Mortgagee Letter 12-4 For all SF Forward Streamline Refinance transaction that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MI will be 55 bps, regardless of the base loan amount. FHA will also Decrease Up-Front Mortgage Insurance Premium from 1% to .01% of the base loan amount. This change is effective on or after June 11, 2012.