High standards: Understanding the impact of new mortgage underwriting requirements

With aging infrastructure and deferred maintenance emerging as even greater concerns after the Champlain Tower South condominium collapse in Surfside, Fla., Fannie Mae and Freddie Mac recently released new mortgage underwriting requirements to ensure structural and financial stability for condominiums. Our panel of experts will help explain the updated requirements, how to meet them, and their impact on the work of community association managers and board members.

Panelists:

Edmund A. Allcock, Esq.

Edmund A. Allcock is a partner at Marcus, Errico, Emmer & Brooks in Braintree, Mass., and a fellow in CAI’s College of Community Association Lawyers (CCAL). Allcock has extensive knowledge of condominium law, having conducted numerous trials on behalf of condominium associations in New England and provided expertise on condominium-related matters in the Massachusetts, New Hampshire, and Rhode Island supreme courts. Allcock is co-chair of CAI's Rhode Island Legislative Action Committee, is a regular panelist and lecturer for CAI, and is a frequent contributor to the CAI New England Chapter's monthly magazine, CondoMedia.

Todd J. Billy, Esq.

Todd J. Billy is an attorney with Sandberg Phoenix in St. Louis and a CCAL fellow. He advises condominium and homeowners association boards regarding interpretation and enforcement of governing documents, drafting amendments, strategic planning, and collection actions. He also provides counsel on Federal Housing Administration condominium project certification, contract review, developer transition, and the relationship between association and unit owner insurance policies.