In fact, I'm pretty sure. Here's why:
The reduction in FHA MMI was introduced on Jan 9, 2017 with FHA Mortgagee Letter 2017-01.
http://portal.hud.gov/hudportal/documents/huddoc?id=17-01ml.pdf
The cancelation of that MMI reduction was on Jan 20th, 2017 with FHA Mortgagee Letter 2017-07.
http://portal.hud.gov/hudportal/documents/huddoc?id=17-07ml.pdf
That's 11 whole days (maybe 8 working days?). Basically it's a moot point and status quo.
Any FHA loans put into place starting Jan 10 would barely be getting an appraisal back now. These loans are nowhere near a signing table. These are not your cancelations.
Granted, FHA loans that would have closed AFTER Jan 27 would have benefited by the 20 basis point reduction. For those loans to cancel today however would mean they were started around mid-December, long before the Jan 9th reduction announcement. Those customers were merely benefiting after the fact.
Will it hurt those that applied after Jan 9th for future closings? Doubt it. Rates have hovered or slightly lowered over the last several weeks.
Did refi customers change their minds then? No. Refi customers who would chase a .20 MMI reduction vs cost of closing would barely have started Jan 10th. Nowhere near closing time to cancel.
Business as usual as far as FHA is concerned.
|
| Messages in this Thread |
|  Be Prepared For A Lot Of Cancellations This Week - PegiT_MN on 1/23/17 11:10am |
|  Re: Be Prepared For A Lot Of Cancellations This Week - Annette DiNardo on 1/23/17 11:18am |
| Re: Be Prepared For A Lot Of Cancellations This Week - PegiT_MN on 1/23/17 11:26am |
|  Yes and not politics but ... - BobbiCT on 1/23/17 12:40pm |
|  This is, it's not about being able to afford 41.67 a mth - CH2inCA on 1/23/17 2:54pm |
|  quoted from a Chicago Tribune article... - CNSA16 on 1/23/17 4:44pm |
| 3 FHA loans last week where the MIP payment was over $200 - desktopfull on 1/24/17 5:04am |
| Re: Be Prepared For A Lot Of Cancellations This Week - itsfubar2 on 1/23/17 2:30pm |
| Re: Be Prepared For A Lot Of Cancellations This Week - cremevette on 1/23/17 2:34pm |
| Re: Be Prepared For A Lot Of Cancellations This Week -  JanetK_CA on 1/23/17 5:38pm |
| Yup, you are playing politics in wrong forum. n/m - Belinda/CA on 1/23/17 6:10pm |
| Re: Be Prepared For A Lot Of Cancellations This Week - Rose/TX on 1/23/17 3:10pm |
| Re: Be Prepared For A Lot Of Cancellations This Week - Sasha10 on 1/23/17 4:15pm |
| EOM January might just really bite. - CH2inCA on 1/23/17 11:27am |
| So far business has been all but non-existent for me in Jan. - MW/VA on 1/23/17 4:30pm |
| Re: So far business has been all but non-existent for me in Jan. - Yoli/CA on 1/24/17 5:17pm |
| Ditto: Slowest month I've had in ages. - FeliseSoCal on 1/24/17 8:08pm |
| Thanks, Peggy. I've done a couple of FHA Refi Apps - MW/VA on 1/23/17 4:21pm |
| Re: Thanks, Peggy. I - Doris_CO on 1/23/17 6:05pm |
 | I doubt that's the cause of cancellations - Bear900/CA on 1/23/17 6:23pm |
| It Was Definitely The Reason . . . - PegiT_MN on 1/23/17 7:14pm |
| Re: It Was Definitely The Reason . . . - Bear900/CA on 1/23/17 8:30pm |
| Thanks for helping us keep our perspective, as usual! :>) n/m - JanetK_CA on 1/23/17 7:15pm |
| So, at the end of the day, can anyone explain why ... - John/CT on 1/23/17 7:57pm |
| Re: So, at the end of the day, can anyone explain why ... - Bear900/CA on 1/23/17 8:36pm |
| Ha! I mean Administration...darn spell checker :) n/m - Bear900/CA on 1/23/17 8:37pm |
| John, you're question should be answered in JP.... n/m - CNSA16 on 1/24/17 9:03am |
