The National Association of Mortgage Brokers (NAMB) is urging the Federal Housing Administration (FHA) to end its “life of loan” mortgage insurance rule and let borrowers cancel premiums once they’ve paid down their loan to 78% of their home’s value. NAMB believes the policy is outdated and unfair.

Current rules mean that many FHA borrowers must pay mortgage insurance premiums (MIP) for as long as they have their loan. And even if the borrower has paid off most of the principal and interest, the premiums don’t stop.

According to a statement from NAMB, the association is asking the FHA details ⇒

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