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Beware Conflicts When You Hire Board Members’ Companies-Part 1

When you recruit people to serve on your HOA board, experts recommend that you look for people–like lawyers and insurance brokers–with expertise that can help you make good decisions.

Can you take that concept a step further and hire those board members or their companies when your association needs help? For example, if one of your board members is an association attorney, can you hire that board member’s firm to represent your association in a legal matter? What about hiring a board member who’s a CPA to file your association’s tax returns?

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Full Service Call Center

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Superior Resident Service

  • Call center provides owners and residents with a higher level of service through extended hours, multi-lingual resident services group and instant electronic fulfillment of most requests
  • Provides lower cost of service to the community by reducing reimbursable expense for...
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FHFA ISSUES MAJOR REVISIONS TO DEED-BASED TRANSFER FEE PROPOSAL

The Federal Housing Finance Agency (FHFA) has issued a revised draft of their proposed regulation on deed-based transfer fees. Their revisions reflect the comments expressed by CAI and its members. CAI expressed strong concerns over FHFA’s assertion that such fees do not benefit community associations. The new draft proposal will be open for public comment for 60 days and CAI will follow up with a full analysis and sample comments.

 

In August of 2010, FHFA issued draft guidance which would have prohibited Fannie Mae and other mortgage finance entities from purchasing any mortgage for property with a deed-based transfer fee. FHFA included deed-based transfer fees charged community associations. Since nearly half of all community associations charge such fess, the proposal, if adopted, would have rendered up to 11 million homes in community associations unmarketable by cutting off most mortgage financing.

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Full Service Management Solutions

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Looking for a full-service management partner? We have the expertise and commitment to customer service you’ve been searching for. One warning: once you’ve experienced our unparalleled level of service, you’ll find it hard to manage without us!

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