November 2, 2023 — Philadelphia, Pa., and Madison, Wis. — 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.