Am I entitled to an FHA MIP refund? (PMI, loans, premium)

[bpaphsbc]

A year ago I had FHA 30 year fixed mortgage through HSBC, after six months I again refinanced from same bank. First mortgage I paid $9000 as upfront PMI, which I was told that I will get refunded proportionaly when close the loan. But they never paid me anything even after 1 1/2 years. I had more than 25% down payment, they still asked me to take PMI. Moreover, I was also paying monthly premium. Now, I have a feeling that I had been cheated.

[Debsi]

Try this link.

HUD - Does HUD Owe You a Refund?

The upfront MIP refund (if you are entitled to one) comes from HUD, not your lender.

[FalconheadWest]

If you refinanced back into another FHA loan, you probably will not see a refund. No matter your down payment, with FHA loans you have to have a minimum of 5 years of MIP.

[Debsi]

I talked to one of the processors at work and she says that she finds out if the customer is entitled to an upfront MIP refund (we're not talking about monthly mip, Falconhead) when she orders the case # on FHA Connection. The borrower should see an Upfront MIP charge on the settlement statement at closing, as well as an upfront MIP refund on a separate line. Only if eligible for a refund, of course.

[Modification Specialist]

Originally Posted by Debsi

....The borrower should see an Upfront MIP charge on the settlement statement at closing, as well as an upfront MIP refund on a separate line. Only if eligible for a refund, of course.

Debsi - you are right...