The Federal Housing Administration has delayed for a month — at the industry's request — the effective date of its mortgage insurance premium structure.

The agency shifted the structure's implementation date to Oct. 4, from Sept. 7.

"Over the past week, the industry responded with support of the new fee structure but voiced strong concern about having system changes ready in time to meet the original deadline," HUD Deputy Assistant Secretary Vicki Bott said on Tuesday. "FHA took this feedback seriously and has accommodated the need for additional time."

Congress recently passed a bill letting FHA increase its annual premium to as much as 1.55%. The previous statutory limit was 0.55%. With its new authority, FHA has decided to trim its 2.25% up-front premium to 1% and raise the annual premium based on loan-to-value ratios.

The annual premium for loans with loan-to-value ratios up to and including 95% will be 85 basis points. The annual premium for loans with LTVs above 95% will be 90 basis points.

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