Streamlined Refinancing

Streamlined Refinancing

Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly.

The rationale for streamlined refinancing is that, while it is an entirely new loan, the information from the previous loan available to the lender retains validity. In addition, valuable information may be available on the borrower's payment history.

The extent to which a lender can offer streamlining depends on how much information and how much discretion the lender has. A new lender that was the original lender and still owns the loan has the greatest leeway. A new lender that was the original lender but is now servicing the loan for someone else has the same information but less discretion. Anew lender that was not the original lender and is not servicing the old loan doesn't have the information needed to justify streamlined refinancing.

See Refinance/Refinancing with the Current Lender.

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standard refinancing and enhanced streamlined refinancing options;
The first "Keys to Recovery" initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.
I'm not certain what it will be, but my guess is it will be some form of streamlined refinancing opportunities,'' Gumbinger said.
A truly streamlined refinancing process would also enable a lender to build note modifications into the mortgage.
The streamlined refinancing loan niche that we have established for ourselves within the mortgage industry was largely untapped until we made it our primary focus in early 1990," he said.
More important, their documentation remained fresh, making a streamlined refinancing a slam-dunk.
With mortgage rates much lower than a year ago and with most experts expecting a refinancing boomlet this summer and fall, our streamlined refinancing for Desktop Underwriter is a win-win: faster turnarounds and higher volumes for lenders and faster loan closings for consumers.
Glory notes that streamlined refinancing guidelines have helped lenders this year.
2 Streamlined refinancing with a nonrisk-based mortgage insurance premium (MIP)
Previously, Standard & Poor's required title insurance on all first-lien mortgage loans except streamlined refinancings.
While the company can approve conventional mortgages and streamlined refinancings over the Internet, borrowers can also receive underwriting approval on all loans that ACMC offers through its Carson-based call center.
The higher premium and closing-cost restrictions imposed on FHA business by the 1990 housing law applies to streamlined refinancings as well, although that is still a sore point between some in Congress and HUD.

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