Refinancing that omits some of the standard risk control measures and is
therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an
entirely new loan, the information from the previous loan available to the lender retains validity.
In addition, valuable information may be available on the borrower's payment history. The extent to
which a lender can offer streamlining depends on how much information and how much discretion the
lender has. A new lender that was the original lender and still owns the loan has the greatest
leeway. A new lender that was the original lender but is now servicing the loan for someone else has
the same information but less discretion. A new lender that was not the original lender and is not
servicing the old loan doesn't have the information needed to justify streamlined refinancing.