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Critical Update on FHA's New MIP Cancellation Procedures

Monday, January 12, 2015

The Federal Housing Administration (FHA) has issued a critical update related to last week's announcement of FHA premium changes.  The update contains instructions for lenders wishing to cancel case numbers for loans in process pursuant to Mortgagee Letter 2015-01.

The announcement of a .5 reduction in the annual Mortgage Insurance Premium (MIP) for FHA loans affects loans with case numbers assigned on and after January 26, 2015.  The Mortgagee Letter acknowledges the need for borrowers with case numbers assigned but with loans not yet closed and funded, to benefit from the reductions as well.   Lenders currently processing such loans may begin submitting Case Number Cancellation Requests beginning on January 15.  All requests must be submitted prior to midnight on Thursday, February 26, 2015.  

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