For those of you who want the details, here it is. For those of you who don’t know what MIP or bps is, call me and I’ll translate to English.
Effective for case numbers assigned on or after April 1, 2013, the following increases to monthly MI premiums/Annual MIP will take effect:
The above table does NOT apply to Streamline transactions endorsed on or before May 31, 2009.
Effective for case numbers assigned on or after June 3, 2013:
· HUD will also be removing the exemption from Monthly MI premiums/Annual MIP for loans with terms ≤ 15 years and LTVs ≤ 78%.
Also, effective for case numbers assigned on or after June 3, 2013:
· Customers will pay monthly MI for a longer time period. The table below shows the old and new duration of Monthly MI premiums/Annual MIP by loan term and LTV.
761 Old Hickory Blvd
Brentwood, TN 37027
NMLS # 164331
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