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FHA to Accept Electronic Claims.(Federal Housing Administration)
Loan files for single-family mortgages insured by the Federal Housing Administration will be a page or two lighter under a new directive eliminating paper mortgage insurance certificates.
Effective Nov. 20, the FHA will no longer issue paper MICs when endorsing loans for insurance, Federal Housing Commissioner John Weicher said at the Mortgage Bankers Association's annual convention here.
Paper MICs also will not be necessary when submitting claims, Mr. Weicher said.
Lenders will be able to confirm electronically that a certificate has been issued.
The change will not only save a few trees, but also will save the government and lenders millions of dollars.
HUD issued more than 2 million paper certificates in the previous 12 months, including 1.3 million new MICs and about 700,000 duplicates. "That's two million documents you won't have to request, receive, file and track," Mr. Weicher said, estimating the savings to the industry at about $80 million in the coming year alone.
HUD also estimates the change should generate a savings to the Department of close to $10 million.
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Source: HighBeam Research, FHA to Accept Electronic Claims.(Federal Housing Administration)