On January 26, 2015, the Federal Housing Administration’s (FHA) 50-basis-point mortgage insurance premium (MIP) reduction went into effect. FHA expects a high volume of case number assignments, so lenders may experience slower than normal processing times. For additional information, the FHA has posted frequently asked questions about the MIP reduction as well as case number cancellation instructions on its website. 

Click here to read the FHA press release. Click here for the FHA resource center.