CAI-NJ May 2022 Community Trends

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FANNIE MAE... from page 51.

the association to considerable liability. There is not a one-size fits all approach and all community associations are unique in this regard. Careful consultation with an association’s legal counsel and engineer is crucial to figure out the best manner in which to move forward with these considerations. Further information can be found in “Determining Condo or Coop Eligibility for Mortgages Backed by Fannie Mae and Freddie Mac, a Guide for Navigating the New Temporary Requirements for Condominiums and Housing Cooperatives,” February 17, 2022, Community Associations Institute (See *link in box below). n

their managing agents, and service providers to produce documentation materials more efficiently and account for state and local government regulations for project safety and financial solvency standards. 6, 7 Until these challenges are resolved, many community associ ations are caught in a quagmire of how to move forward with the new requirements. Refusing to answer the questionnaire may result in the denial of future loans for a community, but on the other hand, answering the questionnaire may expose

* https://www.caionline.org/HomeownerLeaders/DisasterResources/Documents/Final%20CAI%20Guide%20and%20FAQ%20for%20Navigating%20Fannie%20Mae%20and%20Freddie%20Mac%20Requirements%20Final%20February%202022.pdf

END NOTES: 1 See www.bankrate.com/mortgages/fannie-mae-vs-freddie-mac

POWER WASHING 6 See “Fannie Mae and Freddie Mac: What new lending guidelines mean for your condominium or co-op,” https://hoaresources.caionline.org/fannie-mae-and-freddie-mac-new-lending-guidelines-condominium-or-coop 7 FHFA has responded to CAI’s request for a delay in implementation by stating that the new requirements will remain but that the GSEs are in the process of pro mulgating permanent guidelines and will engage with CAI before they are finalized. 2 See “Fannie Mae and Freddie Mac: What new lending guidelines mean for your condominium or co-op,” https://hoaresources.caionline.org/fannie-mae-and-freddie-mac-new-lending-guidelines-condominium-or-coop 3 https://singlefamily.fanniemae.com/media/15656/display (See Condominium Project Questionnaire on page 6). 4 https://sf.freddiemac.com/content/_assets/resources/pdf/forms/condo_questionnaire_form_full.pdf 5 See, “Determining Condo or Coop Eligibility for Mortgages Backed by Fannie Mae and Freddie Mac, a Guide for Navigating the New Temporary Requirements for Condominiums and Housing Cooperatives,” February 17, 2022, Community Associations Institute. https://www.caionline.org/HomeownerLeaders/DisasterResources/Documents/Final%20CAI%20Guide%20and%20FAQ%20for%20Navigating%20Fannie%20Mae%20and%20Freddie%20Mac%20Requirements%20Final%20February%202022.pdf

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