Streamline VS FHA to FHA refinance

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1 Streamline VS FHA to FHA refinance

2 Streamline - Max loan amount is the borrower s unpaid principal balance plus up to 30 days of interest minus applicable UFMIP refund. Borrower will either need to bring cash for closing costs/prepaids or you will need to premium price and offer a lender credit. FHA to FHA Refinance Allows financing of the closing costs/prepaids when you are credit qualifying with an appraisal.

3 How to Calculate Initial Loan Amount 1. Start by using current balance from the credit report. 2. Add in 30 days interest. Example if your loan balance is $97,500 and their current rate is 4%. $97,500 x 4%/365 x30 = $ Determine if your loan was closed in the last 3 years. If so, you need to subtract their FHA UFMIP refund. Your refund will be credited in Architect/MB under details of transaction, MIP Refund. 4. Use this as your initial base loan amount when you request RESPA. 5. Excel spread sheets are provided to assist your calculation on LO tool box under FHA Streamline Max Loan Amounts. Your borrower will need money to close. This is to cover closing cost and escrow set up. Suggestion Make sure you are accurate with your numbers. Start with your initial RESPA. Look up tax amounts. Have borrowers give your their Homeowners Insurance premium and month due. Suggestion Look at premium pricing to offer a Lenders credit. You will always need to verify assets. The majority of payoffs we see have a fax fee and or release fee from their current servicer. Extra fees cannot be added to our maximum loan amount. The borrower will have to bring money to closing to cover.

4 They should make their current monthly payment for the month you are closing in. Skipping a payment will result in more cash needed to close the loan from the borrowers funds. Example If closing is February 23 rd, February s payment should have been made. A payment made late in the month will result in the need for an additional pay off statement which could result in delaying loan closing. The borrower will need to give you proof of assets. This is never avoidable on a streamline.

5 The final loan amount will be determined by using the current balance plus up to 30 days worth of interest from the payoff statement and then subtract their FHA refund if applicable. (Final loan amount will change from your initial RESPA based on payoff statement and FHA refinance authorization from FHA connection) Borrowers need to be prepared to bring money to closing even with a lender credit to cover closing costs and prepaids. FHA payoffs starting 1/21/2015 will now include per diem interest.

6 Equity Resources will always require Credit and Income qualification. Minimum credit score is 560. All loans with a score under 639 will be priced in NYLX ( under ERP. Appraisals are not required on streamlines if the original loan closed after January 1, 2012.

7 Allows rolling in closing costs/prepaids when you are credit qualifying with an appraisal. Max loan amounts are determined by: Rate/Term Refinance - Appraised value* (if owned more than 12 months) x Cashout Appraised value* (if owned more than 12 months) x 0.85 *Must use purchase price to determine max loan amount if owned property less than 12 months*

8 Whenever you refinance an FHA loan to another FHA loan within 3 years of the 1 st FHA loan, the borrower is entitled to a refund of a portion of the original UFMIP. This is for Streamline or FHA to FHA refinances. When your processor gets a case number, they will be able to request a refinance authorization which will give them the exact amount of the refund. The FHA chart on the next page shows how the amount is determined.

9 Upfront Mortgage Insurance Premium Refund Percentages Month of Year Year

10 As of January 21, 2015 FHA now calculates payoffs using per diem interest. Educate your borrower. Monthly mortgage insurance payments do not fall off on FHA loans originated after 4/1/2013. Remember monthly mortgage insurance premiums used to fall off on FHA loans in years (once they reached 78% of initial purchase price or appraised value). You need to determine if your client is looking for monthly payment savings or life of loan savings.

11 Look for FHA loans that closed after 4/1/2013 Current MIP savings alone is $41.67 on a $100,000 loan. We closed many FHA loans after 2013 with rates from 3.75% to 4.25%. Currently, we can offer premium pricing to cover a portion of closing costs starting with rates at 3.375%. Be careful if you have an FHA loan that closed prior to 5/31/2009. Be aware that these borrowers may be eligible for a reduced UFMIP and MIP.

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