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Risk Management Boot Camp | June 2018© 2018 Fannie Mae. Trademarks of Fannie Mae.

Performing a “New” Project Type Analysis Part ISherri HollenbeckDebbie Edmundson

Here is What We Will Cover:

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We promise…It’s not

rocket science!

The definition of a “New” Project is project when one or more of the following is true:

Fewer than 90% of the total units in the project have been conveyed to the unit purchasers;The project is not fully completed, such as proposed construction, new construction, or the proposed or incomplete conversion of an existing building to a condo;The project is newly converted; The project is subject to additional phasing or annexation; and/orThe HOA is still in the developer's control and has not been turned over to the unit owners.

Is the Project “New”?

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We will start with “new” projects that meet our guidelines. Those wonderful “cookie cutter” projects.

Lender Review: Examples of a “New” Project in Compliance with Fannie Mae Guidelines

Two to Four Unit Condo Projects – No Project Review Required!

A project comprised of two, three, or four residential units in which unit is evidenced by its own title and deed.

NO PROJECT REVIEW IS REQUIRED

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“New” Project Review: Where to Start

First Step –Check CPM!

Is there a Fannie Mae PERS approval?

If not, follow this process…

Searching for a Project in CPM

Keep the search simple

Tip!

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Check CPM or PERS Approved Project List

CPM:

PERS Approved Project List:

or

CPM Sample Messages

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A reminder of what defines a “new” project:

Step 1: Is the Project “New”?

Fewer than 90% of the total units in the project have been conveyed to the unit purchasers;The project is not fully completed, such as proposed construction, new construction, or the proposed or incomplete conversion of an existing building to a condo;The project is newly converted; The project is subject to additional phasing or annexation; and/orThe HOA is still in the developer's control and has not been turned over to the unit owners.

Step 2: Is the Project “Ineligible”?

Litigation

Condotel

Timeshare

Single Entity

Non-Incidental

Income

CommercialSpace

MandatoryMembership

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Step 3: Does the Project Meet the Completion Requirements?

Is the project or phase complete or is it still under construction? The phasing of a project will be identified in the project’s legal exhibits.Reviewing the following exhibits will determine the completion of the project:

Project’s Recorded DeclarationCondo Plan – Tract MapPublic Offering StatementAmendments to the DeclarationPreliminary Title Report

Additional resource:Direct contact with the builder/developer

Reviewing the Declarationg

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Declaration Indicates the Ability to Add Phases

Description of Annexable Phases

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Condominium Plan Showing the Legal Phase

The Phase or Project Must Be “Substantially Complete”

A certificate of occupancy or other substantially similar document has been issued by the applicable government agency for the project or subject phase;

and

All units and buildings in the legal phasein which the securing mortgage is located are complete, subject to the installation of buyer selection items, such as appliances.

Selling Guide B4-2.2-03

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CPM Question Regarding Completion

How to answer this question in CPM?

Note!

Step 4: Presale and Owner Occupancy Requirements

At least of the total units in the project or

subject legal phase must have been conveyed or under contract for sale to principal residence or second home purchasers.

50%

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Where Do You Find Information on Presale?

Appraisal

HOA Questionnaire

Title Company

Builder/Developer

CPM Pre-Sale Section - Subject Legal Phase

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CPM: Entire Project Sales

CPM: Optional Cumulative

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Step 5: Are There Any Environmental Issues?

Even a “new” project could have environmental issuesCheck on the prior land use – storage tanks, gas station, factory,land fill, disposal siteCheck on the surrounding properties that could be considered ahigh risk for environmental issuesThe following exhibits could provide information on if there areenvironmental issue:

Public Offering Statement, Sales Contract, soil’s report,appraisal, information from the builder/developer, "Google"search and Preliminary Title Report

Environmental issues must be resolved prior to closingThe lender must warrant that the job has been satisfactorilycompleted and the property meets Fannie Mae’s environmentaleligibility standards.

Selling Guide: B4-2.1-04, 05,

and 06

Step 6: Budget Review

Lenders must review the HOA’s projected budget to determine that it:Is adequate (i.e., it includes allocations for line items pertinent to the type ofcondo project); andProvides for the funding of replacement reserves for capital expenditures anddeferred maintenance that that is at least 10% of the budget.

I’m so excited!I don’t get it!

How to determine whether the association has a minimum annual budgeted

replacement allocation of 10%Simple math:

Reserve allocation / HOA assessments

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Strong Budget = Strong Project

Simple math: Reserve allocation / HOA assessments

$45,150.00/$165,211.65 = 27%

Importance of Reserve Allocation from the Start

Identify:The major components within the project – such as roof, siding, painting, streets, carports, and components that are a part of the amenitiesEconomic life of the component

Note!

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Step 7: Lender to Rep and Warrant Legal Exhibits meet Selling Guide B4-2.2-03

Lender must review project's recorded legal exhibits to determine that the project meets our guidelines for the following:

Limitations on Ability to Sell/Right of First RefusalRights of Condo Mortgagees and GuarantorsFirst Mortgagee's Rights ConfirmedAmendments to Documents

Step 8:Master Association

Amenities: 2 pools, club house, walking trails, gym,

picnic areasSub-

Association#1

Sub-Association

#3

Sub-Association

#2

Sub-Association

#4

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Can proceed with delivering the loan to Fannie Mae….

Lender Review complete.The condo project is in compliance. Hooray!


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Performing a “New” Project Type Analysis Part IISherri HollenbeckDebbie Edmundson

Here’s What We Will Cover in Part 2:“New” Projects Outside of Guidelinesor Projects Requiring a PERS Review

Projects with construction/marketing phasesIneligible characteristics that might be considered through the PERS review process:o Projects with single entity ownershipo Projects with commercial space

exceeding guidelinesProjects that require a PERS review

Rules, rules, rules…


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“New” Project Out of Compliance with Fannie Mae Guidelines

(Not Eligible for Lender Delegated Review)

PERS Review for a “New” Project: Where to Start

identify whythe project

needs a PERS.

strong rationale

provide therequiredexhibits

supporting information and documentation

marketability of the project.

Important Note:

may require additional

information

Conditional

Final


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How to start:

Is the Project “Ineligible”?

Litigation

Condotel

Timeshare

Single Entity

Non-Incidental

Income

Commercial

MandatoryMembership


4

Project with Construction Phases

Condominium Plan Showing the Legal Phase


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Form 1081: Final Certification of Substantial Project Completion

Example of Supporting PERS Documentation: Performance Bond


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Example of Type of Phasing Requiring PERS Review: Marketing Phase

Marketing Phase 2

Marketing Phase 1

“New” Projects that Require PERS

New Condos in Florida

Non-Gut Conversions

Manufactured HousingProjects


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New Condos in Florida

Grant

Debbie

Whaaaa. It’s cold.

Rena

Newly-Converted Non-Gut Rehab Conversions


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PERS Review: Manufactured Housing Projects with Deed Restrictions

Any dwelling unit built on a permanent chassis and attached to a permanent

foundation system

Policy Update!

Commercial Space Exceeds Fannie Mae's Guidelines

Actual percentageOccupantsCommon for the areaSimilar compsSeparate HOAsNumber of votesAny shared amenitiesSpecial Flood Hazard Area

Policy Update: 35%Selling Guide

B4-2.1-03


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Let’s Review… Commercial Space

When calculating the commercial space in a

project, it is not necessary to consider the space

within the HOA.

FalseThe commercial space is

calculated on the actual percentage

of everything “within” the building.

Single Entity Ownership (SEO)Out with the old and in with the new

Previous Policy:Projects with 2 to 4 units – 1 unit

Projects with 5 to 20 units – 2 units

Projects with 21 or more units –10%

Exceptions to policy:

1. Units owned by the developer that are vacant and being actively marketed for sale.

New Policy:Projects with 5 to 20 units – 2 units (no change)

Projects with 21 or more units – 20%

Exceptions to policy:1. Units owned by the developer that are vacant and being actively marketed

for sale.

2. When the completion of the purchase transaction will result in a reduction in the SEO (max SEO 49%) with documented evidence that the SEO is marketing units for sale to further reduce SEO with the goal to get the concentration 20% or less; the SEO is current on HOA dues and there are no pending special assessments.

3. Units owned by non-profits, affordable housing programs, rent controlled/stabilized units, and higher education institutions


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Single Entity in a Project

With PERS submission, provide:Convincing project-related rationaleActual percentageIntent of the single entityExiting and marketing strategyCurrent sales status

Q&A

What types of condo project require a PERS review? (Select all that apply)A. Marketing/Construction

PhasesB. New and newly converted non-

gut rehabsC. MH with deed restrictionsD. New attached units in FloridaE. Attached PUD projects

Answer:A, B, C and D


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What is Required When Submitting a Project for a PERS

Form 1030:Project Eligibility Review Service Document Checklist


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Form 1026:Application for Project Approval

Form 1051:Project Development / Master Association Plan


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Form 1029:Warranty of Project Presales

Lender to Rep and Warrant Legal Exhibits Meet Selling Guide B4-2.2-03

Lender must review project's recorded legal exhibits to determine that the project meets our guidelines for the following:

Limitations on Ability to Sell/Right of First RefusalRights of Condo Mortgagees and GuarantorsFirst Mortgagee's Rights ConfirmedAmendments to Documents

As a reminder….


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Form 1054:Warranty of Condominium Project Legal Documents

Limitations on Ability to Sell/Right of First Refusal

Form 1054: Any right of first refusal in the condo project documents will not adversely impact the rights of a mortgagee or its assignee to:

Foreclose or take title to a condo unit pursuant to the remedies in the mortgage,

Accept a deed or assignment in lieu of foreclosure in the event of default by a mortgagor, or

Sell or lease a unit acquired by the mortgagee or its assignee._____________________________________________________________________________________________________________

Declaration: Rights of Mortgagees:


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Rights of Condo Mortgagees and Guarantors

Declaration: Form 1054:The project documents must give the mortgagee and guarantor of the mortgage on any unit in a condo project the right to timely written notice of:

Any condemnation or casualty loss that affects either a material portion of the project or the unit securing its mortgage;Any 60-day delinquency in the payment of assessments or charges owed by the owner of any unit on which it holds the mortgage;A lapse, cancellation, or material modification of any insurance policy maintained by the homeowners'’ association; andAny proposed action that requires the consent of a specified percentage of mortgagees.

PERS Review Completed - The Cookie is Whole Again!

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Flood InsuranceConsiderations for Condo Projects

Grant KatenRobert Tubbs

Why Flood Insurance?

A 2,000 square foot home undergoing 12” of water damage could cost more than $50,000. - Floodsmart

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Why Flood Insurance for Projects?

Irma’s residential flood loss is estimated at $25 billion to $38 billion of which $5 billion to $8 billion is estimated to

be insured, mainly through the NFIP

Key Acronyms and TermsSFHA - Special Flood Hazard Area

FEMA - Federal Emergency Management Agency

NFIP - National Flood Insurance Program, managed by FEMA

RCBAP - Residential Condominium Building Association Policy

CBRS or OPA - Coastal Barrier Resource System or Otherwise Protected Area

Flood - condition where normally dry land or two or more properties are inundated by water or mudflow

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General Flood Insurance RequirementsFlood insurance coverage is required for all residential buildings on the mortgaged premises if any part of the structure is located within an SFHA.

The lender must determine whether or not the structures on the security property are located in an SFHA by using the Standard Flood Hazard Determination (or “flood cert”) form endorsed by FEMA as mandated by federal flood insurance purchase requirements.

All flood zones beginning with the letter “A” or “V” are considered as SFHAs.

NFIP Coverage Area

Katen River

Structure A

SFHA

Which Flood Zones? Any that start with

“A” or “V” X

← Flood Zone Boundary

Structure B

Structure C

- Flood Insurance Required- Flood Insurance NOT RequiredX

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Communities may be Participating or Non-Participating in the NFIP. Participating Communities must meet certain defined parameters.

Participating and Non-Participating Communities

KEY: Non-Participating + SFHA = Not Eligible

Non-Participating (No NFIP Coverage) Community

Katen River

Structure A

SFHA← Flood Zone Boundary

Structure B

Structure C

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CBRS Area or OPA (Participating)

Katen River

Structure A


Structure B

Structure C

CBRS Area or OPA (Non-Participating)

Katen River

Structure A


Structure B

Structure C

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Standard Flood Hazard Determination Form

Detached Unit vs. Attached Unit

CondoUnit

CondoUnit

CondoUnit

CondoUnit

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Detached Unit – Minimum Coverage Illustrated

Lowest of:

100% of the insurable value of the

improvements

the maximum insurance available

from the NFIP, which is currently $250,000

per dwelling

or or

the unpaid principal balance of the mortgage loan

Detached Unit – Pop Quiz!

$412,000 $250,000 $68,000

#1)

$211,000 $250,000 $232,000

#2)

100% of Insurable Value NFIP Maximum Current UPB

$330,000 $250,000 $289,000

#3)

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What does this mean… “insurable value” ?

Where does that number come from?

FAQs – Detached Units

? ? ?

Questions

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Requirements for Attached Units If a first mortgage is secured by a unit in an attached condo project and any part of the improvements are in an SFHA, the lender must verify that the HOA maintains a master or blanket policy of flood insurance and provides for premiums to be paid as a common expense.

Note: Stand-alone flood insurance dwelling policies for an attached individual condo unit are not acceptable.

Lender ResponsibilitiesThe lender must verify that the HOA maintains a RCBAP or equivalent private flood insurance coverage for the subject unit’s building if it is located in an SFHA or CBRS.

The policy must cover all of the common elements and property (including machinery and equipment that are part of the building), as well as each of the individual units in the building.

The contents coverage for the building should equal 100% of the insurable value of all contents owned in common byassociation members.

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HVAC Units ElectricalSwitchgear

Units

Lobby HOAExercise

Room

PolicyCoverage

HOA Lounge

Coverage Illustrated

Elevator

MainCircuit Breaker

I’m on the 5th floor, why do I need flood insurance?

ElectricalSwitchgear

UnitsPolicy

Coverage

HVAC Units

Elevator

MainCircuit Breaker

Lobby HOAExercise

Room

HOA Lounge

Help!

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Other Requirements for Attached Units

First, the master flood insurance policy must be at least equal to the lower of:

• 80% of the insurable value of the building, or

• the maximum insurance available from NFIP per unit (which is currently $250,000)

“Best Case” Situation - the master flood policy is equal:• 100% of the insurable value of the building, or

• the equivalent of $250,000 per unit

Example #1

Master Flood Policy is $25,000,000; no replacement cost is listedMaster Property Policy is $35,000,000UPB of the mortgage is $230,000Number of units in the building being evaluated: 100

Analysis- Determine the building coverage is adequate

Flood Policy/Replacement Cost = $25 mm/$35 mm = 71%

Flood Policy/# of Units = $25 mm/100 units = $250k/unit

ConclusionFlood Policy is sufficient - Property is eligible - $250,000 is max. available per unit

80%Insurable Value

$250,000

X

Scenario

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Example #2



Flood Policy/Replacement Cost = $25 mm/$35 mm = 71%

Flood Policy/# of Units = $25 mm/120 units = $208,333/unit

ConclusionFlood Policy is insufficient; property is not eligible

80%Insurable Value

$250,000

X

Scenario

X

Possible Outcomes

Master Flood Policy is 100% of the insurable value of the building

Master Flood Policy is equal to $250,000 per unit (NFIP Max.)

Master Flood Policy is not at least 80% of the insurable value of the building nor $250,000 per unit

Master Flood Policy is at least 80% of the insurable value, but does not equal $250,000 per unit or the insurable value… What’s next???

Quick Recap: Let’s discuss the possible outcomes for the master flood policy, and how this may impact the need for a supplemental policy.

X

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Further Requirements for Attached Units

If the condo project master policy meets the minimum coverage requirements detailed on Slide 21 (i.e., the “at least 80% of insurable value or $250k” rule) but does not meet the individual unit coverage requirements as described on Slide 13 (i.e., the “lower of 100% of insurable value, $250k, or the UPB” rule), then a supplemental policy must be maintained by the unit owner for the difference.

Quick Breakdown

STEPS (simple as 1, 2, 3!)1 - Determine if the building coverage is adequate.

Use the “at least 80% of insurable value or $250k” rule.2 - Determine if the per unit coverage is adequate.

Use the “lower of 100% of insurable value, $250k, or the UPB” rule.3 - Determine if a supplemental policy is necessary, and if so, to what amount.

Lowest # from Step 2 – per unit coverage = Supplemental Policy

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Example – Attached Unit Coverage Analysis


Step 1 - Determine the building coverage is adequateFlood Policy/Replacement Cost = $1.6 mm/$2.0 mm = 80%

Flood Policy/# of Units = $1.6 mm/10 units = $160k/unit

ConclusionIs property eligible? Is a supplemental policy needed?

Yes, it meets the minimum building requirement.

Maybe- we must do further analysis.

80%Insurable Value

$250,000

X

Scenario

Example – Attached Unit Coverage AnalysisMaster Flood Policy is $1,600,000; no replacement cost is listedMaster Property Policy is $2,000,000UPB of the mortgage is $290,000Number of units in the building being evaluated: 10

Step 2 - Unit AnalysisPer Unit Coverage:Flood Policy/# of Units = $1.6 mm/10 units = $160,000

Benchmarks- Calculations and Data:

100% of the building’s insurable value: $2.0 mm /10 units = $200,000/unit

NFIP Maximum Available = $250,000/unit

UPB = $290,000

The lowest of three figures is $200,000

Insurable Value

$250,000

UPB

X

X

X

Scenario

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Step 3 - Supplemental Policy Analysis

Benchmark Calculations and Data:

The lowest figure from Step 2 is the Insurable Value: $200,000.

The master flood insurance/unit is $160,000.

$200,000 > $160,000 so a Supplemental Policy is needed!

Example – Attached Unit Coverage AnalysisMaster Flood Policy is $1,600,000; no replacement cost is listedMaster Property Policy is $2,000,000UPB of the mortgage is $290,000Number of units in the building being evaluated: 10

Insurable Value

$250,000

UPB

$200,000 $160,000 $40,000- =

Scenario

I’m on the 5th floor, why do I need flood insurance?

ElectricalSwitchgear

UnitsPolicy

Coverage

HVAC Units

Elevator

MainCircuit Breaker

Lobby HOAExercise

Room

HOA LoungeLobLoLobLobLobLobLobLobLobLLoLLoobbbbbbbbbbbbbbbbbbbbbbyyyyyyyyyyyyyyyy EEEEEEEEEEEHOAHOAHOAHOAHOAHOAHOAHOAOHOAOAHOAHOAOAHHOAHOAHOHO

ExerExerExerExerExerExerExeExerExerExerxerExeExeExerExerrerciseciseiiciseciseciseciseciseciseciscisecisecisecisec eciseecRoomRoomRoomRoomRoomRoomRoomRoomomomomRoomRoommRoomRooomm

HOHOHOHOHOHOHOHHOHHH MaMaMaMaMaMMaMaMaMaMaMaMaMaMM iiiiiiiiiiCiCiCiCiCiCiCiCiCiiCiCiCiCiCCiiiiCircrcrrrcrcrcrccrcrrcrcrccrccccBrBrBrBrBrBrBrBrBrrBrrrBrBrrrreaeeaeaeeaeeaaeaeeeeaeaaeaae

OAOAOAOAOAOAAOAOA LounLounLounounLounLounounounLounLounounLounLounoLouungegegegegegegegegegeeegegeggegeAA A AA A AAAAA LLLLLLLLLLLLLLLLLLL nnnnnnnnnnnnnncccccccccccccuiuiuiuiuiuiuiuiuiuiuiuiuuuiuiuiiiu t tttt ttttttttttttttaaaaaaaaaaaaaakekekekekekekkekekkekekkekkerrrrrrrrrrrrrrrr

Anyone?

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Commercial Space >25% & Co-OpsWhat do they have in common?

These properties only qualify for the General Property Form

What is that and why is it a concern?NFIP Maximum available = $500,000 for the entire building

What to know? Condo – Must secure coverage equal to lower of 100% of insurable

value or $250,000 per unit. In most cases, this means the HOA must obtain a private excess flood policy to make up the difference.

Co-op – Eligible solely with $500,000

Questions

? ? ?

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Now It’s Your TurnGrab a partner!Reference the handout titled “Flood Calculator Worksheet” Take 5 minutes to analyze the three scenariosAddress these questions:1. Is the property eligible? Explain. 2. Would the situation require a supplemental unit owner’s policy or a private

excess flood policy to meet Fannie Mae requirements?3. If so, how much would that policy have to be?

We’ll then review the scenarios

Please take 5 minutes

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Property A - Analysis



Flood Policy/Replacement Cost = $4.0 mm/$7.0 mm = 57%

Flood Policy/# of Units = $4.0 mm/16 units = $250k/unit

ConclusionFlood Policy is sufficient; property is eligible, and $250,000 is max. available per unit

80%Insurable Value

$250,000

X

Scenario

Property B - Analysis


Step 1 - Determine the building coverage is adequate

Flood Policy/Replacement Cost = $11 mm/$13.5 mm = 81%

Flood Policy/# of Units = $11 mm/50 units = $220k/unit

ConclusionIs property eligible? Is a supplemental policy needed?

Yes, it meets the minimum building requirement.

Maybe- we must do further analysis.

80%Insurable Value

$250,000

X

Scenario

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Step 2 - Unit AnalysisPer Unit Coverage:Flood Policy/# of Units = $11 mm/50 units =

Calculations and Data:

100% of the building’s insurable value: $13.5 mm /50 units = $270,000/unit

NFIP Maximum Available = $250,000/unit

UPB = $400,000

The lowest of three figures is $250,000

Insurable Value

$250,000

UPB

X

X

X

Scenario

$220,000

Step 3 - Supplemental Policy Analysis

Benchmark Calculations and Data:

The lowest figure from Step 2 is the NFIP Maximum: $250,000.

The master flood insurance/unit is $220,000.

$250,000 > $220,000 so a Supplemental Policy is needed!


Master Flood Policy is $11,000,000; no replacement cost is listedMaster Property Policy is $13,500,000UPB of the mortgage is $400,000Number of units in the building being evaluated: 50 Insurable Value

$250,000

UPB$250,000 $220,000 $30,000- =

Scenario

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Property C - Analysis

Master Flood Policy is $500,000; no replacement cost is listedMaster Property Policy is $13,500,000UPB of the mortgage is $400,000Number of units in the building being evaluated: 50

Insurable Value

$250,000

Scenario

AnalysisWhat does the Flood Policy limit tell us?

What is needed to meet the requirements?

Commercial space is >25%

Excess Flood Policy for the lesser of the:Full Insurable Value = $13 million ($13,500,000 - $500,000 = $13,000,000) or $250k per unit, which in this case = $12 million (50 units x $250,000/unit = $12,500,000 - $500,000 = $12,000,000)

Case Discussionand

Other Questions

? ? ?

21


SummaryFlood Insurance is a Regulatory IssueIt is not just a Fannie Mae thing

In, or Partially In, a SFHA (NFIP Area) or Participating CBRS/OPA?Then flood insurance is required

Not in an NFIP Participating Community and In, or Partially In a SFHA, orIn a Non-Participating CBRS/OPA plus SFHA?Unfortunately, unit/building is not eligible

Detached UnitsE-Z, P-Z: Same as single-family homes

Attached UnitsAnalyze the property policy eligibility, then the need for a supplemental policyMath will likely be involved! Leverage our (free) tools

Resources

HH.R.M. PattyQueen of the WatersDuchess of Fairfax

“Where Are My Dragons?”

Ser GrantLord of the Three and Half

Duke of the Trinity“Knows Nothing”

RobertResident Fool

Accessible via your Account Team or [email protected]