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At Goodwin & Company, we know that the financial health of your association is paramount to your Community’s success. After seeing years of skyrock-eting delinquency rates and the impact of the 2009 housing crisis, we set out to build an efficient and effective method to minimize your exposure to uncollected assessments.TE MOT EFETIE DEINUNC POES IN HE O INUSR..PEFETE OVR HE LAT 4 YER
DELINQUENCY DATA POWERED BY ADVANCED ANALYTICS• A Comprehensive Dashboard that provides timely and customized analytics on your Community’s monthly delinquency performance• Variance performance analysis across multiple time periods to monitor trends in the data• A Heat Map showing where hot spots exist by region across our portfolioHARNESSING THE POWER OF CREDIT ACCOUNTABILITY• Credit Reporting rewards on-time payments while serving as a helpful reminder to those past due• A conscientious and fresh approach to understanding the unique nature of HOAs• FCRA Compliant with best-in-class and expedient customer supportTHE GOODWIN WAY• A reliable and consistent process that mitigates habitual delinquencies• Multiple payment options and redundant visibility to view real time account information• Accounts receivable reporting that is reliable and instant• Monthly communication with delinquent homeownersDALLAS • FORT WORTH • AUSTIN • SAN ANTONIO • HOUSTON
<5% Delinquency Rate:5-10% Delinquency Rate: 11-20% Delinquency Rate:>20% Deliquency Rate:DEINUNC DAA (As of 09.01.2020)NATIONALAVERAGE37% 74%30% 20%23% 4%10% 2%Updated 09.01.2020NATIONAL HOMEOWNERS ASSOCIATION DATA32.40%HOAs with assessment increases over the last 10 years53%Homeowners living under an HOA351,000Estimated total HOAs in the US8,000Average new HOAs added every yearHOW DOES YOUR MANAGEMENT COMPANY STACK UP?
DALLAS • FORT WORTH • AUSTIN • SAN ANTONIO • HOUSTONDELINQUENCY PROCESSDELINQUENCY PROCESSDEMANDLETTER60DAYSLIENNOTIFICATION150DAYSINTENT TOFORECLOSE180DAYSFINALNOTICE90DAYSINTENTTO LIEN120DAYSREMINDERNOTICE30DAYSThis is the initial 30-day reminder notice sent regular USPS. The reminder notice will include the homeown-er’s ledger along with all viable payment options. All homeowners in this status will be reported positively. There will be verbiage on the Reminder Notice warning that failure to pay may result in a negative credit reporting the following month.This correspondence will be sent certified mail with a formal delinquency demand letter advising the home-owner of their delinquency and their credit profile will begin to be reported as delinquent.This correspondence will be sent regular USPS, includes a complete and final accounting of the past due balance and forceful language outlining future potential delinquency actions. Their credit profile will also be reported as delinquent.This correspondence will be sent regular USPS and includes a notification that if a full payment is not remit-ted, a lien will be placed on the homeowner’s property the following month. Their credit profile will also be reported as delinquent.This correspondence will be sent certified mail and notifies the homeowner that a lien has been filed on their account along with instructions on how to get the lien removed. Their credit profile will also be reported as delinquent.This correspondence will be sent regular USPS and notifies the homeowner that official collection activity is imminent if the debt is not cured in full. Included in this step is a 3rd party Delinquency Analysis Package (DAP) provided by independent counsel. This comprehen-sive report entails a full asset, liability, judgment, foreclosure, bankruptcy, and social media search. Through the use of a proprietary algorithm the Association will be given a recommendation on the viability of collecting the debt weighing a Board of Directors’ decision to spend additional monies to go after the debt. This detailed and unbiased analysis helps to ensure the Association does not continue to spend more money going after bad debt.STANDING STATUS Between Step 5 and Step 6 is a hold status. If an account has reached Step 5 but the total account balance has not reached $1,000, then it will stay in this status until the minimum balance is reached to proceed to Step 6. If the balance exceeds the $1,000 threshold, the account will bypass this status and immediately go to Step 6. This is done to verify that there is enough debt to substantiate further delinquency investigation. All homeowners in this status would receive an updated Past Due statement sent regular USPS to ensure that there is still a monthly communication advising them of their delinquent balance. The charge for the fee will be identical to the Step 1 fee.