Can you imagine the millions of dollars spent in implementing the changes with LP, DU, Lenders, LOS vendors, training involved, etc., only to be told everything must change again?
Okay, it is a fact that the new mortgage insurance won't be risk based. We also know that the previously legislated maximum UFMIP was 2.25% and that the new maximum UFMIP is 3.0%. As to what the new UFMIP will actually be, we flat out don't know. It will be 3% or less. Risk Based MIP Chart Included
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