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HOA Fees Surging in the Sunshine State 

Appraisal Buzz

In Tampa, FL, the median monthly homeowners association (HOA) fee jumped 17.2% HOA fees also rose in West Palm Beach (12.8%), Jacksonville (7.6%) and Miami (5.7%). It’s common for HOA fees to increase over time as property prices increase, but that’s not what’s happening in Florida. That’s the steepest increase among the 43 U.S.

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Mutual of Omaha hires Tracy Milligan for proprietary product rollout

Housing Wire

Milligan will focus on the wider deployment and development of SecureEquity , the proprietary reverse mortgage product announced by the company on Tuesday. The borrower must remain in the home as their primary residence and continue paying property taxes, homeowners insurance, HOA fees and maintenance costs to keep the loan in good standing.

HOA 294
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Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

Meanwhile, homeowners association (HOA) fees multiplied for many condo buildings in the aftermath of the 2021 Surfside condo collapse. In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs.

HOA 501
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Porch Group’s insurance carrier Homeowners of America placed under regulatory supervision

Housing Wire

Porch Group announced that its insurance subsidiary Homeowners of America (HOA) has been placed under temporary supervision by Texas regulators. Porch said since terminating a reinsurance agreement connected with Vesttoo on August 4, HOA replaced 84% of the roughly $175 million in reinsurance coverage provided under that contract.

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Opinion: More can be done to shorten the average time to close

Housing Wire

With all these nuances, it’s unlikely that a centralized production system developed for nationwide usage can eliminate the need to manually enter, for example, borrower information into a proprietary municipal website. Dealing with the HOA—a nightmare for all parties involved. There is growing hope, however.

HOA 488
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Classifying Mortgages and HOA Super Liens

Appraisal Buzz

Factually, a group of entities known as “Fendee” built a housing development that included a homeowner’s association. The Gould decision illustrates the importance of immediately recording the mortgage and perfecting the lien when lending for the purchase of a property in a community association development.

HOA 221
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Opinion: More should be done to shorten the average time to close

Housing Wire

With all these nuances, it’s unlikely that a centralized production system developed for nationwide usage can eliminate the need to manually enter, for example, borrower information into a proprietary municipal website. There’s no uniform method of determining if a property management firm represents an HOA and, if so, which firm.

HOA 459