Review of a condo project (except for projects containing manufactured homes). CPM is a Web-based tool designed to facilitate the lender's review of the project to determine if it meets Fannie Mae's project eligibility requirements. The lender must document the loan file with the CPM decision by including the unexpired CPM Certification in the file.

CPM certifications are based solely on the data that the lender enters into CPM. The lender is responsible for reviewing the applicable project documentation to obtain the information needed to complete the project review and enter the data into CPM. The lender is also responsible for ensuring that all data entered into CPM is correct and that the project meets all applicable Fannie Mae eligibility requirements.

CPM is available on Fannie Mae's website.

CPM Status Designations

The table below describes the status designations that are available in CPM for each project.

Status Designation Definition
Certified by Lender Loans in the project are eligible for sale by the certifying lender prior to the expiration date.
Approved by Fannie Mae Project  has been approved by Fannie Mae, and loans may be sold with a valid and unexpired approval by any lender. This status may include projects approved through the PERS or other Fannie Mae approval processes.
Conditional Approval Project has been approved by Fannie Mae through the PERS process subject to certain conditions being met. Loans in this project cannot be sold to Fannie Mae until an Approved by Fannie Mae status has been issued.
No Fannie Mae Review Lender can certify the project or subject legal phase based on the Selling Guide requirements.
Unavailable Project has been determined by Fannie Mae to be ineligible. Loans for units in this project cannot be sold to Fannie Mae.
Guide Ineligible Based on information entered in CPM by the lender, loans in this project are not eligible for sale to Fannie Mae.
Incomplete Certification Project has been entered into CPM, but the lender's certification process has not been completed. The required information must be entered into CPM for the lender to determine the project's eligibility.

 

CPM Delivery Restrictions Notifications

Project transaction eligibility or other loan-level restrictions will display in CPM. When CPM displays a delivery restriction for a specific project, lenders may only sell loans that comply with the stated restrictions.

For example, loans in some projects may be limited to certain occupancy types (such as principal residences only, or principal residences and second homes) or there may be limits on the LTV ratios.  

Additional Obligations of the Lender for Projects Approved by Fannie Mae

If a lender becomes aware of any information that could impact the eligibility status reflected in CPM (such as, significant deferred maintenance or major litigation), the lender must notify the CPM Management team (see  E-1-02, List of Contacts) with the relevant data and information. Fannie Mae will evaluate the new information and its impact on eligibility. Before selling a loan secured by a unit in such a project, the lender must confirm that the project retains its approved status. Notification must occur as soon as practicable but no later than five business days after becoming aware of such information.

Fannie Mae reserves the right to change a project eligibility status designation if information acquired after approval or certification has an impact on a previously issued eligibility determination.

Note: Lenders are responsible for verifying and documenting that the project meets the applicable insurance requirements described in Chapters B7-3 and B7-4. Fannie Mae does not review insurance policies as part of the review process.

See B4-2.2-02, Full Review Process for additional information.

 

 

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