Written By: Joan Ewing, Op-Ed Writer
Hello Everybody – Hope everyone is doing well and staying busy. In my quest to find a topic for this week’s blog and in the interest of the economy and everyone looking for extra money – I have an idea – Look on the FHA Refunds web site.
Need FHA Training?CLICK HERE:http://www.FHA-Classes.org
I was not sure there were still borrowers around who were due FHA Refunds – but there are still thousands of borrowers who are due money and do not know it. If you know anyone who acquired a FHA mortgage after September 1, 1983; paid an up-front insurance premium and has not defaulted on their mortgage, they could be eligible.
Many borrowers have refinanced their property who originally had an FHA mortgage and now have a conventional mortgage. According to the FHA website – FHA sent forms to those who had refinanced their homes and the borrowers were to complete and return to FHA – How many of these forms do you think have made it to the shredder without being read? There must be thousands because that is how many persons are listed that are due a FHA refund.
Also the site states – they have stepped up their efforts to locate homeowners who are owed FHA refunds. There are many companies who scan the website and try to locate the borrowers and charge a “finders fee”. FHA has stated that if someone from Immediate System Resources contacts a borrower – they are legit and are officially affiliated with HUD – they do not charge a fee.
Other tracer companies are legal, but they do not represent HUD and they will charge you a fee. Why pay a fee when you can get the information on your own.
As a processor, you could provide a service to your borrowers – since it only takes 10 seconds to determine if your borrower is on the list of those eligible for a refund – type in their name, who knows you could make your borrowers very happy. You could have a customer for life.
For FHA insured loans made with a closing date prior to January 1, 2001 and endorsed before December 8, 2004 – no refund is due after the seventh year of insurance. For FHA insured loans endorsed on or after December 8, 2004 – no refund is due to the homeowner unless they refinanced to a new FHA insured loan, and no refund is due these homeowners after three years.
While there have been changes regarding the refunds due to borrowers – the fact remains there are thousands of names listed. Why not check out the site and check the site for your new borrowers – You could make someone very happy.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
Well – in closing this week – Keep processing. More later.
About The Author
Joan Ewing - As an op-ed writer and active FHA DE Underwriter for the past 15 years, Joan Ewing is a proud NAMP® Certified Ambassador Loan Processor (NAMP®-CALP). Joan brings years of FHA Government experience to her writings, letting her readers tap into her underwriting knowledge base.