On January 11, 2017 we announced modifications to our data integrity checks due to HUD’s announcement that they would be lowering annual mortgage insurance premium rates (see FHA ML 2017-01).
Since that time, multiple news organizations have reported that the incoming Trump administration is planning to review HUD’s changes and, potentially, revise them (e.g., see http://www.housingwire.com/articles/38987-sources-trump-plans-repeal-of-fha-mortgage-insurance-premium-cut).
Due to the major changes both announced by HUD and potentially to be revised by the next administration, we will be modifying the errors listed in our previous announcement for Pre-Closing and Closing packages to be Warnings rather than “hard-stop” Errors. This change will be available to test on Stage servers this afternoon. This change is designed to enable clients to list either the old or new rates on their documents (particularly the CD), at their discretion. It will also allow for a more efficient change, dependent upon what the Trump administration ultimately decides.
This change will be in effect on January 20, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
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