loading… This morning, the Consumer Financial Protection Bureau released its federal Qualified Mortgage standard.  The new guidelines establish minimum requirements for all mortgage loans which now include association assessments. Lenders are required to prove that borrowers have the financial resources to pay mortgage principal and interest, insurance premiums, property taxes and association assessments.  If aGo to Article

loading… The U.S. Department of Housing and Urban Development (HUD) released its annual report to Congress on the financial condition of the Federal Housing Administration Mutual Mortgage Insurance Fund yesterday.  In a statement issued today, FHA acknowledges that it continues to be impacted by losses from mortgages originated prior to 2009.  In its statement, FHAGo to Article

loading… HUD has issued FAQ’s as a follow up to the recently issued ML 12-18 regarding temporary FHA condominium approval guidelines.  The temporary guidelines, are effective until August 31, 2014, unless otherwise extended by FHA.  Many of the temporary guidelines do not apply to existing condominium communities; however, the major changes with respect to existingGo to Article

loading… As we reported yesterday, FHA released Mortgagee Letter 2012-18 on September 13, 2012.  A summary of the changes, that are most important to existing condominium associations, are discussed below.  Now is a good time to reevaluate whether your community meets the threshold requirements: The delinquent assessments requirements have been changed to set forth thatGo to Article

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