CONDOTEK AND MGIC LAUNCH ALL-IN-ONE CONDOMINIUM COMPLIANCE

Rhea-AI Summary

CondoTek and Mortgage Guaranty Insurance Corporation (MGIC) have launched a new All-In-One Condominium Compliance solution. The solution, called Condo Project Warrant (CPW), simultaneously validates condominium projects for MGIC underwriting compliance as well as agency policies and guidelines. CPW Users can quickly determine if a project qualifies for Fannie Mae and Freddie Mac financing and MGIC's private mortgage insurance products. The MGIC Compliance validation is provided at no additional cost to CondoTek's CPW.

PHILADELPHIA and MADISON, Wis., Nov. 2, 2023 /PRNewswire/ -- CondoTek and Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), announced the launch of a new All-In-One Condominium Compliance solution available through CondoTek. CondoTek's Condo Project Warrant (CPW) will now simultaneously validate condominium projects for MGIC underwriting compliance while still delivering validation for agency policies and guidelines. 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. As 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.

About CondoTek CondoTek (www.condotek.com) is a technology and information firm that leverages unique expertise in Technology and Real Estate to streamline the lending process in the condominium space. Combining technology with exceptional service and support, CondoTek creates the ultimate efficiency in the approval and underwriting of condominium loans for lenders of any size.

About MGIC Mortgage Guaranty Insurance Corporation (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

Media Contact: 
Mike Murray
Strategic Vantage Marketing & Public Relations
(240) 498-0863
MikeMurray@StrategicVantage.com

View original content:https://www.prnewswire.com/news-releases/condotek-and-mgic-launch-all-in-one-condominium-compliance-301975698.html

SOURCE CondoTek

FAQ

What is the new solution launched by CondoTek and MGIC?

The new solution is called All-In-One Condominium Compliance and is available through CondoTek. It is called Condo Project Warrant (CPW) and provides validation for MGIC underwriting compliance as well as agency policies and guidelines.

What does CPW validate?

CPW validates condominium projects for Fannie Mae and Freddie Mac financing eligibility and MGIC's private mortgage insurance products.

Is there an additional cost for the MGIC Compliance validation?

No, the MGIC Compliance validation is provided at no additional cost to CondoTek's CPW.

What is the focus of CondoTek and MGIC?

Both CondoTek and MGIC are focused on technology and automation to provide better and more cost-effective solutions for mortgage lenders and consumers.

Who is the CEO of CondoTek?

The CEO of CondoTek is Asher Kahn.

Who is the Senior Vice-President of Sales and Business Development at MGIC?

The Senior Vice-President of Sales and Business Development at MGIC is Danny Garcia-Velez.