Reference HOC Reference Guide - Chapter 2, Page 2-6 and HUD Handbook 4155.1, 5.A.2.i. Principal Reductions Question 49: If I discover the loan we closed is over-insured, how do I calculate the principal reduction?
Recalculate the base loan amount and the UFMIP to determine the new loan amount. This amount should be subtracted from the closed loan amount to reduce the principal. More.
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