How to Assess Community Management Proposals

Deciding to engage a community management firm to assist with your HOA or condo association operations is a big step. Strong due diligence on the part of your board members, as well as deep understanding of community management contracts, is critical to choosing the right partner and protecting the best interests of your community and its residents. Staying up-to-date and informed about the law, regulations and contract agreement best practices is critical, regardless if this is your board’s first management contract negotiation or if you’ve decided to find a new partner after a decade or more with the same firm.    Read the article………………

Berkadia appoints new managing director for mortgage banking team

Berkadia announced Friday that Tom Genetti has been appointed as managing director to its mortgage banking team. Genetti said he’s eager to expand Berkadia’s penetration in the Southeast and to bring unmatched debt solutions and exceptional service to a new client base.

JPMorgan Chase to build Silicon Valley-based fintech campus

JPMorgan Chase announced it is building a Silicon Valley-based fintech campus to house 1,000 of its employees as the bank looks to keep ahead of the changing landscape of digital payments. According to reporting from Reuters, the campus will open in 2020 and will be located in Palo Alto, California, at Stanford Research Park, on a plot of land that formerly housed Lockheed Martin.

Lennar subsidiary Eagle Home Mortgage fined $13.2 million for FHA lending violations

It appears the False Claims Act ain’t dead yet. The Department of Justice announced Friday that it reached a $13.2 million settlement with Universal American Mortgage Company, the mortgage subsidiary of Lennar that does business as Eagle Home Mortgage, to resolve allegations that the lender violated the False Claims Act by falsely certifying that it complied with FHA lending standards.

Harvard: Housing market slowdown will dampen renovation boom

American spending on home improvements and repairs has seen steady growth as the slow housing market has convinced many to stay put and renovate instead. But this growth is expected to slow in the coming year, according to a new report released by the Joint Center for Housing Studies of Harvard University.

Risks Worth Considering for Self-Managing the HOA

On the surface, managing the homeowners association may seem simple and straightforward. Many HOA boards think they have it all together and can easily manage the HOA on their own. After all, can’t their community be self-managed? Is it required to hire an HOA management company? The answer isn’t that simple and there are factors that need to be considered before going down the road of self-managing the HOA. Unfortunately, there are several significant risks HOA boards take on when they choose to be self-managed. Knowing those risks is important for making a wise decision about your HOA management needs. Some of these risks are minor, but some can cause tremendous financial and legal problems.   Read the article………………

Which Rule Rules?

A dustup at the Village Dunes co-op in Montauk highlights the differing standards that may govern the enforceability of decisions made by co-op boards.  This dispute began when a shareholder sought the consent of the co-op board to make alterations to his apartment, including raising the ceiling of the apartment, enclosing an unfinished common area above the apartment for his exclusive use, and replacing a window with one of a different type and size.    Read the article………………

Five Essential Dos and Don’ts of Great Board Members

….Read the article………………Great board members understand that they can take comfort in following the advice of the association’s attorney or accountant, or the treasurer’s statement that the books of account are correct. Unfortunately, too many board members believe that the attorney’s advice is “just his opinion, and my opinion is equally valid.”No, it’s not.Attorneys are specifically trained in matters of law, and community association attorneys in matters specifically relevant to you.To ignore that advice is to risk liability by the association or yourself. You’re a volunteer.You should not place yourself at unnecessary risk.