Remote Banking and the Deposit Scanner

by TERRY BURKS, VP-CUSTOMER SERVICE MANAGER REMOTE BANKING AND THE DEPOSIT SCANNER There is no fountain of youth, or miracle cure for many diseases, but the banking business several years ago got all the regulatory agencies to let go and allow banks to distribute scanning devices to their clients.  Bank customers now have the ability to create deposits and submit them directly to their accounts via a small scanning device right from their desktop. What we would like to talk to you about this month is the devices themselves and the responsibilities surrounding those devices and the checks you deposit through them. The scanners are equipped with a great deal… Read More

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Deck / Lanai Refurbishment, Replacement, Maintenance – A Common Budgeting Mistake

  Decks / Lanais systems are typically one of the larger project expenses a community will face. Budgeting for their short and long term care is not always as straightforward as it appears to be as the degree of deterioration of this component is heavily reliant on historical maintenance trends in the community. I will touch on one of the more common budgeting mistakes we see on a regular basis. Maintenance and proper care will actually save a community a significant amount of money in the long run; deciding who (and how) this component is maintained can have a significant impact on the budgeting recommendations in the reserve study as… Read More

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Condo’s Underfunded Reserve Creates Many Problems

C.R. from outside of Connecticut writes: Dear Mister Condo, I live in a condo building with 58 units. There are zero adornments except for a very nice meeting room. We have two elevators which travel eleven floors up and down. I am currently serving on the board. Our Reserve fund is at 18K which in my eyes is very low. We will need a major elevator repair in a few years and increasing insurance as well as a rooftop service plan. We have decided to increase HOA dues 15% = $3000. more each month or 20% increase equaling an extra $4000. per month. We want to propose this to our… Read More

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What’s the difference between a bank loan and an HOA loan?

I was recently presented with the following question from one of my clients. I am publishing it here, along with my answer, in hopes of sharing the knowledge. It is a common question that all of us within the HOA lending field should be able to answer. Question: What are some differences between a construction loan or line of credit from a “normal” bank and an HOA loan or line of credit as a specialized lending option? I’m having trouble understanding the pros and cons between them. Answer: The differences are very stark. A construction loan handled by a traditional bank reflects that there is real estate involved. The financing provided might be to construct… Read More

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