Friday, September 30, 2011
Volunteer in NoVa
The Washington Post provided a list of volunteer opportunities in the Alexandria, Arlington and Fairfax area. Click here to check them out!
Wednesday, September 28, 2011
Realty Times: HOA Website Information
A helpful article posted on Realty Times maps out tips for HOA websites. The tips include:
- Contact information for management or the Board
- Committees and volunteers
- Photos to help neighbors identify association leadership
- Rules
- Budgets
- Reserve Study
Thursday, September 22, 2011
FHA Backs Away From Management Company Insurance Mandate
Community Association Institute provided this report:
Thanks to pressure from CAI members across the country, the Federal Housing Administration (FHA) indicated that it will revise a controversial regulatory mandate that would require management companies to carry a fidelity bond if they managed a condominium association. In June, FHA released new guidelines for its condominium mortgage insurance program. The guidelines set standards that condominium associations must meet in order for any potential buyer to qualify for a FHA-backed mortgage. As FHA accounts for nearly one in three condominium mortgages, the guidelines have a significant impact on the marketability of condominiums.
The new guidance issued by FHA mandated that all condominium associations carry fidelity insurance to cover board members and association employees. FHA also mandated that if a condominium association was professionally managed, the association had to compel the management company to carry a fidelity bond in an amount equal to the association’s budget and reserves. CAI members had three concerns with this requirement. First, FHA imposed the insurance mandate without any notice or ability by affected companies to comment on the impact of requiring a fidelity bond. Second, CAI insurance company members noted that fidelity insurance and fidelity bonds are not synonymous and the bond requirement imposed by FHA is not generally commercially available. Finally, CAI noted in several states, including Maryland, Virginia and Florida, state law requires an association to carry fidelity insurance that covers the management company. Thus, FHA’s requirement was costly, difficult if not impossible to obtain and in conflict with state law.
At a September training session on the new condominium guidelines, FHA representatives indicated FHA would back off this requirement in favor of allowing an association to obtain a policy that covered the management company. Thanks to the efforts of CAI members, this reversal by FHA will save management companies and homeowners money and allow more condominium associations to meet FHA mortgage requirements.
Thanks to pressure from CAI members across the country, the Federal Housing Administration (FHA) indicated that it will revise a controversial regulatory mandate that would require management companies to carry a fidelity bond if they managed a condominium association. In June, FHA released new guidelines for its condominium mortgage insurance program. The guidelines set standards that condominium associations must meet in order for any potential buyer to qualify for a FHA-backed mortgage. As FHA accounts for nearly one in three condominium mortgages, the guidelines have a significant impact on the marketability of condominiums.
The new guidance issued by FHA mandated that all condominium associations carry fidelity insurance to cover board members and association employees. FHA also mandated that if a condominium association was professionally managed, the association had to compel the management company to carry a fidelity bond in an amount equal to the association’s budget and reserves. CAI members had three concerns with this requirement. First, FHA imposed the insurance mandate without any notice or ability by affected companies to comment on the impact of requiring a fidelity bond. Second, CAI insurance company members noted that fidelity insurance and fidelity bonds are not synonymous and the bond requirement imposed by FHA is not generally commercially available. Finally, CAI noted in several states, including Maryland, Virginia and Florida, state law requires an association to carry fidelity insurance that covers the management company. Thus, FHA’s requirement was costly, difficult if not impossible to obtain and in conflict with state law.
At a September training session on the new condominium guidelines, FHA representatives indicated FHA would back off this requirement in favor of allowing an association to obtain a policy that covered the management company. Thanks to the efforts of CAI members, this reversal by FHA will save management companies and homeowners money and allow more condominium associations to meet FHA mortgage requirements.
Thursday, September 1, 2011
CMS Services, Inc. and Sentry Management Inc. Announce Merger
FOR IMMEDIATE RELEASE
September 7, 2011
Contact: Thomas S. Patti, CMCA®, AMS®
703-642-3246 ext. 208
Alexandria, VA- CMS Services, Inc., a condominium and homeowner association management company based in Northern Virginia, and Sentry Management, Inc., a national leader in community association management, announced their merger effective September 1, 2011.
In the 27th year of operating, CMS Services will continue to serve their clientele with the same superior customer service and association management, and expand Sentry’s national presence to the Washington DC metropolitan region.
Sentry Management, with local offices spanning across ten states and servicing thousands of unit owners, provides additional resources to expand the innovative and efficient services on which CMS Services’ customers rely. Sentry has one of the highest operating and financial standards in the industry.
Both CMS Services and Sentry Management understand that personal attention and a committed focus create a long-term relationship that builds better communities.
“Together we plan to continue providing consistent management, innovative services and expertise value to the owners in the communities that we serve,” stated Thomas S. Patti, President of CMS Services, and Regional Vice President of Sentry Management. “Please continue to call the same local number and deal with our local staff. With this merger, we look forward to the continued opportunity to serve you and to supply all of your management and accounting needs.”
September 7, 2011
Contact: Thomas S. Patti, CMCA®, AMS®
703-642-3246 ext. 208
Alexandria, VA- CMS Services, Inc., a condominium and homeowner association management company based in Northern Virginia, and Sentry Management, Inc., a national leader in community association management, announced their merger effective September 1, 2011.
In the 27th year of operating, CMS Services will continue to serve their clientele with the same superior customer service and association management, and expand Sentry’s national presence to the Washington DC metropolitan region.
Sentry Management, with local offices spanning across ten states and servicing thousands of unit owners, provides additional resources to expand the innovative and efficient services on which CMS Services’ customers rely. Sentry has one of the highest operating and financial standards in the industry.
Both CMS Services and Sentry Management understand that personal attention and a committed focus create a long-term relationship that builds better communities.
“Together we plan to continue providing consistent management, innovative services and expertise value to the owners in the communities that we serve,” stated Thomas S. Patti, President of CMS Services, and Regional Vice President of Sentry Management. “Please continue to call the same local number and deal with our local staff. With this merger, we look forward to the continued opportunity to serve you and to supply all of your management and accounting needs.”
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