When we originate a secondary market loan secured by a condo, the investor requires that the condo association complete a condo questionnaire to ensure the condo meets secondary market guidelines. I came across a loan where the condo association required q $150 fee to complete the questionnaire, and our Lending Department treated it as a changed circumstance and re-issued the GFE to disclose the new fee.

I question whether that's really a changed circumstance. I don't think there are any circumstances "particular to the borrower or transaction" that have changed, but would like others' opinions as well.

I believe I could make a case for this being a legit CofC. You had no idea this fee would be charged and it is particular to the borrower who is buying a condo.

I feel two ways on this.

Not all condo associations charge to complete the questionaire. I think charging is a the result of many factors (part of the country, state, size of the associations, etc.).

I think it is prudent to quote some sort of fee (and smart to ask the borrower or seller if there will be one!), but since there is not a consistency, I feel it can also be a justifed CC as well.

That said, $150! Wow...

The investors we work with do not require this form to be completed.
Like Jay, I could argue it either way...nd $150 does seem steep.

On codo properties, we quote $190 as an estimate for condo cert because we have found most charge to complete the form. The amount is adjusted when the actual amount is verified.

As others have said, there is no consistency around here as to whether an association charges a fee and if so, how much. We handle those as a COC.

Thanks, I appreciate everyone's input.