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<a href="http://www.accessmylibrary.com/coms2/summary_0286-18666943_ITM" title="Facts and information about MBA Opposes FHA's Condo Escrow Account Proposal.(Mortgage Bankers Association)(Federal Housing Administration )(Condominium)(Brief Article)">MBA Opposes FHA's Condo Escrow Account Proposal.(Mortgage Bankers Association)(Federal Housing Administration )(Condominium)(Brief Article)</a>
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MBA Opposes FHA's Condo Escrow Account Proposal.(Mortgage Bankers Association)(Federal Housing Administration )(Condominium)(Brief Article)
Washington -- The Mortgage Bankers Assoc-iation is urging the FHA to drop a proposal that would require servicers to set up escrow accounts for condominium and homeowner association dues.
The trade group also wants the Federal Housing Administration to eliminate a requirement that servicers meet with certain delinquent borrowers.
While the FHA is concerned about liens on unpaid condo and HOA dues, the escrow proposal "recommends a nearly impossible monitoring and compliance obligation on mortgage companies that is unprecedented in scope and difficulty," MBA says in a comment letter.
MBA points out there are over 250,000 condominiums, cooperatives and HOAs and the "anticipated volume and costs for processing condominium and HOA escrows are ...
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Source: HighBeam Research, MBA Opposes FHA's Condo Escrow Account Proposal.(Mortgage Bankers...