HUD Questionnaire Fees

Started by NpS • 6 replies • 2370 views

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NpS (Pennsylvania)
Posts: 4,216

Posted:

Do you charge a fee for completing a HUD questionnaire?
Would like to know:
1. Condo or HOA; and
2. Amount of fee.
Thanks.

Sikubali jukumu. Read all posts at your own risk.

GordonS1 (Washington)
Posts: 18

Posted:

$150 for our standard questionnaire.
$225 if the owner needs their own custom form.
Additional rush fees of $75 to $125 if needed in less than 10 days.

We are a small self-managed association in WA state. For years, volunteer board members would complete documentation requests, including resale certificates, condo questionnaires, demand letters, etc. at no cost to owners. Depending on the complexity, these forms required 30-90 minutes work to complete.

Over the years the documentation requests have become more frequent and have been requiring more and more work. Last year the issue came to a head when an owner submitted a 7-page detailed condo questionnaire for a refinance and demanded immediate turnaround.

After some investigation, we decided to outsource the work to a company who specializes in handling these forms online. The company provides a dedicated website where owners can choose what documents they need and pay online. Depending on the request, the documents are either released automatically or we get an email notifying us we need to answer some questions on the website. The best part is we only have to fill out values in a web form - we never have to see the actual questionnaire as the company takes care of filling out the actual document for us. No printing/signing/scanning/uploading required.

The company charges us a flat rate per document completed, and we can set the amount we want to charge on top of that as our fee. Some owners dislike the idea of high costs for documentation, but these are the same owners who refuse to volunteer for the board and refuse to approve dues increases for our severely underfunded reserve. Any funds we receive go directly to our operating fund - volunteer board members are not paid for the time they spend uploading documents and answering questionnaires.

It's worked out well for us so far - vastly reducing the amount of manual effort required by volunteer board members, and enabling a much quicker turnaround time for those who need documents urgently.

RichardP13 (California)
Posts: 3,868

Posted:

As a management company we charge fees for escrow packages, which generally will include lender questionnaires, as HUD questionnaires are geared toward an FHA loan.

Like Gordon, we utilize the services of one of a number of online companies that specialize in this field. We charge one price whether it's a condo, townhouse of single family detached home. Maintenance is pretty simple, but December is always busy in making sure ALL documents have been updated in accordance with any new state regulations. Out state provides more documents than any other state, to the best of my knowledge and the process has been efficiently streamlined.

Once uploaded, it takes us no more than 5 minutes to complete an order and because of this, we don't charge a rush fee.

TimB4 (Tennessee)
Posts: 21,061

Posted:

HOA

Disclosure Package - $100 (limited by statute, § 55-509.6 and § 55-509.7)
PUD Statement - free (answers most, if not all, of the questions lenders ask)
Escrow Insturctions - free

Filling out their form - $25

RichardP13 (California)
Posts: 3,868

Posted:

Quote:

Posted By TimB4 on 02/16/2016 10:20 PM
HOA

Disclosure Package - $100 (limited by statute, § 55-509.6 and § 55-509.7)
PUD Statement - free (answers most, if not all, of the questions lenders ask)
Escrow Insturctions - free

Filling out their form - $25

So what is included in a Disclosure Package?

God, I love California, can't have a gun, but we sure can collect fees, fees and more fees.

TimB4 (Tennessee)
Posts: 21,061

Posted:

Quote:

Posted By RichardP13 on 02/16/2016 11:37 PM

So what is included in a Disclosure Package?

God, I love California, can't have a gun, but we sure can collect fees, fees and more fees.

The statutes also specifies the contents of the package.

NpS (Pennsylvania)
Posts: 4,216

Posted:

Thanks all for your thoughts, especially Gordon.

Sikubali jukumu. Read all posts at your own risk.

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