What you need to know about HOAs
There are an estimated 345k Homeowner and Community Associations operating across the US
HOA’s can IMPACT your portfolio
• From 1990 through 2017 the number of HOAs increased by over 165%
• 21 States and Washington DC are granted super-priority lien status. (161K or 46% of total HOAs operating across the US are located in super-priority lien States)
• 30% to 40% of HOAs are self-managed by volunteer boards that create volatility in data acquisition
• Approximately 21% of US population lives in an HOA and it is growing
• As a result of the Financial Crisis, 40% of HOAs adopted more aggressive collection practices – including exercising lien and foreclosure rights across all States
• HOA delinquent rates range from 1% – 5%
• Based on US census data HOA fees increased by 32.4% between 2005 and 2015.
Settlement Services HOA Certificate Program:
Ideal for Pre-Closing, Loan Modifications and Refinances
On Demand, Single Order Solution to obtain HOA Information
• Standardized HOA Data
• Supporting Documents and Disclosure Information
• Escrow data digitized and available through API
• On-line or electronic ordering and delivery as well as real-time tracking / order status
• Improved Accounting Processes
• Guaranteed Accuracy (Warranted)
Homeowner Association CertificationPlus:
On Demand, Single Order PLUS on-going monitoring and payment service
• Ideal for Default and REO Servicing Requirements
• Mortgage Lien Holder Notification to HOA
• Limited Service Term improving Cost Control
• Customer work-queue with SLA monitoring
• Negotiations with HOA for Payment/Lien Resolution
• Guaranteed Accuracy
Homeowner Association Portfolio Monitoring:
Monitor HOA Payments from Loan Closing through the Loan Life-Cycle
• Costs for Service Collected or Considered at Closing
• Mortgage Lien Holder Notification to HOA
• Scheduled Review of HOA Payment Status
• Borrower Notification and Request for Homeowner Authorization, if applicable
• Lien Notice Processing
• Negotiations with HOA for Lien Payoffs
• Tracking and/or Payment of HOA Delinquent Accounts
• Guaranteed Accuracy
Technology & DATA Driven
• Leverages Public and Private Information Sources
• All Contact, Relationship and Property Status Data Validated at time of order or triggered event
• Advanced technologies –MYSQL, Enhanced API, NodeJS, AngularJS
• Enhanced security, performance and management oversight
• Amazon Cloud Computing Services – High Availability, Disaster Recovery, SOC 2/Type2 Compliant
• Encryption - including data at rest in application and web servers, file servers, databases, and network attached storage, as well as data in motion across the network.
