Industry NewsMortgage

FHA premium changes pushed to Oct. 4

Lenders granted more time to revamp systems
Published on Aug 12, 2010

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by CareyBot

The Federal Housing Administration is pushing back the implementation date for new premium structures on FHA mortgage insurance to Oct. 4, after lenders complained that they needed more than five weeks to update loan disclosures and computer systems.

FHA Commissioner David Stevens announced last week that upfront premiums for FHA mortgage insurance would be rolled back from 2.25 percent to 1 percent on Sept. 7, while annual premiums would nearly double.

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