April 12, 2010
Dear Board Members:
The warm weather has definitely brought with it an acceleration of work orders, modification requests and other seasonal items. As we turn our full attention to spring clean ups, walk-arounds and working with contractors, I want to update everyone on some important issues.
FHA Approvals - Nearly twenty Directors attended the Annual Conference of the CAI in Novi, which featured FHA's changes as the focus topic. Following the conference, our office hosted three meetings in late March to discuss the process of getting an Association on the FHA approved list. The meetings were attended by an overwhelming number of our Directors with positive responses from attendees. As the details of this process were discussed at length in the meetings, I will direct all questions to our website: www.CummingsManagement.com. Look for FHA Approvals, under Selling & Re-finance on the menu. I must stress the importance of this topic for all eligible Associations. To date, we have 10 Associations moving forward with the process with many more to follow. If you have any questions in preparation of an upcoming Board Meeting, please contact either myself or Joe Bushey at our office (810.715.5310).
Fidelity Bond - This requirement appeared at the same time as the FHA approvals. All Associations must meet this requirement. It is a separate need from the FHA issue. As previously announced, the Board of Directors must be able to show proof of Fidelity Bonding, outside of the policy held by our office. We received quotes for all Associations for this additional coverage and have asked all Associations to bind coverage no later than April 30th. Thankfully the costs are relatively minor and we appreciate the review of the Boards. Should you wish to discuss, please contact Joe.
We thank everyone for their time and efforts to become informed about the new requirements. Your efforts will insure continuity of sales in your community as we work our way out of these economic times. We will soon post a 2010 calendar of events on our web page offering further training and educational opportunities to our clients. On April 20, we are hosting an Open House for your contractors to insure that their paperwork/insurance is up-to-date and on file in our office.
As always, it is a pleasure to serve you.
Sincerely,
Kay | 
