Q: Are condo associations required by law to fill out mortgage paperwork that is asking about other owners?
Mortgage company sent information regarding other units in the subdivision. They said it was required by association to fill all the information. It was for a Fannie Mae loan and was needed for the loan to go through. questions like how many rentals, insurance on the homes, how many units closed or sold. information on flooding, insurance for HOA. investment units, and list goes on and on. 5 pages. They wanted know any commercial units, the owners( list of the tenants), their footage of there homes etc. Also HOA bank accounts, how much money the HOA has. Insurance coverage, hazard, fidelity, flood, monthly bank statements. The list was just unbelievable. All to unknown persons for a loan that may not even go through.
A: None of that information sounds classified or privileged, and it is likely in your condo association by-laws that they may divulge that kind of information to prospective lenders. You'd need to read the by-laws and all amendments, but even then, it's likely permissible without explicit language authorizing the sharing of non-confidential information.
Anthony M. Avery agrees with this answer
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