Major changes are afoot in the U.S. condo lending market, but experts within the sector caution that some of those changes — though warranted — are coming too quickly for the industry to absorb, risking valuations and access to condo mortgage credit.
“We are not asking that these goals be abandoned,” wrote Kimber White, president of the National Association of Mortgage Brokers (NAMB), in a letter sent to Federal Housing Finance Agency (FHFA) Director Bill Pulte on Monday. "We are asking that the industry be given a realistic, workable transition period so the new requirements can be absorbed without disrupting the very borrowers and communities the policy is meant to protect."
Since the 2021 collapse of the Champlain Towers South complex in...