An increase to the annual premium for Section 184 Indian Housing loans was announced by HUD in 81 FR 75836 (2016). The annual rate for Case Number Assignment Dates on or after December 1, 2016 will increase to 0.25% (up from 0.15%).
The global data integrity warning message for Section 184 Indian Housing loans will be updated to read as follows:
“An annual premium of 0.25% (0.15% if Case Number Assignment Date is prior to 12/01/2016) must be collected for Section 184 Indian Housing loans. HUD has not announced the exact method for calculating these premiums, but the current calculation method (using the average outstanding loan balance over the previous year) reflects our understanding of the requirement [see 79 FR 60492 (2014)]. If you need further information, please contact Client Support at 1.800.497.3584.”
The change in the warning text will take effect December 1, 2016. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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Update: The annual rate percentage on Cx19126 Section 184 Supplemental Notice will now reflect the correct percentage for Case Number Assignment Dates after December 1, 2016.
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