Now Accepting Early Submissions for FHA Streamlines
Now Through 6/10/2012
As announced in FHA ML 12-04—Effective for case numbers assigned on/after 6/11/12 for streamline refinance transactions of FHA loans endorsed on/before 5/31/09:
- Decrease to Up Front MIP: Up Front MIP = 0.01 of the base loan amount.
- Decrease to Annual MIP: Annual MIP = 55 bps, regardless of loan amount.
Submit Early and Carrington Mortgage Services Will:
- Confirm that the loan is eligible via the Query Screen on FHA Connections. MSI will advise you if the loan is not eligible.
- Underwrite the loan and hold it in queue to submit for an FHA case number on 6/11/12.
- Receive the case number from FHA, and expedite the closing/funding of the loan.
We will make every effort to facilitate a June closing for these early submissions; however, we are subject to the limitations of the FHA Connections’ ability to provide FHA Case Numbers.
- If the receipt of the FHA case numbers is delayed, CMS will strive for a July closing; however, CMS will then require an updated Payoff Letter from the Servicer.
Ready to Submit Now?
- Submit the eligible FHA Streamline loan package to CMS according to current guidelines.
- You do not have to include the FHA Case Number Assignment.
- You MUST include the fully completed CMS FHA Case Number Assignment Request Form. Click Here for the form
- Evidence of current Case Number (for the loan being refinanced).
- Copy of Pay-off letter from the servicer showing payment due for June 2012