Bulletin W13-022 – Upcoming Revisions of FHA’s Policies Regarding MIP
Topic included in Bulletin W13-022:
- Upcoming changes to the Mutual Mortgage Insurance Fund
- FHA is:
- Revising the period of assessing the annual MIP,
- Removing the exemption from the annual MIP for loans with terms of 15 years or less and LTV ratios of less than or equal to 78% at origination; and
- Increasing the annual MIP on all forward mortgages except single family forward streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009.
- The changes above are effective for case numbers assigned on or after April 1, 2013, except as:
- Revision to the period assessing the annual MIP
- Removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78% at origination,
- Increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78% at origination.
- Loans with case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP for maximum duration permitted under the statue.
- See tables within in Bulletin for terms
- Guidelines and Matrices are in the process of being updated.
- A separate bulletin announcing the update will be sent
Download: Bulletin – W13-022 (PDF)