Numbers. on Case. Case numbers can MIP): Premium. April 18, REFINANCES. LTV Ratio > % 1.10% 1.0. LTV Ratio > %.

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1 ANNOUNCEMEN NT... #11-07, March 11, 2011 To: All Michigan Mutual, Inc. Brokers Topics Included in this Announcement: HUD Mortgage Letter : Annual Mortgage Insurance Premium Changes and Guidance on Case Numbers. HUD Mortgagee Letter : FHA Refinance Transactions. Mortgagee Letter introduces a 25 basis point increase to the Annual Mortgage Insurance Premium for forward mortgage amortization terms. Itt also provides guidance on the validity period of case numbers and new requirement ts for requesting them. FHA Annual Mortgage Insurance Premiumm Changess (monthly MIP): Effectivee for case numbers assigned on or after April 18, 2011, the Annual Mortgage Insurance Premiumm (monthly MIP) for forward mortgages will increase 25 basis points. The charts below illustrate the 25 basis points (bps) increase in the Annual Mortgage Insurance Premiums. There are no changes to the Upfront Mortgage Insurance Premium (UFMIP). This change applies to all FHA products offered by Michigan Mutual (MMI). UP Front MIP CASE NUMBERS ASSIGNED On/After April 18, REFERENCE CHART FOR UP-FRONT AND ANNUAL MIP FOR PURCHASE MORTGAGES REFINANCES (INCLUDING STREAMLINE REFINANCES) WITH TERMS >15 YEARS Up-front LTV Ratio >95 95 Premium 1.15% 1.10% REFERENCE CHART FOR UP-FRONT AND ANNUAL MIP FOR PURCHASE MORTGAGES REFINANCES (INCLUDING STREAMLINE REFINANCES) WITH TERMS 15 YEARS Up-front LTV Ratio >90 90 Premium.50%.25% & & FHA Guidance on the validity period requesting them: of case numbers and new requirements for Requesting Case Numbers: Case numbers can only be requested for an active loan application with a valid property (cannot be ordered for fictitious properties or properties that are to be determined ). MMI is now required to certify at the time of requesting a case number thatt we have an active loan application for the subject borrower and property. The borrower s name and social security number aree to be provided for all borrowers for FHA existing and new construction (i.e. proposed construction and existing construction less than one year old). 1

2 Automatic Case Number Cancellation: Beginning April 18, 2011, FHA systems will automatically cancel any uninsured case number where there has been no activity for 6 months (currently automatically cancelled at 13 months) since the last action except for: Loans where an appraisal update has been entered, and/or Loans where the Upfront Mortgage Insurance Premium (UFMIP) has been received. Last action includes: Case numbers assigned, Appraisal information entered Firm commitment issued by FHA, Insurance application received and subsequent updates, and Notice of Return and resubmissions Last action does not include updates to borrower names and/or corrections to property address. For example, making changes to the number of borrowers on the loan will not reset the 6 month timeframe for automatic cancellation. To prevent automatic cancellation of case numbers for which mortgage insurance will be sought (for closed loans), lenders must enter appraisal information, successfully transmit the insurance application, etc. Note: this automatic cancellation is applicable to case numbers assigned prior to April 18, In addition, in situations where duplicate case numbers are issued, in order to obtain mortgage insurance, MMI will cancel one of the case numbers and not wait for automatic case number cancellation. Reinstating Case Numbers: Case numbers that were automatically cancelled, including case numbers for condominium units, will not be re-instated unless: MMI provides evidence that the subject loan closed prior to cancellation of the case number, such as a HUD-1 Settlement Statement, or MMI provides documented evidence to HUD that not reinstating the case number causes an undue hardship to the borrower that is unrelated to recent changes to premiums and underwriting requirements. 2

3 Mortgagee Letter clarifies and updates existing guidance concerning refinance transactions. The clarification of existing guidance is effective immediately. The new guidance will be effective for all case numbers assigned on or after April 15, Clarification of existing guidelines effective immediately: All Refinances - Current status of the refinanced mortgage: This is clarification of existing guidance and is effective immediately. Borrowers must be current on the mortgage being refinanced for the month due prior to the month in which they close the refinancing and for the month in which they close. For example, if the borrower is closing on April 8, 2011, the borrower must have paid the March 2011 payment within the month of March. The borrower must make the April payment by closing. The borrower has the option to make the April payment at the beginning of the month, or may include the April payment in the payoff amount at closing (in this scenario the loan must close and disburse in April). All refinances Subordinate Liens: This is clarification of existing guidance and is effective immediately. If there is an existing subordinate lien on the property, such as a Home Equity Line of Credit (HELOC), the entire lien must be subordinated at refinance. For the calculation of the Combined Loan to Value (CLTV) ratio, the maximum accessible credit limit of the existing subordinate lien must be utilized. Streamline Refinances Seasoning of the Refinanced Mortgage: This is clarification of existing guidance and is effective immediately. On the date of the FHA Case Number Assignment: 1. The borrower must have made at least six payments on the FHA-insured mortgage that is being refinanced, and 2. At least six full months must have passed since the first payment due date of the refinanced mortgage, and 3. At least 210 days have passed from the closing date of the mortgage being refinanced. FHA Connection will not issue a case number assignment until this time has elapsed. For example, if the FHA case number on the mortgage being refinanced was closed on or before December 1, and if the borrower s first payment on that mortgage was due on January 1, MMI may request assignment of an FHA case number for the refinancing mortgage no earlier than July 1. Cash-out Refinances Acceptable payment history: This is clarification of existing guidance and is effective immediately. The loan file must contain documentation that the borrower has an acceptable payment history (such as the credit report). The payment history is acceptable if the borrower: 1. Is current on the mortgage being refinanced, and 2. Has made all payments on the mortgage being refinanced within the month due for the previous 12 months. 3. For mortgages with more than 6 months and less than 12 months of payment history, the borrower must have made all payments when due. 4. Mortgages with less than 6 months of payment history are not eligible for a cash-out refinance. 3

4 New guidance effective for all case number assigned on or after April 15, 2011: All refinances Borrower occupancy of former investment property: This is new guidance and will be effective for all case number assigned on or after April 15, The table below describes policy guidance on the maximum mortgage amount available for borrowers who re-occupy their investment property securing the mortgage which is being refinanced. Occupancy of Former Investment Property 12 months or more prior to the loan application date of the refinancing mortgage Less than 12 months prior to the loan application date of the refinancing mortgage Eligible Financing Maximum Financing at the same level as an owner occupant Rate and term refinancing only (no streamline refinance allowed), with an LTV not to exceed 85% All refinances Three and Four Unit Properties: This is new guidance and will be effective for all case number assigned on or after April 15, HUD Handbook B.4, which discusses purchase transactions involving three and four unit properties, also applies in its entirety to all refinance transactions of three and four unit properties. This includes: 1. For three and four unit properties, the borrower must have personal reserves equivalent to three month s PITI after closing on purchase transactions. Reserves cannot be derived from a gift. 2. The maximum mortgage for three and four unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%. Streamline Refinances Net Tangible Benefit: This is new guidance and will be effective for all case number assigned on or after April 15, The Mortgagee Letter rescinds and replaces paragraph I.C of Mortgagee Letter and its subsequent incorporation in HUD handbook C.5.a, which defined net tangible benefit in a streamline refinance transaction as, among other things, a reduction to the principal, interest, taxes, and hazard insurance (PITI). This new guidance bases the calculation of the net tangible benefit on the principal and interest (P&I) and Mortgage Insurance Premium (MIP). The purpose of this change in guidance is to allow borrowers who can reduce their by 5% to do a streamline refinance, even if they have an increase in taxes and insurance, because borrowers must pay taxes and insurance regardless of whether they refinance. This will allow more mortgagors to qualify for a streamline refinance, increasing their ability to repay their mortgages. It must be determined there is a net tangible benefit to the borrower as a result of the streamline refinance transaction, with or without an appraisal. Net tangible benefit is defined as: 1. a 5% reduction to the P&I of the mortgage payment plus the annual MIP, or 2. Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage. 4

5 Note: Reducing the term of the mortgage, in and of itself, is not a net tangible benefit (must meet net tangible benefit below). Also, when refinancing to a hybrid ARM, the new mortgage will be treated as a fixed rate for net tangible benefit purposes. The following table defines the permissible minimum thresholds in different refinance situations and outlines what is new and existing guidance: To Fixed Rate One-Year ARM Hybrid ARM From Fixed Rate (new rate of the fixed rate mortgage least 5 percent of (new One-Year ARM no greater than 2 points above the current interest rate of the ARM (new rate of the ARM Hybrid ARM During Fixed Period (new rate of the ARM least 5 percent of (new Hybrid ARM During Adjustable Period no greater than 2 points above the current interest rate of the Hybrid ARM (new rate of the Hybrid ARM 5

6 Streamline Refinances Certifications and Verifications: This is new guidance and will be effective for all case number assigned on or after April 15, The Mortgagee Letter partially rescinds the policy in HUD Handbook C.1.h (originally published in Mortgagee Letter , Section I. D), which required mortgagees to certify that the borrower was employed and had income at the time of loan application. MMI is not rescinding its policy and will continue to credit, income qualify borrowers as detailed in our FHA Streamline Guidelines. In addition HUD has not eliminated verification and documentation of funds to close, if applicable. Streamline Refinances Use of Total Scorecard (Desktop Originator/eMagic): This is new guidance and will be effective for all case number assigned on or after April 15, HUD has rescinded Mortgagee Letter Brokers must not use Desktop Originator/eMagic on Streamline Refinances (including credit/income qualifying). These transactions will now be manually underwritten and as such manual underwriting documentation will apply. Streamline Refinances Maximum Insurable Loan Balance: This is new guidance and will be effective for all case number assigned on or after April 15, The insurable balance may only increase beyond the sum of the outstanding balance and the new Up-Front Mortgage Insurance Premium (UFMIP) by using a credit-qualifying refinance with an appraisal. Closing costs, discount points and prepaid items may only be added to the new loan balance on a Streamline Refinance with an appraisal using a Credit-qualifying refinance. There are no changes to the mortgage amount calculation for a Streamline Refinance without an appraisal. Cash-out Loan Transactions Which Pay Off Land Contract or Properties Subject to Ground Rents: This is new guidance and will be effective for all case number assigned on or after April 15, HUD Handbook B.6.a, which discusses the financing limit for loan transactions which pay off land contracts with no cash out at closing, also applies in its entirety to all cash out loan transactions which pay off land contracts, as well as refinancing transactions on properties subject to ground rents. Both of these types of transactions will be treated as if they were cash out refinances on property held in fee simple. Please contact your account executive if you have any questions. As always we appreciate and value your business! 6

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