Important Updates

September 9th, 2011 1:21 PM

Three Notices for FHA Lenders:

1. Beginning Monday, September 12, 2011, lenders will no longer be able to order a streamline refinance case with an appraisal. The only available streamline refinance case type will be streamline without appraisal. A prior FHA refinance case with appraisal should be ordered as a fully processed Prior FHA case with an appraisal.

2. Beginning Monday, September 12, 2011, for Streamline Refinances cases without an appraisal, when a prior FHA refinance case is netted to a new case number, the outstanding principal balance for the projected month of closing and the following month will automatically be provided in FHA Connection. These fields will appear on the Case Number Assignment screen when the case number is assigned. They will also appear on Refinance Authorization and Refinance Credit Query. The values will be used to limit the entry in the Unpaid Principal Balance field on FHAC Insurance Application for FHA to FHA refinance cases. The Unpaid Principal Balance amount is used to determine the maximum mortgage allowed for the case. For this reason, it is very important that the lender enter an accurate projected closing date. If they find the entered closing date is no longer accurate, they should correct it, prior to remitting UFMIP, using FHAC Refinance Authorization to obtain a new outstanding principal balance from A43 before processing Insurance Application.

3. Due to Lenders asking if the 15,000+ list of sponsored originators and associated data can be made available for downloading to Excel, the data collection and transfer of the Sponsored Originator data is being released in preparation for the September 19, 2011 release of a revised Sponsored Originator List Screen that will provide a link to download this data in Excel. This release will provide the data but lenders will not have access to it until September 19, 2011 when the FHAC release is implemented.

For FHA technical support on these or any other FHA issue, please contact the FHA Resource Center at: www.hud.gov/answers You can also get email technical support at: answers@hud.gov


Posted by Douglas E. Hendricks on September 9th, 2011 1:21 PMPost a Comment (0)

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