CondoTek and Mortgage Guaranty
Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment
Corporation, recently announced the launch of a new all-in-one Condominium
Compliance solution available through CondoTek in a company press release.
CondoTek’s new solution, Condo
Project Warrant (CPW), is designed to simultaneously validate condominium
projects for MGIC underwriting compliance while still delivering validation for
agency policies and guidelines.
“CondoTek is excited for this
new opportunity to add value to our customer community,” CondoTek CEO Asher
Kahn said in the release. “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.”
CPW Users will now quickly and
effectively understand if a condominium project qualifies for Fannie Mae and or
Freddie Mac financing and MGIC’s private mortgage insurance products, the
release states. As a value-add, the MGIC Compliance validation is delivered at
no additional cost to CondoTek’s CPW.
“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,” said Danny Garcia-Velez, MGIC senior vice president
of sales and business development. “We are thrilled to partner with CondoTek on
this solution.”