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Life of Loan Association Surveillance

HOA obligations need to be tracked just like taxes, flood, and hazard insurance as these affect the collateral of a mortgage. Mortgage investors/servicers need to track payments on HOA obligations but have historically not been able to get it.

SPERLONGA DATA AND ANALYTICS SYSTEMS LLC (‘SPERLONGA”) offers association payment verification services for mortgage servicers and banks throughout the United States. Compliance with association obligations is an important part of home ownership and is required by the terms of the mortgage used to purchase the home that is situated within the association. Mortgage servicers have an interest in up-to-date information regarding the mortgagee’s compliance with association obligations related to the home upon which the mortgagor holds a lien.

It Makes Proactive and Real-Time Tracking of HOA Payments Possible

REAL-TIME PAYMENT TRACKING
Track if borrowers are making timely payments or not
GET TIMELY NOTIFICATION servicer gets timely notifications if payments are not made on time
GIVES ACTIONABLE INTELLIGENCE
take timely action using the amount outstanding and make up of the outstanding obligation

It Also Protects The Communities' Interests

REDUCE LATE & INTEREST FEES
Late fees annually assessed by associations to homeowners are in excess of $500M. By paying these as part of the mortgage payment these will greatly be reduced if not eliminated
INCREASE PROPERTY VALUES By reducing the number of delinquencies, more condos and HOAs become warrantable, thus increasing property values
REDUCE NEED FOR FINANCIAL REVIEW & CONDO QUESTIONNAIRE COSTS
there is consistent visibility leading to reduced friction

No One Can Match Our Technology, Expertise and Network

  • Existing relationship with vast majority of HOA Management Companies

  • Deep knowledge of Tax/ Flood/Hazard/ Mortgage Servicing markets allow the translation to occur
  • Technology integrations provide data access to 90%+ of the total addressable market
  • Fully integrated into MSP

  • Some exclusive arrangements with HOA Accounting platforms provide a moat
  • Even if not forcing on all borrowers, this can be offered to borrowers for a better experience.
  • Force in super liens

  • One page form easily added into Empower/Encompass/or any other LOS
  • Force on certain credit qualities

SPERLONGA ASSOCIATION ASSESSMENT COMPLIANCE TRACKING
Ensuring Compliance . Protecting Real Property

For more info:

Website

sperlongadata.com

Phone Number

818-200-0530

Email

[email protected]