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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.

FHA Qualified Mortgage 2015 Points and Fees Adjustments

In the February 17, 2015 issue of the Federal Register (80 FR 8243, click here) the Department of Housing and Urban Development (HUD) announced the 2015 points and fees threshold for FHA qualified mortgages by adopting the Consumer Financial Protection Bureau’s August 14, 2014 final rule amending the qualified mortgage points and fees limit for 2015 (see our August 19, 2014 memorandum, click here).

Annual FHA MIP Reduction Memo (ML 2015-01)

Effective for case numbers assigned on or after January 26, 2015, FHA Mortgage Letter 2015-01 (ML 2015-01) reduces annual MIP rates for FHA Title II forward mortgages and provides FHA lenders the opportunity for cancellation of existing case numbers in order to utilize the MIP rates contained in ML 2015-01.

FHA Adjustable Rate Mortgage Interest Rate Adjustment and Notification Regulations under the FHA Single Family Mortgage Insurance Program are Revised

In the August 26, 2014, Federal Register (79 FR 50838), the Federal Housing Administration (FHA) published a final rule (click here) that revises two FHA single family adjustable rate mortgage (ARM) regulations. The final rule revises §203.49(d)(2) to require that an interest rate adjustment resulting in a corresponding change to the mortgagor’s monthly payment for a FHA-insured ARM have a 45-day look-back period.

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