Full Condo Questionnaire

Transcription

1 Full Condo Questionnaire Project Name: Project Address: City: State: Zip: HOA Contact: Loan must have a Gateway Mortgage Group loan number for CPM review. Clients that have a FNMA Seller/Servicer Number are responsible for submitting to FNMA CPM and including this Full Condo Questionnaire and FNMA CPM Approval in loan delivery package. Clients that do not have a FNMA Seller/Servicer Number: UPLOAD THIS FULL CONDO QUESTIONNAIRE AND THESE DOCUMENTS TO GATEWAY'S SYSTEM AS APPRAISAL AND SEND TO CORRUNDERWRITING@GATEWAYLOAN.COM REQUESTING A CPM REVIEW: DU Findings -- Appraisal -- Condo Association Insurance -- Condo Budget Letter Answer yes or no to the following questions. Phone: FNMA Seller/Servicer Number: Gateway Mortgage Group Loan #: Does the project operate as a hotel or motel? YES NO Note: This would include projects with mandatory rental agreements. Is the project a timeshare or a segmented ownership project? YES NO Is the project a houseboat project? YES NO Is the project a multi dwelling unit condo (in which ownership of multiple units YES NO is evidenced by a single deed and mortgage)? Does the condominium represent a legal, but nonconforming use of the land YES NO (if zoning regulations prohibit rebuilding to current density in the event of destruction)? Is the project an Investment Security? YES NO Are units in the project subject to split ownership arrangements or other YES NO arrangements that restrict the unit owner's ability to occupy the unit such as mandatory rental pooling agreements, common interest apartments or community apartment projects? Does the project/hoa receive non incidental income from the ownership YES NO and/or operation of amenities or services for use by unit owners and the general public? July 2015 Page 1 of 5 GMG Correspondent Condo Questionnaire

2 Does the project provide lien prioity of unpaid common expense assessments? YES NO If so, how many months? Is the project, in whole or in part, operated or owned as a continuing care facility YES NO which provides medical and/or supportive services to unit owners? Note: Project that make continuing care services available to residents are only eligible if the continuing care facilities or services are not owner or operated by the HOA, and unit owners are not obligated to purchase or utilize the services through a mandatory membership, contract, or other arrangements. Are the residential unit owners required to pay mandatory upfront and/or periodic YES NO membership fees ofr the use of recreational amenities (such as country club facilites, golf courses, etc.), that are NOT owned by the HOA or master association and instead are ownded by an outside party (including the developer or builder)? Are any of these elements owned by an entity other than the HOA? YES NO (The project's facilities, amenities, common elements, or limited common elements) Are you aware of an environmental hazard that has not been appropriately YES NO assessed and remediated? Are the units in the project subject to resale restrictions? YES NO (If the answer to the question above is yes, Underwriter must do additional research.) Is the project a cooperative? YES NO Is the project a planned unit development (PUD)? YES NO Is the project a manufactured housing project? YES NO Is the homeonwers' association or sponsor/developer (if control of the HOA has not YES NO been turned over to unit owners) named as a party to any litigation? If the answer to the above question is yes, explain and document what the litigation is. Is the project currently in litigation related to the safety, structual soudness, YES NO habitability or functional use of the project? July 2015 Page 2 of 5 GMG Correspondent Condo Questionnaire

3 Does the project contain any commercial space? You may answer NO if: YES NO commercial space comprises no more than 25% of the total space, AND (2) the commercial use is compatible with the residential nature of the property. Note: Commercial space managed by or operated under a separate association, as well as rental apartments and/or parking facilities owned by a third party must be considered in this 25% calculation. Select one of the following: The project has 2 to 4 units. The project is an established project with more than 4 units. (Select this option only if ALL of the following apply: 90% or more of the units have been conveyed to unti purchases AND all common areas and units are completed AND the project is not subject to additional phasing, and control of the HOA has been turned over to the unit purchasers). The project is a new project with more than 4 units. The project may be proposed, under construction (new or rehabilitation/conversion), or completed. (Select this option if the project does not meet ALL of the crieria for an established project). Established Projects Project History In what year was the project originally built? Year Investor Concentration Entire Project # of Units # of Units for Sale # of Units Sold* # of Units Rented (Investor) # of Owner-Occupied Units (Primary Residences and Second Homes) Investor Concentration % (Units Rented / Units Sold) * # of Units Sold must be greater than 90% of the total # of Units in project July 2015 Page 3 of 5 GMG Correspondent Condo Questionnaire

4 Leasehold If the project is built on a leasehold estate does it constitute real property, YES NO is it subject to the mortgage lien and is it insured by the lender's title policy. If not built on a leasehold estate, you may answer "Yes" to this question. Single Entity Ownership Does a single entity own more units in the project than what is allowed by the YES NO Selling Guide? (21 units or more - 10%, 5-20 units - 2 units, 2-4 units - 1 unit) Note: Units currently subject to any lease arrangement must be included in the calculation. This includes lease arrangements containing provisions for the future purchase of the units such as leasepurchase and lease-to-own arrangements. Units are not included in the single entity ownership calculation if they are owned by the developer/sponsor, are vacant, and are being actively marketed for sale. Completion Are all units and common areas complete and not subject to additional phasing, YES NO and at least 90% of the total units are conveyed? Note: The unit owners must have the sole ownership interest in, and rights to the use of, the project's facilities, common elements, and limited common elements once control is turned over the unit owners. Control of HOA Has control of the HOA been turned over to the unit purchasers? YES NO Common Charge Delinquency Are more than 15% of the total units in the project 60 days or more past due on YES NO their HOA common expense assessments? Budget Review Does the project's projected budget provide for the funding of replacement YES NO reserves for capital expenditures and deferred maintenance that is at least 10% of the budget. Note: This includes allocations for line items pertinent to the type of condominium, and provisions for the funding of replacement reserves for capital expenditures and deferred maintenance. July 2015 Page 4 of 5 GMG Correspondent Condo Questionnaire

5 Insurance (Lender must ensure that the project's insurance meets all requirements set forth in the Selling Guide) Does the project's insurance coverage (including property, flood, liability, and YES NO fidelity/crime, as applicable) meet the Selling Guide requirements? Is hazard insurance in place to cover 100% of the insurable replacement cost of YES NO the project improvements, including the individual units? (The deductible amount must not exceed 5% of the policy's face amount.) Also answer yes if the individual units are not fully covered by the master policy but are supplemented by a walls in' or HO6 policy in an amount that is not less than 20% of each unit's appraised value. Is liability insurance in place providing at least $1 million of coverage for bodily YES NO injury and property damage per occurrence? Is flood insurance (if required) in place providing coverage at least equal to the YES NO lesser of 100% of the insurable value of each building, including all common elements and property or the maximum coverage available under the National Flood Insurance Program? Answer YES if the project is not in a flood zone. (Answer NO if the maximum deductible is more than the maximum deductible available under the National Flood Insurance Program currently $25,000 for a project and $5,000 for one to four family units). If the project has 21 or more units, is fidelity insurance in place covering the YES NO maximum amount of funds that will be in the custody of the owners' association or management company at any time? If the project has 20 or fewer units, fidelity insurance is not required and you may answer yes to this question. HOA Contact Signature Date July 2015 Page 5 of 5 GMG Correspondent Condo Questionnaire