Providing HOA insurance info to morgage companies for refinancing

Started by TimB4 • 4 replies • 1433 views

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TimB4 (Tennessee)
Posts: 21,047

Posted:

How many of Associations provide copies of the HOA insurance policies to banks for a refinancing/new purchase?

Did something change? I've gotten two requests for actual copies in the past week.

We are not a condo.

Thanks,

Tim

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Another poster posted something similar recently. The HOA wanted them to be named as a payee on their insurance policy I believe. Seems like a similar issue. With all the changes happening in the mortgage industry, maybe there has been a change in insurance notifications. I know I couldn't buy my new home without a copy of insurance. My refinance my insurance company was involved but thought it was just for change of payee information as I had changed mortgage companies.

I know it's much harder even those with good credit to get mortgages or even refinance. It sure has most likely bled over the insurance companies. I would call up my insurance company and ask why this information is needed? Maybe they have some insight.

Former HOA President

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Quote:

Posted By TimB4 on 12/10/2011 12:47 PM
How many of Associations provide copies of the HOA insurance policies to banks for a refinancing/new purchase? Did something change? I've gotten two requests for actual copies in the past week.

Yes, I get them all the time. They just need a copy of the rider. I scanned our two page rider and put it on our web site and I tell homeowners where to find it. When you can train people to use your website you will find your request and workload goes way, way down. Self service is best.

JohnM48 (Pennsylvania)
Posts: 89

Posted:

Tim,

I've gotten several recently as well. I just give them a copy of our Insurance Cert and let the contact the Insurance agency if they need more info (as suggested by our insurance agent).

Association President

TimB4 (Tennessee)
Posts: 21,047

Posted:

Thank you all for your advice.

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