Community Associations Institute Weighs in on Mortgage Regulation Changes Amid the Pandemic

Senior Partner Charlie Perkins was interested in the paradoxes laid out in a recent CAI blog post. In it, the author points out that, while we are coping with a crippling pandemic and economic recession, we have also seen double digit increases in home sales and mortgage lending. Theories abound as to why this may be but CAI is focused on potential changes to federal mortgage rules resulting from the increase. In one instance, CAI would like to preserve safety regulations that allow lenders to verify a potential borrower’s ability to afford community association fees; and in another, CAI would like to do away with certain Federal Housing Authority-required questionnaires and thereby limit association liability when gathering information. The Community Associations Institute urges FHA and the Consumer Financial Protection Bureau to “partner” with community associations in order to assist residents in keeping their homes. To read the entire blog post, click over to: