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FHA Case Number Cancellation and Reissue Procedure

Dear Licensed Partner,

Federal Housing Administration (FHA) recently released Mortgage Letter 15-01 reducing the annual MIP for loan terms greater than 15 years.

Mortgage Letter 15-01 also provided temporary approval to cancel certain active/open FHA case numbers in order for the borrowers to obtain the reduced annual MIP rates. For such active case numbers requiring cancellation, Sun West will accept case cancellation requests effective immediately as per the process below: 

All cancellation requests must be submitted before end of day February 25, 2015.

  • To submit a case number cancellation request, send an email to cancelcase@swmc.com with the borrower’s name and loan number of the file. 
  • All requests for a case number cancellation must be received in writing from the client.
  • Sun West will submit the cancellation to HUD for processing within 24 hours of receipt of the request and send the client a confirmation of the submission.
  • Upon confirmation of the cancellation, a new case number will be issued and the client will be notified.

Turn time to process the cancellation request is anticipated to be 3 to 7 business days after submission by Sun West. This turn time is subject to change without notice.

Existing Appraisal Procedure: Case number update is not required to the existing appraisals if such change in the case number is prompted by the Mortgagee Letter 15-01.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.