Updated FHA forms on June 3—Are you Ready?

May 29, 2013
BJ Bounds

BJ Bounds

In January, HUD came out with Mortgagee Letter 2013-04 which puts in place changes for FHA loans effective next Monday, June 3. For all FHA loans with case files assigned on or after June 3, 2013, Monthly Mortgage Insurance will be required for the life of the loan, or 11 years.  Mortgage Insurance premium amounts were also increased effective April, 2013.

In the Network Update scheduled for June 3, Calyx will automatically update the FHA Notice to Homebuyers (HUD-92900-B) and FHA Consumer Choice Disclosure Notice.  This forms update is automatic for all computers on Point 8.1, the most recent version.

If you have loans assigned an FHA case number prior to June 3rd, we recommend:

  • Printing the existing form from Point before June 3, or
  • Accessing the old disclosure form at Knowledge Base article #849. This article also includes information on additional steps you must take to ensure compliance with the new FHA Consumer Choice Disclosure Notice.

Computers on earlier versions of Point (prior to 8.1) will not receive the form update.  We strongly recommend you update to the latest version to remain in compliance with FHA.  Accounts on previous versions of Point can manually download the new form from the HUD website.

Call your account manager today at 800-362-2599  if you need to update your account.  If you have questions, please contact our Customer Support Group during our normal business hours, Monday – Friday 8am-7pm CDT at 800-342-2599 or support@calyxsoftware.com.

New HUD Announecment

January 22, 2010

Released Wednesday, January 20, 2010–

FHA Announces Policy Changes to Address Risk and Strengthen Finances

New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Undeserved Communities

4 Policy changes announced:

  1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
  2. Update the combination of FICO scores and down payments for new borrowers.
  3. Reduce allowable seller concessions from 6% to 3%
  4. Increase enforcement on FHA lenders

Jody Collup

Click here to access the full article from HUD.  This article lists all of the “details” of the four changes listed above.

Let us know if this type of information is valuable for you to get via our CalyxCorner blog.  Thx!


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