HUD will implement a new rule on Jan. 21, 2015 that will restrict the collection of interest to the end of the month when paying off an FHA loan. FHA payoffs will be just like conventional loans were the interest will be paid to the date of payoff only. GREAT NEWS EXCEPT, this will not effect any loan currently on the books. This is for new loans closed on or after Jan. 21, 2015. So the good news is your FHA clients wont have to wait until the end of the month to fund refis and they wont get hit with double interest, but again this isnt for loan current outstanding. The wording is a little confusing but if you review the Federal Registry, you will see it defined more clearly. There are slightly different rules going into effect for ARM loans later in the year. You can see then entire notice at FHA.gov in the Press Release section
Posted on: Wed, 14 Jan 2015 22:42:20 +0000
Trending Topics
Recently Viewed Topics
© 2015