ConformX software release 4.5.13 will include a modification to drop off the annual premium on Section 184 Indian Home Loan Guarantee Program loans differently than for regular FHA loans. For Section 184 loans, the annual premium will be charged through the payment year when a 78% Loan-to-Value (LTV) is first reached, after which it will cease.
The related global data integrity message for Section 184 loans will be updated to the following:
“WARNING: An annual premium of 0.15% must be collected for Section 184 Indian Housing loans with case number assignment dates on or after 11/15/2014 [see 79 FR 60492 (2014)]. HUD has not yet announced the exact method for calculating these premiums, but the current calculation method (uses the average outstanding loan balance over the previous year) reflects our understanding of that calculation. If you need further information, please contact Client Support at 1.800.497.3584.”
These changes will take effect on February 6, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
February 2, 2015