Lender Questionnaire Services in Maryland

For many homeowners associations and condominium associations, completing lender questionnaires is a time-consuming and tedious process that can also open the association to legal liabilities if the forms are not filled in correctly. These questionnaires are typically required by a bank before a buyer can qualify for a loan on a property in an association, and in many instances, the form may request information that is not known by the board or information that is improper to share with a third party. In most cases, it is advisable to have an experienced professional complete such forms to avoid liability issues and reduce the workload for the board members. At Tidewater Property Management, we provide a full range of services for community associations, including lender questionnaire services. Our expert personnel can handle all information requests from the seller, buyer, and lender, including lender questionnaires and resale packages, ensuring a smooth transaction. Our company serves homeowners associations, condominium associations, and cooperatives throughout Maryland and Virginia. For cost-effective, professional lender questionnaire services, trust our team at Tidewater. Contact us online today to request a proposal!

Information That a Lender Questionnaire Often Requests

The purpose of a lender questionnaire is to determine how financially sound an association is and what factors may affect a loan that is underwritten by the lender. These include association restrictions, special assessments, and ongoing litigation in which the community association is involved. If the information is not received, or the answers do not fit within the lender’s underwriting guidelines, the lender may deny a loan to a prospective buyer. Often, these questionnaires may request information that is not known by the association or that should not be released to third parties, and any inaccurate information or mistakes can prove to be a liability in the future should the lender or buyer find a discrepancy. The most common information requested on such questionnaires includes:

  • The number of properties in the association
  • Whether the association has completed development
  • The percentage of properties that are owner-occupied and that are rentals
  • The number of single owners or entities that own multiple properties
  • The number of properties held by each multiple-unit owner
  • The number of properties that are delinquent on association fees
  • The amount of reserve capital the association holds
  • Information about the association’s bylaws, covenants, conditions, and restrictions
  • Information about any upcoming special assessments
  • Information about any current litigation
  • The amount of space reserved for commercial purposes
  • Whether the association owns any of those businesses

Often, lenders will also ask about the association’s insurance coverage, local codes, or other information that is not appropriate, not germane, or may not be possible to answer accurately.

Our Lender Questionnaire Services

At Tidewater Property Management, we have the unique experience required to meet the lender’s requests in a timely, transparent manner, providing the information that is pertinent to the loan approval, while avoiding questions that are not relevant to the process. We work closely with the buyer, seller, and lender to make property sales as smooth and efficient as possible, while keeping the best interests of the association in mind. We can handle all lender questionnaires, including:

  • HOA questionnaires
  • PUD questionnaires
  • Condominium questionnaires
  • Fanny Mae questionnaires

We can also perform resale inspections and prepare resale packages.

Lender Questionnaire Services in MD &VA

If your community association would like professional help to avoid the work and risks involved with lender questionnaires, call Tidewater Property Management today. Contact us at 800-761-5977 to schedule a consultation in the Maryland or Virginia area!