ANNOUNCEMENT 0117 - 01
FHA - MIP Premium Cut
The following applies to LoanQuest system software 16.2 and later.
Regarding the recent FHA announcement to cut MIP premiums, MortgageFlex is evaluating the change and will update LoanQuest, where appropriate.
However, since the effective date of January 27, 2017 does not leave much time to develop and release system changes, we have taken the steps to document and test a process to import the revised MIP premiums without a change to the software.
We have attached an updated MIP Parameter Import spreadsheet (mip_parm 01-27-17.csv) and a step-by-step update process for LoanQuest versions 16.2 and 16.3. If you are running a version prior to 16.2, please contact Customer Service for an alternate process.
Please review the following steps to import and update your existing MIP Parameters table. If you encounter any issues importing the spreadsheet, please contact Customer Service.
Importing MIP Parameters
- Go to Desk > Administration and click on the Data > Import Setups screen.
- Select the MIP_PARM table and then browse to the .CSV file network location.
- Select the 'Fill table' button to bring in the .CSV file data and fill the table.
- Select 'Import' to have the data imported into LoanQuest (A 'Setup Tables Import' message will let you know when the process is complete).
For existing pipeline loans that will close on or after January 27
LoanQuest utilizes the FHA Case Number date to determine the correct MIP factors. The FHA change is based on loans closing after January 27, 2017. Users will need to populate the “MI has been overridden” checkbox in the Calculate MI popup and manually enter the appropriate Annual factor until January 27.