NEW HUD RULES: FHA PAYOFF GUIDELINES CHANGING

Great info from Wane Workman w/Academy Mortgage:

According to a new rule from HUD, effective January 21, 2015, FHA lenders may only  charge interest through the date that the mortgage is actually paid off. Currently, FHA loans charge interest until the end of the month for borrowers who are paying off  their loan, even if they pay it off at the beginning or middle of the month. For loans that close prior to January 21, the new HUD rule allows lenders to  continue to require payment of interest to the end of the month, but only if the lender  advises the borrower. Academy will evaluate prepayment of interest on FHA loans on a case-by-case basis  until January 21.