Lender Churchill Mortgage credits the year-old FHA Streamline Refinance program for prompting a 540% jump in the firm's government-backed refinancings.
The FHA Streamline Refinance initiative rolled out in June 2011, allowing FHA loans in good standing to refinance into mortgages with lower monthly interest payments.
The FHA program allows most qualified borrowers to transition to lower rates without an appraisal, the FHA said. Four months ago, the FHA expanded the initiative to include qualified mortgages endorsed or insured prior to June 1, 2009.
Churchill is a Brentwood, Tenn.–based lender that offers conventional, FHA, VA and USDA residential mortgages in 26 states.