Device Make/Model: Redmi 4X (Xiaomi)
Wireless Carrier: Virgin Mobile
Android Version 7.1.2 N2G47H
ROM Version MIUI Stock ROM (Stock for Xiaomi Phones, at least)
Are you a root user? Yes
Swype Version 3.1.2.3010200.49367

When i swype some text on some text fields in different APPs (e.g. Whatsapp, Chrome) I can correct/change the word I am currently swyping, but not the previous ones.

I can reproduce this easily in Chrome with these steps:
  1. Open Chrome and go to www.google.com
  2. Swype whatever you want, in my case "Swype problem test"
  3. As you cnasee, as you swype each word, swype offers you some suggestions.
  4. After finishing the three words, put the cursos on any of the first 2 words.
  5. Keyboard will pop up, but the topbar with the text suggestions will be empty. (Also, pressing the Swype key at the bottom left will NOT select/highlight the whole word)

Here is a sample image of the Swype keyboard not showing any prediction after swyping the words. http://imgur.com/a/Jn9ab

I hope this helps solve the issue!
Thanks!