Paperwork is pretty much always cumbersome and time-consuming. As the largest provider of multifamily loans, Fannie Mae must also run a massively large risk management operation.
Up until now, that's been a manual task, say Fannie Mae and Yardi. "Borrowers currently send monthly rent roll and operating statement data manually to their lending institution, which then reviews, summarizes and transmits it to Fannie Mae," a press release provided by the companies say. "It is a cumbersome and time-consuming process." As previously noted.
There is now a more automatable approach. As more than half of multifamily units are mortgaged through Fannie-Mae, the corporation arranged with Yardi to allow electronic submission of the data.
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