Changes to Fannie Mae & Freddie Mac Lending Requirements

It’s now been a few months since the changes to Fannie Mae and Freddie Mac came into effect as a response to the tragic condo collapse in Surfside, Florida. The amendments were implemented quickly and have affected the questionnaire that is required as part of the mortgage application process. For Minnesota, the one size fits all questionnaire is proving to be burdensome for condo associations to deal with and it’s beginning to negatively impact the buying and selling of condominiums and co-ops. Condo associations have requested that the Federal Housing Finance Agency (FHFA) pause the rules for a year. While that has not happened FHFA is working with the mortgage industry to minimize disruptions.

For more information, watch the recording of our recent board training webinar New Fannie Mae & Freddie Mac Lending Requirements.

Understanding Percentage Wind/Hail Deductibles

In recent years, Minnesota has seen an increase in significant hail and wind storms. This has caused insurance carriers to institute higher deductible policies at communities vulnerable to damage caused by these types of storms with Per Building percentage based wind/hail deductibles becoming the standard. So how could this impact your community and what do you as a board need to know about percentage wind/half deductibles? Click here to find out more.