Does Absence of Owner-Tenant Occupancy Data Affect MPR?

[ZZGAMAZZ]

In my area you can check the tax record for how many units are owner occupied. It's a valid alternative source.

How do they know?

 

[ZZGAMAZZ]

We don't have that option here. Wow, that means somebody has to report to the tax assessor office. I can see where that would be helpful. That goes back to like Florida where so many are owner occupied sometimes and rent out rest of the year.

I can see Maryland having a ton of condo units that are time shared or rented. Baltimore has best crab cakes I have ever eaten. Ya'll have a bunch of ocean front property.

Your fresh lump crab cakes are to die for. LOL People advertise lump crab cakes. I'm like these are not lump crab cakes. LOL

Go to Baltimore if you want lump crab cakes.

I was in the restaurant bizz in Frederick, Boonesboro, Shepherdstown back in the day. The measure of a restaurant was the quality of the crab cakes (secret was Old Bay Seasoning; and I vaguely recall some peeps using saltines....)

 

[Fernando]

If you don't want to do a large sample to determine estimate for rental ratio then do the long way and look at every unit and see which have outside mailing address.
Have a nice count!

 

[ZZGAMAZZ]

If you don't want to do a large sample to determine estimate for rental ratio then do the long way and look at every unit and see which have outside mailing address.
Have a nice count!

If as others have noted, the lender already has the info....why DF are we required to do so as well????

 

[Fernando]

If as others have noted, the lender already has the info....why DF are we required to do so as well????

True but the 1073 ask for the information.
If you don't get the condo cert, get an estimate and if lender has a problem, they will tell you to correct the figure.

 

[Sandra Koutsopoulos]

I pull up the first 100 units in the complex with ParcelQuest, using subject's tax ID# with an asterisk for the last 3 digits (and double check the map to confirm the units that come up are inside the development), then push the button to sort that 100 by owner/non-owner, and VOILA! Those would reflect the most recent 100 transactions. I use that percentage to extrapolate the numbers O/O vs N/O/O and explain that in the report, and that it is an estimate to be confirmed by lender's Condo Cert.
If my understanding is current, to lend FHA, O/O must be 51% of the units or more. Correct me if I'm wrong.

 

[Zoe]

I was in the restaurant bizz in Frederick, Boonesboro, Shepherdstown back in the day. The measure of a restaurant was the quality of the crab cakes (secret was Old Bay Seasoning; and I vaguely recall some peeps using saltines....)

The ones I had don't have much breading in them. I can't remember the restaurant we were in right on the Chesapeake Bay. They were well known for their crab cakes. Of course they were getting the crab right in the their front yard basically. They were excellent. Baltimore is known for their crab harvests.

If you buy so called lump crabs at grocery or locally in restaurants here, they don't even compare. They are full of breading and a little crab meat.

 

[glenn walker]

Almost all FHA And Fannie Condo Loans require Lender to order a Condominium Certification. This shows how many rentals etc. In CA most HOA no longer give out free information. Thats fine I simply tell the lender that I need a copy of Condo- Cert to complete the report, normally 1 to 3 days later I have it. Out here HOA now charge between $150 to $200 per CERT. If you want to manually go through a project thats fine but 90% of the time your going to get a revision request-anyway after lenders UW Gets her certification.. On small projects and can do a manual but not on a 200 to 400 unit complex. Its no big deal and NO YOU dont use a EA . NOW HOW ABOUT REVIEWING AND ANALYZING CONDO BUDGET ? ( Check Yes Box ? )

 

[Fernando]

Almost all FHA And Fannie Condo Loans require Lender to order a Condominium Certification. This shows how many rentals etc. In CA most HOA no longer give out free information. Thats fine I simply tell the lender that I need a copy of Condo- Cert to complete the report, normally 1 to 3 days later I have it. Out here HOA now charge between $150 to $200 per CERT. If you want to manually go through a project thats fine but 90% of the time your going to get a revision request-anyway after lenders UW Gets her certification.. On small projects and can do a manual but not on a 200 to 400 unit complex. Its no big deal and NO YOU dont use a EA . NOW HOW ABOUT REVIEWING AND ANALYZING CONDO BUDGET ? ( Check Yes Box ? )

Never reviewed and analyzed condo budget except my own rental condos. Thank God.
I put a disclaimer that it wasn't available (lender's fault) and I didn't review it so it leaves me off the hook from potential problems for me.

 

[glenn walker]

Never reviewed and analyzed condo budget except my own rental condos. Thank God.
I put a disclaimer that it wasn't available (lender's fault) and I didn't review it so it leaves me off the hook from potential problems for me.

Does it ?