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Changes in FHA Premiums Delayed

Lenders need more time to implement

Aug. 11, 2010

By MortgageDaily.com staff


Strong feedback from the mortgage industry prompted the U.S. Department of Housing and Urban Development to delay the implementation of new mortgage insurance premiums.

Federal Housing Administration Commissioner David H. Stevens announced last week plans for a new FHA mortgage insurance premium structure.

The revisions were expected to be implemented by Sept. 7.

But during this past week, the industry "voiced strong concern about having system changes ready in time to meet the original Sept. 7, 2010 deadline," a statement yesterday from HUD Deputy Assistant Secretary Vicki Bott said.

Lenders are concerned that they won't have enough time to make changes to their systems that impact regulatory disclosures.

Bott noted that based on industry feedback and the housing agency's desire to have the change successfully implemented in the marketplace, the new premium implementation date has been rolled back to Oct. 4.

"FHA took this feedback seriously and has accommodated the need for additional time," she said.

The statement also indicated that up-front FHA premiums will be lowered by 100 basis points at the same time annual premiums are raised to between 85 and 90 BPS on loans amortized for more than 15 years.

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