You’ve, no doubt, heard the terms “policies, procedures, rules, regulations” and “resolutions” used many times in the industry. But have you ever wondered what all these different terms mean and whether there is a difference as to which term you use? Despite popular belief, there are subtle differences in these terms, which are outlined in the below checklist. As you will see from the checklist, there are also several similarities between and overlap of the terms.
This is the second of two columns addressing common mistakes of HOA boards. Last week’s covered the failure to consistently enforce rules and seek professional advice on big decisions.
Community Association Institute has reached out to the leadership of FHA to express concern over continued problems and mismanagement of the condominium insurance program. The program requires condo associations to get FHA approval for the entire association in order for any buyer to qualify for FHA financing to purchase a condominium unit. As FHA’s share of condominium mortgages has exploded during the housing crisis from less than 5% to 30% of all mortgages, sound underwriting guidelines and administration are critical to ensure appropriate qualification criteria are adopted. To date, FHA has continued to issue guidance with no public notice or stakeholder input. The result is an increasingly troubled program that is needlessly disqualifying healthy condominium associations and burdening homeowners with added compliance costs.
Our Code of Ethics
At Community Association Management, we are focused on providing superior service with definitive results that ensure success and longevity for our communities. That’s why we have adopted a code of ethics to ensure our success:
Comply with current bylaws, standards and practices as may be established from time to time...