The Rocky Mountain Chapter of CAI is hosting a CAI Industry Update Breakfast on January 20, 2012. Here’s what you need to know about the event:
"On November 4th, CAI’s Colorado Legislative Action Committee filed a Sunrise Application with the Colorado Department of Regulatory Agencies (“DORA”) to determine whether the licensure of…
As Congress continues to play politics with extending the payroll tax deduction into 2012, Community Associations Institute ("CAI") reports that an increase in fees on Fannie Mae, Freddie Mac and FHA seems to be an inevitable part of any deal ultimately reached. CAI National published the following report: Continue Reading CAI Reports Congress to Increase Fees on Fannie Mae, Freddie Mac, and FHA
In my November 30th blog posting, I reminded HOA boards and managers to put the renewal of their HOA’s registration with the Colorado Division of Real Estate (“Division”) on their 2012 To Do List. In that posting, I noted that we suspected the registration fee would be significantly increased to cover the costs of…
Andrew Fortin, CAI National’s Vice President of Government & Public Affairs, has provided CLAC with the following important ALERT for CAI members in Colorado:
“CAI members in Colorado have reported that a mortgage company in that state is telling lenders that in order to obtain a mortgage for a home in a community association; the…
On October 21st, I posted a blog entry informing you that FHA was contemplating a prohibition on deed-based transfer fees in order for a condominium association to qualify for FHA-insured loans. In that same entry, I included a report from Community Associations Institute ("CAI") on the issue with a link to a letter to FHA requesting that they exercise caution and due diligence prior to taking such action. CAI has received a response from FHA to this letter and has published the following communication: Continue Reading FHA Responds to CAI on Transfer Fees
In an ongoing effort to persuade the US Department of Housing and Urban Development ("HUD") that the FHA certification guidelines must be revised in a manner that takes very real industry concerns into consideration, Community Associations Institute ("CAI") made the following announcement regarding the actions of United States Senator Scott Brown:
"Massachusetts Senator Scott Brown has sent a strongly worded letter…
Yesterday, 7 News provided coverage on the Sunrise Application that was submitted last Friday to the Colorado Department of Regulatory Agencies (“DORA”) to examine the need to license community association managers.
Speaking out in support of manager licensure, Chris Pacetti who is the Chair of CAI’s Colorado Legislative Action Committee’s Manager Licensure Task Force, noted that “Anyone can operate as a homeowners’ association manager without any qualifications.” Dee Wolfe, Co-Chair of the Taskforce, stated that, “For most people, their home is their single biggest investment, so it’s doubly important to have a licensed association manager who is held to a higher standard.” Continue Reading 7 News Covers Manager Licensure Sunrise Application
Members of Community Associations Institute ("CAI") are receiving notification today from the Rocky Mountain and Southern Colorado Chapters of CAI informing them that the Colorado Legislative Action Committee of CAI ("CLAC") has submitted a Sunrise Application to the Colorado Department of Regulatory Agencies ("DORA") to investigate the need for licensing community association managers in Colorado. Here’s the communication that has been distributed to Rocky Mountain Chapter members from the Chapter President Brian TerHark:
Continue Reading Manager Licensure Submitted Today for Sunrise Review
Kenneth R. Harney, a columnist for the Washington Post, on Friday published an illuminating column on the impact the new FHA guidelines are having on the condominium market. Mr. Harney characterized this chilling effect when he wrote: “This, in turn, has abruptly shut off loan money for would-be buyers and refinancers, forcing them to pursue conventional bank loans requiring much higher down payments – sometimes 20 percent higher compared with FHA’s 3.5% minimum – which they often cannot afford.” Continue Reading Washington Post Sheds Light on FHA Debacle
As if the Federal Housing Administration hasn’t done enough already to tank the market for condominium units in the United States, it seems they are now contemplating a prohibition on transfer fees in order for a condominium association to qualify for FHA-insured loans. Here is a report from Community Associations Institute on the issue:
"As part of a series of training sessions on the revised, Federal Housing Administration’s (FHA) condominium mortgage guidelines, FHA informally announced that it would be issuing new regulatory guidance to address the issue of deed-based transfer fees. FHA indicated that it would likely disqualify any condominium association with deed-based transfer fees from access to FHA-insured mortgages. This news comes as condominium associations across America are still reeling from the July 2011 FHA Guidance which imposed new and confusing underwriting guidelines that conflict with condominium business practices, state law and common sense. In response to this sudden announcement by FHA, CAI has dispatched a letter warning FHA of the dire consequences to the condominium market if it follows through on its announcement.Continue Reading CAI Cautions FHA on Transfer Fees, Calls for Waiver
