FHA has recently announced a reduction in the Annual Mortgage Insurance Premium (MIP) rates, effective with loans disbursing on or after January 27th, 2017. Both the rates for loans with terms more than 15 years and less than 15 years will decrease, as shown in the tables below. Over the next several weeks, as we begin to target loans for redisclosure of the correct MIP, it will be extremely important for Loan Officers and Loan Processors work together to validate the Estimated Closing Dates on all FHA loans, and to keep their pipelines up-to-date. The pipelines created to alert the Disclosure and Closing Department to the need to redisclose an FHA loan with the new MIP will be based upon the Estimated Closing Date on the file, so it is vital that loans reflect accurate Closing Dates to ensure the correct MIP fees are disclosed. The Encompass Support Team has built a pipeline for both HFC Loan Officers and Loan Processors to aid in focusing Estimated Closing Date cleanup on potentially-affected FHA loans. HomeStar’s FHA loans will be redisclosed according to the following schedule:
- Beginning on Monday, January 16th, any FHA loan triggered for an Initial Loan Estimate or a Change of Circumstance, reflecting an Estimated Closing Date of January 27th or after, will be disclosed by the HFC Disclosure and Closing Department with the new, lower MI rate.
- All active FHA Refinance loans will be redisclosed with the new, lower MIP fee on January 20th.
Please note: If the HFC Disclosure and Closing Department discloses an FHA loan with the new lower MI rate, there is no possibility that the Closing Date of the loan can later be moved to a date before January 27th, 2017.
| Annual MIP- Purchase Transactions | |||
| Base Loan Amt. | LTV | Previous MIP | New MIP |
| Term > 15 Years | |||
| ≤ $625,500 | ≤ 95.00% | 80 bps | 55 bps |
| ≤ $625,500 | > 95.00% | 85 bps | 60 bps |
| > $625,500 | ≤ 95.00% | 100 bps | 55 bps |
| > $625,500 | > 95.00% | 105 bps | 60 bps |
| Term ≤ 15 Years | |||
| ≤ $625,500 | ≤ 90.00% | 45 bps | 25 bps |
| ≤ $625,500 | > 90.00% | 70 bps | 50 bps |
| > $625,500 | ≤ 78.00% | 45 bps | 25 bps |
| > $625,500 | 78.01% – 90.00% | 70 bps | 25 bps |
| > $625,500 | > 90.00% | 95 bps | 50 bps |
| Streamline, Simple Refinance of Previous Mortgage Endorsed on or before May 31, 2009 | |||
| Term > 15 Years | |||
| Base Loan Amt. | LTV | Previous MIP | New MIP |
| All Loan Amounts | ≤ 90.00% | 55 bps | 55 bps |
| All Loan Amounts | > 90.00% | 55 bps | 55 bps |
| Term ≤ 15 Years | |||
| Base Loan Amt. | LTV | Previous MIP | New MIP |
| All Loan Amounts | ≤ 90.00% | 55 bps | 25 bps |
| All Loan Amounts | > 90.00% | 55 bps | 25 bps |
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