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Below is what arrives in your inbox: the completed questionnaire, then the review that stands behind every answer. The community is fictional so that we can publish it. The form, the rules and the 40 checks are the ones your next real file will be measured against.

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The same building, three ways

One community, three sets of paperwork. We publish all three, including the one we would refuse to sign, because the value of the desk is in what it catches before a lender does.

CLEAN

Clean

40 pass, 0 to resolve.

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FINDINGS

Findings

33 pass, 7 to resolve.

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BLOCKED

Blocked

35 pass, 5 to resolve.

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Clean

Every check passed. This is the package as it arrives: the completed questionnaire, then the review that stands behind it. Your manager reads it, signs it, and sends it.

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Condominium Project Questionnaire (Full), draft

SAMPLE - FICTIONAL COMMUNITY

Harborview Commons Condominium, Tampa, FL (84 units)

Form basis: Fannie Form 1076 / Freddie Form 476 (Dec 2021) plus Addendum 1076A/476A; block map is content-verified, form numerals are not
Regime: Full Review regime for applications dated on or after 2026-08-03 (LL-2026-03)
Application date: 2026-08-11
Prepared by: Averbrook, package standard v1.0.0; rules compiled 2026-08-11 from published Fannie Mae and Freddie Mac guidance

Draft prepared from association-provided data for the management company's review and signature. The management company is the preparer and signer of record. Informational only: no legal advice, no statutory interpretation. No output ships without the human QA pass.

C1. Basic project information

Project legal name: Harborview Commons Condominium
Address: 2500 Shorebird Lane, Tampa, FL 33611
HOA name: Harborview Commons Condominium Association, Inc.
HOA EIN: 59-1234567
Management company: Gulfgate Community Management, LLC
Total units: 84
Units sold/conveyed to unit purchasers: 84 of 84 units (100.0%)
Year built / converted: 2004
Part of a master association or larger development: No

C2. Project completion status

All units and common elements complete: Yes
Additional phasing or annexation planned: No
Completion answered from (recorded declaration, casebook item 5): Declaration of Condominium recorded 2004 (Hillsborough County OR Book 13xxx, fictional) and amendments through 2019; no phases reserved
Declaration reserves annexation/expansion rights: No
HOA control turned over to unit owners: Yes (2006)
Conversion details: Not a conversion
Established-project status (section A): Established: 84 of 84 units conveyed (100%), complete, no additional phasing, control turned over (B4-2.1-01 definition)

C3. Occupancy counts

Owner-occupied (principal residence): 61 of 84 units (72.6%)
Second homes: 12 of 84 units (14.3%)
Investor-owned: 11 of 84 units (13.1%)
Source of counts: Per association records: homestead-exemption match plus owner mailing addresses, as of 2026-08-01
Note: No occupancy concentration requirement for established projects (eliminated 2026-03-18, LL-2026-03); counts reported for the form

C4. Single-entity ownership

Any person or entity owning more than one unit: Yes, itemized below (leased and developer-retained units aggregate, dossier D10)
Investor A (fictional holding company): 3 of 84 units (3.6%), of which 2 leased

C5. Financials and reserves

Budget source (every financial answer dated, casebook item 10): FY2026 budget adopted by the board 2025-11-18
Annual budgeted assessment income (regular): $604,800
Excludable income still inside that figure (pass-throughs, incidental): $0
Annual budgeted total income: $612,000
Budgeted replacement-reserve allocation (named line): $66,528
Reserve allocation as % of assessment income: $66,528 / $604,800 = 11.0% (named replacement-reserve line; special-assessment income excluded from the denominator, dossier D4)
Funded reserve balance: $410,000
Reserve study: Completed 2025-03-10 by Meridian Reserve Advisors (fictional); highest recommended annual allocation $60,000; recommended funded balance $350,000; within 3 years of the application date

C6. Assessment delinquency

Units 60+ days past due, regular assessments: 3 of 84 units (3.6%); unit counts, never dollar agings (dossier D1)
Units 60+ days past due, special assessments: No special assessments on file; not applicable

C7. Special assessments

Special assessments: None
Special assessments under discussion (not yet adopted): No; per board meeting minutes September 2025 through July 2026 reviewed; no special assessment discussed

C8. Litigation

Pending litigation: Yes, 1 matter(s), disclosed and classified below (dossier D5: disclose, then name the carve-out)
Matter 1: Association v. unit owner 4-207, delinquent-assessment collection action filed 2026-05 in Hillsborough County (fictional docket). Classification: HOA is plaintiff in an assessment-collection or foreclosure action (B13)

C9. Usage and commercial space

Commercial / non-residential share: non-residential 4,200 sq ft / total 88,200 sq ft = 4.8% (by square footage; hotel and rental-apartment space count as commercial, dossier D9)
Commercial sq ft (retail/office/other): 4,200
Hotel sq ft (counts as commercial): 0
Rental-apartment sq ft (counts as commercial): 0
Hotel-type operations: None: no front desk, no daily rentals, no rental pooling, no mandatory rentals, no hotel branding, answered literally (dossier D8)
Short-term rentals permitted: No
Non-incidental business income: $0

C10. Restrictions

Right of first refusal: No
Age restrictions: No
Resale restrictions: None reported
Leasehold estate: No
Mandatory third-party memberships: No
Recreational leases: No
Assessment lien priority (B11): 6 months of regular assessments may prime the first mortgage

C11. Insurance

Carrier: Meridian Bay Mutual Insurance Company (fictional)
Carrier rating: AM Best A- (B7-3-01 screen in INS-09)
Policy number: MBM-CP-204418
Expiration: 2027-04-01
Coverage amount: $24,150,000 (100% of estimated replacement cost $24,150,000 per insurer replacement-cost valuation dated 2026-03-15)
Replacement-cost evidence: insurer replacement-cost valuation dated 2026-03-15, dated 2026-03-15; coinsurance: none
Policy form: Special (all-risk) form: Yes; replacement-cost loss settlement: Yes; roof settlement: replacement cost
Per-occurrence deductible: $100,000 (0.4% of coverage; limit 5%)
Per-unit deductible: $25,000 per unit (cap $50,000 for applications on or after 2026-07-01); borrower HO-6 policy required: noted
Deductible schedule by peril: all other perils: $100,000, per_occurrence (per dec page, policy MBM-CP-204418 (fictional)); named storm: $25,000, per_unit (per dec page, policy MBM-CP-204418 (fictional))
Deductible buy-back layers: None
Endorsements: insurance trustee recognition: Yes; waiver of subrogation vs unit owners: Yes; master policy primary: Yes; building ordinance: Yes
Boiler and machinery: central HVAC: Yes; boiler and machinery $2,000,000 (lesser of $2M or replacement cost required)
Flood: in SFHA: Yes; flood coverage: Yes $24,150,000
Liability: $1,000,000 per occurrence
Fidelity/crime: $460,000

C12. Financial controls

Separate bank accounts for operating and reserve funds: Yes
Management agreement: Professional management agreement with Gulfgate Community Management, LLC through 2027-12-31
Funds custody: Gulfgate Community Management, LLC as managing agent; accounts titled to the Association
Fidelity coverage for funds custodian: Yes

C13. Building safety addendum (1076A/476A)

Last inspection: 2025-06-18, Milestone structural inspection, by Bayline Engineering Group (fictional), licensed professional engineer
Findings and repairs (answered from the report, dossier D6): Based on the 2025-06-18 Milestone structural inspection by Bayline Engineering Group (fictional), licensed professional engineer: no critical repairs needed, no evacuation orders, no outstanding regulatory actions or violations.
Unfunded repair cost per unit, next 12 months: $0 (B14 trigger: $10,000)
Evacuation orders: No
Regulatory actions / violations: No

C14. Preparer

Prepared by: Dana Whitfield (fictional), Community Association Manager
Relationship to HOA: Employee of Gulfgate Community Management, LLC, managing agent for the Association
Date prepared: 2026-08-11
Signature: DRAFT - unsigned. The management company is the preparer and signer of record.

Review

CLEAN 40 pass, 0 to resolve

Every check run against this package, with its result and the rule it comes from.
Check	Result	What the review found	Rule
FIN-01-RESERVE-PCT Reserve allocation percentage	PASS	$66,528 / $604,800 = 11.0%, meets the 10% (current) floor	B4-2.2 Full Review Process (08/05/2026) [verified]; 15% floor: LL-2026-03 (2026-03-18), applications on or after 2027-01-04 [verified; also Freddie Bulletin 2026-C and 5701.5 (01/04/27 version)]
FIN-02-RESERVE-STUDY Reserve study substitute	PASS	valid substitute available: study dated 2025-03-10 (within 3 years of application), budget $66,528 funds the highest recommended allocation $60,000	B4-2.2 Full Review Process (08/05/2026) [verified]; highest-recommendation funding and baseline-funding ban, applications on or after 2026-08-03 [verified: LL-2026-03; Freddie 5701.5(d) (08/03/26 version)]
FIN-03-DELINQ-REGULAR Delinquency, regular assessments	PASS	3 of 84 units (3.6%) 60+ days past due on regular assessments; limit 15%	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-04-DELINQ-SPECIAL Delinquency, special assessments	PASS	no special assessments on file; the special-assessment delinquency test is not applicable	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-05-BUDGET-ADEQUACY Budget adequacy	PASS	assessments established ($604,800 budgeted) with a named replacement-reserve line ($66,528); reserve floor graded in FIN-01; qualitative items for the human QA pass: budget consistent with the nature of the project, line items appropriate to project type and status, adequate funding for insurance deductibles (no formula in the Guide)	B4-2.2-02 Full Review Eligibility Requirements (June 3, 2026 guide): budget 'is adequate (that is, it includes allocations for line items pertinent to the type of condo project)' [verified primary]; Freddie 5701.5(b) / 5701.6(c) [verified primary]
FIN-06-RESERVE-DENOMINATOR Reserve denominator recompute	PASS	$66,528 / ($604,800 - $0 excludable) = 11.0% on the pure denominator; consistent with the stated-figure ratio 11.0% and the claimed 11.0% relative to the 10% (current) floor	B4-2.2-02 Full Review Process (04/02/2025, June 3 2026 guide): reserve calculation and its exclusion list (incidental, pass-through utilities, reserve-allocated, special-assessment income) [verified primary, dossier F(g)]; Freddie 5701.5(b)5 [verified]; casebook ranked 2 / item 9 (condo-approval.com 2025-11-18)
FIN-07-DELINQ-NORMALIZER Delinquency ledger normalizer	PASS	ledger 3 of 84 units (3.6%) minus 0 post-transfer stale entries = 3 of 84 units (3.6%) reconciled; aging basis 60 days; ledger and reconciled figures sit on the same side of the 15% limit	B4-2.2 Full Review Process (08/05/2026): 15% of units 60+ days past due [verified]; dossier D1 (unit counts, never dollars); casebook ranked 7 / items 2-3 (REO ledger drift [estimate], 60+ aging basis [verified threshold]); note: special assessments are tested separately (FIN-04), not blended into this count (agency text over casebook item 3 wording)
OCC-01-OCCUPANCY Owner-occupancy concentration	PASS	no occupancy concentration requirement for established projects (eliminated 2026-03-18 by LL-2026-03); counts reported for the form	LL-2026-03 (2026-03-18), 'Retirement of investor concentration limits', effective immediately [verified]; condotel red flag: B4-2.1-03 (08/05/2026) [verified]
OWN-01-SINGLE-ENTITY Single-entity ownership limit	PASS	largest holder Investor A (fictional holding company): 3 of 84 units (3.6%), including 2 leased (leased and developer-retained units aggregate, dossier D10); within the limit 20.0% for a 21+ unit project	B4-2.1-03 Single-Entity Ownership (June 3, 2026 guide) [verified primary: limits, lease-arrangement inclusion, exclusions, purchase waiver; HOA owned-and-rented units count per the Non-Incidental Business Arrangements text]; dossier D10; Freddie 5701.3(j) diverges (25% at 21+ units)
OWN-02-REO-OWNER-OF-RECORD REO / lender-held owner-of-record	PASS	no REO / lender-held / association-foreclosure holdings reported	B4-2.1-03 Single-Entity Ownership (June 3 2026 guide) [verified: the exclusion list has no REO/lender entry, so bank- and association-held units count like any owner]; casebook ranked 6 / item 2 (owner-of-record and date-acquired identification [verified form instructions])
NEW-01-PRESALE New-project presale and completion	PASS	not applicable: established project (84 of 84 units conveyed (100%), complete, no additional phasing, control turned over)	B4-2.2 additional requirements, new/newly converted projects (08/05/2026) [verified]
LEGAL-01-PHASING-MASTER Legal phasing and master association	PASS	completion answered from Declaration of Condominium recorded 2004 (Hillsborough County OR Book 13xxx, fictional) and amendments through 2019; no phases reserved; no annexation rights reserved; not part of a master association	B4-2.1-01 established definition: no additional phasing/annexation [verified]; B4-2.2-03 phased-project guidance and the LL-2026-03 5-10-unit waiver master-association condition via casebook ranked 9 / items 5-7 [verified rules; budget-blending failure mode estimate]; dossier D4 (denominator conventions)
CHAR-01-COMMERCIAL Commercial space share	PASS	non-residential (commercial 4,200) = 4,200 sq ft of 88,200 total (4.8%); limit 35%	B4-2.1-03 (08/05/2026) [verified]; dossier D9
CHAR-02-CONDOTEL Hotel/condotel operations	PASS	no hotel-type operations reported	B4-2.1-03 (08/05/2026) [verified]; dossier D8
CHAR-03-INELIGIBLE-TYPES Ineligible project types	PASS	no ineligible project type reported	B4-2.1-03 (08/05/2026) [verified]
CHAR-04-PRIORITY-LIEN Priority lien exposure	PASS	6 months of regular assessments may prime the lien; limit 6	B4-2.1-01 (08/05/2026) [verified]
LIT-01-DISQUALIFYING Litigation disqualification screen	PASS	all 1 pending matter(s) disclosed and classified within the B13 carve-outs	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-02-CLASSIFICATION Litigation carve-out classification	PASS	(1) MINOR: HOA is plaintiff in an assessment-collection or foreclosure action (B13)	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-03-COMPLETENESS Litigation intake completeness	PASS	all 1 matter(s) carry proceeding type and the carve-out facts (type, insurer-defending posture, limits vs demand where applicable)	B4-2.1-03 litigation carve-outs [verified]; Freddie 5701.3(i) expressly extends the screen to arbitration/mediation [verified, dossier section A table]; casebook ranked 5 / items 15-16 (bare yes/no wrong in both directions; JustAnswer mediation thread [self-reported])
COND-01-CRITICAL-REPAIRS Critical repairs / deferred maintenance	PASS	no critical repairs or significant deferred maintenance reported, and unfunded 12-month repairs are $0 per unit (limit $10,000)	B4-2.1-03 (08/05/2026) [verified]
COND-02-EVACUATION Evacuation order	PASS	no evacuation order	B4-2.1-03 (08/05/2026) [verified]
COND-03-SA-REMEDIATION Special assessment remediation	PASS	no special assessments on file	B4-2.1-03 (08/05/2026) [verified]; dossier D7
COND-04-INSPECTION Inspection report screen	PASS	inspection dated 2025-06-18 (within 3 years): no critical repairs needed, no evacuation orders, no outstanding regulatory actions	B4-2.1-03 (08/05/2026) [verified]; dossier D6
COND-05-SA-PURPOSE Special assessment purpose consistency	PASS	no special assessments on file	B4-2.1-03 critical repairs / special assessments [verified]; Freddie 5701.3(n): purpose, approval date, original amount, amount remaining, expected payoff for every current and planned assessment [verified]; casebook ranked 1 / item 12 (KSN Law 2024-2025; MEEB: attach the engineer report rather than characterizing it)
INS-01-PROPERTY Master property coverage	PASS	coverage $24,150,000 equals or exceeds 100% of estimated replacement cost $24,150,000 per insurer replacement-cost valuation dated 2026-03-15; Special form; replacement-cost loss settlement (roof may be non-RCV)	B7-3-03 (fetched 2026-08-11) [verified]
INS-02-DEDUCTIBLES Deductibles	PASS	per-occurrence deductible $100,000 is 0.4% of coverage (limit 5%); per-unit deductible $25,000 (cap $50,000, applications on or after 2026-07-01); borrower HO-6 noted: must cover at least the greater of interior-restoration cost or the per-unit deductible (LL-2026-03)	B7-3-03 (fetched 2026-08-11) [cap verified]; $50,000 cap and the 2026-07-01 application-date trigger [verified: LL-2026-03 pp. 5-6]; pre-2026-07-01 standard: B7-3-03 (02/07/2024 version, June 3 2026 guide) [verified primary]; dossier D2
INS-03-ENDORSEMENTS Endorsements and boiler	PASS	trustee recognition, subrogation waiver, and master-primary confirmed; building-ordinance coverage in place; boiler and machinery $2,000,000 meets the lesser of $2M or replacement cost	B7-3-03 (fetched 2026-08-11) [verified]
INS-04-FLOOD Flood coverage	PASS	flood coverage $24,150,000 meets the B7-3-06 building floor: at least the lesser of 80% of replacement cost ($19,320,000) or the maximum NFIP coverage per unit; deductible (not an intake field) may not exceed the NFIP RCBAP maximum; verify on the evidence of insurance	B7-3-06 Requirements for Project Developments and Deductible Requirements (02/07/2024, June 3 2026 guide) [verified primary]; dossier F(c)
INS-05-LIABILITY Liability coverage	PASS	liability coverage $1,000,000 meets the B7-4-01 minimum of $1,000,000 per single occurrence; confirm on the evidence of insurance: severability of interests / separation of insureds (or the specific endorsement), coverage of HOA-owned commercial spaces and common-element operations, HOA as named insured with premiums a common expense	B7-4-01 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(a)
INS-06-FIDELITY Fidelity/crime coverage	PASS	fidelity/crime coverage $460,000 meets the B7-4-02 minimum of $151,200 (three months of assessments on all units ($604,800 x 3/12 = $151,200; financial controls adhered to)); policy covers the management agent's acts	B7-4-02 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(b)
INS-07-PERIL-DEDUCTIBLES Per-peril deductible schedule	PASS	2 layer(s) transcribed with peril, basis, application, and source: (1) all other perils: $100,000 = 0.4% of coverage; (2) named storm: $25,000 per unit	B7-3-03 Deductible Requirements [verified: 5% of coverage per occurrence, multiple deductibles combine (02/07/2024 version, dossier F(f)); $50,000 per-unit cap for applications on or after 2026-07-01 (LL-2026-03)]; ins-nuances ranked 2-3 (transcription integrity: peril + basis + application, reject computed conversions; exactly-5% base verification; calendar-year hurricane basis per MyFloridaCFO [self-reported])
INS-08-DEDUCTIBLE-BUYBACK Deductible buy-back disclosure	PASS	no deductible buy-back layers reported; base deductibles govern (INS-02, INS-07)	B7-3-03 buy-back note (02/07/2024, dossier F(f)) [verified: acceptable 'provided the policy meets all other property insurance requirements in Chapter B7-3, including insurer rating requirements']; ins-nuances ranked 6 (present master deductible, buy-back layer, and net effective; never only the net [self-reported: Merlin Law Group])
INS-09-CARRIER-ELIGIBILITY Carrier eligibility and FAIR-plan conditionality	PASS	master carrier Meridian Bay Mutual Insurance Company (fictional): AM Best A- meets B7-3-01	B7-3-01 (fetched 2026-08-11, quoted in ins-nuances section 1) [verified: rating test - any one of AM Best B, Demotech A, S&P BBB, KBRA BBB; FAIR/windstorm-pool policies accepted only 'if they are the only coverage that can be obtained at the time of the loan closing or policy renewal']; ins-nuances ranked 5 (layered placements screen every participant [self-reported: CondoTek/MGIC 1/15/25])
INS-10-LOSS-SETTLEMENT Loss-settlement sweep	PASS	replacement-cost settlement throughout, roof included; no ACV carve-outs to disclose	B7-3-03 with LL-2026-03 [verified: replacement-cost loss settlement required, roofs excepted - roofs must be insured but need not be RCV; ACV acceptable on personal property and certain non-building elements]; HO-6 gap logic: LL-2026-03 HO-6 rules [verified, dossier B19] and PennyMac 26-76 via ins-nuances ranked 8
INS-11-RCV-EVIDENCE Replacement-cost evidence and coinsurance	PASS	evidence: insurer replacement-cost valuation dated 2026-03-15, dated 2026-03-15 (149 days before application); no coinsurance clause	B7-3-03 acceptable replacement-cost evidence list (guaranteed RC, extended RC, insurer RCV valuation, insurance risk appraisal, qualified statement) [verified: LL-2026-03]; agreed-amount/coinsurance reading and the 12-month FL binding practice: ins-nuances ranked 4 / section 3 (FSResidential 2026 [self-reported]; FL 36-month appraisal statute not fetched - age flags are warnings only, the engine does not interpret statutes)
PROV-01-PROVENANCE Answer provenance	PASS	material answers sourced and dated: occupancy per association records: homestead-exemption match plus owner mailing addresses, as of 2026-08-01; no assessments under discussion per board meeting minutes September 2025 through July 2026 reviewed; no special assessment discussed; financials per FY2026 budget adopted by the board 2025-11-18; lease terms per Declaration art. 14.2 (fictional): leases no shorter than 180 days, no more than twice per year	casebook ranked 10 / items 4, 13, 18, 29: every material answer carries source document plus date; Eisenberg v. Phoenix Association Management (Mass. 2003) via MEEB [verified case, the one litigated loss]; CAMS 'DON'T GUESS' [self-reported]; dossier D2/D6 answer patterns
PROC-01-CPM-STATUS CPM project status	PASS	CPM status: Approved by Fannie Mae (checked 2026-08-10)	CPM FAQ (July 2026) Q9 and Q18 plus B4-2.1-02 [verified]; dossier D11
PROC-02-CPM-CERT CPM certification currency	PASS	CPM status confirmed 2026-08-10; certification must remain unexpired and the project eligible as of the note date (lender-side, note date not yet known)	CPM FAQ (July 2026) Q9, unexpired certification in file [verified]; review age at note: one year established / 180 days new [verified primary: B4-2.1-01 Expiration for Project Reviews, June 3 2026 guide; Freddie 5701.2(a)(3)]
PROC-03-REGIME Review regime applicability	PASS	application dated 2026-08-11: Full Review regime applies; Limited Review and short-form 1077/477 are retired (D12)	LL-2026-03 (2026-03-18), mandatory for applications dated on or after 2026-08-03 [verified primary]; dossier D12
PROC-04-REGIME-ROUTER Application-date regime router	PASS	application dated 2026-08-11 selects: per-unit deductible: $50,000 cap + HO-6 cure (on/after 2026-07-01); review regime: Full Review, Limited Review and short-form 1077/477 retired (on/after 2026-08-03); reserve study: highest-recommendation funding mandatory, baseline method banned (on/after 2026-08-03); reserve floor: 10% (before 2027-01-04); effective-immediately items in force since 2026-03-18: investor-concentration limit retired, inflation-guard retired, roof may settle ACV, waiver expanded to <=10-unit projects	LL-2026-03 (2026-03-18) effective-date table [verified: $50K per-unit deductible 2026-07-01; Limited Review retirement and reserve-study rules 2026-08-03; 15% reserve floor 2027-01-04; investor-concentration, inflation-guard, and roof-RCV relief effective immediately]; SEL-2026-07 conform (guide text 08/05/2026); casebook ranked 3 / items 10, 19, 23 (answer to the vintage the application date selects)

Findings

The same building, with the paperwork most associations actually have. The questionnaire body is produced the same way; what changes is the review. These are the items a lender would have come back on, each one with the arithmetic and the document that settles it.

Download this package as a PDF, the same document a client receives.

Condominium Project Questionnaire (Full), draft

SAMPLE - FICTIONAL COMMUNITY

Harborview Commons Condominium, Tampa, FL (84 units)

Form basis: Fannie Form 1076 / Freddie Form 476 (Dec 2021) plus Addendum 1076A/476A; block map is content-verified, form numerals are not
Regime: Full Review regime for applications dated on or after 2026-08-03 (LL-2026-03)
Application date: 2026-08-11
Prepared by: Averbrook, package standard v1.0.0; rules compiled 2026-08-11 from published Fannie Mae and Freddie Mac guidance

The questionnaire body is produced exactly as it is above, from this building’s own documents. What follows is the review it received.

Review

FINDINGS 33 pass, 7 to resolve

The 7 items that came back

Reserve allocation percentage. $42,336 / $604,800 = 7.0% is below the 10% (current) floor and no valid reserve-study alternative exists (study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale, dossier D3))
Reserve study substitute. study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale, dossier D3)
Delinquency, regular assessments. 14 of 84 units (16.7%) 60+ days past due on regular assessments; limit 15%
Reserve denominator recompute. $42,336 / ($604,800 - $60,480 excludable) = 7.8% on the pure denominator; the figures straddle the 10% (current) floor (stated-figure ratio 7.0%; pure-denominator recompute 7.8%; association's claimed percentage 10.0%): the recomputed ratio governs (B4-2.2-02 exclusion list); reconcile before answering
Delinquency ledger normalizer. ledger 14 of 84 units (16.7%) minus 2 post-transfer stale entries = 12 of 84 units (14.3%) reconciled; the ledger figure and the reconciled figure straddle the 15% limit, so the answer flips on reconciliation; resolve the ledger before the questionnaire answer is usable
Special assessment purpose consistency. (1) purpose 'Garage concrete spalling remediation per the 2026 structural engineer's report (fictional)' carries critical-repair language (structural, spalling, engineer) but the critical-repair flag says No; the lender pulls the minutes, the mismatch kills the loan and leaves a misrepresentation record - reconcile the purpose with the minutes/engineer report and attach the report rather than characterizing it
Answer provenance. occupancy counts carry no source document: a guessed occupancy figure that later proves wrong is the classic misrepresentation trap; state the source (e.g. homestead-exemption match, mailing addresses) and as-of date, or answer that the association does not maintain occupancy records

Every check run against this package, with its result and the rule it comes from.
Check	Result	What the review found	Rule
FIN-01-RESERVE-PCT Reserve allocation percentage	FAIL	$42,336 / $604,800 = 7.0% is below the 10% (current) floor and no valid reserve-study alternative exists (study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale, dossier D3))	B4-2.2 Full Review Process (08/05/2026) [verified]; 15% floor: LL-2026-03 (2026-03-18), applications on or after 2027-01-04 [verified; also Freddie Bulletin 2026-C and 5701.5 (01/04/27 version)]
FIN-02-RESERVE-STUDY Reserve study substitute	FAIL	study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale, dossier D3)	B4-2.2 Full Review Process (08/05/2026) [verified]; highest-recommendation funding and baseline-funding ban, applications on or after 2026-08-03 [verified: LL-2026-03; Freddie 5701.5(d) (08/03/26 version)]
FIN-03-DELINQ-REGULAR Delinquency, regular assessments	FAIL	14 of 84 units (16.7%) 60+ days past due on regular assessments; limit 15%	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-04-DELINQ-SPECIAL Delinquency, special assessments	PASS	1 of 84 units (1.2%) 60+ days past due on special assessments; limit 15%	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-05-BUDGET-ADEQUACY Budget adequacy	PASS	assessments established ($604,800 budgeted) with a named replacement-reserve line ($42,336); reserve floor graded in FIN-01; qualitative items for the human QA pass: budget consistent with the nature of the project, line items appropriate to project type and status, adequate funding for insurance deductibles (no formula in the Guide)	B4-2.2-02 Full Review Eligibility Requirements (June 3, 2026 guide): budget 'is adequate (that is, it includes allocations for line items pertinent to the type of condo project)' [verified primary]; Freddie 5701.5(b) / 5701.6(c) [verified primary]
FIN-06-RESERVE-DENOMINATOR Reserve denominator recompute	FAIL	$42,336 / ($604,800 - $60,480 excludable) = 7.8% on the pure denominator; the figures straddle the 10% (current) floor (stated-figure ratio 7.0%; pure-denominator recompute 7.8%; association's claimed percentage 10.0%): the recomputed ratio governs (B4-2.2-02 exclusion list); reconcile before answering	B4-2.2-02 Full Review Process (04/02/2025, June 3 2026 guide): reserve calculation and its exclusion list (incidental, pass-through utilities, reserve-allocated, special-assessment income) [verified primary, dossier F(g)]; Freddie 5701.5(b)5 [verified]; casebook ranked 2 / item 9 (condo-approval.com 2025-11-18)
FIN-07-DELINQ-NORMALIZER Delinquency ledger normalizer	FAIL	ledger 14 of 84 units (16.7%) minus 2 post-transfer stale entries = 12 of 84 units (14.3%) reconciled; the ledger figure and the reconciled figure straddle the 15% limit, so the answer flips on reconciliation; resolve the ledger before the questionnaire answer is usable	B4-2.2 Full Review Process (08/05/2026): 15% of units 60+ days past due [verified]; dossier D1 (unit counts, never dollars); casebook ranked 7 / items 2-3 (REO ledger drift [estimate], 60+ aging basis [verified threshold]); note: special assessments are tested separately (FIN-04), not blended into this count (agency text over casebook item 3 wording)
OCC-01-OCCUPANCY Owner-occupancy concentration	PASS	no occupancy concentration requirement for established projects (eliminated 2026-03-18 by LL-2026-03); counts reported for the form	LL-2026-03 (2026-03-18), 'Retirement of investor concentration limits', effective immediately [verified]; condotel red flag: B4-2.1-03 (08/05/2026) [verified]
OWN-01-SINGLE-ENTITY Single-entity ownership limit	PASS	largest holder Investor A (fictional holding company): 3 of 84 units (3.6%), including 2 leased (leased and developer-retained units aggregate, dossier D10); within the limit 20.0% for a 21+ unit project	B4-2.1-03 Single-Entity Ownership (June 3, 2026 guide) [verified primary: limits, lease-arrangement inclusion, exclusions, purchase waiver; HOA owned-and-rented units count per the Non-Incidental Business Arrangements text]; dossier D10; Freddie 5701.3(j) diverges (25% at 21+ units)
OWN-02-REO-OWNER-OF-RECORD REO / lender-held owner-of-record	PASS	no REO / lender-held / association-foreclosure holdings reported	B4-2.1-03 Single-Entity Ownership (June 3 2026 guide) [verified: the exclusion list has no REO/lender entry, so bank- and association-held units count like any owner]; casebook ranked 6 / item 2 (owner-of-record and date-acquired identification [verified form instructions])
NEW-01-PRESALE New-project presale and completion	PASS	not applicable: established project (84 of 84 units conveyed (100%), complete, no additional phasing, control turned over)	B4-2.2 additional requirements, new/newly converted projects (08/05/2026) [verified]
LEGAL-01-PHASING-MASTER Legal phasing and master association	PASS	completion answered from Declaration of Condominium recorded 2004 (Hillsborough County OR Book 13xxx, fictional) and amendments through 2019; no phases reserved; no annexation rights reserved; not part of a master association	B4-2.1-01 established definition: no additional phasing/annexation [verified]; B4-2.2-03 phased-project guidance and the LL-2026-03 5-10-unit waiver master-association condition via casebook ranked 9 / items 5-7 [verified rules; budget-blending failure mode estimate]; dossier D4 (denominator conventions)
CHAR-01-COMMERCIAL Commercial space share	PASS	non-residential (commercial 4,200) = 4,200 sq ft of 88,200 total (4.8%); limit 35%	B4-2.1-03 (08/05/2026) [verified]; dossier D9
CHAR-02-CONDOTEL Hotel/condotel operations	PASS	no hotel-type operations reported	B4-2.1-03 (08/05/2026) [verified]; dossier D8
CHAR-03-INELIGIBLE-TYPES Ineligible project types	PASS	no ineligible project type reported	B4-2.1-03 (08/05/2026) [verified]
CHAR-04-PRIORITY-LIEN Priority lien exposure	PASS	6 months of regular assessments may prime the lien; limit 6	B4-2.1-01 (08/05/2026) [verified]
LIT-01-DISQUALIFYING Litigation disqualification screen	PASS	all 1 pending matter(s) disclosed and classified within the B13 carve-outs	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-02-CLASSIFICATION Litigation carve-out classification	PASS	(1) MINOR: HOA is plaintiff in an assessment-collection or foreclosure action (B13)	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-03-COMPLETENESS Litigation intake completeness	PASS	all 1 matter(s) carry proceeding type and the carve-out facts (type, insurer-defending posture, limits vs demand where applicable)	B4-2.1-03 litigation carve-outs [verified]; Freddie 5701.3(i) expressly extends the screen to arbitration/mediation [verified, dossier section A table]; casebook ranked 5 / items 15-16 (bare yes/no wrong in both directions; JustAnswer mediation thread [self-reported])
COND-01-CRITICAL-REPAIRS Critical repairs / deferred maintenance	PASS	no critical repairs or significant deferred maintenance reported, and unfunded 12-month repairs are $0 per unit (limit $10,000)	B4-2.1-03 (08/05/2026) [verified]
COND-02-EVACUATION Evacuation order	PASS	no evacuation order	B4-2.1-03 (08/05/2026) [verified]
COND-03-SA-REMEDIATION Special assessment remediation	PASS	no special assessment tied to an unremediated critical repair	B4-2.1-03 (08/05/2026) [verified]; dossier D7
COND-04-INSPECTION Inspection report screen	PASS	inspection dated 2025-06-18 (within 3 years): no critical repairs needed, no evacuation orders, no outstanding regulatory actions	B4-2.1-03 (08/05/2026) [verified]; dossier D6
COND-05-SA-PURPOSE Special assessment purpose consistency	FAIL	(1) purpose 'Garage concrete spalling remediation per the 2026 structural engineer's report (fictional)' carries critical-repair language (structural, spalling, engineer) but the critical-repair flag says No; the lender pulls the minutes, the mismatch kills the loan and leaves a misrepresentation record - reconcile the purpose with the minutes/engineer report and attach the report rather than characterizing it	B4-2.1-03 critical repairs / special assessments [verified]; Freddie 5701.3(n): purpose, approval date, original amount, amount remaining, expected payoff for every current and planned assessment [verified]; casebook ranked 1 / item 12 (KSN Law 2024-2025; MEEB: attach the engineer report rather than characterizing it)
INS-01-PROPERTY Master property coverage	PASS	coverage $24,150,000 equals or exceeds 100% of estimated replacement cost $24,150,000 per insurer replacement-cost valuation dated 2026-03-15; Special form; replacement-cost loss settlement (roof may be non-RCV)	B7-3-03 (fetched 2026-08-11) [verified]
INS-02-DEDUCTIBLES Deductibles	PASS	per-occurrence deductible $100,000 is 0.4% of coverage (limit 5%); per-unit deductible $25,000 (cap $50,000, applications on or after 2026-07-01); borrower HO-6 noted: must cover at least the greater of interior-restoration cost or the per-unit deductible (LL-2026-03)	B7-3-03 (fetched 2026-08-11) [cap verified]; $50,000 cap and the 2026-07-01 application-date trigger [verified: LL-2026-03 pp. 5-6]; pre-2026-07-01 standard: B7-3-03 (02/07/2024 version, June 3 2026 guide) [verified primary]; dossier D2
INS-03-ENDORSEMENTS Endorsements and boiler	PASS	trustee recognition, subrogation waiver, and master-primary confirmed; building-ordinance coverage in place; boiler and machinery $2,000,000 meets the lesser of $2M or replacement cost	B7-3-03 (fetched 2026-08-11) [verified]
INS-04-FLOOD Flood coverage	PASS	flood coverage $24,150,000 meets the B7-3-06 building floor: at least the lesser of 80% of replacement cost ($19,320,000) or the maximum NFIP coverage per unit; deductible (not an intake field) may not exceed the NFIP RCBAP maximum; verify on the evidence of insurance	B7-3-06 Requirements for Project Developments and Deductible Requirements (02/07/2024, June 3 2026 guide) [verified primary]; dossier F(c)
INS-05-LIABILITY Liability coverage	PASS	liability coverage $1,000,000 meets the B7-4-01 minimum of $1,000,000 per single occurrence; confirm on the evidence of insurance: severability of interests / separation of insureds (or the specific endorsement), coverage of HOA-owned commercial spaces and common-element operations, HOA as named insured with premiums a common expense	B7-4-01 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(a)
INS-06-FIDELITY Fidelity/crime coverage	PASS	fidelity/crime coverage $460,000 meets the B7-4-02 minimum of $151,200 (three months of assessments on all units ($604,800 x 3/12 = $151,200; financial controls adhered to)); policy covers the management agent's acts	B7-4-02 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(b)
INS-07-PERIL-DEDUCTIBLES Per-peril deductible schedule	PASS	2 layer(s) transcribed with peril, basis, application, and source: (1) all other perils: $100,000 = 0.4% of coverage; (2) named storm: $25,000 per unit	B7-3-03 Deductible Requirements [verified: 5% of coverage per occurrence, multiple deductibles combine (02/07/2024 version, dossier F(f)); $50,000 per-unit cap for applications on or after 2026-07-01 (LL-2026-03)]; ins-nuances ranked 2-3 (transcription integrity: peril + basis + application, reject computed conversions; exactly-5% base verification; calendar-year hurricane basis per MyFloridaCFO [self-reported])
INS-08-DEDUCTIBLE-BUYBACK Deductible buy-back disclosure	PASS	no deductible buy-back layers reported; base deductibles govern (INS-02, INS-07)	B7-3-03 buy-back note (02/07/2024, dossier F(f)) [verified: acceptable 'provided the policy meets all other property insurance requirements in Chapter B7-3, including insurer rating requirements']; ins-nuances ranked 6 (present master deductible, buy-back layer, and net effective; never only the net [self-reported: Merlin Law Group])
INS-09-CARRIER-ELIGIBILITY Carrier eligibility and FAIR-plan conditionality	PASS	master carrier Meridian Bay Mutual Insurance Company (fictional): AM Best A- meets B7-3-01	B7-3-01 (fetched 2026-08-11, quoted in ins-nuances section 1) [verified: rating test - any one of AM Best B, Demotech A, S&P BBB, KBRA BBB; FAIR/windstorm-pool policies accepted only 'if they are the only coverage that can be obtained at the time of the loan closing or policy renewal']; ins-nuances ranked 5 (layered placements screen every participant [self-reported: CondoTek/MGIC 1/15/25])
INS-10-LOSS-SETTLEMENT Loss-settlement sweep	PASS	replacement-cost settlement throughout, roof included; no ACV carve-outs to disclose	B7-3-03 with LL-2026-03 [verified: replacement-cost loss settlement required, roofs excepted - roofs must be insured but need not be RCV; ACV acceptable on personal property and certain non-building elements]; HO-6 gap logic: LL-2026-03 HO-6 rules [verified, dossier B19] and PennyMac 26-76 via ins-nuances ranked 8
INS-11-RCV-EVIDENCE Replacement-cost evidence and coinsurance	PASS	evidence: insurer replacement-cost valuation dated 2026-03-15, dated 2026-03-15 (149 days before application); no coinsurance clause	B7-3-03 acceptable replacement-cost evidence list (guaranteed RC, extended RC, insurer RCV valuation, insurance risk appraisal, qualified statement) [verified: LL-2026-03]; agreed-amount/coinsurance reading and the 12-month FL binding practice: ins-nuances ranked 4 / section 3 (FSResidential 2026 [self-reported]; FL 36-month appraisal statute not fetched - age flags are warnings only, the engine does not interpret statutes)
PROV-01-PROVENANCE Answer provenance	FAIL	occupancy counts carry no source document: a guessed occupancy figure that later proves wrong is the classic misrepresentation trap; state the source (e.g. homestead-exemption match, mailing addresses) and as-of date, or answer that the association does not maintain occupancy records	casebook ranked 10 / items 4, 13, 18, 29: every material answer carries source document plus date; Eisenberg v. Phoenix Association Management (Mass. 2003) via MEEB [verified case, the one litigated loss]; CAMS 'DON'T GUESS' [self-reported]; dossier D2/D6 answer patterns
PROC-01-CPM-STATUS CPM project status	PASS	CPM status: Approved by Fannie Mae (checked 2026-08-10)	CPM FAQ (July 2026) Q9 and Q18 plus B4-2.1-02 [verified]; dossier D11
PROC-02-CPM-CERT CPM certification currency	PASS	CPM status confirmed 2026-08-10; certification must remain unexpired and the project eligible as of the note date (lender-side, note date not yet known)	CPM FAQ (July 2026) Q9, unexpired certification in file [verified]; review age at note: one year established / 180 days new [verified primary: B4-2.1-01 Expiration for Project Reviews, June 3 2026 guide; Freddie 5701.2(a)(3)]
PROC-03-REGIME Review regime applicability	PASS	application dated 2026-08-11: Full Review regime applies; Limited Review and short-form 1077/477 are retired (D12)	LL-2026-03 (2026-03-18), mandatory for applications dated on or after 2026-08-03 [verified primary]; dossier D12
PROC-04-REGIME-ROUTER Application-date regime router	PASS	application dated 2026-08-11 selects: per-unit deductible: $50,000 cap + HO-6 cure (on/after 2026-07-01); review regime: Full Review, Limited Review and short-form 1077/477 retired (on/after 2026-08-03); reserve study: highest-recommendation funding mandatory, baseline method banned (on/after 2026-08-03); reserve floor: 10% (before 2027-01-04); effective-immediately items in force since 2026-03-18: investor-concentration limit retired, inflation-guard retired, roof may settle ACV, waiver expanded to <=10-unit projects	LL-2026-03 (2026-03-18) effective-date table [verified: $50K per-unit deductible 2026-07-01; Limited Review retirement and reserve-study rules 2026-08-03; 15% reserve floor 2027-01-04; investor-concentration, inflation-guard, and roof-RCV relief effective immediately]; SEL-2026-07 conform (guide text 08/05/2026); casebook ranked 3 / items 10, 19, 23 (answer to the vintage the application date selects)

Blocked

A building that is not eligible today. We say so before you send it, with the reason and the condition that would clear it. A package we would not sign is a package we do not hand you quietly.

Download this package as a PDF, the same document a client receives.

Condominium Project Questionnaire (Full), draft

SAMPLE - FICTIONAL COMMUNITY

Harborview Commons Condominium, Tampa, FL (84 units)

Form basis: Fannie Form 1076 / Freddie Form 476 (Dec 2021) plus Addendum 1076A/476A; block map is content-verified, form numerals are not
Regime: Full Review regime for applications dated on or after 2026-08-03 (LL-2026-03)
Application date: 2026-08-11
Prepared by: Averbrook, package standard v1.0.0; rules compiled 2026-08-11 from published Fannie Mae and Freddie Mac guidance

The questionnaire body is produced exactly as it is above, from this building’s own documents. What follows is the review it received.

Review

BLOCKED 35 pass, 5 to resolve

Why this one stops here

COND-01-CRITICAL-REPAIRS: ineligible until remediated: safety/soundness/structural/habitability deficiency; advanced deterioration
COND-02-EVACUATION: active evacuation order; ineligible until the unsafe condition is remediated
COND-03-SA-REMEDIATION: (1) Parking structure post-tension repairs (assessment 2026-A): addresses critical repairs and the issue is not yet remediated (collection status irrelevant)
COND-04-INSPECTION: inspection shows critical repairs needed and not yet remediated; evacuation order outstanding; outstanding regulatory actions or violations
PROC-01-CPM-STATUS: CPM status Unavailable (checked 2026-08-10): ineligible for delivery under every review path including waived; no lender override exists; the reason lives in the project's CPM Comments section (FAQ Q18), and a Status Review request in CPM is the only path to change it

Every check run against this package, with its result and the rule it comes from.
Check	Result	What the review found	Rule
FIN-01-RESERVE-PCT Reserve allocation percentage	PASS	$66,528 / $604,800 = 11.0%, meets the 10% (current) floor	B4-2.2 Full Review Process (08/05/2026) [verified]; 15% floor: LL-2026-03 (2026-03-18), applications on or after 2027-01-04 [verified; also Freddie Bulletin 2026-C and 5701.5 (01/04/27 version)]
FIN-02-RESERVE-STUDY Reserve study substitute	PASS	valid substitute available: study dated 2025-03-10 (within 3 years of application), budget $66,528 funds the highest recommended allocation $60,000	B4-2.2 Full Review Process (08/05/2026) [verified]; highest-recommendation funding and baseline-funding ban, applications on or after 2026-08-03 [verified: LL-2026-03; Freddie 5701.5(d) (08/03/26 version)]
FIN-03-DELINQ-REGULAR Delinquency, regular assessments	PASS	3 of 84 units (3.6%) 60+ days past due on regular assessments; limit 15%	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-04-DELINQ-SPECIAL Delinquency, special assessments	PASS	2 of 84 units (2.4%) 60+ days past due on special assessments; limit 15%	B4-2.2 Full Review Process (08/05/2026) [verified]; dossier D1
FIN-05-BUDGET-ADEQUACY Budget adequacy	PASS	assessments established ($604,800 budgeted) with a named replacement-reserve line ($66,528); reserve floor graded in FIN-01; qualitative items for the human QA pass: budget consistent with the nature of the project, line items appropriate to project type and status, adequate funding for insurance deductibles (no formula in the Guide)	B4-2.2-02 Full Review Eligibility Requirements (June 3, 2026 guide): budget 'is adequate (that is, it includes allocations for line items pertinent to the type of condo project)' [verified primary]; Freddie 5701.5(b) / 5701.6(c) [verified primary]
FIN-06-RESERVE-DENOMINATOR Reserve denominator recompute	PASS	$66,528 / ($604,800 - $0 excludable) = 11.0% on the pure denominator; consistent with the stated-figure ratio 11.0% and the claimed 11.0% relative to the 10% (current) floor	B4-2.2-02 Full Review Process (04/02/2025, June 3 2026 guide): reserve calculation and its exclusion list (incidental, pass-through utilities, reserve-allocated, special-assessment income) [verified primary, dossier F(g)]; Freddie 5701.5(b)5 [verified]; casebook ranked 2 / item 9 (condo-approval.com 2025-11-18)
FIN-07-DELINQ-NORMALIZER Delinquency ledger normalizer	PASS	ledger 3 of 84 units (3.6%) minus 0 post-transfer stale entries = 3 of 84 units (3.6%) reconciled; aging basis 60 days; ledger and reconciled figures sit on the same side of the 15% limit	B4-2.2 Full Review Process (08/05/2026): 15% of units 60+ days past due [verified]; dossier D1 (unit counts, never dollars); casebook ranked 7 / items 2-3 (REO ledger drift [estimate], 60+ aging basis [verified threshold]); note: special assessments are tested separately (FIN-04), not blended into this count (agency text over casebook item 3 wording)
OCC-01-OCCUPANCY Owner-occupancy concentration	PASS	no occupancy concentration requirement for established projects (eliminated 2026-03-18 by LL-2026-03); counts reported for the form	LL-2026-03 (2026-03-18), 'Retirement of investor concentration limits', effective immediately [verified]; condotel red flag: B4-2.1-03 (08/05/2026) [verified]
OWN-01-SINGLE-ENTITY Single-entity ownership limit	PASS	largest holder Investor A (fictional holding company): 3 of 84 units (3.6%), including 2 leased (leased and developer-retained units aggregate, dossier D10); within the limit 20.0% for a 21+ unit project	B4-2.1-03 Single-Entity Ownership (June 3, 2026 guide) [verified primary: limits, lease-arrangement inclusion, exclusions, purchase waiver; HOA owned-and-rented units count per the Non-Incidental Business Arrangements text]; dossier D10; Freddie 5701.3(j) diverges (25% at 21+ units)
OWN-02-REO-OWNER-OF-RECORD REO / lender-held owner-of-record	PASS	no REO / lender-held / association-foreclosure holdings reported	B4-2.1-03 Single-Entity Ownership (June 3 2026 guide) [verified: the exclusion list has no REO/lender entry, so bank- and association-held units count like any owner]; casebook ranked 6 / item 2 (owner-of-record and date-acquired identification [verified form instructions])
NEW-01-PRESALE New-project presale and completion	PASS	not applicable: established project (84 of 84 units conveyed (100%), complete, no additional phasing, control turned over)	B4-2.2 additional requirements, new/newly converted projects (08/05/2026) [verified]
LEGAL-01-PHASING-MASTER Legal phasing and master association	PASS	completion answered from Declaration of Condominium recorded 2004 (Hillsborough County OR Book 13xxx, fictional) and amendments through 2019; no phases reserved; no annexation rights reserved; not part of a master association	B4-2.1-01 established definition: no additional phasing/annexation [verified]; B4-2.2-03 phased-project guidance and the LL-2026-03 5-10-unit waiver master-association condition via casebook ranked 9 / items 5-7 [verified rules; budget-blending failure mode estimate]; dossier D4 (denominator conventions)
CHAR-01-COMMERCIAL Commercial space share	PASS	non-residential (commercial 4,200) = 4,200 sq ft of 88,200 total (4.8%); limit 35%	B4-2.1-03 (08/05/2026) [verified]; dossier D9
CHAR-02-CONDOTEL Hotel/condotel operations	PASS	no hotel-type operations reported	B4-2.1-03 (08/05/2026) [verified]; dossier D8
CHAR-03-INELIGIBLE-TYPES Ineligible project types	PASS	no ineligible project type reported	B4-2.1-03 (08/05/2026) [verified]
CHAR-04-PRIORITY-LIEN Priority lien exposure	PASS	6 months of regular assessments may prime the lien; limit 6	B4-2.1-01 (08/05/2026) [verified]
LIT-01-DISQUALIFYING Litigation disqualification screen	PASS	all 1 pending matter(s) disclosed and classified within the B13 carve-outs	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-02-CLASSIFICATION Litigation carve-out classification	PASS	(1) MINOR: HOA is plaintiff in an assessment-collection or foreclosure action (B13)	B4-2.1-03 (08/05/2026) [verified]; dossier D5
LIT-03-COMPLETENESS Litigation intake completeness	PASS	all 1 matter(s) carry proceeding type and the carve-out facts (type, insurer-defending posture, limits vs demand where applicable)	B4-2.1-03 litigation carve-outs [verified]; Freddie 5701.3(i) expressly extends the screen to arbitration/mediation [verified, dossier section A table]; casebook ranked 5 / items 15-16 (bare yes/no wrong in both directions; JustAnswer mediation thread [self-reported])
COND-01-CRITICAL-REPAIRS Critical repairs / deferred maintenance	FAIL	ineligible until remediated: safety/soundness/structural/habitability deficiency; advanced deterioration	B4-2.1-03 (08/05/2026) [verified]
COND-02-EVACUATION Evacuation order	FAIL	active evacuation order; ineligible until the unsafe condition is remediated	B4-2.1-03 (08/05/2026) [verified]
COND-03-SA-REMEDIATION Special assessment remediation	FAIL	(1) Parking structure post-tension repairs (assessment 2026-A): addresses critical repairs and the issue is not yet remediated (collection status irrelevant)	B4-2.1-03 (08/05/2026) [verified]; dossier D7
COND-04-INSPECTION Inspection report screen	FAIL	inspection shows critical repairs needed and not yet remediated; evacuation order outstanding; outstanding regulatory actions or violations	B4-2.1-03 (08/05/2026) [verified]; dossier D6
COND-05-SA-PURPOSE Special assessment purpose consistency	PASS	all 1 assessment(s) carry purpose, original amount, amount remaining, per-unit share, approval and payoff dates, and a critical-repair answer consistent with the purpose language	B4-2.1-03 critical repairs / special assessments [verified]; Freddie 5701.3(n): purpose, approval date, original amount, amount remaining, expected payoff for every current and planned assessment [verified]; casebook ranked 1 / item 12 (KSN Law 2024-2025; MEEB: attach the engineer report rather than characterizing it)
INS-01-PROPERTY Master property coverage	PASS	coverage $24,150,000 equals or exceeds 100% of estimated replacement cost $24,150,000 per insurer replacement-cost valuation dated 2026-03-15; Special form; replacement-cost loss settlement (roof may be non-RCV)	B7-3-03 (fetched 2026-08-11) [verified]
INS-02-DEDUCTIBLES Deductibles	PASS	per-occurrence deductible $100,000 is 0.4% of coverage (limit 5%); per-unit deductible $25,000 (cap $50,000, applications on or after 2026-07-01); borrower HO-6 noted: must cover at least the greater of interior-restoration cost or the per-unit deductible (LL-2026-03)	B7-3-03 (fetched 2026-08-11) [cap verified]; $50,000 cap and the 2026-07-01 application-date trigger [verified: LL-2026-03 pp. 5-6]; pre-2026-07-01 standard: B7-3-03 (02/07/2024 version, June 3 2026 guide) [verified primary]; dossier D2
INS-03-ENDORSEMENTS Endorsements and boiler	PASS	trustee recognition, subrogation waiver, and master-primary confirmed; building-ordinance coverage in place; boiler and machinery $2,000,000 meets the lesser of $2M or replacement cost	B7-3-03 (fetched 2026-08-11) [verified]
INS-04-FLOOD Flood coverage	PASS	flood coverage $24,150,000 meets the B7-3-06 building floor: at least the lesser of 80% of replacement cost ($19,320,000) or the maximum NFIP coverage per unit; deductible (not an intake field) may not exceed the NFIP RCBAP maximum; verify on the evidence of insurance	B7-3-06 Requirements for Project Developments and Deductible Requirements (02/07/2024, June 3 2026 guide) [verified primary]; dossier F(c)
INS-05-LIABILITY Liability coverage	PASS	liability coverage $1,000,000 meets the B7-4-01 minimum of $1,000,000 per single occurrence; confirm on the evidence of insurance: severability of interests / separation of insureds (or the specific endorsement), coverage of HOA-owned commercial spaces and common-element operations, HOA as named insured with premiums a common expense	B7-4-01 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(a)
INS-06-FIDELITY Fidelity/crime coverage	PASS	fidelity/crime coverage $460,000 meets the B7-4-02 minimum of $151,200 (three months of assessments on all units ($604,800 x 3/12 = $151,200; financial controls adhered to)); policy covers the management agent's acts	B7-4-02 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03; dossier F(b)
INS-07-PERIL-DEDUCTIBLES Per-peril deductible schedule	PASS	2 layer(s) transcribed with peril, basis, application, and source: (1) all other perils: $100,000 = 0.4% of coverage; (2) named storm: $25,000 per unit	B7-3-03 Deductible Requirements [verified: 5% of coverage per occurrence, multiple deductibles combine (02/07/2024 version, dossier F(f)); $50,000 per-unit cap for applications on or after 2026-07-01 (LL-2026-03)]; ins-nuances ranked 2-3 (transcription integrity: peril + basis + application, reject computed conversions; exactly-5% base verification; calendar-year hurricane basis per MyFloridaCFO [self-reported])
INS-08-DEDUCTIBLE-BUYBACK Deductible buy-back disclosure	PASS	no deductible buy-back layers reported; base deductibles govern (INS-02, INS-07)	B7-3-03 buy-back note (02/07/2024, dossier F(f)) [verified: acceptable 'provided the policy meets all other property insurance requirements in Chapter B7-3, including insurer rating requirements']; ins-nuances ranked 6 (present master deductible, buy-back layer, and net effective; never only the net [self-reported: Merlin Law Group])
INS-09-CARRIER-ELIGIBILITY Carrier eligibility and FAIR-plan conditionality	PASS	master carrier Meridian Bay Mutual Insurance Company (fictional): AM Best A- meets B7-3-01	B7-3-01 (fetched 2026-08-11, quoted in ins-nuances section 1) [verified: rating test - any one of AM Best B, Demotech A, S&P BBB, KBRA BBB; FAIR/windstorm-pool policies accepted only 'if they are the only coverage that can be obtained at the time of the loan closing or policy renewal']; ins-nuances ranked 5 (layered placements screen every participant [self-reported: CondoTek/MGIC 1/15/25])
INS-10-LOSS-SETTLEMENT Loss-settlement sweep	PASS	replacement-cost settlement throughout, roof included; no ACV carve-outs to disclose	B7-3-03 with LL-2026-03 [verified: replacement-cost loss settlement required, roofs excepted - roofs must be insured but need not be RCV; ACV acceptable on personal property and certain non-building elements]; HO-6 gap logic: LL-2026-03 HO-6 rules [verified, dossier B19] and PennyMac 26-76 via ins-nuances ranked 8
INS-11-RCV-EVIDENCE Replacement-cost evidence and coinsurance	PASS	evidence: insurer replacement-cost valuation dated 2026-03-15, dated 2026-03-15 (149 days before application); no coinsurance clause	B7-3-03 acceptable replacement-cost evidence list (guaranteed RC, extended RC, insurer RCV valuation, insurance risk appraisal, qualified statement) [verified: LL-2026-03]; agreed-amount/coinsurance reading and the 12-month FL binding practice: ins-nuances ranked 4 / section 3 (FSResidential 2026 [self-reported]; FL 36-month appraisal statute not fetched - age flags are warnings only, the engine does not interpret statutes)
PROV-01-PROVENANCE Answer provenance	PASS	material answers sourced and dated: occupancy per association records: homestead-exemption match plus owner mailing addresses, as of 2026-08-01; no assessments under discussion per board meeting minutes September 2025 through July 2026 reviewed; no special assessment discussed; financials per FY2026 budget adopted by the board 2025-11-18; lease terms per Declaration art. 14.2 (fictional): leases no shorter than 180 days, no more than twice per year	casebook ranked 10 / items 4, 13, 18, 29: every material answer carries source document plus date; Eisenberg v. Phoenix Association Management (Mass. 2003) via MEEB [verified case, the one litigated loss]; CAMS 'DON'T GUESS' [self-reported]; dossier D2/D6 answer patterns
PROC-01-CPM-STATUS CPM project status	FAIL	CPM status Unavailable (checked 2026-08-10): ineligible for delivery under every review path including waived; no lender override exists; the reason lives in the project's CPM Comments section (FAQ Q18), and a Status Review request in CPM is the only path to change it	CPM FAQ (July 2026) Q9 and Q18 plus B4-2.1-02 [verified]; dossier D11
PROC-02-CPM-CERT CPM certification currency	PASS	CPM status confirmed 2026-08-10; certification must remain unexpired and the project eligible as of the note date (lender-side, note date not yet known)	CPM FAQ (July 2026) Q9, unexpired certification in file [verified]; review age at note: one year established / 180 days new [verified primary: B4-2.1-01 Expiration for Project Reviews, June 3 2026 guide; Freddie 5701.2(a)(3)]
PROC-03-REGIME Review regime applicability	PASS	application dated 2026-08-11: Full Review regime applies; Limited Review and short-form 1077/477 are retired (D12)	LL-2026-03 (2026-03-18), mandatory for applications dated on or after 2026-08-03 [verified primary]; dossier D12
PROC-04-REGIME-ROUTER Application-date regime router	PASS	application dated 2026-08-11 selects: per-unit deductible: $50,000 cap + HO-6 cure (on/after 2026-07-01); review regime: Full Review, Limited Review and short-form 1077/477 retired (on/after 2026-08-03); reserve study: highest-recommendation funding mandatory, baseline method banned (on/after 2026-08-03); reserve floor: 10% (before 2027-01-04); effective-immediately items in force since 2026-03-18: investor-concentration limit retired, inflation-guard retired, roof may settle ACV, waiver expanded to <=10-unit projects	LL-2026-03 (2026-03-18) effective-date table [verified: $50K per-unit deductible 2026-07-01; Limited Review retirement and reserve-study rules 2026-08-03; 15% reserve floor 2027-01-04; investor-concentration, inflation-guard, and roof-RCV relief effective immediately]; SEL-2026-07 conform (guide text 08/05/2026); casebook ranked 3 / items 10, 19, 23 (answer to the vintage the application date selects)

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