Alert: Reduced FHA Insurance Premiums Repealed

HUD SUSPENDS MIP REDUCTION

The Department of Housing and Urban Development (HUD) announced today that the recent Reduction of Mortgage Insurance Premiums (MIP), outlined in FHA Letter 2017-01 were suspended.

According to posted information from Housing Wire, the letter stated that a subsequent Mortgagee Letter will be issued at a later date should this suspension or policy change.

“FHA is commited to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,..”
as stated in the letter this afternoon.

Please see this link to read the full article, but know that CHM is committed to you and your borrowers and with this suspension of policy, there will be some loans that will need correcting in respect to compliance.

Please contact us today should you have questions.

Don Parsons
Mortgage Advisor
(949) 428-3099
dparsons@commercemtg.com