Increase in Upfront Premiums for FHA Mortgage Insurance
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.
HUD has reminded lenders that they 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 would be subject to the higher premium.
The new UFMIP rate of 2.25 percent will be verified for each applicable loan with an “FHA Case Number Assignment Date” field value of April 5, 2010 or later entered in ConformX. The “FHA Streamline Refinance” and “FHASecure (Delinquent Mortgagors)” fields are no longer required to verify the UFMIP/MIP rates for No Cash Out Refinances under the new rate structure.
For more detailed information on this premium increase, including the FHA Single Family Insurance Programs that are excluded from the policy change, please see the full contents of Mortgagee Letter 2010-02 at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf
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