There are two kinds of refunds you might be eligible for. One would be a refund on a portion of the upfront mortgage insurance you paid to obtain your HUD/FHA insured loan.

The other involves getting a share of excess earnings from the Mutual Mortgage Insurance Fund if your loan originated before September 1, 1983.

The answers have been addressed in a previous question as follows:

“Am I eligible for FHA mortgage insurance premium refund?”

“You might be eligible for a refund of a portion of the insurance premium if you obtained your loan after September 1, 1983, paid an up-front mortgage insurance premium, and
did not default on your mortgage payments.

Also, if you are not inquiring more than six years after termination of the loan, you might be eligible.

Another related item you might be eligible for is a share of any excess earnings from the Mutual Mortgage Insurance Fund if you originated your loan before September 1, 1983, paid on your loan for more than seven years, and had your FHA insurance terminated before November 5, 1990.

You would not be eligible for refund on the up-front premium if:

* someone assumed your FHA insured loan because the insurance remains in effect for the new buyer.

* you did an FHA Streamline or regular FHA refinance because the refund from the old premium may be applied toward the up-front premium required for the new loan.

* your mortgage company submitted a claim to HUD for insurance benefits.

The amount of a refund on the up-front premium is based upon the number of months the loan is insured. No refund is due after the end of the seventh year of insurance for any FHA insured loans with a closing date prior to January 1, 2001, and endorsed before December 8, 2004.

Please check with your mortgage loan officer if you have any questions about your eligibility.

Final word. There is a scam out there where people try to get you to pay them to obtain your refund on your up-front FHA mortgage insurance premium. Don’t fall for it. It costs nothing to find out and obtain it if you are eligible. Just check with you loan officer.”

Mortgage Refunds

August 17th, 2011 by admin

As part of the Risk Management Policies, the forward contracts are designated as hedges of highly probable forecasted transactions. The Accounting Standard (AS 11) on “The Effects of Changes on Foreign Exchange Rates”, amended with effect from April 1, 2004 provides guidance on accounting for forward contracts. In respect of forward

contracts entered into to hedge foreign exchange risk of highly probable forecasted transaction, the ICAI had clarified that AS 11 was currently not applicable to exchange differences arising from such forward contracts. The premium or discount

of such contracts was amortised over the life of the contract in accordance with AS 11 (revised).

 

Exchange differences of forward contracts/option contracts designated as hedge of highly probable forecasted transactions are recognised in the Profit and Loss Account only in the period in which the forecasted transaction occurs.

Forward contracts and options not designated as hedges of forecasted transactions are marked to their current market value as at the balance sheet date and accounted in the Profit and Loss Account for the period. Go to Mortgage Complaints for more information.