Condo Media - July 2014 - (Page 40)

INSURANCE by Brendon Kilcoyne, CIC UNDER FIRE Fannie Mae Policy Changes Can Cause Major Issues for Some "In order to standardize requirements and align with industry practices for single-family master hazard insurance policies for condo, co-op, and PUD projects, Fannie Mae will no longer permit master hazard insurance policies that provide coverage for multiple unaffiliated projects in a single insurance policy." F or many in the property management business, that statement, taken from Fannie Mae's Oct. 22, 2013, "Selling Guide" announcement, greatly affected the next few months of their work lives. The Federal National Mortgage Association, more commonly known as Fannie Mae, is one of the largest mortgage lending institutions in the United States. They lend to single-family homeowners and condo unit owners alike. Many of their rules and regulations greatly affect how other industries are able to go about their business; and in this case, that industry is insurance. 40 Condo Media * July 2014

Table of Contents for the Digital Edition of Condo Media - July 2014

Condo Media - July 2014
Table of Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Looking for Alternatives
Vendor Spotlight
Volunteer Spotlight
2014 CAI-NE Financ-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2014