Published on: February 10, 2010
On January 14, 2010, over 150 property managers, trustees, developers, attorneys and even one chef crammed into the Sheraton Braintree Hotel to listen to MEEB’s own Stephen Marcus and Mortgage Master’s Patty Raymo discuss recent changes to Fannie Mae and FHA requirements for condominium financing. The seminar, which lasted well over two hours addressed important issues such as the elimination of the popular spot approval process and the implementation of a new direct endorsement lender review and approval process. Also discussed were the new condominium budgeting and reserve requirements, as well as requirements for condominium delinquencies, developer control and owner occupancy issues. Many questions were asked and answered, though many remain and will continue to be addressed and answered in the months and years ahead as condominiums, managers and their counsel, not to mention the federal agencies, struggle with interpreting and implementing these new regulations.
For those of you who were unable to attend the seminar, the materials handed out at the seminar can be downloaded from the MEEB website by accessing the link below. Also, a webcast of the seminar and the PowerPoint presentation can be viewed by accessing the link below. Finally, for those of you who need specific and individual attention, please do not hesitate to contact us by emailing Stephen Marcus at firstname.lastname@example.org. Since the seminar, Stephen has been traveling and conducting individual FHA seminars and Q&A sessions for various property management firms. Maybe Stephen will be coming to a town near you.