The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) has been updated to reflect the Up-Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (Annual MIP) for this type of loan effective for case numbers assigned on or after April 9, 2012.
The FHA example is a purchase loan with a term of 30 years and an LTV of 96.5%. Therefore it has been modified to reflect an UFMIP of 1.75% and an Annual MIP of 1.25%.
Since the FHA example uses a base loan amount of $96,500, it will not reflect the additional 0.25% Annual MIP rate increase for loan amounts over $625,500 effective for case numbers assigned on or after June 11, 2012.
For more information on the FHA UFMIP and Annual MIP rate increases, please see http://www.docutechcorp.com/fha-annual-mip-and-ufmip-increases-announced
This change will take effect on April 18, 2012. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
April 17, 2012