Section outline

  • Part 1: Condo Property Types and Rocket's Condo Simply Tool

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      🗓️ Recorded: 7/24/2025
      ⏱️ Est. Time: 65 mins
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      Training on Property Types - Condos

      This training session provides an in-depth exploration of property classifications, with a special emphasis on condominium-related processes and requirements. The session will open with Vera Augustyniak presenting an overview of CondoSimply, along with key Rocket-specific guidelines related to condominiums.

      What this session covers:

       
      Introduction to Condos Condos are the most complicated property type, requiring specialized training.
       
      Rocket Condo Tools Overview Introducing Pathfinder, Condo Killer, and the Condo Simply tool.
       
      Condo Killer Key list of questions to identify issues that would make a condo project ineligible.
       
      Rocket's Condo Policies Clarifying Rocket's stance on non-warrantable loans and FHA spot approvals.
       
      Condo Simply Demo Demonstration of the tool for searching and verifying condo project approvals.
       
      FHA/VA Streamline vs. Full Doc Explaining that FHA Streamlines and VA Earls do not require active project approval.
       
      Determining Review Type Using the tool to classify a loan as a Type A (Limited) or Type B (Full) review.
       
      CPM Findings Integration Notification that all condo findings automatically include Fannie Mae's Condo Project Manager (CPM) status.
       
      Limited vs. Full Review Docs Outlining the document requirements, noting that a full review requires a budget and a full questionnaire.
       
      Detached/Small Condo Projects Special review for detached condos and projects with four units or less (Type V reduced project review).
       
      Master Policy Requirements Detailing the need for the master policy and the specific requirement for inflation guard on Fanny/Freddy loans.
       
      HO6 (Walls-In) Policy Requirement for a separate HO6 policy if the master policy does not cover the unit's interior and improvements.
       
      Wholesale Recommendation Suggesting wholesale for attached condos so Rocket manages and pays for the required condo documentation.

  • Part 2: Property Types Overview

    • Students must
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      🗓️ Recorded: 7/28/2025
      ⏱️ Est. Time: 38 mins
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      Training on Property Types - Overview

      This session is designed to help team members enhance their understanding of property eligibility, documentation expectations, and processing nuances. Whether you are new to the team or want a refresher, this training will offer practical guidance to support smoother and more compliant transactions.

      What this session covers:

       
      SFR & Planned Unit Development (PUD) These are the most common, straightforward, and easiest property types, serving as the baseline.
       
      Condos It's crucial to check the legal description for the word "condo" or "condominium" to verify the property type.
       
      Two-to-Four Unit Property (Multi-unit) This category includes duplexes, triplexes, and fourplexes, which are the largest allowed for agency loans before the property falls into the commercial/NonQM category.
       
      Manufactured Homes These homes are built in a factory and must be permanently affixed to the lot to be eligible for agency loans.
       
      Modular Homes These are also factory-built but are considered a single-family residence, with the appraiser ultimately confirming if they can be treated as such.
       
      Mobile Homes If a property does not qualify as a manufactured home because it is not permanently affixed, it is considered a mobile home, requiring a lender that specializes in this property type.
       
      Co-ops An uncommon property type where the borrower owns shares in a building.
       
      Mixed Use A multi-unit property that includes commercial space, requiring that the majority (over 51%) of the living space be residential.
       
      Leasehold This is an uncommon scenario where the borrower owns the property, but the land is leased, requiring verification of the lease terms.
       
      Newly Built Homes These require proper timing for the appraisal, a Certificate of Occupancy, and potentially a final inspection (1004D) and various builder forms for government loans.