In reaction to the tragic condo collapse in Florida, Fannie Mae and Freddie Mac amended their requirements that have resulted in lender questionnaires to be answered by associations and their managers that are ambiguous and impose potential liability. If the questionnaire is not completed the lender will not approve the loan to a buyer. But if the very broad questions are correctly answered that, too, may result in the lender declining the mortgage. Boards and managers must understand these new obligations and be prepared to answer the questionnaires properly.
- The new disclosure requirements.
- The liability for responding erroneously.
- Best practices for answering the new questionnaires.
Click here to register and view the recorded webinar.
This course is approved by Community Association Managers International Certification Board (CAMICB) www.camicb.org to fulfill continuing education requirements for the CMCA® certification.
David L. Dockery
Ellen M. Goodman