Why do I have to pay to sell or refinance my home?
When in need of documents for closing on a home please contact:
Sentry Management's Closing Department at 317-932-6636 or by visiting
Lender Project Questionnaire form... What is it and what does it mean to you, or more importantly, to a new purchaser in your community? It is a list of questions that a lender will ask to ensure that the home or unit in a community on which they are providing a mortgage, meets certain specific criteria as it relates to their budget, primary owner to investor owner ratio, governing document requirements for amendments, etc.
Each lender generally has their own form and it takes hours to correctly fill it out with the correct answers and provide the copies required by the lender. We take a great deal of time in providing the responses to the questions that come from your individual documents and other community information on these forms to ensure any lender or real estate agent can access this needed form on their time schedule.
Sentry Management reviews and updates the information every 90 days as part of our service to your Association. The information available through WelcomeLink is: the recorded Declaration or Master Deed; the Articles of Incorporation or Charter; the bylaws; current budget; current year end financial statement from the CPA (if required). These forms are legal, binding documents. Incorrect or untrue responses can be and are construed as fraud, therefore there are questions that are best responded to by the Association's legal counsel or noted as Unknown (such as the ratio of primary homeowners to second home owners) or the number of FHA Loans in the project. As to the ratio of rented homes, unless your association has the right to approve leases or requires the prospective tenant to actively participate in an approval and interview process, there is truly no way for the Association to correctly respond to that question either, although we do respond with an explanation as to the number of off-site addresses known in the community. The information regarding Association insurance coverage is referred to the expert, the agent for the Association.
The information provided by WelcomeLink is endorsed and promoted by CAI (Community Association Institute) lawyers and managers; is approved by FNMA and Freddie Mac; and all major lenders. There is a fee associated with this service that is charged to the entity requesting this information. It is paid directly to WelcomeLink as a fee for managing the program.
WelcomeLink will, at the request of the lender, fill out their specific form based specifically on the information already provided on the form in the system. They will also provide a signature if absolutely required. In most cases, this is not necessary as the forms in the system provide all of the information required to timely and properly execute this paperwork to facilitate a loan to a new owner.