The ARS Calculator has been updated to reflect a new fee in North Carolina. A $15 commitment fee will apply to all mortgage transactions, effective June 9 2017.
We stand behind our rate calculator, which is why we advise you to pull a new quote for each application, to ensure you are receiving a current fee. If you do not have access to our calculator, please inquire with us for a login.
The maximum claim amount for FHA-insured Home Equity Conversion Mortgages has been increased from its current $625,500 limit to $636,150, according to Mortgagee Letter 2016-19 published by the Department of Housing and Urban Development.
This new MCA – which is equal to 150 percent of the Freddie Mac national conforming limit of $424,100 – becomes effective for case numbers assigned on or after January 1, 2017 and will last through December 31, 2017. The $636,150 limit also applies to the Freddie Mac high-cost exception areas, which include Alaska, Hawaii, Guam and the Virgin Islands.
The ARS rate calculator has been adjusted so clients can quote up to the new HECM loan limit before being notified that Jumbo fees are needed.
The ARS Calculator has been updated to reflect a new fee in Suffolk County, New York. The county legislature approved an amendment to Local Law 26-2016 that adds a Mortgage Verification Fee of $300 per document on all mortgage related documents. This law goes into effect on January 1, 2017.
The Mortgage Verification Fee fee will apply to all mortgage related documents, such as, but not limited to, mortgages, mortgage assignments, CEMAs and mortgage satisfactions.
We stand behind our rate calculator, which is why we advise you to pull a new quote for each application, to ensure you are receiving a current fee. If you do not have access to our calculator, please inquire with us for a login.
ARS is heading to San Antonio, TX for this year’s NRMLA Annual Meeting & Expo. Click here to learn more about this event. We look forward to seeing you there.
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