Hey, remember that time the U.S. Department of Housing and Urban Development was decreasing annual mortgage insurance premiums (MIPs) on most Federal Housing Administration (FHA)-insured mortgages closing on or after January 27, 2017?
Yeah, we’re gonna have a do-over on that.
HUD Mortgagee Letter 2017-07 repealed the changes 11 days after they were initially announced.
So, just so you’re up to speed, the annual mortgage insurance premium (MIP) rates are now:
The roughly 25 bps cut wasn’t going to have a drastic impact, anyway. A 50 bps cut back in 2015 didn’t make substantive ripples.
Just remember to update any advertisements or notices you may have prepared with the old-new rates and change them back to the new-old rates.
And welcome to 2017.