FHA issued Mortgagee Letter 2017-12, setting forth revised initial and annual mortgage insurance premiums (MIP) and principal limit factors for home equity conversion mortgages (HECMs). Currently, the initial MIP for HECMs is either .5% or 2.5% of the maximum claim amount, depending on the disbursements made to or on behalf of the borrower at closing or during the first 12-month disbursement period. The current annual MIP is 1.25% of the outstanding mortgage balance. In accordance with the Mortgagee Letter, the initial MIP is changed to 2% of the maximum claim amount for all mortgage loans and the annual MIP is changed to .5% of the outstanding mortgage balance. The Mortgagee Letter also announces that the Principal Limit Factor Tables for HECMs have been updated. The Mortgagee Letter becomes effective October 2, 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
