Loan officer asking for insurance info

Started by TheI • 3 replies • 1297 views

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TheI (Florida)
Posts: 40

Posted:

Does anyone know what kind of information an HOA has to give to a loan officer?
We, the board, received an email from a loan officer asking for our master liability insurance policy that covers the common areas. We are are an HOA with single family detached homes and a very tiny common area. Thanks

RogerB (Colorado)
Posts: 5,067

Posted:

Quote:

Posted By TheI on 05/17/2013 4:11 PM
Does anyone know what kind of information an HOA has to give to a loan officer?
We, the board, received an email from a loan officer asking for our master liability insurance policy that covers the common areas. We are are an HOA with single family detached homes and a very tiny common area. Thanks

This is standard practice for any property sale or refinancing. Give the master liability insurance policy to them as per their request.

TimB4 (Tennessee)
Posts: 21,059

Posted:

TheI,

I felt the same way you did initially. However, over time I realized that either I was being asked for the info or the bank was calling the insurance company asking for the info. Therefore, we now include the declarations page of our liability file in our PUD (planned unit development) statement.

BruceF1 (Connecticut)
Posts: 2,535

Posted:

Quote:

This is standard practice.

Sometimes you can satisfy the request by giving the loan officer the name of your liability insurance company or your agent and the loan officer can obtain the needed information directly.

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