Now Accepting Early Submissions for FHA Streamlines

May 17, 2012Company News

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:

  1. Decrease to Up Front MIP: Up Front MIP = 0.01 of the base loan amount.
  2. Decrease to Annual MIP: Annual MIP = 55 bps, regardless of loan amount.

Submit Early and Carrington Mortgage Services Will:

  1. Confirm that the loan is eligible via the Query Screen on FHA Connections. MSI will advise you if the loan is not eligible.
  2. Underwrite the loan and hold it in queue to submit for an FHA case number on 6/11/12.
  3. 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?

  1. Submit the eligible FHA Streamline loan package to CMS according to current guidelines.
  2. You do not have to include the FHA Case Number Assignment.
  3. You MUST include the fully completed CMS FHA Case Number Assignment Request Form. Click Here for the form

Please include:

  • Evidence of current Case Number (for the loan being refinanced).
  • Copy of Pay-off letter from the servicer showing payment due for June 2012

 

Latest Advertisement