DAILY REAL ESTATE NEWS | MONDAY, JANUARY 09, 2017 - Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.
“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.
The HUD-1 settlement statement and Good Faith Estimate forms are going away on October 3rd. The Truth in Lending Act disclosure is going away as well. In their place will be a new closing disclosure and a new loan estimate. There will be changes to the closing process as well, including a new rule requiring everything to be in place three days prior to closing. And last-minute changes face new hurdles. Learn about the changes in this walk-through.