Friday, January 20, 2017

HUD Suspends FHA Mortgage Insurance Premium Cut

Ben Carson, Trump appointed head of HUD suspends indefinitely the FHA mortgage insurance premium cut.

HUD Suspends FHA Mortgage Insurance Cut

If you haven't heard about the recent Mortgage Insurance Premium cut it happened two weeks before leaving office, then-president Obama issued an announcement for a FHA mortgage insurance premium cut. That would be second time it has been reduced since Obama has been in office. Here is the statement issued by the Federal Housing Authority (FHA.)

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The Statement issued by FHA

“FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,” the letter stated. “As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts.”

But Ben Carson, Trump appointed him as head of HUD has issued a statement shortly on Friday after Trump took the presidency saying it suspended the reduction of Mortgage Insurance Premiums, effective immediately. 

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Many sources prior to the cut were saying that the Trump administration would roll it back but many didn't believe it. It has now officially happened and it has been suspended indefinitely. This FHA mortgage insurance premium cut has been suspended indefinitely and who knows if it will be reinstated. As a mortgage banker myself I welcome the Mortgage Insurance Premium cut because it would help many homeowners save a few dollars every month on their mortgage insurance premium. Let's see where this new administration takes us in regards to the world of mortgage banking. Let's hope he rolls back the Dodd-Frank Act so we can get rid of the choke-hold on the industry that president Obama has subjected us to.

How does it affect my mortgage banking?

I currently specialize in doing reverse mortgages. This doesn't directly effect me too much but this industry as a whole since the rate hike could use some good news. The economy is at an all time low and many people are having a hard time to make ends meet and let alone to even make their mortgage payments. I have never been a supporter of anything Obama but I did welcome the FHA mortgage insurance cut. This is you up to date mortgage news I hope you enjoyed. Download my app "Mortgage Banker Pro 2.0" to make sure you never miss a beat in regards to what's going on in the world of mortgage banking. 

- Read "3 Things You Need To Know Before You Refinance."

I hope you enjoyed, reading this article. My name's Jon and I specialize in writing for current events, the wonderful world of mortgage banking and life in general. If you have any questions or maybe even featured on my articles feel free to reach out. By the way if anyone you know is looking to refinance or needs a reverse mortgage send them my way my friends! If you have any questions feel free to send me a message on LinkedInFacebook, or Instagram.

This is how I feel about Donald Trump and Duterte being my presidents!
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Jon Arpon "Orange Countys Premier Mortgage Banker."
Reverse Mortgage Professional / Mortgage Banker NMLS 1447861, Company NMLS 7147
2030 Main Street, Suite 350, Irvine, CA 92614
Direct: 949.441.2048
Fax: 888.537.6148

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