Mortgage Lender Inspection Services
Kipcon is a full-service engineering firm dedicated to maintaining your community’s property values while providing you with truly innovative and supportive services. With those goals and recent developments in mind, we’re introducing Mortgage Lender Inspection Services.
Responding To an Evolving Issue for Condominiums And Cooperative Communities
Fannie Mae and Freddie Mac are government-sponsored organizations that support mortgage bankers by providing liquidity to their loans. Loans supported by institutions such as Fannie and Freddie make up a significant amount of the mortgages provided in the United States. So, needless to say, these institutions’ approval is vital to securing many mortgages.
In response to the recent Champlain Towers South tragedy in Florida, and out of concern for making loans for mortgages only when the buildings are structurally adequate, these institutions have added additional information requests to their required documents including questions concerning Building Safety, Soundness, Structural Integrity, and Habitability. These additional questions are contained within the newly issued Condominium Project Questionnaire Addendum.
Click for more information from Freddie Mac.
Specifically, they’ve added requirements for condos and cooperatives with five or more attached units, so, understandably, these changes have created concern in the industry.
The new requirements include the completion of addendum form, in addition to the overall Questionnaire. Considering what’s at stake in completing these new forms, many community managers and board members feel uncomfortable completing them on their own. The good news is that once the form is completed it’s valid for 1 year and for the entire community.
The even better news is that Kipcon will prepare these addendums on your behalf (and any additional steps in the process) without undue stress or worry.
How Kipcon Helps You Navigate The Recent Additions To The Banking Inspection Process
When it comes to these new requirements, communities need to know how to fill out these forms to Fannie Mae and Freddie Mac’s satisfaction.
Our Kipcon team will take the time to answer all of your questions related to the forms we’re assisting you with and will complete the addendums on your behalf. We’re well versed in the areas these forms address and we know what you need to do (and don’t need to do) to complete them properly.
We’ll help you through the questions on the new addendum forms in a number of ways:
We’ll review current budgets as well as the current reserve study to determine if it meets the Fannie and Freddie requirements. We will work with you to provide the necessary disclosures in regard to deferred maintenance and special assessments. We’ll also perform a site visit to identify visually observable deficiencies defined by Fannie as “Significant deferred maintenance and unsafe conditions” and by Freddie as “Critical Repairs”.
So, if you’d like a comprehensive approach to completing the questionnaire addendum, Kipcon can provide a proposal for the preparation or updating of these questionnaires. In addition, we can include in our proposal the fee for preparing a Reserve Study or Deferred Maintence Schedule at the same time. Since we will be looking at the same things for all studies, the overall fees will be reduced to reflect this overlap.
Once all items in your scope of work have been tended to, we’ll prepare a written report in response to key questions from the addendum and connect with your management team to discuss areas of concern based on current and historical information you provide.
Why Work with Kipcon for your Banking Inspections?
Selecting Kipcon as your partner for navigating these new lending requirements allows you to have access to industry leaders in the area of banking inspections. In fact, Kipcon’s founder Mitchell H. Frumkin, PE, RS recently cochaired CAI’s Public Policy Task Force dealing with Building Maintenance and Structural Integrity: Condo Safety – Structural Integrity, Maintenance, and Reserves.
As these new requirements begin to make their mark on the industry, Mitch continues to speak to relevant groups and organizations on this topic to share what he has learned.
Working with Kipcon as your Banking Inspection partner also puts an entire professional team at your disposal from engineers to architects and Reserve Study Specialists. That’s why community associations of all sizes choose Kipcon for their engineering needs.
Contact Us to a Request Banking Safety Inspection
If your community is looking for support as you navigate these new lending requirements, Kipcon is here to help. You can complete the request for proposal form here to get started. (Note: You’ll receive special pricing when you combine this service with your Reserve Study.)