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FAQs: Project Standards - PERS Submissions (Sept. 2023)

Project Standards Requirements - PERS Submissions

This FAQ document provides responses to common questions related to Fannie Mae’s project review methods and policies for determining project eligibility for mortgages secured by units in condo, co-op, and planned unit development (PUD) projects. Visit Learn About Project Standards to see all Project Standards and Project Insurance FAQs as well as additional helpful information.

Note: The numbering sequence is from the PDF document that contains all Project Standards Requirements FAQs and have been separated for easier reference by topic. Changes since the last update are marked either NEW or UPDATED. Minor (non-substantive) wording, number, and heading changes are not marked.

Click below to access Project Standards Requirements related FAQs:


PERS Submissions - FAQs

  1. How can lenders access the required forms for PERS? How should the completed project review documentation be submitted to Fannie Mae? 

Getting Started with the Project Eligibility Review Service (PERS) provides detailed instructions for PERS submissions. 

  1. Can lenders that are not Fannie Mae seller/servicers submit projects for PERS approval? 

No, only approved Fannie Mae seller/servicers may submit projects to PERS. Lenders that submit projects to PERS are liable for representations and warranties. Approved seller/servicers are under contract with Fannie Mae and are liable for representations and warranties made under the Lender Contract.

  1. Can a new condo project be approved by Fannie Mae prior to construction of any of the units? If not, at what stage of the completion may a lender submit the project documentation for Fannie Mae approval?

A project can be submitted at any time; however, if construction is not complete, the project will only be issued a “Conditional Approval,” which expires after 9 months. Seller/servicers are therefore advised to submit a project once they determine that “Final Approval” can be requested within a reasonable period of time in order to avoid a Conditional Approval expiring.

  1. Can a lender submit outstanding conditions required to obtain a Final Approval on a project even though they were not the lender who obtained the Conditional Approval? 

No, the submitting lender is responsible for satisfying the conditions of that submission. When the conditions are satisfied, the status of the project in CPM will be changed from Conditional approval to Approved by Fannie Mae and all Fannie Mae approved lenders will then be able to sell loans to us secured by units in that project with the status of Approved by Fannie Mae status. 

  1. When Fannie Mae receives the condo documentation for PERS review, is there a rule regarding the age of the documents? For example, does the appraisal have to be completed within so many days/months?

Yes, all documents should be completed within 4 months prior to the submission so that we have up-to-date and accurate information available.

  1. Can a lender obtain a copy of the Conditional or Final approval letter for a project if they were
    not the lender that submitted the project to PERS? 

We only send the Conditional or Final approval letter to the submitting lender. Other lenders can access the list of Fannie Mae-approved projects in CPM. 

  1. If the PERS Project Approval submission is rejected, is any portion of the fee refundable?

Once the PERS fee has been decisioned with a formal letter to the lender, the fee is charged to the lender and is not refundable.
How are lenders billed once the review has been completed? 

Fees associated with a review are included as part of lender's online monthly technology billing. Fannie Mae Connect provides information about electronic billing access.

 

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