FHA MIP Rate Reduction
As announced in HUD issued Mortgagee Letter (ML) 2023-05, FHA is reducing the annual Mortgage Insurance Premium (MIP) rates for loans endorsed on or after March 20, 2023. Gateway Correspondent Lending is aligning with HUD and will purchase loans with reduced premium amounts as long as the endorsement date is on or after March 20, 2023.
For loans closing prior to March 20th using the reduced premium amounts, clients must confirm that the loan will be insured on or after March 20, 2023.
VA Funding Fee Charge Update
The Department of Veterans Affairs has recently published VA Circular 26-23-06 which reduced the funding fee rates for non-exempt VA loans closed on or after 4/7/2023 and prior to 11/14/2031. Please refer to Exhibit B in the VA circular to see an itemized list of effective funding fee rates for Purchase, VA Cash-out Refinance and Construction Loans on or after 4/7/2023.
Please direct any questions to your Regional Sales Manager