Anybody in PS who have refinanced recently?
- Thread starter mitz501
- Start date
NEW -> Contingent Buyer Assistance Program
For any HOA all you do is call the management company to get the name of their insurance company. Then call the insurance company and ask them for their certificate of insurance for your particular association. Easy peazy.
I wish it were that simple. I tried this route and was told to go through a 3rd party processor where I then had to pay to get a copy of the policy. I then had to pay again to get my new lender added to the condo policy.
The lender is saying that my community does not have building coverage and that is required. My community's coverage is for common areas only. I'm hoping someone who has knowledge in mortgage underwriting can chime in and give an opinion. If that kind of coverage is absolutely required and my community does not have it, I wonder how the buyers/owners in my community are able to get a loan.
Do you have an attached wall or is our home not attached?
If you have a detached condo then you need insurance for the building... just like a regular SFR.
That's really odd. You have insurance for the building and the Hoa has for common areas. Nothing else to cover.
Exactly. But this lender just declined my refi because the community does not have the insurance for building coverage. Since this is a detached condo, I was under the impression that each unit is responsible for their own building. They said my home insurance is for walls-in coverage only.
J
jmoney74
Guest
Did you have a hard time getting that?
usctrojancpa
Well-known member
rideBMC said:
For any HOA all you do is call the management company to get the name of their insurance company. Then call the insurance company and ask them for their certificate of insurance for your particular association. Easy peazy.
sgip
Well-known member
Very easy to obtain, however most insurance providers will charge $30-$100 to get the policy. If your lender is struggling figure this out, it might be due to restrictions on paying the $$$ upfront for a copy.
HOA Manager will guide you through the process of getting this done, but keep your wallet close by if fees are due.
My .02c
HOA Manager will guide you through the process of getting this done, but keep your wallet close by if fees are due.
My .02c
woodburyowner
Well-known member
USCTrojanCPA said:
I wish it were that simple. I tried this route and was told to go through a 3rd party processor where I then had to pay to get a copy of the policy. I then had to pay again to get my new lender added to the condo policy.
The third party I go through is EOI direct. They always try to charge me but the fee should cover the lifetime of the loan as long as you don't change lenders. But I always have to remind them that I don't need to pay a fee. Such a scam.
My hoa master policy includes the following: property, liability, directors/officers, crime, umbrella earthquake, workers comp
My lender required separate walls-in coverage that I got through AAA. I've seen a variety of names: HO6, condo owner insurance, hazard insurance.
My hoa master policy includes the following: property, liability, directors/officers, crime, umbrella earthquake, workers comp
My lender required separate walls-in coverage that I got through AAA. I've seen a variety of names: HO6, condo owner insurance, hazard insurance.
The declaration page I received from my HOA covers those too but my lender is insisting that it is missing a "master insurance" that is required.
I also have my own hazard/walls-in insurance through Triple A.
I'm confused as to what other community/condo/HOA insurance we are missing.
I also have my own hazard/walls-in insurance through Triple A.
I'm confused as to what other community/condo/HOA insurance we are missing.
cheetos said:
A master policy should cover Liability and Property at the bare minimum. I'd go back to your lender and ask what is specifically needed in addition to that. And then if it's still not resolved, talk to a supervisor.
For my loan I provided a declaration page but this didn't have my address listed (only the HOA name) so they rejected it. This was when I had to go through the third party to get a Certificate of Insurance that listed my address. Maybe that's what they need but are wording it terribly.
For my loan I provided a declaration page but this didn't have my address listed (only the HOA name) so they rejected it. This was when I had to go through the third party to get a Certificate of Insurance that listed my address. Maybe that's what they need but are wording it terribly.
cheetos said:
The lender is saying that my community does not have building coverage and that is required. My community's coverage is for common areas only. I'm hoping someone who has knowledge in mortgage underwriting can chime in and give an opinion. If that kind of coverage is absolutely required and my community does not have it, I wonder how the buyers/owners in my community are able to get a loan.
J
jmoney74
Guest
rideBMC said:
Do you have an attached wall or is our home not attached?
J
jmoney74
Guest
rideBMC said:
If you have a detached condo then you need insurance for the building... just like a regular SFR.
J
jmoney74
Guest
rideBMC said:
That's really odd. You have insurance for the building and the Hoa has for common areas. Nothing else to cover.
jmoney74 said:
Exactly. But this lender just declined my refi because the community does not have the insurance for building coverage. Since this is a detached condo, I was under the impression that each unit is responsible for their own building. They said my home insurance is for walls-in coverage only.
