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 … Read More ›
The Federal National Mortgage Association (FNMA, otherwise known as Fannie Mae) created a new set of requirements in response to the collapse of the Champlain Towers South in Surfside, Florida in 2021.
As noted in the October, 13, 2021 Fannie Mae press release (https://singlefamily.fanniemae.com/media/29411/display), these requirements were created to address the “a growing concern across … Read More ›
12The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, released new condo and co-op project requirements.
These requirements are in response to the June 2021 collapse of the Champlain Towers South in Surfside, Florida. They were designed to address a condo or co-op building’s safety, soundness, structural integrity, or habitability concerns.
Below are some … Read More ›
Understanding your duties as a condominium, homeowner (HOA), or townhome association board member is vital to successfully manage the community.
There are typically four primary board office positions: President, Vice President, Treasurer, and Secretary. Every community is unique. Accordingly, each board member’s role can vary based on need and expectations.
Below is a general breakdown of volunteer … Read More ›