Earlier this week, we announced the rollback of the lower FHA Annual MIP rates which would have lowered annual mortgage insurance premiums for FHA-insured loans closing or disbursing on or after January 27, 2017 (see our announcement here).
As part of this change, FHA UFMIP and Annual MIP data integrity check Warnings were put in place, to display if the rate was incorrect.
Some clients provided feedback that they want these Warnings to be “full stop” Errors instead, like they have been in the past. Others want them to continue to be Warnings. Some clients don’t want the data integrity checks at all.
Therefore, we are creating a new ConformX System Default called “FHA UFMIP/Annual MIP Data Integrity Check Options”. Once the setting is in place, it will be used to determine how the global FHA UFMIP/Annual MIP rate data integrity checks work:
- If set to ‘Errors‘ (default functionality), FHA UFMIP and Annual MIP data integrity checks will be performed to ensure accuracy, and will stop the user from proceeding if MIP rates are incorrect.
- If set to ‘Warnings‘, the FHA MIP checks will still occur, but for post-June 2013 checks the user will only receive a Warning if the rates are incorrect, allowing the loan to proceed if the Warnings are bypassed.
- The option ‘None’ will disable the post-June 2013 data integrity checks completely.
The new options will be available on Production servers by January 26, 2017, to allow for testing on Stage servers on January 25. If you have any questions or concerns about these changes, or want the checks to trigger Warnings or None, please contact Client Support at 1.800.497.3584.
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