How to enter UFMIP Refund for FHA to FHA Refinance

How to enter UFMIP Refund for FHA to FHA Refinance

  1. Enter the refund amount in field 1134 on the FHA Management form.  This fee will be copied to Page 3 of  the 1003 in the 1st available line in section L “MIP Refund”.  The system automatically performs this copy so that the cash to close on page 3 of the 1003 calculates correctly. THIS DOES NOT CARRY OVER TO THE LE\CD
  2. To get the UFMIP to be reflected on LE\CD. It must be manually added to either Page 2 of the LE or Page 3 of CD in the ‘Payoffs and Payments’ section.
    1. Open the Payoffs and Payments window by pressing the Payoffs & Payments button
    2. Press the "Add" button on the top right of the Payoffs and Payments window
    3. Select the Adjustment Type from the available options in the drop-down (i.e.: Gift, Grant, Rebate Credit, Other) Chose “Other” for UFMIP Refund
    4. Enter an Adjustment Description of the Adjustment being made
    5. If "Other" from the Adjustment Type drop-down list is selected, enter an Adjustment Other Description and select the "Credit" checkbox, indicating that the entry is a credit to the borrower
    6. Enter the Adjustment Amount (only positive values are accepted)
    7. Press OK
  3. To get the UFMIP Refund to show up in the Funding Worksheet:
    1. you must click on the “Transaction Summary” button at the bottom of Funding Worksheet
    2. Find you UFMIP Credit and select “C” for the value to appear as a positive value in the worksheet or “D” for the value to appear as a negative value.

c. Complete the worksheet as you normally would.



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