Subject: Streamline Net Tangible Benefit - tip of the day
The mortgagee must determine that there is
a net tangible benefit to the mortgagor as a result of the streamline refinance
transaction, with or without an appraisal. “Net tangible benefit” is defined
as:
|
• |
A 5 percent reduction to the P&I of
the mortgage payment plus the annual MIP, or |
|
• |
Refinancing from an Adjustable Rate
Mortgage (ARM) to a fixed rate mortgage. |
Thank You!
Neil Johnson
Gateway Mortgage
Group
National TPO
Operations Manager
4201 N. State Hwy 161
Irving, TX 75038
Office:
972-908-3390 ext. 118
fax# 918-858-8392