On Demand
Audio
Co-op Loan Financing for Attorneys
Produced on June 13, 2019
Course Information
Course Description
This course, presented by seasoned real estate attorney Daniel Shlufman, will teach attorneys what mortgage lenders are looking for when making a loan on a cooperative unit. It will discuss the standard underwriting criteria as it relates to the coop project as well as certain important Fannie Mae rules that will need to be followed. By understanding the lender requirements, attorneys will be better able to assist their clients in navigating the cooperative loan process. It will also enable them to alert their clients to potential lending traps. After taking this course, attorneys will be much better versed in the unit lending situations that arise when a loan is made on a cooperative unit.
Learning Objectives:
- Identify what mortgage lenders are looking for when making a loan on a cooperative unit
- Review standard underwriting criteria, including important Fannie Mae rules to comply with
- Navigate the cooperative loan process effectively in order to better assist your clients
Credit Information
Faculty
Daniel Shlufman
Classic Mortgage LLC
Daniel M. Shlufman, Esq. is a managing director of Classic Mortgage, LLC. At Classic, Dan both originates loans in New York and New Jersey and oversees the overall origination process. Dan has also been a practicing real estate attorney in New York since 1989. His practice concentrates in the purchase, sale and financing of homes, condominiums, cooperatives and small commercial properties.
Prior to joining Classic in June 2012, Dan was the President and General Counsel of FCMC Mortgage Corp. a high-end, boutique mortgage brokerage company from 1995-2012. At FCMC, Dan was in charge of operations and all regulatory and legal matters.
Dan has also lectured on cooperative and mortgage financing and chaired Continuing Legal Education programs on these subjects for the New York State Bar Association, the Practicing Law Institute and lawline.com. His most recent courses were: Regulation Z, Loan Office Compensation and Anti-Steering (2011); Complying with Mortgage Lending Laws (2011); Dodd-Frank and its Affect on Mortgage Financing (2010) and RESPA and NY Banking Law Changes Affecting Real Estate Closings (2010)
In addition to Dan’s business activities, he is a vice president of Jewish Federation of Northern New Jersey; a member of their Executive Committee and Board of Trustees. He is also a member of the Boards of the Professional Business Networking Association and the New Jersey Business Assembly.
Dan graduated from the New York University School of Law with a J.D. degree in 1989.
He graduated from The State University of New York at Binghamton with a B.A. degree in 1986.
Reviews
Presenter was well spoken and provided an excellent presentation.
One of the better classes so far.
Loved this CLE. Please make transcripts available for all CLEs so I can focus on what the presenter is saying instead of furiously taking notes in case I forget a meaningful comment later on.
good blend of law and business/underwriting
I have practiced real estate law for over 30 years and this course taught me one or two takeaways that are well worth the hour spent.
Excellent presentation. One of the best speakers I've listened to on Lawline.
Very good presentation, quite didactic.
Great class! Very informative. I learned a number of issues to look out for. Hope instructor teaches another class on coops.
very good