Electronic Submission Comes to Fannie Mae Risk Data Requirements
Yardi provides the connection and also announced a risk management product for senior housing.
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.
“We rolled out Rent Roll Digitizer in late 2021 to streamline a reporting process that demanded too much time and effort,” Woody Brewer, vice president, Multifamily Chief Operating Office of product management for Fannie Mae said in prepared remarks. “We appreciate that Yardi will help its clients further reduce complexity, save time and provide up-to-date information in the reporting process.”
The connection will happen through Yardi’s Asset IQ, a product from the company that normally provides revenue management, a property management dashboard, collections management, budgeting, and data analytics.
In a separate announcement, Yardi also introduced RevenueShield that “operators minimize property risk and provide reliable coverage to senior living residents.”
A master policy program “protects assets from resident-caused loss while saving time and reducing out-of-pocket expenses from insurance claims,” the company says. There is also an insurance type product that can provide “comprehensive liability and personal contents coverage.” There are also “exclusive, senior-only discounts up to 20%.”
“The electronic protection program also helps enrollees extend their coverage to account for scooter and wheelchair damage,” the company said. “It also provides the option to receive trusted estimates for their items.”
Earlier last month, Yardi announced another software partnership, this time with WeWork.
“The partnership will merge Yardi’s industry-leading software and tech capabilities with current WeWork Workplace booking capabilities to create a software solution tailored for corporate enterprise users,” said a release. “This enhanced WeWork Workplace product, set to launch in July 2022, will help facilitate this transition and enable companies to offer their employees the ability to seamlessly book a desk, private office or conference room in any company-leased or owned office space, any WeWork location, or any affiliate of WeWork.”