The Federal Housing Authority (FHA) announced a major change to their mortgage insurance policy, effective September 7, 2010. The announcement provides some detail about an increase in the annual premiums, with the finer details to come later. According to the release, Congress has passed the bill authorizing the change and President Obama’s signature is expected. Once it has become law, the FHA will release a Mortgagee Letter that will detail the specifics about how the new policy will be implemented – who will be impacted and how. For now, in an effort to keep our readers up-to-date on the latest information impacting the mortgage industry, we are providing an image of the notice we received directly below.