With the Fed expected to announce a rate cut on September 17, the timing couldn’t be better to revisit your FHA servicing and retention strategy. The FHA Streamline Refinance program offers a fast, low-documentation path for eligible borrowers to lower their monthly payments, but identifying those borrowers isn’t always straightforward.
This post walks through a practical, policy-grounded approach using Polygon Research tools Polygon Vision (specifically HMDAVision) and Polygon Pulse (specifically FHA Pivot) to define and segment the opportunity universe. And yes, we’re working with anonymized loan-level data, not borrower names. But that doesn’t mean we can’t act strategically.
It’s a simplified refinance option for borrowers with existing FHA-insured loans. The benefits include:
But there’s one big rule: the refinance must result in a Net Tangible Benefit (NTB) which usually is a 0.50% reduction in the combined rate (interest rate + annual MIP).
To qualify for Streamline Refinance, the borrower must:
The FHA Streamline Refinance is for a FHA loan that was originally:
✅ Purchase
✅ Rate and Term Refinance
✅ Home Improvement (e.g., 203(k))
✅ Other Purpose (if FHA-insured)
❌ Not Cash-Out Refinance
Let’s be clear: HMDA data is anonymized. You won’t find borrower names or contact info. But what you do get is powerful: loan-level detail on millions of transactions, including interest rates, loan purpose, geography, and lender identity.
Here’s my 3-step process. I filter first to define the universe and then to segment it. Finally, depending on your need you can export this.
In HMDAVision, I apply the following filters (less than 10 seconds)
Here are some of my go to segments which I often use to make my recommendations more precise
Watch this short video to see how I do this in HMDAVision.
The resulting analysis is great for internal presentations to leadership, marketing, servicing teams, for example. In addition, this kind of analysis supports strategic planning (e.g., campaign targeting, retention strategy), helps with portfolio benchmarking (e.g., comparing your FHA book to market), and assist your team with geographic prioritization (e.g., ZIP codes or MSAs with high opportunity for FHA streamline refinance). Because you work in HMDAVision, you can proactively understand, analyze, and address any potential fair lending gaps.
Use FHA Pivot to visualize volume and trends. For example, filtering for Riverside MSA, we have a monthly trend, showing an increase in the use of FHA Streamline, beginning in October 2023.
The surge in FHA Streamline refinances is a direct result of compounding market factors that began with the FHA MIP reduction in early 2023. This policy change initially planted the seed for opportunity, creating an inherent cost savings for existing FHA borrowers and causing the first steady increases in Streamline activity. This momentum was sustained and amplified throughout the high-rate environment because the MIP cut provided a crucial buffer; even minor dips in interest rates were enough to trigger the required Net Tangible Benefit (NTB) for homeowners. Now, as interest rates show a more definitive downward trend, the NTB becomes even easier to achieve for a wider pool of borrowers. This powerful refinance trend is likely to accelerate.
In fact, in the first 6 months of 2025, of FHA refinances, ~69% were FHA Streamline Refinance in Riverside.
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Knowing what product is winning is only half the battle. The next question is how these loans are being originated. The recent FHA Streamline Refinance data shows a highly dynamic and contested market between lending channels - in Riverside CA.
Our analysis shows a split between Retail and Wholesale/Broker channels, a constant tug-of-war for market share. No single channel has maintained a dominant position for long, with leadership flipping from one month to the next. This volatility indicates that FHA borrowers are being reached and converted through multiple avenues.
Understanding these trends is the first step. Acting on them is how you win. Here’s how to leverage this data for strategic growth.
The market is shifting. The strategies outlined above provide a clear path to growth and retention in the FHA space. But insight without action is just an observation.
Take the next step. A 7-Day free trial of Polygon Vision and Pulse gives you the power to turn this market intelligence into market share. Define your universe, segment your opportunities, and execute a data-driven strategy today.
FOMC rate decision is imminent. Learn to target FHA Streamline opportunities & grow your pipeline.
With the Fed expected to announce a rate cut on September 17, the timing couldn’t be better to revisit your FHA servicing and retention strategy. The FHA Streamline Refinance program offers a fast, low-documentation path for eligible borrowers to lower their monthly payments, but identifying those borrowers isn’t always straightforward.
This post walks through a practical, policy-grounded approach using Polygon Research tools Polygon Vision (specifically HMDAVision) and Polygon Pulse (specifically FHA Pivot) to define and segment the opportunity universe. And yes, we’re working with anonymized loan-level data, not borrower names. But that doesn’t mean we can’t act strategically.
It’s a simplified refinance option for borrowers with existing FHA-insured loans. The benefits include:
But there’s one big rule: the refinance must result in a Net Tangible Benefit (NTB) which usually is a 0.50% reduction in the combined rate (interest rate + annual MIP).
To qualify for Streamline Refinance, the borrower must:
The FHA Streamline Refinance is for a FHA loan that was originally:
✅ Purchase
✅ Rate and Term Refinance
✅ Home Improvement (e.g., 203(k))
✅ Other Purpose (if FHA-insured)
❌ Not Cash-Out Refinance
Let’s be clear: HMDA data is anonymized. You won’t find borrower names or contact info. But what you do get is powerful: loan-level detail on millions of transactions, including interest rates, loan purpose, geography, and lender identity.
Here’s my 3-step process. I filter first to define the universe and then to segment it. Finally, depending on your need you can export this.
In HMDAVision, I apply the following filters (less than 10 seconds)
Here are some of my go to segments which I often use to make my recommendations more precise
Watch this short video to see how I do this in HMDAVision.
The resulting analysis is great for internal presentations to leadership, marketing, servicing teams, for example. In addition, this kind of analysis supports strategic planning (e.g., campaign targeting, retention strategy), helps with portfolio benchmarking (e.g., comparing your FHA book to market), and assist your team with geographic prioritization (e.g., ZIP codes or MSAs with high opportunity for FHA streamline refinance). Because you work in HMDAVision, you can proactively understand, analyze, and address any potential fair lending gaps.
Use FHA Pivot to visualize volume and trends. For example, filtering for Riverside MSA, we have a monthly trend, showing an increase in the use of FHA Streamline, beginning in October 2023.
The surge in FHA Streamline refinances is a direct result of compounding market factors that began with the FHA MIP reduction in early 2023. This policy change initially planted the seed for opportunity, creating an inherent cost savings for existing FHA borrowers and causing the first steady increases in Streamline activity. This momentum was sustained and amplified throughout the high-rate environment because the MIP cut provided a crucial buffer; even minor dips in interest rates were enough to trigger the required Net Tangible Benefit (NTB) for homeowners. Now, as interest rates show a more definitive downward trend, the NTB becomes even easier to achieve for a wider pool of borrowers. This powerful refinance trend is likely to accelerate.
In fact, in the first 6 months of 2025, of FHA refinances, ~69% were FHA Streamline Refinance in Riverside.
Knowing what product is winning is only half the battle. The next question is how these loans are being originated. The recent FHA Streamline Refinance data shows a highly dynamic and contested market between lending channels - in Riverside CA.
Our analysis shows a split between Retail and Wholesale/Broker channels, a constant tug-of-war for market share. No single channel has maintained a dominant position for long, with leadership flipping from one month to the next. This volatility indicates that FHA borrowers are being reached and converted through multiple avenues.
Understanding these trends is the first step. Acting on them is how you win. Here’s how to leverage this data for strategic growth.
The market is shifting. The strategies outlined above provide a clear path to growth and retention in the FHA space. But insight without action is just an observation.
Take the next step. A 7-Day free trial of Polygon Vision and Pulse gives you the power to turn this market intelligence into market share. Define your universe, segment your opportunities, and execute a data-driven strategy today.