The Condo Industry Is Changing Beyond Lending
Hi, from Asher. Condo lending is only one piece of a much bigger shift happening across the condominium industry–especially with all the new Fannie Mae and Freddie Mac changes we discussed last month [click HERE for last month’s newsletter].
HOA associations are facing rising insurance costs, aging infrastructure, increased reserve requirements, and growing pressure to understand their property’s long-term financial needs.
At the same time, buyers, lenders, and property managers are paying closer attention to the financial health of the communities they are involved with.
This month, we’re taking a look at some of the trends happening outside the mortgage process that are increasingly affecting it.
This Month’s Top Stories
Insurance Is Becoming a Bigger Part of the Condo Conversation. Rising premiums, higher deductibles, and fewer coverage options are creating new challenges for condominium associations and making insurance an increasingly important part of condo financial planning. Read more…
Reserve Studies Are Getting More Attention. As per the new Fannie Mae guidelines, as buildings age and repair costs rise, associations are taking a closer look at whether their reserves will be sufficient when major components need to be repaired or replaced. Read more…
Special Assessments: What They Can Tell You About a Property. A special assessment isn’t necessarily a red flag. Understanding why it was needed, what it covers, and how it affects the association’s finances can provide important insight into a property’s financial health. Read more…
Current & Latest Webinars
Join the compliance experts at CondoTek along with both Reserve Study and Engineering experts for a practical, lender-focused session on how to read a condo or co-op reserve study the way an underwriter should.
We’ll walk through what a compliant study must contain, how to spot a study that will hold up to agency review, and how to apply and review the new funding thresholds correctly.
Get insight into component condition evaluation from a Professional Engineer and how to analyze Reserve Study funding plans from one of the most respected Reserve Study providers in the industry.
Please note the same webinar is offered for two seperate days. Choose within the webinar invite.
THE SHAMELESS PLUG…
How Much Does Condo Doc Collection Really Cost? It’s easy to look at a document fee and assume you know what condo doc collection costs. But once you add questionnaire fees, insurance certificates, staff time, follow-ups, vendor management, rework, and administrative costs, the typical total can reach $802.
CondoTek gets the entire process done for a fixed $495 [*in 48 states]— often costing less than collecting the documents yourself. Unlike doing it internally, that price also eliminates the administrative burden of chasing documents, managing vendors, and tracking down missing information.
Less time chasing. Less administrative work. More time to focus on closing loans.
Click HERE to learn how to reduce your document collection costs.
Thanks for Reading
Hopefully the news above is helpful. We’ll be back in a month with additional relevant news and helpful tips.
Thanks,
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