From the moment that FHA announced their dramatic increase in monthly MI that the streamlines would slow down. When you can lower your rate by over 1% but your payment does not move, what's the point of streamlining? That doesn't even take into account the 5% Net Tangible benefit that is required to even be able to streamline. I honestly think the FHA has no clue how their changes can effect the consumer. If your goal was to slow down streamlines to build up the reserves again, fine. Just admit that was your goal and not that streamlines would be fine it is just the Lenders not approving them. Seriously? We can only approve them based of the guidelines you provided to us. Hum....anyway, check out this video discussing this further.
I have an idea that would help those that had their FHA loans prior to the MI change. Streamline with the current MI factors they had prior to the streamline. New FHA loans would still be on the new rates and streamlines of people already on the new MI factors would not be effected. This will allow us to lower the rates and payments to many more homeowners and give them hope.
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