The FHA example on the Informed Consumer Choice Disclosure Notice (Cx41) will be updated to reflect the Annual Mortgage Insurance Premium (Annual MIP) for this type of FHA loan effective for case numbers assigned on or after April 1, 2013.
The FHA example is a $100,000 purchase loan with a term of 30 years and a starting LTV ratio of 96.5%. The “Monthly Mortgage Insurance Premium” amount in line 8 of the FHA example will be updated from “$99.88” to “$107.87” to reflect a new Annual MIP rate of 1.35%. The “prepared as of” date will be updated to “April, 2013.”
The current UFMIP rate of 1.75% will still be in effect, so the corresponding values do not need modified.
For more information on the FHA Annual MIP rate and duration increases, please see http://www.docutechcorp.com/fha-annual-mip-rate-and-duration-increases
This change will take effect on April 1, 2013. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
March 25, 2013
DR 134131