Beginning with the November 2017 HMBS disclosures, Ginnie Mae began disclosing the HECM Loan MIP Rates based on the FHA policy change per Mortgagee Letter 2017-12. For the Daily HMBS disclosure implementation, the HECM loan origination date is used to approximate the effective MIP rate of 1.25 or 0.50 for loan level disclosure purposes. For some loans, this approximation is resulting in incorrect MIP rates. Therefore, for a small number of HMBS loans, the MIP Rates disclosed in the November HMBS Loan Level Daily New Issues file may not be the actual MIP for the HECM loans.
Ginnie Mae is examining this issue and is taking the necessary steps to disclose the correct MIP Rate for all loans and at this time, there are no correction files.
Further Bulletins will provide updates as to the resolution of the problem.
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