``The "Tangible Net Benefit" requirement states that for fixed-to-fixed streamline refinances, a borrower must realize at least a 5% reduction in monthly payments - that's P&I and the mortgage insurance premium (MIP). In December, the annual charges on loans with terms longer than 15-years were increased by 10 basis points (.1%) to 120-125 basis points which made the Tangible Net Benefit requirement even harder to accomplish. The planned reduction in both the upfront and annual MIP requirements for borrowers that received a loan prior to June 2009 should certainly help.''

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