FHA has released Mortgagee Letter 2012-04 on the Morgage Insurance Changes. Note the following changes to previously reported information…
a. The upfront increase to 1.75% and extra 10 bp monthly is now effective with case numbers issued on or after April 9.
b. The jumbo 25 bp increase is now effective wtih case numbers issued on or after June 11.
c. The reduced Streamline Program is also effective June 11.
For the full letter, go to: http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf
We will go over in detail in our FHA update webinar tomorrow at 2:00 pm EST. To register–you need to be a trial subscriber. Go to www.originationpro.com