Management companies definitely take the brunt when it comes to condominium questionnaires from various lenders. Every lender has its own form and every form wants different information, some of which is not readily available. No wonder there is so much confusion and frustration when it comes to filling out the questionnaires.
Now there appears to be a light at the end of this tunnel, and it’s not the light of an oncoming train! On March 29, Freddie Mac and Fannie Mae released a standardized set of lender questionnaires to be utilized by lenders.
There are two “Uniform Condominium Questionnaires”: Form 1076, which is fairly comprehensive (5 pages), intended to be used only once per community; and Form 1077, which is a slightly less extensive form (4 pages) that will be used if a community has already completed Form 1076.
Regardless of the forms’ lengths, the good news is that associations and management companies can expect to start seeing less “variety” when it comes to condominium questionnaires and more uniformity and predictability, which is always a good thing!
Let us know if you’ve started seeing these new forms and what you think of them.
4 responses to “Condominium Questionnaires—Is There Light at the End of This Tunnel??”
These forms are requiring the management company tax ID number. Where do they get off requiring that we provide that. They have no legitimate need for that in vetting a property for a loan!?
We’ve seen this before, but do not know why such information is, or would need to be, required.
We’ve completed this form for each of our associations and posted it online, along with the ACORD insurance certificate and the current budget. As you say, some lenders will not accept this. They have their own forms, and ask very-strange questions that have not pertinence. We don’t have time to fill out every lender’s form. Can we refuse, and simply stand by the form 1076?
Although you can refuse, we do not recommend doing so as that may lead to legislation at the Federal level governing associations.
If you have any additional questions, feel free to call us 303-432-9999.