As announced previously, the “FHA Case Number Assignment Date” field triggers updated versions of two standard FHA documents in ConformX when applicable:
1) “Important Notice to Homebuyers” form HUD 92900-B (Cx40) and
2) “Informed Consumer Choice Disclosure Notice” (Cx41).
The new extended Annual MIP term for the Federal Truth-In-Lending Statement and Amortization Schedule calculations in ConformX is also triggered using the “FHA Case Number Assignment Date”. If the Date is on or after June 3, 2013, the Loan-To-Value MIP Cutoff Percent is ignored and the applicable MIP term of 11 years or Loan Term is used in the ConformX calculations instead.
“FHA Case Number Assignment Date” is currently an optional field prompt in ConformX in Closing, Initial Disclosure, TILA Redisclosure, and Underwriting document packages. “FHA Case Number Assignment Date” will be changed from an optional field prompt to a required field prompt in order to ensure the appropriate FHA documents and MIP calculations are triggered.
“FHA Case Number Assignment Date” will be changed to a required field in ConformX the night of May 31, 2013. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
For additional details on the FHA Annual MIP rate and duration increases, and the related document updates, please see http://www.docutechcorp.com/fha-annual-mip-rate-and-duration-increases and http://www.docutechcorp.com/document-updates-important-notice-to-homebuyers-cx40-and-informed-consumer-choice-disclosure-notice-cx41
May 28, 2013