TR To
-------- Forwarded Message --------
Subject: New Mortgage Lender Requirements May Impact Your Association
Date: Wed, 12 Jan 2022 16:41:36 -0500 (EST)
From: Kovitz Shifrin Nesbit <marketing@xxxxxxxxxx>
Reply-To: marketing@xxxxxxxxxx
To: tundra@xxxxxxxxxxxxxx
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Illinois | Indiana | Wisconsin
ksn
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855.537.0500
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Association and Co-Op Boards should be prepared for new federal mortgage
insurance regulations
As a result of the Surfside, Florida Condo collapse in 2021, Fannie Mae (a
federal agency that insures private mortgages) and other federal mortgage
insurance agencies, may require associations to provide significant, additional
information regarding your Association’s long-term financial condition,
structural integrity, deferred maintenance information, and building code
issues when processing loans for prospective purchasers.
These new requirements are effective January 1^st , 2022.
If the Board has any questions or needs further details, contact your KSN
attorney or send an email to lenderdisclosure@xxxxxxxxxx
<mailto:lenderdisclosure@xxxxxxxxxx>.
Fannie Mae insured loans are very different than FHA Loans
Many Board members and owners mistakenly believe that FHA mortgages are the
same as Fannie Mae insured mortgages. This is not true. Historically, many
Boards were apprehensive about obtaining FHA certification for their community
as they believed FHA mortgages allowed less-financially qualified
owners/borrowers.
Again, Fannie Mae insured loans are very different. In fact, more than 62% of
all outstanding loans are insured by Fannie Mae and most conventional lenders
follow the Fannie Mae requirements. Fannie Mae insured loans require a much
higher credit rating than FHA and the average down payment is often 2 to 3
times higher than FHA loans.
Therefore, many well-qualified purchasers may be precluded from FNMA Insured
financing in your Association unless the Board takes proactive steps to comply
with some of the new Fannie Mae requirements.
Fortunately, KSN’s experience, resources, and expertise will assist your Board
and Management in navigating this new regulatory hurdle.
How can KSN help?
KSN has created a Fannie Mae supplemental disclosure packet (FSDP), that when
completed will contain the accurate responses to the new portion of the Fannie
Mae Form 1076 (Pages 6-8 exclusively)based upon your Association’s information.
This will relieve the board and management from some of the burden of
completing the new Fannie Mae requests regarding Building Safety, Soundness,
Structural Integrity and Habitability (although we will still need the
cooperation of management and the Board to provide us with the background
information, so we can prepare the appropriate responses). The traditional
portions of Fannie Mae Form 1076 (Pages 1-5) will still need to be completed by
the Board or management as before and management can still charge a fee for
these services.
How does it work?
If the Board or management receives a Fannie Mae lender questionnaire requiring
the new Building Safety and Structural Integrity responses (Form 1076, Pages
6-8) and the Board would like KSN to assist:
* Contact your attorney at KSN
* Send a copy of the lender questionnaire
* We will forward the FSDP Agreement to your Board (we do not charge a fee
for eachrequest received).
* Once approved and the Agreement is signed by the Board, our law firm will
work on obtaining the necessary documents from management and the Board to
draft and provide appropriate responses for the new FNMA Form 1076 (Pages 6-8
exclusively) for your Association.
KSN’s FSDP (similar to a 22.1 Disclosure) is intended to be good for future
requests within the near future (approximately 12 months) or until the
Association is confronted with new structural issues, deferred maintenance
problems, building safety issues, code violations, litigation, new reserve
study or changes in your reserve funding and planning, whichever is sooner (we
will not charge a fee for each request received). If these events occur, then
an Amendment to the FSDP will likely be required. Our Agreement will contain
the fees for the initial FSDP and amendments or updates if needed. If these as
stated above, management can still respond and charge a fee for the traditional
questions contained on pages 1-5.
What’s your next step?
If your Board is interested in being proactive in preparing for these specific
FNMA lender questionnaires (Form 1076, Pages 6-8), then the Board or management
may contact the KSN to receive an Authorization Agreement with an outline of
our fees.
If the Board has any questions or needs further details, contact your KSN
attorney or send an email to lenderdisclosure@xxxxxxxxxx
<mailto:lenderdisclosure@xxxxxxxxxx>.
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Fannie Mae Releases Condo and Co-Op Project Requirements Effective 1/1/2022
Click Here To Read the Full Article
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Freddie Mac Releases Condo and Co-Op Project Requirements for 2022
Click Here To Read the Full Article
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Have You Downloaded the KSN App?
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The KSN app is now available for FREE download in the iTunes app store for your
iPhone and iPad.
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The app is also available for FREE download in the Google Play store for your
Android phone or Android tablet.
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Since 1983, KSN has been an innovator in our industry. As we continue to seek
resourceful, cost-effective solutions for our clients' legal needs, our law
firm is proud to introduce our latest innovation - the KSN app.
Features:
* 24/7 real time access to KSN's Collection Status Online (CSO) portal
featuring updates on active collection, foreclosure, and landlord/tenant
matters.
* Articles authored by KSN's experienced attorneys.
* Mobile-friendly access to KSN authored articles, podcasts, booklets and
industry relevant laws/ordinances.
* Access to a schedule of upcoming KSN educational events.
* Snapshot profiles of all KSN attorneys with contact info and mobile
accessibility.
We invite you to download the KSN app and learn what our law firm can do for
you. We look forward to demonstrating how KSN has earned the trust of thousands
of clients for over 35 years.
Copyright 2022 Kovitz Shifrin Nesbit. A Professional Corporation.
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