2013

The Consumer Financial Protection Bureau has just released new mortgage guidelines which are intended to ensure that purchasers of homes have the ability to pay the costs associated with their homes which includes the ability to pay their HOA assessments.  Community Associations Institute (CAI), which has proactively been representing the interests of HOAs during the development of these new guidelines, has released the following information on the guidelines which will become effective in January of 2014:                                                                         

Qualified Mortgage (Ability to Repay) Guidelines Released

                                                                                                                          

On January 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited federal Qualified Mortgage (QM) standard. The new federal guidelines, which are required by the Wall Street Reform and Consumer Protection Act (commonly known as the Dodd Frank Act), establish minimum requirements for all mortgage loans.

 

As anticipated, the QM standard considers community association assessments a key factor when determining if a borrower is qualified for a mortgage. Ensuring borrowers can afford to pay association assessments will lead to stronger communities and prevent foreclosures.                               Continue Reading New Mortgage Guidelines with Ability to Pay Provisions Released

I love the fresh start of a new year. Like many people, I use the last few days of the year to reflect on accomplishments, identify areas for improvement and growth, and set goals for the next twelve months. The last week of the year often slows down enough for reflection and planning, and I can chart my course for things like client relations activities, changes to internal business practices, and training for that three-day bike ride I want to complete in July.

How does your community association plan for the year ahead? If you’re a new board member, perhaps you’re eager to begin addressing concerns that led you to volunteer in the first place. If you’re a seasoned director, you may have a project underway that you intend to see to completion. But what are your goals as a board? Is your board approaching the New Year with a unified vision and voice?Continue Reading Better Communication in 2013

As the 2013 legislative session is slated to begin on Wednesday, Senator Carroll has gone on record with the Colorado Springs Gazette on her commitment to pass legislation that would create an HOA Czar and to license community association managers.  The bills will be introduced in the House and are expected to receive support in both chambers which are controlled…

Side Streets, carried in the Saturday edition of The Gazette in Colorado Springs, highlighted an interview with Mark Ferrandino – the new Speaker of the Colorado House.  Clearly, the Speaker is not a fan of HOAs and believes members of HOAs need "a way to complain and enforce the laws . . . "  As a result, he’s in favor of providing the HOA Information Officer with the authority to investigate and enforce Homeowner Bill of Rights provisions of the Colorado Common Interest Ownership Act ("CCIOA"). 

The Speaker’s disenchantment with HOAs comes from personal experience.  Evidently, at some point in time, the Speaker purchased a home in an HOA and thought the assessments were being handled through his mortgage payment.  As a result, he did not make his $25.00 monthly assessment payment.  After six months of not paying his assessments, the Speaker received notice that a lien had been recorded on his home. Continue Reading Speaker of the House Not a Fan of HOAs