The long awaited revisions to the FHA Condominium Project Approval Guidelines were released today. The revisions are contained in Mortgagee Letter 2012-18 and apply to any applications for approval or recertification filed after today. The 12 page mortgagee letter contains revisions to key requirements such as non-residential/commercial space (live/work projects), investor ownership, ownerGo to Resource
Category: National Legislation
FHA Officials have advised CAI of their intent to release revisions to the existing condominium approval guidelines prior to September 2, 2012. Per CAI’s MortgageMatters post, the revisions are intended to provide flexibility for condominiums while enhancing risk management standards enforced by FHA. While we do not expect the revisions to offer substantiveGo to Resource
FHA released Mortgagee Letter 2012-11 yesterday, which amends ML 2002-19. The Mortgagee Letter clarifies certain things that must be done by the mortgagee of a FHA insured loan. Those affecting associations are: Upon completion of a foreclosure sale, mortgagees must notify the association of the mortgagee’s interest in the property and, prior toGo to Resource
Most boards have experienced more than their fair share of frustrations in the short sale process. In a short sale, the mortgage company accepts less than is due on the mortgage to allow a property to sell to a new homeowner. It is common for the board, manager, or attorney to be contactedGo to Resource
Based upon an almost three to one ratio of comments received by the Department of Justice in favor of further extending the ADA pool compliance deadline, the Department of Justice, in an announcement on May 17, 2012, pushed back the compliance deadline for swimming pool access to January 31, 2013. According to theGo to Resource