FHA issued Mortgagee Letter 2017-01, reducing the annual mortgage insurance premium (MIP) rates for most Title II forward mortgages. Under the Mortgagee Letter, the new annual MIP rate for the majority of new FHA-insured mortgages is 60 basis points (a reduction of 25 basis points). The reduced MIP rates do not apply to mortgages insured under National Housing Act section 247 (Hawaiian Homelands). The Mortgagee letter also includes a table that reflects the new annual MIP rates charged for different mortgage terms and loan-to-value ratios. The reduced annual MIP rates apply to mortgages with a closing/disbursement date on or after January 27, 2017.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
