Loan Originators and Processors are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent.  This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please refer to FHA Mortgagee Letter 2010-02.

 

Per FHA’s Policy, Gateway will use the date of issuance of the Case ID Number from FHA Connection.  Therefore, Loan Originators and Processors are advised to make every effort to order case numbers early in the week of March 29, 2010, since it is possible that case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium.  Regardless of the DU findings, if the Case ID number is issued on or after April 5, 2010, the increased upfront mortgage insurance premium of 2.25 percent will be applied.

 

 

J. Whitney Barth

VP Operations

Gateway Mortgage Group LLC

03/25/2010