The technology and information firm CondoTek has teamed with Mortgage Guaranty Insurance Corp. (MGIC) to create a condominium compliance solution available through CondoTek’s platform.
According to the companies, CondoTek’s Condo Project Warrant (CPW) will now simultaneously validate condominium projects for MGIC underwriting compliance while delivering validation for agency policies and guidelines. CPW Users will be able to quickly learn if a condominium project qualifies for Fannie Mae and or Freddie Mac financing and MGIC’s private mortgage insurance products.
The companies also noted that because it is a value-add, the MGIC Compliance validation is delivered at no additional cost to CondoTek’s CPW.
“CondoTek is excited for this new opportunity to add value to our customer community. It is a natural relationship because MGIC and CondoTek are both focused on technology and automation leading the industry to provide better, more cost-effective solutions for mortgage lenders and their consumers,” said Asher Kahn, CEO of CondoTek.
“Fundamental to MGIC’s success for 65 plus years is our steadfast focus on customers and offering solutions to simplify the loan process for them. We are thrilled to partner with CondoTek on this solution,” said Danny Garcia-Velez, senior vice-president of sales and business development at MGIC, a principal subsidiary of MGIC Investment Corp. (NYSE: MTG).