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The Federal Savings Bank Announces Partnership with CondoGrade Partnership

The Federal Savings Bank Announces Partnership with CondoGrade Partnership will better educate and inform condo buyers; Offer financial transparency

CHICAGO (May 23, 2016) - The Federal Savings Bank, one of the largest privately held federally chartered banks in America focused on residential home lending, announced today that it has partnered with CondoGrade, a company that offers both buyers and owners important financial data needed to evaluate a condo association.

With the partnership, The Federal Savings Bank customers who are buying or selling a condo have the option to obtain, for a small fee, a detailed financial report about the property that includes private data from the condo association, as well as information from public data sources. Using key data and a proprietary algorithm, CondoGrade creates an evaluation of the overall financial "health" of the condo. CondoGrade also provides both buyers and sellers with a negotiating tool for the property.

The partnership was created because a condo association's financial health affects a lender's ability to finance a condo. Credit underwriting requirements ensure the buyer's ability to repay the loan based on their credit score, income, assets, and liabilities. However, the four major secondary market agencies (Fannie Mae, Freddie Mac, the U.S. Department of Housing and Urban Development, and the Department of Veterans Affairs) have additional underwriting requirements for condos to ensure the value and marketability of the property. These extra requirements have been created ecause condo associations have a strong influence on the buyer's ability to sell or lease the unit or the ability to repay the loan.


"This partnership makes a lot of practical sense," said Tim Parent, Condo/Co-op project department manager, of The Federal Savings Bank. "As a lender, The Federal Savings Bank will connect prospective condo purchasers with the expertise and data from CondoGrade, which will help them make a more informed decision about their condo purchase. The CondoGrade Report will also provide the Bank with solid data about the property's financial health early in the mortgage process. In the same spirit, CondoGrade will refer customers who have found a condo, but still are searching for secure financing, to The Federal Savings Bank."


"The Federal Savings Bank is a trusted partner because of their knowledge of the condo market, as well as their exceptional lending and mortgage products," said Lauren Peddinghaus, co-founder and CEO of CondoGrade. "We're thrilled to partner with the Bank to offer a service that helps buyers evaluate the financial health of condo associations. It's important to educate consumers about what they don't know."


Headquartered in Chicago, CondoGrade has over 450,000 searchable Chicago area condo properties in their database. However, the company has the capabilities to provide CondoGrades to properties throughout the United States, including new construction.

For more information, visit https://condograde.com/tfsb.


About The Federal Savings Bank

The Federal Savings Bank, one of the largest privately held and most successful veteran-owned banks in America, is an industry leader providing tens of thousands of Americans a path to home ownership through residential home lending. As a federally chartered bank, its highly experienced bankers are experts in lending in all 50 states and have the ability to help those customers achieve the American Dream. In recent years, the Bank's exceptional work has earned accolades from Ellie Mae, Wells Fargo, The ABA Banking Journal and Bauer Financial. For more information, visit www.thefederalsavingsbank.com.


About CondoGrade

CondoGrade is a real estate technology company bringing financial transparency to condo sales and condo living. Their detailed financial reports allow buyers, sellers, agents and lenders to evaluate the financial health of the association and identify potential financing problems well before a contract is signed. Their mission of financial transparency also helps owners to minimize the high risk of fraud in condominium communities. Currently, the company offers reports for more than 450,000 condo properties in the Chicagoland area. Visitors to the site can also inquire and receive a report about any condo in the U.S. Based out of Chicago, Illinois, CondoGrade launched in January 2016.


MEDIA CONTACT:

Kellie Kennedy, kelliek@theharbingergroup.com, 312/933-4903


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