Form 25 Wells Fargo Prior Approval Homeowners' Association Certification Review - Wells Fargo

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Wells Fargo Prior Approval
Homeowners’ Association Certification Review
Form 25
Date
Loan #
Correspondent Client Contact Information
Name
Phone #
Project Name
HOA TIN
Address
City
State
ZIP Code
Project pre-sale and owner occupancy questions. Based on declared units ONLY, not including proposed
units.
Entire
Subject
Note: NA, Unknown & Value Ranges/Estimates are NOT Acceptable
Project
Phase
1.
Total number of units
2.
Number of residential units sold and closed
3.
(A)
Number of units owned as primary residence
(B)
Number of units owned as second/vacation homes
(C)
Number of units owned as investment properties (never occupied for personal
use)
(D)
Number of rented units owned by the developer/association
4.
Number of sales in last 90 days
5.
Number of units under contract
6.
(A)
If the project is > 10 Units, does any one person or entity own > 10% of the units?
Yes
No
If “yes,” list the entities and how many each own: _________________________________________________
(B)
If <= 10 units, does any one person or entity own > 1 unit?
Yes
No
If “yes,” list the entities and how many each own: _________________________________________________
7.
Are all common elements and/or facilities substantially complete?
Yes
No
If “no,” are all common elements and/or recreational facilities associated with the subject
Yes
No
phase complete?
8.
Is the project subject to additional phasing and add-ons?
Yes
No
If “yes,” number of additional phases and units to be built:
Phases: _________ Units __________
9.
(A)
Is the project a conversion of an existing building?
Yes
No
(B)
If “yes” to (A), was the conversion a full gut-rehabilitation?
Yes
No
(C)
If “yes” to (A), what was the original occupancy use/purpose? ___________________________________
10.
Date Control of the HOA transferred from the developer to unit owners ________________________________
11.
Date when first units were made available for sale:_________________________________________________
12.
Total income budget for this year: ________________ Total reserves budgeted for the year:_______________
13.
Current Amount in Reserve Fund:_________________ Current Amount in Operating Fund:_________________
30-59 days past due
60-89 days past due
90+ days past due
14.
How many units are over 30 days
delinquent?
15.
Are there any pending or outstanding special assessments?
Yes
No
If “yes,” explain:____________________________________________________________________________
16.
To the best of your knowledge, are there any adverse environmental factors affecting the
Yes
No
project as a whole or as individual units?
If “yes,” explain:____________________________________________________________________________
17.
Do the project legal documents include any restrictions on sale that would limit the free
Yes
No
transferability of title?
If “yes,” list the restrictions (age restriction, first right of refusal):_____________________________________
18.
Is the unit part of a legally established condominium project in which the common areas are
Yes
No
owned jointly by the unit owners?
19.
Are the units owned in Fee Simple or Leasehold?
Fee Simple
Leasehold
20.
Is the HOA involved in any litigation, mediation, arbitration, or other dispute resolution
Yes
No
process?
If “yes,” explain and provide documentation: _____________________________________________________
21.
(A)
If there are amenities/recreational facilities, are they owned by the HOA?
NA
Yes
No
(B)
Are the common areas owned by the HOA?
Yes
No
22
Do the project legal documents or local zoning limit the amount of time the owner(s) can live
Yes
No
in their units?
23.
For projects that represent a legal non-conforming use of land, do zoning regulations prohibit
rebuilding the improvements to current density in the event of their partial or full
Yes
No
destruction?
24.
Does the property operate as a resort hotel; renting units on a daily basis?
Yes
No
If “yes,” years in operation? _______________
Please check applicable services:
Daily maid service
Restaurant/Food Service
Time share
Check in rental desk
Commercial (boutiques)
Mandatory rental pool
25.
Is any part of the project used for commercial purposes?
Yes
No
Last Updated: June 5, 2017
Page 1
Wells Fargo Prior Approval
Homeowners’ Association Certification Review
Form 25
Date
Loan #
Correspondent Client Contact Information
Name
Phone #
Project Name
HOA TIN
Address
City
State
ZIP Code
Project pre-sale and owner occupancy questions. Based on declared units ONLY, not including proposed
units.
Entire
Subject
Note: NA, Unknown & Value Ranges/Estimates are NOT Acceptable
Project
Phase
1.
Total number of units
2.
Number of residential units sold and closed
3.
(A)
Number of units owned as primary residence
(B)
Number of units owned as second/vacation homes
(C)
Number of units owned as investment properties (never occupied for personal
use)
(D)
Number of rented units owned by the developer/association
4.
Number of sales in last 90 days
5.
Number of units under contract
6.
(A)
If the project is > 10 Units, does any one person or entity own > 10% of the units?
Yes
No
If “yes,” list the entities and how many each own: _________________________________________________
(B)
If <= 10 units, does any one person or entity own > 1 unit?
Yes
No
If “yes,” list the entities and how many each own: _________________________________________________
7.
Are all common elements and/or facilities substantially complete?
Yes
No
If “no,” are all common elements and/or recreational facilities associated with the subject
Yes
No
phase complete?
8.
Is the project subject to additional phasing and add-ons?
Yes
No
If “yes,” number of additional phases and units to be built:
Phases: _________ Units __________
9.
(A)
Is the project a conversion of an existing building?
Yes
No
(B)
If “yes” to (A), was the conversion a full gut-rehabilitation?
Yes
No
(C)
If “yes” to (A), what was the original occupancy use/purpose? ___________________________________
10.
Date Control of the HOA transferred from the developer to unit owners ________________________________
11.
Date when first units were made available for sale:_________________________________________________
12.
Total income budget for this year: ________________ Total reserves budgeted for the year:_______________
13.
Current Amount in Reserve Fund:_________________ Current Amount in Operating Fund:_________________
30-59 days past due
60-89 days past due
90+ days past due
14.
How many units are over 30 days
delinquent?
15.
Are there any pending or outstanding special assessments?
Yes
No
If “yes,” explain:____________________________________________________________________________
16.
To the best of your knowledge, are there any adverse environmental factors affecting the
Yes
No
project as a whole or as individual units?
If “yes,” explain:____________________________________________________________________________
17.
Do the project legal documents include any restrictions on sale that would limit the free
Yes
No
transferability of title?
If “yes,” list the restrictions (age restriction, first right of refusal):_____________________________________
18.
Is the unit part of a legally established condominium project in which the common areas are
Yes
No
owned jointly by the unit owners?
19.
Are the units owned in Fee Simple or Leasehold?
Fee Simple
Leasehold
20.
Is the HOA involved in any litigation, mediation, arbitration, or other dispute resolution
Yes
No
process?
If “yes,” explain and provide documentation: _____________________________________________________
21.
(A)
If there are amenities/recreational facilities, are they owned by the HOA?
NA
Yes
No
(B)
Are the common areas owned by the HOA?
Yes
No
22
Do the project legal documents or local zoning limit the amount of time the owner(s) can live
Yes
No
in their units?
23.
For projects that represent a legal non-conforming use of land, do zoning regulations prohibit
rebuilding the improvements to current density in the event of their partial or full
Yes
No
destruction?
24.
Does the property operate as a resort hotel; renting units on a daily basis?
Yes
No
If “yes,” years in operation? _______________
Please check applicable services:
Daily maid service
Restaurant/Food Service
Time share
Check in rental desk
Commercial (boutiques)
Mandatory rental pool
25.
Is any part of the project used for commercial purposes?
Yes
No
Last Updated: June 5, 2017
Page 1
Wells Fargo Prior Approval
Homeowners’ Association Certification Review
Form 25
If “yes,” what percentage of the total square footage? ________%
26.
If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee (lender) responsible for
Yes
No
delinquent HOA dues?
If “yes,” are they responsible for:
0-6
7+ months
27.
Is the HOA a Named Insured on the master insurance policy?
Yes
No
28.
Are common elements/limited common elements insured to 100% replacement cost?
Yes
No
29.
Does the HOA provide hazard insurance for the interior (walls-in) of the condominium unit?
Yes
No
30.
Hazard/Property Coverage $______________
Deductible $______________
Expiration Date:___________
31.
Is the HOA insured for General Liability?
Yes
No
If “yes,” amount per occurrence $ ________________
32.
Are units or common improvements located in a flood zone?
Yes
No
If “yes,” is flood insurance in force?
Yes
No
Does the insurance cover at least 100% replacement cost?
Yes
No
Or, is the coverage the maximum available per condominium federal flood program?
Yes
No
33.
Is the HOA insured for Fidelity Bond?
Yes
No
If “yes,” amount per occurrence $ ________________
Amount carried by the Management Company? $ _____________________________
34.
Minimum number or days required for written notification to HOA or Insurance trustee before any substantial
changes or cancellation of the project coverage:
_______________
35.
Please provide the following financial controls information for projects > 20 units
Does the HOA or Management Company maintain separate bank accounts for the
1.
Yes
No
operating account and the reserves?
2.
Does the bank send account statements directly to the HOA?
Yes
No
Does the management company maintain separate records and bank accounts for each
3.
Yes
No
owners association that uses its services?
Is the management company prohibited from drawing checks on or transferring funds
4.
Yes
No
from the HOA’s reserve fund without board approval?
5.
Are two (2) signatures required for any check written on the reserve account?
Yes
No
Certification completed by:
Correspondent Client to complete the section below if
information is obtained verbally
Print name
HOA representative (print name)
Position / title
HOA representative title
Telephone
Signature
Client Representative (print name)
Date
Client Representative Signature
Date
Telephone
Last Updated: June 5, 2017
Page 2

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