Super-liens and escalating costs for past-due assessments, late charges, attorney fees, collection costs, association expenses for taxes, superior liens, or costs expended to protect the associations’ lien, and interest rates of up to 21% create an operational and financial risk to the mortgage community.
Avanta Risk Management is a cost-effective, proactive alternative to in-house or attorney support to help mitigate these risks while improving investor relations and borrower satisfaction.
Our service includes:

• Homeowner Association Certification Plus:

Homeowner Association Certificate PLUS includes the identification of properties in an HOA, HOA profile information, HOA payment status and all applicable association fees. After the initial order, Avanta Risk will continue to monitor the account for delinquent HOA dues or proactively issue payments for each installment for a prescribed period or through the remaining life-of-the loan.

• Homeowner Association Payment and Verification Services:

Starting at origination or acquisition and continuing through the servicing life-cycle, Avanta Risk will identify all properties in an HOA, procure all HOA profile information, HOA payment status, all applicable association fees and provide continuing services for the payment or payment verification of the HOA dues for each qualified property on a periodic basis, based on HOA payment schedules or risk factors derived from specific governing documents, State statutes and/or client business rules.

With over 315,000 HOA and 150,000 management companies operating across the United States the task of acquiring the necessary information to close a new purchase or perform a refinance can be a complex, expensive and daunting task.

Avanta Risk simplifies the process by providing clients a comprehensive HOA certificate that contains all the necessary information to facilitate a smooth and timely closing.

• Homeowner Association Certificate:

Homeowner Association Certificate includes detailed information about the HOA/COA, associated management companies, all applicable association fees, HOA closing requirements, current payment status and assessment/special assessment amounts.