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**U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT**

WASHINGTON, D. C. 20410-8000

May 30,1991

OFFICE OF THE ASSISTANT SECRETARY FOR

HOUSING-FEDERAL HOUSING COMMISSIONER

**MORTGAGEE LETTER 91-26**

TO: APPROVED MORTGAGEES

**SUBJECT:** SINGLE FAMILY INSURANCE PROCESSING FOR

RISK BASED MORTGAGE INSURANCE PREMIUMS

1\. INTRODUCTION

1-1 HOUSING ACT OF 1990. In accordance with the Omnibus Budget

Reconciliation Act of 1990 and the National Affordable Housing Act

of 1990, the Department will begin to collect risk-based premiums

for mortgages insured under the provisions of the Mutual Mortgage

Insurance Fund. Paragraph 7 will identify all participating

Sections of the Act. This letter provides additional information

and clarification to the Mortgagee Letter 91-1, dated January 10,

1991\. The risk-based premiums have two components: the upfront

premium and the periodic premium, and each loan requires both.

1-2 EFFECTIVE DATE. Risk-based premiums will be effective for loans

closed on or after July 1, 1991.

1-3 REMITTANCE REQUIREMENTS - UPFRONT AND PERIODIC. The upfront

premium is required to be received within 15 days of the closing

date. The upfront premium process is identical to the one-time

premium process which it replaces. The periodic premium is

calculated annually, but collected and remitted monthly to be

received by the 10th of the following month. This is a change from

Mortgagee Letter 91-1. The periodic premium will be collected over

a set number of years depending on the loan to value ratio of the

mortgage. See Exhibit I. The monthly remittance will he made in

an aggregate amount with one check, as is the other monthly premium

remittance. An important difference is that information about each

loan and premium amount represented in that aggregation will also

be sent to HUD. This will be discussed in Greater detail in

Paragraph 6. An additional difference is that no Advance Notices

will be generated in the near term.

1-4 OLD MONTHLY PREMIUMS. The process of assessing and collecting

periodic premiums on loans insured from the Special Risk Insurance

Fund and the General Insurance Fund, and on other loans with

commitments before September 1, 1983, remains unchanged. Advance

Notices will continue to be sent; monthly remittances will be

expected. KEEP THEM SEPARATE FROM THE RISK-BASED MONTHLY PREMIUMS.

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2\. CALCULATING THE UPFRONT AND ANNUAL PREMIUM

2-1 CALCULATING THE UPFRONT PREMIUM. Mortgagees determine the upfront

mortgage insurance premium by multiplying the base loan amount by

the premium factor rate, which is currently 3.8%. The rate will

change according to the fiscal year in which the loan closes. See

Exhibit I.

Example:

Base Loan Amount X Premium Rate Factor = Upfront Premium

\$87,900.00 X .03800 = \$3,340.20

A worksheet for determining upfront premium or the base loan amount

is included as Exhibit II. The term of the loan is not a factor in

the upfront premium calculation.

2-2 ADJUSTABLE RATE MORTGAGES. Premiums for ARMs will be charmed as if

the first year\'s interest rate applies through the life of the

mortgage.

2-3 CALCULATING THE PERIODIC PREMIUM. The periodic premium will be

based on the base amount of the loan, with the upfront premium

subtracted out if it was financed. The annual rate of the periodic

premium is .5% of the average outstanding principal balance,

regardless of pre-payments or delinquencies. Mortgagees will

determine the annual premium by one of several methods:

\- Straight calculation method,

\- Premium factor method, or

\- Amortization schedule method.

All methods are acceptable; they yield results very similar and HUD

will tolerate small differences.

Worksheets for calculating the annual premium are provided as a

convenience and are included in Exhibit III. The worksheets are

for use by loan servicing to determine the amortization of the

annual premium. Annual mortgage insurance premium factors are

contained in the HUD publication titled Amortization, Insurance

Premium and Outstanding Principal Balance tables (FHA No. 2025).

Mortgagees should maintain a record of the length of the period

over which the periodic premium is due. This will vary from loan

to loan.

2-4 PROPERTY DISPOSITION CASES. On property disposition sales, use the

contract sales price o calculate the loan-to-value for the purpose

of determining the term of the annual premium, after implementation

of this new premium structure.

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2-5 STREAMLINE REFINANCES. This paragraph amends the streamline

refinance procedures referenced in paragraph IV of Mortgagee

Letter 91-1.

All mortgages, regardless of date closed (executed), that are

subsequently refinanced under the streamline refinance program will

be subject to the annual premium. A streamline refinance without

an appraisal shall be considered as having a loan to value ratio of

less than 90% for purposes of determining the term of the annual

premium. Lenders shall continue to call the Single Family

Insurance Phone Center at (703) 235-8117 to obtain the upfront

mortgage insurance premium refund credit amount.

3\. LATE CHARGE AND INTEREST OBLIGATION

3-1 4% LATE CHARGE ASSESSED - AFTER 15 DAYS. Late charges on upfront

payments must be paid if remittance is received more than 15 days

after the mortgage closing date. If the premium payment is

received on or alter the 16th calendar day, a 4% late charge is

assessed. For example, a premium amount of \$3,340.20 will result

in late charge fees of \$133.60 due HUD.

3-2 4% LATE CHARGE ASSESSED FOR MONTHLY PAYMENT. Late charges on the

monthly payment must be paid if the remittance is received after

the 10th of the month in which it was due.

3-3 INTEREST ASSESSED - AFTER 30 DAYS. Interest charges on monthly and

upfront premiums must be paid if remittance is received more than

30 days after it is due. Interest is accrued daily from the

premium due date (not the grace period). The interest payment

formula is premium amount multiplied by the daily interest rate

factor, multiplied by number of days late.

3-4 INTEREST RATE. The Premium Telephone Service Center may be

contacted at (703) 235-8117 for the latest interest rate published

by the Department of the Treasury as the Value of Funds Rate.

3-5 DAILY INTEREST RATE FACTOR. Annual interest rate expressed as a

decimal divided by 365 rounded to the fourth place to the right of

the decimal.

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4\. HOW TO PAY THE UDFRONT PREMIUM

4-1 ACH. Mortgagees are encouraged to remit the upfront premium by the

Automated Clearing House program (ACH). There is no difference

from the process already used for one-time premiums, except for

planned improvements. The ACH method allows mortgagees to transfer

upfront remittances to HUD electronically; reducing the

possibilities of late charges and giving mortgagees greater control

over the remittance process. To obtain more information about the

ACH program, you may call (703) 235-8117.

4-2 WHERE TO SEND CHECK. Mortgagees may mail the upfront remittances

and form HUD-27001 to the following address:

HUD Upfront Premium

P.O. Box 100569

Atlanta, GA 30384.

Do not send certified mail to the Post Office Box.

If a private courier service is used, send form HUD-27001 along

with the check to:

Upfront Premiums

Citizens and Southern National Bank

Wholesale Lockbox Department (3SSE)

6000 Feldwood Road

College Park, GA 30349.

5\. HOW TO PAY THE MONTHLY PREMIUM

5-1 WHO. Each HUD approved mortgagee shall designate one office to

submit the monthly remittance.

5-2 ACH. The capability will be developed to accept monthly premium

payments through ACH. We are planning for the route into the

electronic lockbox to be the same as for the upfront premium. More

information on this service will be announced later.

5-3 WHERE TO SEND CHECK. A single check for the monthly collections of

all risk-based premiums should be mailed with HUD Form 2748 to:

HUD Risk-Based Insurance Premiums

Drawer CS 198053

Atlanta, GA 30384-8053

Do not send a monthly premium with an upfront premium.

Do not send certified mail to the Post Office Box.

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If a private courier service is used, send HUD Form 2748 along with

the check to:

HUD Risk-Based Insurance Premiums

Citizens and Southern National Bank

Wholesale Lockbox Department (3SSE)

6000 Feldwood Road

College Dark, GA 30349

5-4 WHEN. On a monthly basis mortgagees shall remit to HUD to be

received by the 10th of each month 1/12 of the total of all annual

Single Family Premiums for all mortgages in the mortgagee\'s

Servicing Portfolio for the month, or mortgagees may exclude

payment on loans for which they received no monthly payment from

the homeowner.

5-5 FORM TO BE USED. HUD Form 2748 should be sent along with one check

to cover all cases. To help the Department separate risk-based

premiums from our traditional monthly premiums please include the

letters RBP after the title Premiums Remittance Summary on form

2748 and also include the letters RBP on the check. Fill in blocks

#1 through #3, block #4 parts p, q, r and s, and block #5 part g

only. See Exhibit IV.

6\. INFORMATION REPORTING FOR MONTHLY MORTGAGE INSURANCE PREMIUM

6-1 REQUIREMENTS. Although the monthly remittance for risk-based

premiums will be a single check and a single remittance form, the

Department will be applying the payments at the loan level. To

accomplish this HUD requires information detailing all the

risk-based premium loans in the mortgagee\'s portfolio and the

premium paid for each. We encourage the use of electronic media

for sending this information every month. Magnetic tape or

personal computer disk will be accepted. The specific data

requirements appear as Exhibit V.

6-2 SUBMISSION. Loan data should be sent at the same time the premium

payment is made. But they go different directions. Send the data

to:

HUD Risk-Based Premiums

P.O. Box 23296

Washington, DC 20026-3296

When sending tapes and diskettes, be sure to include an address to

which we should return them.

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6-3 RESOLVING DIFFERENCES. The Department is in the process of

contracting for the performance of the loan level reconciliation.

The reconciling agent will be authorized to contact mortgagees to

resolve reconciliation and collection issues.

7\. LOANS REQUIRING RISK-BASED PREMIUMS

These MIP changes are applicable to mortgages insured under the

Mutual Mortgage Insurance Fund, i.e., National Housing Act Sections

203(b), 203(h), 203(i) and 203(n). This includes mortgages insured

under Section 203(b) pursuant to Sections 244 (coinsurance), 245

(graduated payment mortgages and growing equity mortgages, and 251

(adjustable rate mortgages). Excluded are condominium GPMs, GEMs,

and ARMs which are not insured under Section 203(b). Also excluded

are any Section 203(b) mortgages insured pursuant to Sections

233(e) (older declining areas), 238(c) (military impacted areas),

247 (Indian reservations) and 248 (Hawaiian home lands), since

those mortgages are not obligations of the Mutual Mortgage Insurance

fund. Mortgages insured under the Section 244 coinsurance program

have not previously had a one-time mortgage insurance premium; this

is the only change in coverage.

Sincerely yours,

Arthur J. Hill

Assistant Secretary for Housing-Federal

Housing Commissioner

Attachments

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Exhibit I

The following tables illustrate the operation of the risk-based premium

payment for each fiscal year:

FISCAL ANNUAL

YEAR UPFRONT LOAN-TO-VALUE PREMIUM PREMIUM

3.80%

1991 89.99 + UNDER .5% 5 YEARS

\+

1992 90.00 - 95.00 .5% 8 YEARS

95.01 + OVER .5% 10 YEARS

FISCAL ANNUAL

YEAR UPFPOMT LOAN-TO-VALUE PREMIUM PREMIUM

3.00%

1993 89.99 + UNDER .5% 7 YEARS

\+

1994 90.00 - 95.00 .5% 12 YEARS

95.01 + OVER .5% 30 YEARS

FISCAL ANNUAL

YEAR UPFRONT LOAN-TO-VALUE PREMIUM PREMIUM

2.25%

1993 89.99 + UNDER .5% 11 YEARS

\+

90.00 - 95.00 .5% 30 YEARS

95.01 + OVER .55% 30 YEARS

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EXHIBIT II

WORKSHEET FOR DETERMINING

UPFRONT PREMIUM

To identify the Base Loan Amount:

Divide the original mortgage amount \$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

By the Premium Factor Rate Plus 1 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

(e.g., 1.038)

Base Loan Amount = \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

The Upfront Premium is determined by:

Multiplying the Base Loan Amount \$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

By the Premium Factor X\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

UFMIP = \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

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Exhibit III

CALCULATING THE ANNUAL PREMIUM

1\. Using Annual Mortgage Insurance Premium Factors

Base Loan Amount
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

(Interest Rate \_\_\_\_)

(Term of Loan \_\_\_\_)
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

(Premium Year \_\_\_\_)

Annual Premium Factor
x\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Annual MIP
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

2\. Using Outstanding Principal Balance Factors

Base Loan Amount
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

First Month Outstanding Principal Balance Factor
x\_\_\_\_\_\_\_\_\_\_\_\_

First Month UPB
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Base Loan Amount
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Twelfth Month Outstanding Principal Balance Factor x\_\_\_\_\_\_\_\_\_\_

Twelfth Month UPB
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

First Month UPB
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Twelfth Month UPB
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

First and Twelfth Month Total
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

First and Twelfth Month Total
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Divided by Two
\_\_\_\_\_\_\_\_\_\_\_-2\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Average UPB
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Average UPB
\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

1/2 of 1% (.005)
x\_\_\_\_\_\_\_\_\_.005\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Annual MIP
=\$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

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Mortgagee Letter 91-26

Exhibit IV

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U.S. Department of Housing and Urban Development

Premium Remittance

Summary

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form HUD-2748 (8/89)

Page 1 of 2

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Mortgagee Letter 91-26

Exhibit IV

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U.S. Department of Housing and Urban Development

premium Remittance

Summary

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form HUD-2748 (8/89)

Page 2 of 2

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Exhibit V

DATA REQUIREMENTS

FOR MONTHLY DETAILS ON PERIODIC PREMIUMS

1\. Include all cases in your portfolio for which you are paying a
periodic

risk-based premium.

2\. We encourage using electronic media. The specifications for the

magnetic tapes and diskettes are:

o Tape 9 track, 1600 or 6250 BPI

EBCDIC

Labeled with no leading tape mark

Blocked records, 100 records per

block

Record length = 80 bytes

Blocksize = 8000

o Diskette 3 1/2\" or 5 1/4\"

low or high density

DOS formatted file

ASCII

Records delimited by CR and LF

Characters

File stored in root directory as:

RISKBASE.DAT

The record layout is attached.

3\. A hard copy report may be sent instead of tape or diskette. The
order

of the report fields is shown on the third pane. Maximum field lengths

are the same as those on the second pace.

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RECORD LAYOUT

Field Type:

A - Alpha

Data Element Name Length N - Numeric

HEADER RECORD

Header Record ID 1 A (H=Header)

Mortgagee ID 5 N

Remittance Year 4 N

DETAIL RECORD

Detail Record ID 1 A (D=Detail)

Mortgagee ID 5 N

Remittance Year 4 N

Remittance Month 2 N

Premium Due Year 4 N

Premium Due Month 2 N

FHA Case Number 11 A (NNN-NNNNNNNC)

Mortgagor Last Name 22 A

Outstanding Principal

Balance 6 N

Premium Remittance Amount 5 N-2 (IMPLIED DECIMAL)

Late Charge Remittance 5 N-2

Interest Charge Remittance 5 N-2

Adjustment 5 N-2

Adjustment Reason Code 1 A

TRAILER RECORD

Trailer Record ID 1 A (T=Trailer)

Mortgagee ID 5 N

Remittance Year 4 N

Remittance Month 2 N

Calculation Method 2 A

Sum of Records 7 N

Sum of Premium 10 N-2

Sum of Late Charges 10 N-2

Sum of Interest 10 N-2

Sum of Adjustments 10 N-2

CONTROL RECORD

Control Record ID 1 A (Control)

Mortgagee ID 5 N (Blank)

Remittance Year 4 N (Blank)

Remittance Month 2 N (Blank)

Sum of Records 7 N

Sum of Premium 10 N-2

Sum of Late Charges 10 N-2

Sum of Interest 10 N-2

Sum of Adjustments 10 N-2

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The corresponding format for a keying service would look approximately
like

the following:

MORTGAGEE NUMBER:\_\_\_\_\_\_\_\_\_\_\_\_\_ REMITTANCE YEAR \_\_\_\_\_
MONTH\_\_\_\_\_

Outstnd.

Prem. Due: FHACase Mtgor Premium Prin. Late Interest Adjst Adjst Calc.

Year Month Number Name Amount Balance Charge Charge Amount Code Meth.

TOTALS

\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_
\_\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_ \_\_\_\_\_

Year Month Item Count Totals
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