MRIS has improved report accuracy concerning FHA Mortgage Insurance Premium (MIP/PMI) calculations to better serve your real estate needs! There are four new calculation percentage rates in Web Settlement Xpress instead of one based on the down payment amount for FHA loans requirements.
When MRIS customers create Buyers Financial Loan Options using FHA loan types and entering sale price and down payment, the FHA MIP/PMI is automatically calculated. The Buyers Estimated Settlement Costs report displays loan options with FHA MIP/PMI based on the applicable calculation rate.
MRIS customers now have the ability to manually enter a “revised” percentage rate in the new “Upfront FHA MIP Rate” field text box in the Buyers Financial Loan Option for a given property. There is no need to type in the “current” rate as it auto calculates the desired results. Another new feature allows MRIS staff to update the percentage rates from the backend of the Web Settlement Xpress application manually whenever the government issues new rates. Enabling MRIS customers and MRIS staff to enter a new rate allows instant update of information without having to wait for a scheduled upgrade.
Please note, Recording Tax and Transfer Tax calculations now both display correctly for all Buyer Financial Loan Options in the Buyers Estimated Settlement Costs report.