Mutual Mortgage Insurance Fund


Also found in: Acronyms.

Mutual Mortgage Insurance Fund

A pool of liquidity that provides insurance on FHA mortgages. That is, the mutual mortgage insurance fund compensates the Federal Housing Administration in the event of default on a single family home purchased with an FHA loan. Home buyers must pay the premiums for the mutual mortgage fund, including 1.5% of the value of the loan at closing and 0.5% every year until the buyer has 22% equity in the home.
References in periodicals archive ?
The Mutual Mortgage Insurance Fund is part of the FHA single family program, which provides FHA-insured loans to low-income, minority, and first-time homebuyers.
Galante explained, "Using the HECM Fixed Rate Saver for fixed-rate mortgages will significantly lower the borrower's upfront closing costs while permitting a smaller payout than the HECM Fixed Rate Standard product, thereby reducing the risks to the Mutual Mortgage Insurance Fund.
The audit shows that the capital ratio for the Mutual Mortgage Insurance Fund backing FHA's single family housing insurance programs was 1.
Diversification of the single-family insurance portfolio is vital to ensure that the Mutual Mortgage Insurance Fund stays actuarially sound.
Clinton plan: The president has expressed concern about losses to the Federal Housing Administration's (FHA's) Mutual Mortgage Insurance fund and has noted the need for FHA reforms.
The studies focus on the soundness of the FHA's Mutual Mortgage Insurance Fund (MMIF), which covers lenders' claims filed against defaulted loans.
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