Email to: Condo Review Box From Affiliate:
Loan Number Borrowers Name Vickers Condo The Ratcliffe
Conforming Loan- Condo Review Response
Response:
Fully approved:
Conditionally approved subject to:
Counteroffer to Streamline Review (90% Primary/75% Second Home w/AUS approval)
X Denied Reason:
I. Project is non-warrantable due to the commercial/non-residential space exceeding >20% &
on 5/3 ineligible list
2. Insurance certificate for the HOA (Association) still needs to show ALL, of the following:
a. Replacement Cost verbiage (ie. 100% replacement cost or guaranteed replacement
cost or just replacement cost)
b. Comprehensive general liability insurance covering all of the common elements,
commercial space owned and leased by the owner's association, and public ways of
the condominium project. 51,000,000 of coverage for bodily injury and property
damage.
c. Sufficient fidelity/employee dishonesty coverage (must be equal to at least 3 mths of
regular unit assessments for entire project - 590,774).
Michelle Connor 12/4/14
Reviewer's Name Date
Internal Use Only 04/20/10
CONFIDENTIAL SDNY_GM_00030574
Erl'A_00141192
EFTA01279926