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HUD Admits Multifamily Default Level Didn't Justify Premium Increase in 2001.(Brief Article)
The Department of Housing and Urban Development has announced a reduction in Federal Housing Administration insurance premiums for multifamily loans that could go into effect in mid-October or later.
Under the new mortgage insurance premium schedule, premiums on FHA multifamily loans for new construction and substantial rehabilitation will be reduced from 80 basis points to 57 bp.
This announcement puts to rest a long-running dispute between the Mortgage Bankers Association and HUD over the appropriate premium levels. MBA strongly objected when HUD raised multifamily premiums from 50 bp to 80 bp last summer and successfully argued 80 bp is too high in relation to defaults and claims.
MBA is pleased with the adjustment in the premiums, MBA staff vice president Cheryl Malloy said.
MBA is also pleased that HUD will allow lenders with firm commitments for a multifamily loan to wait until the new MIP schedule goes into effect so they can get reprocessed at the reduced premium rate.
"They will let you take it down from 80 bp to 57 bp," Ms. Malloy said. But if you have an initial endorsement, "you are stuck with 80 bp for the life of the loan."
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Source: HighBeam Research, HUD Admits Multifamily Default Level Didn't Justify Premium Increase...