Revised Implementation Date for Home Possible Pricing and MI Changes
December 16, 2015
We've heard your concerns about meeting the effective date for the changes we announced in our December 9, 2015, Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-21 and we’re quick to respond. To support your adoption timeline, we're revising the implementation date of the Home Possible® and mortgage insurance (MI) changes announced in Guide Bulletin 2015-21.
In the Bulletin, we announced a new Home Possible pricing structure, updated delivery fee rates and revised MI requirements effective for mortgages with settlement dates on or after January 4, 2016.
Today we're announcing an update to the implementation date for the Home Possible and custom MI changes announced on December 9. These changes are now effective for mortgages with settlement dates on or after July 1, 2016. This new date provides you with more time to manage your pipelines and update your systems.
We will reissue Guide Bulletin 2015-21 this week reflecting the new effective date for the changes related to Home Possible and MI coverage.
What This Means for You
With the revised effective date, we are simplifying the adoption of these changes for you. As a result:
- You no longer have to consider the loan's Application Received Date when planning for the delivery of Home Possible mortgages in your pipeline.
- We will no longer need a temporary, manual billing process to bill for the applicable Home Possible delivery fees, as originally communicated.
- The Selling SystemSM will display the applicable pricing (old or new pricing structure) based on the settlement date you key in, consistent with today's current processes.
No Change in the Effective Date for Changes Related to Manufactured Homes
Please note that the effective date for changes related to manufactured homes, also included in the Bulletin, is not changing. You can start taking advantage of the reduced delivery fee and MI coverage level for manufactured homes effective for mortgages with settlement dates on or after January 4, 2016.