Condo Package Retrieval and Underwriting Services
The number of properties within Homeowners Associations (HOA) and Condominium Owners Associations (COA) is high and growing. In fact, 80% of new home construction falls within this market. Covius offers affordable, efficient and compliant services to determine a property’s HOA or COA account status and expedite the underwriting process.
Our HOA services will identify the presence of HOAs, the amount and frequency of dues and any outstanding balances from previous owners that may derail or delay closings.
Our condo review services help lenders determine that investor eligibility guidelines are met. These condo packages also include information on the property complex, the number of units occupied/sold, commercial/residential mix, flood status and insurance. Full reviews also include COA budgets, bylaws, COA CC&Rs, project approval review and Initial Eligibility Assessment.
Covius will retrieve and review the resale certificates to understand the structure, rules and operation of the condo association and determine if the association has legal, financial or maintenance issues that need to be addressed.
First National Community Association Database
Covius developed the first national Community Association database available from a single source that captures and updates association contact information, management company information and addresses. With a simple property address, Covius can identify any association(s) affiliated with a particular property, accelerating document retrieval, facilitating better decisions and streamlining the approval process.