Summary
FHA will be lowering the UFMIP and increasing the monthly MIP.
Industry Advisories provide our lending partners with information about forthcoming FHA, VA, FNMA or regulatory changes. Home Savings Lending Policy changes that may occur as a result of these changes will be published separately.
Detailed Changes
Yesterday FHA announced their intention to substantially alter the MIP requirements, with the goal of implementing the changes effective with FHA case numbers assigned on and after September 7, 2010. A Mortgagee Letter will be forthcoming once President Obama signs the bill into law.
As soon as the changes become final, Lenders will incorporate them into policies and communicate the changes out.
The anticipated MIP changes are as follows:
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