These are hectic days for us all, crammed with video conferences as companies address the many challenges posed by the coronavirus while working out systems for migrating operations online. But with events moving so quickly, it is more important than ever to find a half-hour each day to catch up on the latest developments affecting our industry. It can help you make better, more informed decisions.
Here are a few sources that we found useful:
- FHFA Moves to Provide Eviction Suspension Relief/Mortgage Forbearance in Multifamily Properties. If you have a property that you believe qualifies for relief per the FHFA announcement, contact your relationship manager and servicing representative for further guidance.
- Mortgage Bankers Association Commercial/Multifamily-Specific Coronavirus Resources. Upcoming MBA webinars and topline multifamily and healthcare insight, including “Contingency Plans for Closing Multifamily Loans and Similar Commercial Loans during the COVID-19 Pandemic.”
- NMHC Coronavirus Resources for Apartment Firms. NMHC resources from legal issues and worker protection to handling packages and recommended cleaning protocols and disinfectants.
- National Apartment Association Guidance for Dealing with the Coronavirus. A useful, regularly updated source for the latest news, best operational practices, federal, state, and local regulatory updates, and more.
- Fannie Mae / Freddie Mac COVID-19 Updates. Get the latest announcement and authoritative information on issues, such as property inspections and risk mitigation.
Tips from the Experts:
- Maximize the use of your rent payment portals. The coronavirus is yet another reason to minimize your handling of checks and cash. With the end of the month approaching, contact your tenants, by email and by phone, helping them move their payments online.
- Boost your tenants’ ability to pay. Your tenants have skills that you may not be aware of. If there is part-time work at your communities that they are qualified to do, post job listings in clubhouses and online.
Of course, how to get business done when much of the country is working from home is on everyone’s mind. Here are a few tips from the tech team behind HREC’s leaponline:
- Receive and send loan applications and commitments online. As long as you have set up your leaponline account, you can receive loan applications and commitments. Sign online with e-signature execution, eliminating the need to use overnight mail services.
- Use online payment for application and commitment fees. Again, no need to send checks via overnight mail services or distribute wiring instructions.
- Submit due diligence online. No access to a scanner at your home office? Use leaponline to send us your due diligence materials.