Important reminder for FHA lenders on upfront mortgage insurance premiums:
Lenders are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02 at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf
Lenders should make every effort to order case numbers early in the week of March 29, 2010, since it is possible that case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium.
Top three: All time most viewed
-
Even with my 20 years in the mortgage business, I double check all guidelines because they are continually changing. I had a call from som...
-
FHA loans in 1991: When I became a mortgage loan originator in 1991, I couldn't believe that there was a loan product which allowed all...
-
Know How To Recognize A Good Mortgage Rate Mortgage lenders are often asked if there is a best time of day, day of the week, or period of...
Wednesday, March 31, 2010
Subscribe to:
Posts (Atom)