How does Point calculate the monthly MIP premium?

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How does Point calculate the monthly MIP...

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susanh

Posted 12/22/2006 1:55:23 PM

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Last Login: 9/29/2008 11:03:00 AM
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I am unable to get the monthly MIP premium amount in Point to match the amount calculated using HUD's SFPCS Periodic premium calculation. Here's the link for the calculation method dictated by HUD:

http://www.hud.gov/offices/hsg/comp/premiums/sfpcalc.cfm

The table in the example provided by HUD is dated and I do use the current .0150 UFMIP factor in my calculations. Is there a more current calculation than the one referenced above?

Post #4164

jstrauss

Posted 1/19/2007 3:29:26 PM

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Last Login: 9/26/2007 5:56:04 AM
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The way I was taught was:

1. On the "borrower information" screen -> click "mtg insurance" at the bottom of the page
2. enter 1.5 in the "MM, FF" field
3. enter .5 in the "1." field of "Monthly Mortgage Insurance Premium"
4. calculate based on "loan amount"

Post #4213

susanh

Posted 1/22/2007 10:28:32 AM

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Last Login: 9/29/2008 11:03:00 AM
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That's correct, that is how you enter in the factors that allow Point to calculate the monthly MIP, however the resulting monthly amount does not equal the amount that results when running the same scenario through the SFPCS periodic premium calculation, which is the only calculation that's been in effect since May 1, 1998 that I can find. HUD states there is no tolerance in the amount of the premiums. Since Point's calculations consistently do not match the SFPCS calculations, my question is what calculation are they using?

Post #4227

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