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Robin
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Joined: 30 Aug 2007
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Location: Loveland, OH

Mortgagee Letter 2010-19: Streamline Refi's
PostPosted: Thu Jun 03, 2010 12:30 pm Reply with quoteBack to top

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Mortgagee Letter 2009-32 informed lenders that they should not use TOTAL on streamline refinance transactions, and that if they did so the loan must be underwritten and closed as a rate and term (no cash-out) refinance. However, FHA has determined that it is in its and the borrower’s best interest to amend this guidance. Effective immediately and regardless of when the case number was assigned, lenders may score streamline refinance transactions through TOTAL and process and underwrite the loan as a streamline refinance transaction

To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm.....mortgagee/ view the 2010 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.


Anyone care to theorize on the about-turn?
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