Freddie Mac Single-Family Seller/Servicer Guide 5701.11 — Condo Project Advisor® – Project Waiver Request (PWR)

Freddie Mac Single-Family Seller/Servicer Guide 5701.11 — Condo Project Advisor® – Project Waiver Request (PWR)

Effective 2026-05-06 · Freddie Mac's stamp for this section

Condo Project Advisor® (CPASM) allows authorized Sellers to submit a request for project waiver requests (referred to as a Project Waiver Request (PWR)) for Established Condominium Projects that do not meet certain Condominium Project eligibility requirements. Approved PWRs are issued a Condo Project Advisor Feedback Certificate. This section contains requirements related to: ■ General eligibility ■ Documentation requirements for Mortgages with approved PWRs ■ Representations and warranties ■ Delivery requirements (a) General eligibility (i) Established Condominium Project To be eligible for a PWR, the Condominium Unit Mortgage must be secured by a Condominium Unit in an Established Condominium Project. However, a Condominium Project that meets all other requirements for an Established Condominium Project, other than the 75% percentage conveyance to unit purchasers, may still be considered as an Established Condominium Project on a case-by-case basis if: 1. The developer retained more than 25% of the units for rental purposes; and 2. The developer has owned these units for a minimum of 10 years (ii) Project eligibility categories The Condominium Project must comply with the project eligibility requirements for Established Condominium Projects detailed in Section 5701.5 and all other applicable requirements in Chapter 5701, except for the following Condominium Project eligibility categories: 1. Delinquent assessments – Section 5701.5(c) 2. Excessive commercial space – Section 5701.3(d) 3. Project in which the unit owners do not possess sole ownership of the Common Elements (referred to as “Leased Amenities” in CPA) – Section 5701.3(h) 4. Pending litigation (includes Alternative Dispute Resolution (ADR) proceedings) – Section 5701.3(i) 5. Reserves for capital expenditures and deferred maintenance – Section 5701.5(b) 6. Excessive single investor concentration (referred to as “Single Entity Ownership” in CPA) – Section 5701.3(j) (iii) Submission timing The PWR may be submitted at any time during the loan origination process but must be submitted prior to sale of the related Condominium Unit Mortgage to Freddie Mac. (iv) Mortgage identification An approved PWR is applicable to only the Mortgage identified on the Condo Project Advisor Feedback Certificate and is not applicable to any other Mortgage secured by a Condominium Unit located in the same Condominium Project. The Mortgage identified will be the Mortgage in connection with which the Seller enters one of the following in the “Enter ID/Key” field in CPA: 1. The Loan Product Advisor key alphanumeric identifier 2. The Fannie Mae Desktop Underwriter® key alphanumeric identifier (referred to as Casefile ID in Desktop Underwriter), or 3. The Doc File ID alphanumeric identifier issued in connection with submission of the appraisal data to the Uniform Collateral Data Portal® (b) Documentation requirements for Mortgages with approved PWRs The Condo Project Advisor Feedback Certificate must be maintained in the applicable Mortgage file. (c) Representations and warranties In connection with a Mortgage with an approved PWR, Freddie Mac will accept the Condo Project Advisor Feedback Certificate and will not exercise its remedies, including the issuance of repurchase requests, in connection with a breach of the Seller’s selling representations and warranties related to the Condominium Project review and eligibility requirements identified on the Condo Project Advisor Feedback Certificate. The Seller remains responsible for compliance with all other requirements of their Purchase Documents. (d) Delivery requirements Condominium Unit Mortgages with approved PWRs must be delivered to Freddie Mac within 120 days after the Note Date. If the Condominium Unit Mortgage is not delivered within 120 days after the Note Date, the Seller must submit a new PWR and obtain a new Condo Project Advisor Feedback Certificate prior to delivery.

Source: Freddie Mac Single-Family Seller/Servicer Guide 5701.11 — Condo Project Advisor® – Project Waiver Request (PWR) · source URL · snapshot 4c94f67729042dd6