Fannie Mae Servicing Guide B-8.2-03 — Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium

fnma-svc-b-8-2-03

Fannie Mae Servicing Guide B-8.2-03 — Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium.

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Verbatim provisions from Fannie Mae Servicing Guide B-8.2-03 — Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Servicing Guide B-8.2-03 — Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium

Effective 2014-11-12 · publisher's stamp for this provision

B-8.2-03, Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium (11/12/2014) The servicer must execute the termination or cancellation of FHA MIP payments in accordance with applicable FHA guidelines for automatic cancellation, borrower-initiated cancellation based on a partial prepayment, or borrower-initiated cancellation based on current value of the property. Upon receipt of a borrower’s written request to cancel the FHA MIP based on the current value of the property, the servicer must evaluate the request in accordance with Fannie Mae’s provisions to terminate conventional MI based on the current value of the property, as described in Borrower-Initiated Termination of Conventional Mortgage Insurance Based on Current Value of the Property in B-8.1-04, Termination of Conventional Mortgage Insurance. The servicer must not cancel FHA MI for any FHA-insured mortgage loan in an MBS or other Fannie Mae-issued mortgage security pool. The following table outlines the servicer’s responsibilities if the criteria for canceling FHA MIP are satisfied. ✓ The servicer must... Notify FHA to cancel the FHA MIP. ✓ The servicer must... Notify Fannie Mae of the cancellation in accordance with Reporting Discontinuance of Mortgage Insurance in the Investor Reporting Manual for detailed reporting requirements. Retain supporting documentation in the mortgage loan servicing file.

Source: Fannie Mae Servicing Guide B-8.2-03 — Termination or Cancellation of FHA Mortgage Insurance and FHA Mortgage Insurance Premium · source URL · snapshot cf63a82bbb4adfba

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Source of record: https://claudeforcompliance.com/regs/fnma-svc-b-8-2-03/ · register fnma-svc-b-8-2-03 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.