The Federal Housing Finance Agency’s (FHFA) March 15 final rule on deed-based transfer fees was a huge victory for community associations across the country. FHFA’s initial proposal would have banned federally backed mortgages for any property in a community association with a deed-based transfer fee. As originally drafted, the rule would have cut off nearly all mortgage funding for 11 million...
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Andrew Fortin recently met with the Acting Head of FHA, Carol Galente and reports that there is some positive movement on the issues that CAI has been raising with FHA related to the condominium project approval process and standards. Click ...
Over the past few months we have experienced some push back from FHA regarding some communities seeking FHA approval or recertification where the Association has a pending loan or where the association has pending repairs in the community resulting from a construction defect claim.
While there are no written guidelines or restrictions prohibiting pending repairs within the community,...
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including provisions regarding new insurance requirements for associations and management companies.
One problematic provision in the new guidelines is the requirement in...
The House Financial Services Committee's Subcommittee on Insurance, Housing and Community Opportunity hosted a hearing on September 8 examining the role of FHA in the mortgage markets. Acting FHA Commissioner Carol Galante testified to FHA's role in the post crash housing market and noted progress made by FHA in 'improving' the condominium insurance process. Her...
CAI has filed an administrative challenge to provisions of the FHA Mortgage Insurance Guidelines issued on June 30, 2011, with the Office of Information and Regulatory Affairs. To read more about the challenge see CAI's Mortgage Matters Blog. If your condominium community has not yet sought FHA...
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011; however, one new guideline which proves to be particularly concerning for associations does not become effective until August 30, 2011.
Section 2.4 of the new guidelines...
As part of ongoing discussions with representatives from HUD and CAI, we are looking for stories from Board members and/or managers of condominium associations that have been negatively impacted by FHA guidelines (lost sales, unable to qualify, increased costs due to insurance requirements, etc.). If you have experienced any impact from FHA that you desire to share, please contact us at 303-...
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including provisions regarding leasing provisions within condominium association declarations.
Until March 18, 2011, many condominium communities were having applications for...
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including new exceptions to the 15% cap on homeowners assessments over 30 days past due.
Prior to issuance of the Guide, any community which had more than 15% of the total...