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Automating Documents Acquisition for Condo Project Approvals: What You Are Missing

Condo Review, HOA Documents, Lenders,
Published: May 05, 2023
Last Edited: Feb 26, 2024
by Editorial team
blog

Condo project approvals evaluate a condominium project’s financial stability and viability and its compliance with certain regulations and standards. Lenders need to obtain HOA documents to evaluate the condo and finalize the project approval. 

The process involves a detailed review of the project’s legal documents, financial statements, insurance policies, and other relevant information. Unfortunately, every step, from acquiring the documents to performing the review, is manual, which presents several challenges.

Challenges Lenders Face with Documents Acquisition for Condo Project Approvals

Obtaining condo project approvals can be a time-consuming and frustrating process for lenders, with numerous challenges along the way. For starters, lenders must contact the condo association and acquire the necessary documents, which can involve a lot of manual work and chasing after different parties. This creates risks and delays and consumes valuable time that could be spent on other aspects of the lending process.

Lack of Standardization

The lack of standardization among HOA and condo documents leads to inconsistencies in their format and delivery times, posing significant challenges and uncertainty for the loan approval process. This means that you may have to spend countless hours analyzing documents that don’t conform to a standard format after waiting anxiously for their arrival. However, using the right technology can eliminate these inefficiencies and save you valuable time.

Error-prone Manual Process

The documents must be manually analyzed and fed into the LOS, increasing the chance of log errors. It also eats up the lender’s valuable time, leaving no time to bring in more business. Even worse is that missing or incorrect HOA information can lead to deals falling through, thousands of dollars lost, and wasted time on condo eligibility research.

Dealing with Associations

Finding and communicating with HOA and condo associations can be a major challenge due to the lack of a central database and the possibility of multiple associations for a single property. This can cause significant delays in the condo project approval process, leading to frustration and lost time for everyone involved. The self-managed nature of many associations only compounds the difficulty, making it a challenging process for all parties.

The new Documents Acquisition Process

Automating Documents Acquisition for Condo Project Approvals

Imagine a world where those challenges are eliminated.

Fortunately, nowadays, you can use technology to turn this tedious and error-prone document acquisition process into a click of a button with a dedicated customer support team on your side. And you don’t have to build it yourself! Rexera and Velma partnered to bring an easy and reliable document acquisition process to the lending industry.

HOA Connector is a tool designed for lenders. It integrates seamlessly with your LOS and automatically takes care of the document acquisition. It also uploads the documents back into the LOS and notifies you when they are ready. 

The tool can be customized to fit a specific schedule or chain of events. For example, it can prompt you to order the documents when a new loan application is created. Or it can remind you to order the documents on a specific date after a loan file is created.

The moment you click “Order,” Connector passes the information to Rexera. We will take care of identifying the HOA or condo association, request the documents, and make sure we get them on time. Then, they use AI to turn scanned documents into searchable PDFs and perform the condo project review. Finally, when the documents and the review are ready, they are uploaded to your LOS, and you are notified that you are all set to review or proceed.

You get a user-friendly set of documents you can search through with no wasted time and no manual errors. And you can add any reminders or flows to Connector so that it works perfectly for YOU. So instead of dozens of manual steps, interacting with multiple parties, wasting time, and causing errors and delays, you click a button and get a flawless process, which is 40% faster than the industry standard and leads to no mistakes or delayed transactions.

About Rexera and Velma

InspectHOA makes all your HOA worries go away. Fast and efficient, a team of over 150 specialists works tirelessly to ensure you get your documents on time, every time. The largest HOA database on the market, in combination with powerful AI technology, makes InspectHOA the preferred HOA partner for the real estate industry. 

Velma Connector is the ultimate automation tool to increase productivity and drive more sales. With many years of mortgage expertise, Velma Connector is tailored to fit the specific needs of lenders juggling multiple tasks every day. With Connector, you can simplify your compliance processes, streamline your in-process communications to ensure deadlines are never missed again, and automate the monitoring and sending of notices for critical events so you always know which loans require attention. 

“The partnership between InspectHOA and Velma is changing the way condo project approvals are done.” Anton Tonev, a co-founder at InspectHOA, explains that the collaboration aims to free up loan officers’ time from chasing HOAs, manually reviewing documents, and inputting data. Instead, lenders can focus on more important tasks, thanks to the more streamlined and efficient approach made possible by the partnership.

According to Velma EVP Mark Young, “This advanced technology integration has the potential to optimize and unify mortgage operations, particularly when it comes to addressing the challenges posed by HOAs.” By combining automation and awareness with machine learning, the lending process can become more efficient, benefiting everyone involved. This marks a significant step forward for the industry.

The Long-awaited change

The mortgage industry is rapidly adopting technology solutions to improve efficiency and reduce errors. These innovations provide companies with a competitive advantage, allowing them to provide better customer experiences and win more business.

With Velma Connector and InspectHOA, you can streamline and simplify your processes, bringing you closer to faster and clearer results. Your team will love the ease and convenience of HOA Connector.

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