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Freddie Mac, Fannie Mae Release Uniform Condominium Questionnaire Initiative

‚ÄčThe Uniform Condominium Questionnaire is intended to reduce the burden on community associations that routinely provide condominium project information to mortgage lenders.

The first option, Form 1076, provides a broad overview of a condominium association's financial, legal, and property status. Once a condominium association has completed a Form 1076 for a lender, it is anticipated the lender will not resubmit Form 1076 for subsequent inquiries.

A second, shorter form, Form 1077, is intended for use by lenders where a condominium association has previously completed a Form 1076. Freddie Mac and Fannie Mae have requested that lenders update Form 1076 on only a periodic basis.