Ever since the Federal Housing Administration reported that its flagship fund reached the Congressionally mandated threshold of 2%, speculation has swirled about finally cutting mortgage insurance premiums.
The most recent report from the FHA fueled the talk even more, with the Mutual Mortgage Insurance Fund growing to 2.32%.
But not everyone is on board with the idea of cutting FHA MI premiums and the FHA hasn’t announced anything yet.
Mat Ishbia, president and CEO of United Wholesale Mortgage, touched on the topic in his latest January 3 Points video, saying that there have been a lot of rumors around the idea.
So much so, Ishbia stated, that some people are thinking there’s a 60% or 70% chance they are going to lower them before Pres. Obama leaves office on Jan. 20.
Watch the video below to see what Ishbia thinks about the FHA lowering MI premiums.