My LenderFi refinance is going well

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manatee2005
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Joined: Wed Dec 18, 2019 9:17 pm

Re: My LenderFi refinance is going well

Post by manatee2005 » Thu Apr 30, 2020 1:51 am

manatee2005 wrote:
Thu Apr 30, 2020 1:51 am
rene wrote:
Wed Apr 29, 2020 3:37 am
dropdx wrote:
Tue Apr 28, 2020 4:26 pm
rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Did you ever hear back from them?
Yes I did. Same boat still. Their answer was that supposedly in the next few days the loan details will be ‘boarded’ to their new system. I asked if it would be ready in time for May 1 payment dude date and if sending a check was a better option. Their answer was that if no info from them by May 1st sending a check to Lenderfi was okay.

100% not what I want. I need an auto-pay function on a secure platform. Sending paper checks and keeping track for payment dates is hell on earth for me. I hope Chase or WF picks up this mortgage soon. This sucks.
C'mon. You'll live if you have to send 1 check.

dropdx
Posts: 89
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx » Thu Apr 30, 2020 11:32 am

manatee2005 wrote:
Thu Apr 30, 2020 1:51 am
rene wrote:
Wed Apr 29, 2020 3:37 am
dropdx wrote:
Tue Apr 28, 2020 4:26 pm
rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Did you ever hear back from them?
Yes I did. Same boat still. Their answer was that supposedly in the next few days the loan details will be ‘boarded’ to their new system. I asked if it would be ready in time for May 1 payment dude date and if sending a check was a better option. Their answer was that if no info from them by May 1st sending a check to Lenderfi was okay.

100% not what I want. I need an auto-pay function on a secure platform. Sending paper checks and keeping track for payment dates is hell on earth for me. I hope Chase or WF picks up this mortgage soon. This sucks.
C'mon. You'll live if you send 1 check.
You're probably right, but LenderFi does need to have better communication if they will be servicing loans. With the refinance portion I didn't care about the lack of communication and I still think they did an awesome job and got me a really great rate. So, assuming the online payment portal is adequate, then I agree that everything will be OK, but time will tell.

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Thu Apr 30, 2020 3:28 pm

dlrkw9mu wrote:
Sat Apr 25, 2020 9:03 am
dukeblue219 wrote:
Fri Apr 24, 2020 1:05 pm
Seems like the Penny Mac folks (I was one) got payment information quickly. My first payment is due May 1 and it's long been scheduled in their system. Perhaps Wells ran into issues acquiring more loans and is causing a bunch of grief to Lenderfi and their customers?
Mine was supposed to be with penny mac, but similar to another poster above, i got a message yesterday indicating the servicing will actually be done by lenderfi now.
"I do apologize with late response. We will be servicing your loan and you can go ahead and send the payment over to us via mail. We are also importing your information over to our new system so that you will be able to make online payments. so if you like you can send a payment via mail or you can wait till we have the new database ready. If you have any question please feel free to contact me."
Just got confirmation today as well, my loan is not going to PennyMac after all but will in fact stay with LenderFi. First payment is also June 1st so guessing they'll have their web portal setup by then. Makes me a little apprehensive since they have zero experience with loan servicing and handling escrow distributions. I'd like to assume they're scrambling with some vendor who knows what they're doing. (My old servicer was using BKIConnect which looks like a generic portal for lenders, maybe LenderFi will use the same?)

rene
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Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Thu Apr 30, 2020 4:29 pm

Today is April 30 and my first payment is required May 1st.... and I have no idea what their payment platform will be.

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Thu Apr 30, 2020 4:53 pm

seawolf21 wrote:
Sat Jan 18, 2020 4:42 pm
Go shop around and email them the best offer you can get. Preferably the best offer would be in the form of a loan estimate as that would make comparison clear cut. You need to compare apples-to-apples in the form of same rate and loan duration (eg 30 year at 3.5%). The number you are looking to compare is section D (sum of sections A, B, and C) MINUS the Lender Credit in Section J (if any).

Better comes back with a response same day/next day. They will most likely match (as it would involve you lending with them) as opposed to giving you $1K to close with the competitor. The way they approve the match is to increase their lender credit such that better's section D minus Lender Credit is now $1K less than the offer you submitted.

The increase in lender credit carries across different loan terms so if they increased the lender credit on a 3.5% 30 year offer, you can decide you want to pay more points and go down to a lower rate because of the larger lender credit.

They appear willing to entertain multiple price matches provided you haven't lock your rate. Speaking of which, the beauty with better is you can switch rate/terms around pretty much up to a couple of days prior to closing even when you rate lock. A rate lock lock you into the rate sheet in effect on the day of the lock; it doesn't prevent you from changing to a different rate/term combination on that locked rate sheet. Other lenders allow you to do that as well but involve jumping around some hoops to get it done.
I seem to have not gotten such headway with Better. I had two quotes, one for 2.75% with around $3,500 in costs (no escrow) and another for 2.87% with $1,200 in costs (again, no escrow). I sent the lower rate to them before I saw your post. They said "we are already beating them by $500" and showed a breakdown where all they did was select the go from 3.75% w/ 1.278% points to 2.75% w/ 1.052% points. When I sent them the 2.875% with the lower closing cost, they simply said they can't beat it. Had I realized how they do this, I would have submitted the lower closing cost up front and hope they actually worked off that one. Maybe I hit a floor with them, but my LTV is 46% and my score (per Better) is over 800, so I would have thought they would at least match what I can get locally.

rene
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Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Fri May 01, 2020 2:48 pm

For those who are paying to LenderFi by paper check can you tell me if you are using the Palisades address or the Ventura Blvd address.

zrx0wm
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Joined: Wed Mar 05, 2014 12:12 pm

Re: My LenderFi refinance is going well

Post by zrx0wm » Fri May 01, 2020 3:23 pm

Just wondering if a 15 year 2.375% with 2.2% points ($6k) is worth the points?

manatee2005
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Re: My LenderFi refinance is going well

Post by manatee2005 » Sun May 03, 2020 4:11 am

zrx0wm wrote:
Fri May 01, 2020 3:23 pm
Just wondering if a 15 year 2.375% with 2.2% points ($6k) is worth the points?
Not to me.

JVT
Posts: 29
Joined: Sun Feb 23, 2014 11:40 am

Re: My LenderFi refinance is going well

Post by JVT » Sun May 03, 2020 9:07 am

kinless wrote:
Thu Apr 30, 2020 3:28 pm
dlrkw9mu wrote:
Sat Apr 25, 2020 9:03 am
dukeblue219 wrote:
Fri Apr 24, 2020 1:05 pm
Seems like the Penny Mac folks (I was one) got payment information quickly. My first payment is due May 1 and it's long been scheduled in their system. Perhaps Wells ran into issues acquiring more loans and is causing a bunch of grief to Lenderfi and their customers?
Mine was supposed to be with penny mac, but similar to another poster above, i got a message yesterday indicating the servicing will actually be done by lenderfi now.
"I do apologize with late response. We will be servicing your loan and you can go ahead and send the payment over to us via mail. We are also importing your information over to our new system so that you will be able to make online payments. so if you like you can send a payment via mail or you can wait till we have the new database ready. If you have any question please feel free to contact me."
Just got confirmation today as well, my loan is not going to PennyMac after all but will in fact stay with LenderFi. First payment is also June 1st so guessing they'll have their web portal setup by then. Makes me a little apprehensive since they have zero experience with loan servicing and handling escrow distributions. I'd like to assume they're scrambling with some vendor who knows what they're doing. (My old servicer was using BKIConnect which looks like a generic portal for lenders, maybe LenderFi will use the same?)
Prior to closing, I was told by LenderFI that Wells Fargo was the investor and servicer. Just after closing a rep said they were chainging ot FreddieMac for investor and might keep servicing, but I have not gotten a definitive keeping yet like the above poster. Has me a little worried that they are setting up a new portal and have not serviced in the past.

Also has me wondering if they got a little to aggressive with rate/lender credit and then realized they cant make enough without keeping servicing.

joipfs
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Re: My LenderFi refinance is going well

Post by joipfs » Sun May 03, 2020 9:42 pm

I closed my refinancing with Lenderfi 2 weeks ago and based on the closing documents PenyMac was the servicer. I haven't heard from them about the moving of serving to themselves yet. I see on few comments above that Lenderfi has no servicing experience yet. How about the link on their homepage called 'Servicing'? Clicking the link will take you to 'https://myloanweb.com/lenderfi/'. It seems they already have a 3rd party vendor (myloanweb.com). It is not a new link. I think I saw this same link in March.

sean31081
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Joined: Fri Oct 02, 2009 12:43 pm

Re: My LenderFi refinance is going well

Post by sean31081 » Mon May 04, 2020 1:20 pm

rene wrote:
Fri May 01, 2020 2:48 pm
For those who are paying to LenderFi by paper check can you tell me if you are using the Palisades address or the Ventura Blvd address.
Palisades address, since it's the one on the payment coupon.

dropdx
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Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx » Mon May 04, 2020 3:12 pm

Well, in the year 2020 I never thought I'd have to say this, BUT:

I just MAILED my mortgage payment. Oh dear lord.

rene
Posts: 265
Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Mon May 04, 2020 4:17 pm

dropdx wrote:
Mon May 04, 2020 3:12 pm
Well, in the year 2020 I never thought I'd have to say this, BUT:

I just MAILED my mortgage payment. Oh dear lord.
Same here.... I detest sending paper mail and am dreading having to (gasp) remember the next deadline for the next payment. First world problems I guess... but heh, 2020

As for the address... got it confirmed with Lenderfi that they need it sent to the Palisades address

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Wed May 06, 2020 6:43 pm

rene wrote:
Mon May 04, 2020 4:17 pm
dropdx wrote:
Mon May 04, 2020 3:12 pm
Well, in the year 2020 I never thought I'd have to say this, BUT:

I just MAILED my mortgage payment. Oh dear lord.
Same here.... I detest sending paper mail and am dreading having to (gasp) remember the next deadline for the next payment. First world problems I guess... but heh, 2020

As for the address... got it confirmed with Lenderfi that they need it sent to the Palisades address
Think it's safe to say LenderFi won't work with Mint?

LoveTheBogle
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Re: My LenderFi refinance is going well

Post by LoveTheBogle » Thu May 07, 2020 5:51 pm

A lot of small correspondent lenders are in big trouble because they are not setup nor properly capitalized to service mortgage loans. The fact that many of you didn’t know where to make your mortgage payment even up to the date before it was due is incredibly unprofessional. Many people in the thread couldn’t even access a human being while going through the process where the money is made... I can only imagine what it will be like if you ever need help during servicing where the money is tiny and big servicers make it up in insane volume and super sharp processes with as much automation as possible. Small servicers are rare for a lot of reasons.

I am sure many of you closed with Lenderfi because you believed it would end up at a recognizable player (Wells Fargo) but many of you aren’t going to get Wells Fargo even though you signed closing documents stating you would. I feel bad for those of you in this position. The owner of Lenderfi is likely in a very uncomfortable position right now with the state of the secondary market of mortgages. Hopefully he has enough cash, good warehouse credit line terms, credit line extensions or access to other means of capital to maintain what was undoubtedly unexpected for him. Further, hopefully he can hire and train staff and find a reputable and reliable mortgage servicing processing software, or find a reputable servicer to take the loans without too much of a haircut.

There is going to be a lot of tuff weeks ahead for all who partook in something that seemed too good to be true. The rates by this lender were indeed incredible but now many of you are going to pay the price in time, stress and frustration.

As the old saying goes..... if something seems too good to be true.....

MTZ
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Re: My LenderFi refinance is going well

Post by MTZ » Thu May 07, 2020 6:28 pm

interesting. I don't see how LenderFi is really so much different in this respect than any of the small mortgage brokers out there? Also in my 14 years of making mortgage payments I've never really had an issue with servicing although have seen some interesting things as I've gone (WaMu/Countrywide).

We just closed with LenderFi and it does seem like they will be servicing our loan at least for the short term but we don't need to figure out the first payment till July. If I have to mail in the payment, well that will be kind of :annoyed but I would still take it for what we saved.. I will keep any eye on this thread and post my experiences as well if anything does turn out too good to be true as you say

rene
Posts: 265
Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Fri May 08, 2020 9:28 pm

LoveTheBogle wrote:
Thu May 07, 2020 5:51 pm
A lot of small correspondent lenders are in big trouble because they are not setup nor properly capitalized to service mortgage loans. The fact that many of you didn’t know where to make your mortgage payment even up to the date before it was due is incredibly unprofessional. Many people in the thread couldn’t even access a human being while going through the process where the money is made... I can only imagine what it will be like if you ever need help during servicing where the money is tiny and big servicers make it up in insane volume and super sharp processes with as much automation as possible. Small servicers are rare for a lot of reasons.

I am sure many of you closed with Lenderfi because you believed it would end up at a recognizable player (Wells Fargo) but many of you aren’t going to get Wells Fargo even though you signed closing documents stating you would. I feel bad for those of you in this position. The owner of Lenderfi is likely in a very uncomfortable position right now with the state of the secondary market of mortgages. Hopefully he has enough cash, good warehouse credit line terms, credit line extensions or access to other means of capital to maintain what was undoubtedly unexpected for him. Further, hopefully he can hire and train staff and find a reputable and reliable mortgage servicing processing software, or find a reputable servicer to take the loans without too much of a haircut.

There is going to be a lot of tuff weeks ahead for all who partook in something that seemed too good to be true. The rates by this lender were indeed incredible but now many of you are going to pay the price in time, stress and frustration.

As the old saying goes..... if something seems too good to be true.....
Unfortunately have to fully agree with you.

That said... what is the worst case scenario here besides the incredible annoying prospect of having to send paper checks? What happens if LF goes under?

rene
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Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Sat May 09, 2020 1:14 am

Mortgages are serviced by BSI Financial Services ... and I was finally able to register my account and set up a recurring ACH payment. However the paper check that went out last week has still not been cashed yet and my account shows 8 days delinquent. I guess I will have to follow up Monday and see what the status is and how to resolve.

I have never been delinquent on anything in my life.... and now this happens with my largest outstanding debt. WTF. I hope this gets cleared up quick :shock: :shock: :shock:

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Sat May 09, 2020 7:46 am

rene wrote:
Sat May 09, 2020 1:14 am
Mortgages are serviced by BSI Financial Services ... and I was finally able to register my account and set up a recurring ACH payment. However the paper check that went out last week has still not been cashed yet and my account shows 8 days delinquent. I guess I will have to follow up Monday and see what the status is and how to resolve.

I have never been delinquent on anything in my life.... and now this happens with my largest outstanding debt. WTF. I hope this gets cleared up quick :shock: :shock: :shock:
Rene, a mortgage payment isn’t past due until 14 days into the month. Take a deep breath and you should be fine on Monday to see how to resolve. Chances are there is even a grace period to account for it being mailed in, but definitely ask them how to proceed. Take note of whom you speak with.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Sat May 09, 2020 8:54 am

rene wrote:
Fri May 08, 2020 9:28 pm
That said... what is the worst case scenario here besides the incredible annoying prospect of having to send paper checks? What happens if LF goes under?
Most people can send a payment via their bank's bill pay and the bank will mail out a paper check if they can't pay electronically. So, that prospect doesn't seem terribly annoying to me.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Sat May 09, 2020 8:57 am

Has anyone with a June 1 due date for their first payment gotten any payment information?

sean31081
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Re: My LenderFi refinance is going well

Post by sean31081 » Sat May 09, 2020 10:53 am

BrandonBogle wrote:
Sat May 09, 2020 7:46 am
rene wrote:
Sat May 09, 2020 1:14 am
Mortgages are serviced by BSI Financial Services ... and I was finally able to register my account and set up a recurring ACH payment. However the paper check that went out last week has still not been cashed yet and my account shows 8 days delinquent. I guess I will have to follow up Monday and see what the status is and how to resolve.

I have never been delinquent on anything in my life.... and now this happens with my largest outstanding debt. WTF. I hope this gets cleared up quick :shock: :shock: :shock:
Rene, a mortgage payment isn’t past due until 14 days into the month. Take a deep breath and you should be fine on Monday to see how to resolve. Chances are there is even a grace period to account for it being mailed in, but definitely ask them how to proceed. Take note of whom you speak with.
If it's helpful, I was able to confirm with LenderFi via email on Friday that they successfully received my mailed check and my payment does not appear in the portal yet either. If you send them an email on Monday to confirm you should be good to go.

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Sat May 09, 2020 11:16 am

sean31081 wrote:
Sat May 09, 2020 10:53 am
BrandonBogle wrote:
Sat May 09, 2020 7:46 am
rene wrote:
Sat May 09, 2020 1:14 am
Mortgages are serviced by BSI Financial Services ... and I was finally able to register my account and set up a recurring ACH payment. However the paper check that went out last week has still not been cashed yet and my account shows 8 days delinquent. I guess I will have to follow up Monday and see what the status is and how to resolve.

I have never been delinquent on anything in my life.... and now this happens with my largest outstanding debt. WTF. I hope this gets cleared up quick :shock: :shock: :shock:
Rene, a mortgage payment isn’t past due until 14 days into the month. Take a deep breath and you should be fine on Monday to see how to resolve. Chances are there is even a grace period to account for it being mailed in, but definitely ask them how to proceed. Take note of whom you speak with.
If it's helpful, I was able to confirm with LenderFi via email on Friday that they successfully received my mailed check and my payment does not appear in the portal yet either. If you send them an email on Monday to confirm you should be good to go.
I mailed my check on 4/23, and the check posted to my bank account on 5/4. Just created a servicing account with lenderfi, and it also shows I'm 8 days delinquent. I'm guessing they're way backlogged.

rene
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Re: My LenderFi refinance is going well

Post by rene » Sat May 09, 2020 11:43 am

Thanks all.

I guess the good news is that LenderFi seems to now have a servicing payment portal and you can set up automatic ACH payments.

There is an article in the WSJ today about them problems that the mortgage industry is facing.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Sun May 10, 2020 10:34 am

rene wrote:
Sat May 09, 2020 11:43 am
Thanks all.

I guess the good news is that LenderFi seems to now have a servicing payment portal and you can set up automatic ACH payments.

There is an article in the WSJ today about them problems that the mortgage industry is facing.
My online account shows $0 for my escrow balance even though it should be funded through closing. Is anyone else having this issue? I used the contact form on the site but have never heard back from anyone.

rene
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Re: My LenderFi refinance is going well

Post by rene » Sun May 10, 2020 11:19 pm

Yes, same for me.

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Wed May 13, 2020 6:26 pm

Anyone's account status changed? Mine is still showing delinquent (by 12 days now). :annoyed

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Wed May 13, 2020 6:44 pm

dlrkw9mu wrote:
Wed May 13, 2020 6:26 pm
Anyone's account status changed? Mine is still showing delinquent (by 12 days now). :annoyed
Nope, mine is saying the same, and I mailed the check on May 4. When did you mail yours? My escrow balance finally posted today though.

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Wed May 13, 2020 6:47 pm

dropdx wrote:
Wed May 13, 2020 6:44 pm
dlrkw9mu wrote:
Wed May 13, 2020 6:26 pm
Anyone's account status changed? Mine is still showing delinquent (by 12 days now). :annoyed
Nope, mine is saying the same, and I mailed the check on May 4. When did you mail yours? My escrow balance finally posted today though.
mailed 4/23. posted to my checking account 5/4. My escrow balance posted today as well.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Thu May 14, 2020 10:48 am

dlrkw9mu wrote:
Wed May 13, 2020 6:47 pm
dropdx wrote:
Wed May 13, 2020 6:44 pm
dlrkw9mu wrote:
Wed May 13, 2020 6:26 pm
Anyone's account status changed? Mine is still showing delinquent (by 12 days now). :annoyed
Nope, mine is saying the same, and I mailed the check on May 4. When did you mail yours? My escrow balance finally posted today though.
mailed 4/23. posted to my checking account 5/4. My escrow balance posted today as well.
Does your escrow balance match what was shown on your closing documents? Mine is different.

Honestly, I'm thinking about refinancing again just to get away from BSI:

https://www.consumerfinance.gov/about-u ... -services/
https://www.housingwire.com/articles/49 ... ng-issues/
https://www.consumeraffairs.com/finance ... vices.html

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Thu May 14, 2020 11:28 am

dropdx wrote:
Thu May 14, 2020 10:48 am
Does your escrow balance match what was shown on your closing documents? Mine is different.

Honestly, I'm thinking about refinancing again just to get away from BSI:

https://www.consumerfinance.gov/about-u ... -services/
https://www.housingwire.com/articles/49 ... ng-issues/
https://www.consumeraffairs.com/finance ... vices.html
Those reports just further my happiness that I opted to not have escrow on my last couple mortgages. Seems like far more hassle for folks who can manage their finances to then watch others blunder it.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Thu May 14, 2020 11:46 am

BrandonBogle wrote:
Thu May 14, 2020 11:28 am
dropdx wrote:
Thu May 14, 2020 10:48 am
Does your escrow balance match what was shown on your closing documents? Mine is different.

Honestly, I'm thinking about refinancing again just to get away from BSI:

https://www.consumerfinance.gov/about-u ... -services/
https://www.housingwire.com/articles/49 ... ng-issues/
https://www.consumeraffairs.com/finance ... vices.html
Those reports just further my happiness that I opted to not have escrow on my last couple mortgages. Seems like far more hassle for folks who can manage their finances to then watch others blunder it.
Right? Going forward I will always opt out of escrow if I can, but right now I'm stuck. Lesson learned on my first refinance.

volfan88
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Re: My LenderFi refinance is going well

Post by volfan88 » Sat May 16, 2020 9:38 am

We just closed as of yesterday and it appears Lender Fi will also be servicing our loan. We are please with the overall process of the refi and rate, but now am a little nervous of the servicing. Anyone had any better luck the last few weeks with payments and etc. 1st payment not due until July but definitely hope they get kinks worked out by then.
Volsfan88 | If oppurtunity doesn't knock, build a door!

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Sat May 16, 2020 10:59 am

volfan88 wrote:
Sat May 16, 2020 9:38 am
We just closed as of yesterday and it appears Lender Fi will also be servicing our loan. We are please with the overall process of the refi and rate, but now am a little nervous of the servicing. Anyone had any better luck the last few weeks with payments and etc. 1st payment not due until July but definitely hope they get kinks worked out by then.
First payment (by mail) was a little rough for me. It just finally posted to my account, even though they received it (and cashed my check) much earlier. Now that the servicing portal is set up and I am able to make my payments online, I expect (fingers crossed) that things will be smoother running.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Sat May 16, 2020 12:00 pm

bluebolt wrote:
Sat May 09, 2020 8:57 am
Has anyone with a June 1 due date for their first payment gotten any payment information?
Just got the info from Wells Fargo today about my 6/1 payment.

volfan88
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Re: My LenderFi refinance is going well

Post by volfan88 » Sat May 23, 2020 9:49 am

Just got through the process. Yesterday got the message the loan funded and my old lender was paid off! Had a very interesting day before however. We mailed our check with the title company and we watched them seal the envelope to mail etc. Somehow the check was lost, but all other paperwork made it and held up the funding. I had to write a new closing check and cancel old check. Big hassle in the middle of the work week etc. but its all over now. Hopefully the servicing from lenderfi will be fairly smooth. Fingers Crossed.
Volsfan88 | If oppurtunity doesn't knock, build a door!

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Sat May 23, 2020 6:20 pm

bluebolt wrote:
Sat May 09, 2020 8:57 am
Has anyone with a June 1 due date for their first payment gotten any payment information?
After not being able to setup an online account on their servicing page, I wrote the closing agent a week ago asking when it would be ready, and he said he'd get back to me. Of course haven't heard anything since. Today I randomly tried again, lo-and-behold it worked. Got the recurring payment set up for June 1st and beyond so should be back in business. If you haven't heard from anyone yet, just try your loan number along with the other information on their account setup page.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Fri May 29, 2020 4:32 pm

For those who have completed the refi with Lenderfi, when would you start the clock on the 6 months/180 days until you can refi without owing them the credits back? The document that I signed with them was about a month before I closed and about 2 months before my first payment was due.

Would the clock start ticking on:
a) the date I signed the document with the Intent to Retain Mortgage doc
b) the date I closed
c) the date the loan was funded
d) the date of my first payment due

I would assume (a) since the document is not clear on this point.

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Fri May 29, 2020 5:10 pm

bluebolt wrote:
Fri May 29, 2020 4:32 pm
For those who have completed the refi with Lenderfi, when would you start the clock on the 6 months/180 days until you can refi without owing them the credits back? The document that I signed with them was about a month before I closed and about 2 months before my first payment was due.

Would the clock start ticking on:
a) the date I signed the document with the Intent to Retain Mortgage doc
b) the date I closed
c) the date the loan was funded
d) the date of my first payment due

I would assume (a) since the document is not clear on this point.
The loan is not recorded in the county/state records until funding. As such, I would start it no sooner than that date.

4th and Inches
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Re: My LenderFi refinance is going well

Post by 4th and Inches » Fri May 29, 2020 5:30 pm

BrandonBogle wrote:
Fri May 29, 2020 5:10 pm
bluebolt wrote:
Fri May 29, 2020 4:32 pm
For those who have completed the refi with Lenderfi, when would you start the clock on the 6 months/180 days until you can refi without owing them the credits back? The document that I signed with them was about a month before I closed and about 2 months before my first payment was due.

Would the clock start ticking on:
a) the date I signed the document with the Intent to Retain Mortgage doc
b) the date I closed
c) the date the loan was funded
d) the date of my first payment due

I would assume (a) since the document is not clear on this point.
The loan is not recorded in the county/state records until funding. As such, I would start it no sooner than that date.
The 6 mo/180 day clock starts on the day your loan is sold. Not when you close, not when it funds, not when it is logged with the county/state. I was directly told this by the president and one other person. I refinanced with them in September 2019 and again in April of this year. They let me lock ~38 days before I could actually refinance.

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Fri May 29, 2020 5:34 pm

4th and Inches wrote:
Fri May 29, 2020 5:30 pm
BrandonBogle wrote:
Fri May 29, 2020 5:10 pm
The loan is not recorded in the county/state records until funding. As such, I would start it no sooner than that date.
The 6 mo/180 day clock starts on the day your loan is sold. Not when you close, not when it funds, not when it is logged with the county/state. I was directly told this by the president and one other person. I refinanced with them in September 2019 and again in April of this year. They let me lock ~38 days before I could actually refinance.
Please note I said “no sooner” and wasn’t saying the funding date is when the clock starts. That all said, this makes sense. If a loan is closed within 6 months of it being sold to an investor, the investor basically gets their money back from the lender. So I’m not surprised that LenderFi is explicitly provisioning to claw back that money they have to repay to the investor.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Fri May 29, 2020 5:58 pm

4th and Inches wrote:
Fri May 29, 2020 5:30 pm
BrandonBogle wrote:
Fri May 29, 2020 5:10 pm
bluebolt wrote:
Fri May 29, 2020 4:32 pm
For those who have completed the refi with Lenderfi, when would you start the clock on the 6 months/180 days until you can refi without owing them the credits back? The document that I signed with them was about a month before I closed and about 2 months before my first payment was due.

Would the clock start ticking on:
a) the date I signed the document with the Intent to Retain Mortgage doc
b) the date I closed
c) the date the loan was funded
d) the date of my first payment due

I would assume (a) since the document is not clear on this point.
The loan is not recorded in the county/state records until funding. As such, I would start it no sooner than that date.
The 6 mo/180 day clock starts on the day your loan is sold. Not when you close, not when it funds, not when it is logged with the county/state. I was directly told this by the president and one other person. I refinanced with them in September 2019 and again in April of this year. They let me lock ~38 days before I could actually refinance.
That may be their desire or intent, but the language of that document does not say that.

"I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction."

And the date on that document is the date of my application. There is no reference to when the loan is sold.

czr
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Re: My LenderFi refinance is going well

Post by czr » Sat May 30, 2020 7:46 am

Hi to anyone who has REFI'd with LenderFI,
I know this is pretty standard but regarding the closing costs/fees, besides discount points and third party services you cannot shop for, how close were the estimates for third-party fees you can shop for (est. $2,625) and government fees (est. $2,600)? When people say $0 closing costs, it is not $0 out of pocket correct? With about $700 discount points for a 3.0%, 30yr, $420k conventional 30 yr loan it is still showing over $6.5k in closing costs/fees out of pocket so breakeven over current 3.5% loan is about 5 years so I am on the fence since I may not own this property in 5 years. Just making sure if I am missing anything.

need403bhelp
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Re: My LenderFi refinance is going well

Post by need403bhelp » Sat May 30, 2020 1:36 pm

czr wrote:
Sat May 30, 2020 7:46 am
Hi to anyone who has REFI'd with LenderFI,
I know this is pretty standard but regarding the closing costs/fees, besides discount points and third party services you cannot shop for, how close were the estimates for third-party fees you can shop for (est. $2,625) and government fees (est. $2,600)? When people say $0 closing costs, it is not $0 out of pocket correct? With about $700 discount points for a 3.0%, 30yr, $420k conventional 30 yr loan it is still showing over $6.5k in closing costs/fees out of pocket so breakeven over current 3.5% loan is about 5 years so I am on the fence since I may not own this property in 5 years. Just making sure if I am missing anything.
$0 closing costs IS $0 out of pocket.

It means lender credit covers ALL closing costs with the exception of prepaids.

You are basically trading a slightly higher rate for no closing costs. So instead of 3.0% you would pick 3.125% or 3.25% in exchange for a lender credit that covers all closing costs except prepaids.

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Sun May 31, 2020 11:31 am

Well this is new... received a letter yesterday that as of April 29 my LenderFi loan was sold to FreddieMac. This was after closing docs stated it would be going to PennyMac, with LenderFi walking that back to say they're servicing the loan. That was only after I inquired about it on April 30.

So it appears nobody knows what's happening over there lol. Oh well, I'm glad it's going to a major servicer and I won't have to deal with LenderFi much longer. Haven't had any major problems throughout the process, so hoping this latest transfer is just as painless.

frankandbeans
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Re: My LenderFi refinance is going well

Post by frankandbeans » Sun May 31, 2020 12:07 pm

kinless wrote:
Sun May 31, 2020 11:31 am
Well this is new... received a letter yesterday that as of April 29 my LenderFi loan was sold to FreddieMac. This was after closing docs stated it would be going to PennyMac, with LenderFi walking that back to say they're servicing the loan. That was only after I inquired about it on April 30.

So it appears nobody knows what's happening over there lol. Oh well, I'm glad it's going to a major servicer and I won't have to deal with LenderFi much longer. Haven't had any major problems throughout the process, so hoping this latest transfer is just as painless.
Freddie Mac doesn't service loans. So unless the papers identify a new servicer, I would assume LenderFi is servicing until further notice.

Jags4186
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Re: My LenderFi refinance is going well

Post by Jags4186 » Sun May 31, 2020 12:10 pm

need403bhelp wrote:
Sat May 30, 2020 1:36 pm
czr wrote:
Sat May 30, 2020 7:46 am
Hi to anyone who has REFI'd with LenderFI,
I know this is pretty standard but regarding the closing costs/fees, besides discount points and third party services you cannot shop for, how close were the estimates for third-party fees you can shop for (est. $2,625) and government fees (est. $2,600)? When people say $0 closing costs, it is not $0 out of pocket correct? With about $700 discount points for a 3.0%, 30yr, $420k conventional 30 yr loan it is still showing over $6.5k in closing costs/fees out of pocket so breakeven over current 3.5% loan is about 5 years so I am on the fence since I may not own this property in 5 years. Just making sure if I am missing anything.
$0 closing costs IS $0 out of pocket.

It means lender credit covers ALL closing costs with the exception of prepaids.

You are basically trading a slightly higher rate for no closing costs. So instead of 3.0% you would pick 3.125% or 3.25% in exchange for a lender credit that covers all closing costs except prepaids.
Correct. The only thing one should pay on a “no cost” loan is escrow funding, if escrowing, and prepaid interest which will vary depending on the day the loan closes.

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Sun May 31, 2020 12:32 pm

Jags4186 wrote:
Sun May 31, 2020 12:10 pm
The only thing one should pay on a “no cost” loan is escrow funding, if escrowing, and prepaid interest which will vary depending on the day the loan closes.
This is the definition I agree with. Not that Section J’s grand total is zero, but other than Section F and G, it comes out to $0. This could easily mean there are $$$ still coming out of pocket, but only for the stuff in those two sections.

2quiker
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Re: My LenderFi refinance is going well

Post by 2quiker » Sun May 31, 2020 8:37 pm

I had the worst experience with Lenderfi. My first experiences was around March of this year 2020, I filled out the application and asked some questions, I got maybe two responses from them and that was it, I couldn't get any more responses. I thought well maybe it was because of covid19 so I decided to give them another try and the second out come was the same as the fist. At first it was good but when it started asking some questions things turned sour fast. The person I was working with seemed irritated by the fact that I needed to run the number by the wife as she was getting quotes as well. In my experience I wouldn't recommend them.

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Sun May 31, 2020 9:07 pm

frankandbeans wrote:
Sun May 31, 2020 12:07 pm
kinless wrote:
Sun May 31, 2020 11:31 am
Well this is new... received a letter yesterday that as of April 29 my LenderFi loan was sold to FreddieMac. This was after closing docs stated it would be going to PennyMac, with LenderFi walking that back to say they're servicing the loan. That was only after I inquired about it on April 30.

So it appears nobody knows what's happening over there lol. Oh well, I'm glad it's going to a major servicer and I won't have to deal with LenderFi much longer. Haven't had any major problems throughout the process, so hoping this latest transfer is just as painless.
Freddie Mac doesn't service loans. So unless the papers identify a new servicer, I would assume LenderFi is servicing until further notice.
Yep loan getting sold to FreddieMac is pretty standard. My LenderFi loan is being serviced by Wells Fargo (which was identified in the closing docs) and also got recently got sold to FreddieMac. Wells continues to be my servicer.

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