My LenderFi refinance is going well

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kinless
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Re: My LenderFi refinance is going well

Post by kinless »

e5116 wrote: 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.
Ok thanks. Didn’t realize the owner and servicer can be two separate entities. Learned something new today!
nickpete123
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Re: My LenderFi refinance is going well

Post by nickpete123 »

Anyone have experience with lenderfi's 180 day refinance clawback rule? I know I signed one ~3 months ago but lenderfi has since sold my mortgage to Fannie Mae and servicing by Wells Fargo. Wondering if they can/will clawback the lender credit if I jumped at another refinance?
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

As an FYI to those who thought their loan was going to WF and then didn’t, it may still switch back to going there. I closed in mid-May with Better, not LenderFi. At the time, Better said they had a hard time selling the loans and mine would be held by them and serviced by their existing partner, The Money Source. On Friday, my loan investor and servicer switched to Wells Fargo. So WF may start buying these LenderFi loans again.

Very anecdotal, but I thought to share for those who are interested.
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mister_sparkle
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Re: My LenderFi refinance is going well

Post by mister_sparkle »

mister_sparkle wrote: Mon Apr 06, 2020 7:53 pm
mister_sparkle wrote: Wed Mar 25, 2020 9:36 pm Applied on 3/2 but they went radio silent due to the crush of applications.

Got an update on 3/23: "The Fed announced that it would start unlimited bond buying which should bring the rates back down. If we can wait a few days I would love to lock you in at the rate you applied."

So, here I am, waiting a few days and hoping for the best. :|
I locked in a 3.125%/30-year refi today, which is a huge relief. I was beginning to think it wasn't gonna happen, especially after watching rates rise again.

Lopped off 1/2 a point at a net cost of zero. Not too shabby. :sharebeer
Had some hiccups in getting this done -- the loan amount on the May 4 settlement statement didn't match what it should have been, and no one at their title company Amrock or at Lenderfi responded to my questioning of the loan amount. So the notary told me to cross the loan amount, which I did, but that caused issues and they had to re-do the refi, and that took about 7-8 weeks. Anyway, it went through in the end, so I was happy to lop off half a percent at virtually no cost.

:sharebeer
ryman554
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Re: My LenderFi refinance is going well

Post by ryman554 »

Thanks to this board, managed to score a 2.75 no-cost refi for a 30 year fixed. Gotta get below $510,400 to get that rate, but it's a good one. Almost low enough never to payoff..... =)

These guys seem eager to close in 30 days, let's see if the competence (mine and the worker bees) hold up. Any hints on working around their archaic document upload process?
jerseysure
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Joined: Thu Mar 26, 2020 6:09 pm

Re: My LenderFi refinance is going well

Post by jerseysure »

Pulled the trigger last night and locked my rate. 2.75% 20 year refinance with credit to cover closing costs. I have to bring escrow deposit to closing, but that's it. They waived appraisal requirement and increased the value of my home by 15k since my last refinance 1 year ago. This brought my LTV to 80% and so no more PMI! Needless to say I am very pleased with the outcome. They also said they won't require bank statements which is great because we're doing some work at the house right now so we'll being moving some money around. I recall this being a huge pain in past mortgage applications having to account for every dollar. Thanks to everyone for sharing their experiences.

For what it's worth, I did not find their document upload process to be archaic. Maybe they've improved it since last month, but it was very straightforward for me.
keith6014
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Re: My LenderFi refinance is going well

Post by keith6014 »

jerseysure wrote: Wed Jul 08, 2020 7:47 am Pulled the trigger last night and locked my rate. 2.75% 20 year refinance with credit to cover closing costs. I have to bring escrow deposit to closing, but that's it. They waived appraisal requirement and increased the value of my home by 15k since my last refinance 1 year ago. This brought my LTV to 80% and so no more PMI! Needless to say I am very pleased with the outcome. They also said they won't require bank statements which is great because we're doing some work at the house right now so we'll being moving some money around. I recall this being a huge pain in past mortgage applications having to account for every dollar. Thanks to everyone for sharing their experiences.

For what it's worth, I did not find their document upload process to be archaic. Maybe they've improved it since last month, but it was very straightforward for me.
Wow. :beer
Looking at your screen name, I presume NJ? What is the loan amount?
dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 »

jerseysure wrote: Wed Jul 08, 2020 7:47 am They also said they won't require bank statements which is great because we're doing some work at the house right now so we'll being moving some money around. I recall this being a huge pain in past mortgage applications having to account for every dollar.
Same here. There was FAR less paperwork with Lenderfi than I had to do even in 2016 (refi) or 2015 (purchase). We also have a number of accounts and I have some self-employment income and previous lenders made it a real pain even though it should have been pretty clear from our W2 income and debt levels that we could afford the house. Previous refi I had to swear a Christmas check from my parents wasn't a loan, stuff like that.

As long as you weren't trying to refi with them in April or May they seem to do a pretty good job.
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

keith6014 wrote: Wed Jul 08, 2020 7:53 am
jerseysure wrote: Wed Jul 08, 2020 7:47 am Pulled the trigger last night and locked my rate. 2.75% 20 year refinance with credit to cover closing costs. I have to bring escrow deposit to closing, but that's it. They waived appraisal requirement and increased the value of my home by 15k since my last refinance 1 year ago. This brought my LTV to 80% and so no more PMI! Needless to say I am very pleased with the outcome. They also said they won't require bank statements which is great because we're doing some work at the house right now so we'll being moving some money around. I recall this being a huge pain in past mortgage applications having to account for every dollar. Thanks to everyone for sharing their experiences.

For what it's worth, I did not find their document upload process to be archaic. Maybe they've improved it since last month, but it was very straightforward for me.
Wow. :beer
Looking at your screen name, I presume NJ? What is the loan amount?

Yes, Burlington County NJ. Loan amount 397k with 500k valuation.
corgilady2011
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Re: My LenderFi refinance is going well

Post by corgilady2011 »

I would go through your paperwork with LenderFi with a fine tooth comb.

We are using them for a purchase. It was all pretty smooth sailing until they waited until we were at the closing table to tell us that we were getting way too much seller & lender credit relative to our closing cost and we had to open an escrow. So, I had to get a bank wire for a fairly large amount of money to ensure our loan closed. At least the good news with that is we can call and get the escrow canceled after our first statement.

I am expecting this was a bit of a snafu and missed due to the high volume of processing that they are doing at the moment. I found that underwriting took a bit as well and I had to stay on them to get it completed.

Perhaps this is fairly standard, but this was our second time home buying experience (first time we had family processing and doing all of our loan stuff) so it was a bit of a heartattack feeling I had to shell out a lot more money to ensure we could close that day.
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

corgilady2011 wrote: Wed Jul 08, 2020 11:02 am I would go through your paperwork with LenderFi with a fine tooth comb.

We are using them for a purchase. It was all pretty smooth sailing until they waited until we were at the closing table to tell us that we were getting way too much seller & lender credit relative to our closing cost and we had to open an escrow. So, I had to get a bank wire for a fairly large amount of money to ensure our loan closed. At least the good news with that is we can call and get the escrow canceled after our first statement.

I am expecting this was a bit of a snafu and missed due to the high volume of processing that they are doing at the moment. I found that underwriting took a bit as well and I had to stay on them to get it completed.

Perhaps this is fairly standard, but this was our second time home buying experience (first time we had family processing and doing all of our loan stuff) so it was a bit of a heartattack feeling I had to shell out a lot more money to ensure we could close that day.
That's interesting about being able to waive the escrow after your first statement. Did you see that in writing somewhere or did you loan officer tell you that? I believe they sell all their loans so I wonder if you have to do it before they sell it?
corgilady2011
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Re: My LenderFi refinance is going well

Post by corgilady2011 »

jerseysure wrote: Wed Jul 08, 2020 12:23 pm
corgilady2011 wrote: Wed Jul 08, 2020 11:02 am I would go through your paperwork with LenderFi with a fine tooth comb.

We are using them for a purchase. It was all pretty smooth sailing until they waited until we were at the closing table to tell us that we were getting way too much seller & lender credit relative to our closing cost and we had to open an escrow. So, I had to get a bank wire for a fairly large amount of money to ensure our loan closed. At least the good news with that is we can call and get the escrow canceled after our first statement.

I am expecting this was a bit of a snafu and missed due to the high volume of processing that they are doing at the moment. I found that underwriting took a bit as well and I had to stay on them to get it completed.

Perhaps this is fairly standard, but this was our second time home buying experience (first time we had family processing and doing all of our loan stuff) so it was a bit of a heartattack feeling I had to shell out a lot more money to ensure we could close that day.
That's interesting about being able to waive the escrow after your first statement. Did you see that in writing somewhere or did you loan officer tell you that? I believe they sell all their loans so I wonder if you have to do it before they sell it?
Our processor brought this up to us after the whole ordeal after it was confirmed w/ their closing team, but it does reference in our CD that we could cancel and pay the mortgage/taxes separately, but they reserve the right to reinstate an impound if we failed to pay for whatever reason. They just mentioned we can do it 'when we get our first mortgage statement,' so I'll clarify with them if its before or after they sell the loan.
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

Folks who were able to close with Lenderfi - where was the closing at ? Do they have a local office or was it virtual / online ? Always dealt with big banks that have local branch so just wondering...
dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 »

prettybogle wrote: Wed Jul 08, 2020 9:52 pm Folks who were able to close with Lenderfi - where was the closing at ? Do they have a local office or was it virtual / online ? Always dealt with big banks that have local branch so just wondering...
A notary (a special kind, forget the exact term) came to our house and we signed paperwork on the porch at a safe distance. Was maybe 15 minutes.
3of10
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Re: My LenderFi refinance is going well

Post by 3of10 »

ryman554 wrote: Thu Jul 02, 2020 11:19 am Thanks to this board, managed to score a 2.75 no-cost refi for a 30 year fixed. Gotta get below $510,400 to get that rate, but it's a good one. Almost low enough never to payoff..... =)

These guys seem eager to close in 30 days, let's see if the competence (mine and the worker bees) hold up. Any hints on working around their archaic document upload process?
Ryman554, that's a great deal, especially during this current time period. Who was the lender?
dcw213
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Re: My LenderFi refinance is going well

Post by dcw213 »

I refinanced with them 6 months ago and am trying to get in touch with them again but nobody is getting back to me. I have read some of the recent horror stories. Anyone have thoughts on how to reach them? I am emailing the people who did my last refinance and getting zero response. Seems extremely unprofessional.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

How long does it take for LenderFi to review/approve an application? I was surprised that I did not get an automatic approval, still waiting to hear back. I did a refi with Ally (which uses Better's platform) earlier this year, and I was able to apply and get approval instantly and lock the rate without any human interaction.
ryman554
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Re: My LenderFi refinance is going well

Post by ryman554 »

3of10 wrote: Wed Jul 08, 2020 10:34 pm
ryman554 wrote: Thu Jul 02, 2020 11:19 am Thanks to this board, managed to score a 2.75 no-cost refi for a 30 year fixed. Gotta get below $510,400 to get that rate, but it's a good one. Almost low enough never to payoff..... =)

These guys seem eager to close in 30 days, let's see if the competence (mine and the worker bees) hold up. Any hints on working around their archaic document upload process?
Ryman554, that's a great deal, especially during this current time period. Who was the lender?
This is the LenderFi thread..... so I'll give you three guesses and the first two don't count!

I hear you can do even better today than 2.75.
3of10
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Re: My LenderFi refinance is going well

Post by 3of10 »

ryman554 wrote: Thu Jul 09, 2020 8:50 am
This is the LenderFi thread..... so I'll give you three guesses and the first two don't count!

I hear you can do even better today than 2.75.
Interesting. I thought you had gone off the grid with someone else. The best I could do last week with LenderFi was 2.85 with .3 points. They haven't been returning my calls since then, so I'm thinking of whether to just start new and submit another application, especially considering what you've done.
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

jharkin wrote: Thu Jul 09, 2020 10:15 am Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?

I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

MrJedi wrote: Thu Jul 09, 2020 10:24 am
jharkin wrote: Thu Jul 09, 2020 10:15 am Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?

I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Thu Jul 09, 2020 10:54 am
MrJedi wrote: Thu Jul 09, 2020 10:24 am
jharkin wrote: Thu Jul 09, 2020 10:15 am Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?

I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
Did you need to talk on the phone to lock the rate or was there an option online?
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

My issue is/was slightly different. I uploaded docs, locked, and they went to title and then processing.

After multiple emails I FINALLY got a call this morning. Broker said they are just overwhelmed right now and are getting thousands of emails a day. Says mine is on track and in final doc prep.

But couldn't give me a closing date yet...
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

anon_investor wrote: Thu Jul 09, 2020 12:06 pm
jerseysure wrote: Thu Jul 09, 2020 10:54 am
MrJedi wrote: Thu Jul 09, 2020 10:24 am
jharkin wrote: Thu Jul 09, 2020 10:15 am Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?

I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
Did you need to talk on the phone to lock the rate or was there an option online?
I never saw an option online.. he did it over the phone.
Fire_Buckeye
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Re: My LenderFi refinance is going well

Post by Fire_Buckeye »

People need to realize that the way these online lenders are able to offer these ridiculously low rates is by minimizing overhead. That means you shouldn't expect them to hold your hand throughout the process.

I'm in the middle of my second refi with LenderFi. We're scheduled to close on Saturday. Once they lock your rate, radio silence to varying degrees is to be expected while your refi is processed - which is taking longer than usual due to their current backlog.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Thu Jul 09, 2020 12:31 pm
anon_investor wrote: Thu Jul 09, 2020 12:06 pm
jerseysure wrote: Thu Jul 09, 2020 10:54 am
MrJedi wrote: Thu Jul 09, 2020 10:24 am
jharkin wrote: Thu Jul 09, 2020 10:15 am Something is up with LenderFi. I started hte process mid-June and things where moving fast now they have suddenly gone dark. No reply to a few emails over the last couple days and I tried calling my assigned broker and his voicemail is FULL.

Arrg. I guess I have to start calling the main line and asking to speak to management?

I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
Did you need to talk on the phone to lock the rate or was there an option online?
I never saw an option online.. he did it over the phone.
Did you have to pay anything to lock?
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

anon_investor wrote: Thu Jul 09, 2020 12:43 pm
jerseysure wrote: Thu Jul 09, 2020 12:31 pm
anon_investor wrote: Thu Jul 09, 2020 12:06 pm
jerseysure wrote: Thu Jul 09, 2020 10:54 am
MrJedi wrote: Thu Jul 09, 2020 10:24 am


I have exact same problem. I got a full loan estimate and access into their portal on June 16. E-signed their documents in their portal and asked to lock the rate. Since then I haven't heard anything and can't get any contact back, haven't heard back on what documents they need me to start uploading, etc.
Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
Did you need to talk on the phone to lock the rate or was there an option online?
I never saw an option online.. he did it over the phone.
Did you have to pay anything to lock?
I haven't paid a dime and don't expect to. As I said in my original post, the only thing I'm bringing to closing is my escrow deposit.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Thu Jul 09, 2020 1:10 pm
anon_investor wrote: Thu Jul 09, 2020 12:43 pm
jerseysure wrote: Thu Jul 09, 2020 12:31 pm
anon_investor wrote: Thu Jul 09, 2020 12:06 pm
jerseysure wrote: Thu Jul 09, 2020 10:54 am

Interesting. I got approved immediately and uploaded all the documents to the portal. The portal had a list of things I needed to upload and I did them all right away.

I got an automated email from the loan officer 24 hours later and I replied asking if there was anything else I needed to do. He said he was just looking at my file and I could call his cell phone. We talked for about 10 mins at which point he locked my rate. He said they're 3-4 weeks out on closing right now due to high volume. In the past they've closed as quickly as 9 days according to him.
Did you need to talk on the phone to lock the rate or was there an option online?
I never saw an option online.. he did it over the phone.
Did you have to pay anything to lock?
I haven't paid a dime and don't expect to. As I said in my original post, the only thing I'm bringing to closing is my escrow deposit.
Amazing. Hopefully they get back to me soon. Rates today are even better than yesterday.
bonfireofthevanities
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Re: My LenderFi refinance is going well

Post by bonfireofthevanities »

The process had been largely smooth in my refi--applied 6/26, locked 6/29, and remote closing with notary scheduled for 7/13--however, there seems to be an internal disconnect where their loan estimates and closing disclosure documents don't always line up with what was previously agreed to. In one instance, my deal went from me receiving $500 cash at closing to having to pay $5,000. I think the lenderfi left hand isn't always sync'd with the right hand.

In sum, I advise to read all the documents closely, and I hope my closing package scheduled for 7/13 is accurate. It seems like they are completely swamped and do not always return calls and emails quickly.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
ChiKid24
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Re: My LenderFi refinance is going well

Post by ChiKid24 »

anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm
anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

anon_investor wrote: Thu Jul 09, 2020 2:07 pm
ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm
anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
I filled everything out online this morning and got a call from them about an hour ago to confirm my details. Getting 30-year at 2.75% true no cost refi (A+B+C+E = $1,388, lender credit is $1,388). Appraisal waived and no escrow. The funny thing is I literally just had the notary out today to sign closing docs on my refi with Better at 3.0% where the lender credit is giving me $2,500 over closing costs. So I'm going to go through with that, pocket the cash and now immediately move into 2.75% with Lenderfi. I suppose I can take this loan estimate to Better and see if they will beat it. That would be pretty amazing.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

anon_investor wrote: Thu Jul 09, 2020 2:07 pm
ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm
anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
Update: LenderFi came back with a better rate (2.75% 30yr fixed no cost) than listed on their website (3% 30yr fixed no cost). I called and locked right away! The offer destroys Better and LoanDepot, not even close!
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

anon_investor wrote: Thu Jul 09, 2020 6:53 pm
anon_investor wrote: Thu Jul 09, 2020 2:07 pm
ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm
anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
Update: LenderFi came back with a better rate (2.75% 30yr fixed no cost) than listed on their website (3% 30yr fixed no cost). I called and locked right away! The offer destroys Better and LoanDepot, not even close!
Congrats! Sounds like we got the same. You going to take their loan estimate to Better?
rgs92
Posts: 2778
Joined: Mon Mar 02, 2009 8:00 pm

Re: My LenderFi refinance is going well

Post by rgs92 »

Has anyone used LenderFi for a purchase? If so, how did they do? (I tried looking through this thread for it, but I didn't see it.) Thanks.
corgilady2011
Posts: 19
Joined: Wed May 25, 2016 12:15 pm
Location: Texas

Re: My LenderFi refinance is going well

Post by corgilady2011 »

rgs92 wrote: Thu Jul 09, 2020 7:06 pm Has anyone used LenderFi for a purchase? If so, how did they do? (I tried looking through this thread for it, but I didn't see it.) Thanks.
I did and not sure I would recommend it, we ran into a last minute issue in the paperwork and the loan officer was less than helpful and was very quick to say "not my problem" while we were literally signing paperwork. We were lucky their supporting team was much more helpful and probably the only reason I would consider utilizing them again. I posted earlier in the thread about it. Our closing was this week for reference.
Last edited by corgilady2011 on Thu Jul 09, 2020 8:47 pm, edited 2 times in total.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

ChiKid24 wrote: Thu Jul 09, 2020 6:59 pm
anon_investor wrote: Thu Jul 09, 2020 6:53 pm
anon_investor wrote: Thu Jul 09, 2020 2:07 pm
ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm
anon_investor wrote: Thu Jul 09, 2020 1:32 pm LenderFi must be getting slammed, their website has the following message now:

Important Message: LenderFi is committed to offering the most competitive rates in the country with high customer service and closings in just a few weeks.
Given the high volume of loans coming in we are not able to offer the service LenderFi was founded on, so temporarily we are not taking on any new applications.
This is not easy, but it’s the right thing to do, We need to take care of the borrowers who have already applied.
We have been around since 2006 and we value our borrowers as people, not numbers, so we hope you understand.
As soon as we can get caught up will be taking on new applications. We are working 7 days a week around the clock to make sure all of our clients are contacted, given a high level of customer service and provided with the best loan options for their needs.
If you have a loan submitted we ask that you please be patient, you are in good hands.
Thank you for your understanding.
Ryan Scholer
President


I hope they get to my pending app, there were some pretty compelling rates on their website...
Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
Update: LenderFi came back with a better rate (2.75% 30yr fixed no cost) than listed on their website (3% 30yr fixed no cost). I called and locked right away! The offer destroys Better and LoanDepot, not even close!
Congrats! Sounds like we got the same. You going to take their loan estimate to Better?
I did already, but haven't heard back. I am happy either way.
TropikThunder
Posts: 2543
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder »

ChiKid24 wrote: Thu Jul 09, 2020 6:26 pm The funny thing is I literally just had the notary out today to sign closing docs on my refi with Better at 3.0% where the lender credit is giving me $2,500 over closing costs. So I'm going to go through with that, pocket the cash and now immediately move into 2.75% with Lenderfi. I suppose I can take this loan estimate to Better and see if they will beat it. That would be pretty amazing.
I would hold off on spending the credit from Better. I know LenderFi has a claw-back provision if you sell or refi again within 6 months (and I assume other discount lenders do too). They have to pay back some of their commission to the buyer, and they don't stay in business by eating that cost.
ChiKid24
Posts: 329
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

TropikThunder wrote: Thu Jul 09, 2020 11:49 pm
ChiKid24 wrote: Thu Jul 09, 2020 6:26 pm The funny thing is I literally just had the notary out today to sign closing docs on my refi with Better at 3.0% where the lender credit is giving me $2,500 over closing costs. So I'm going to go through with that, pocket the cash and now immediately move into 2.75% with Lenderfi. I suppose I can take this loan estimate to Better and see if they will beat it. That would be pretty amazing.
I would hold off on spending the credit from Better. I know LenderFi has a claw-back provision if you sell or refi again within 6 months (and I assume other discount lenders do too). They have to pay back some of their commission to the buyer, and they don't stay in business by eating that cost.
I was worried about that but read through all the loan docs completely tonight and there is no such language about a clawback with Better. I'd also say there shouldn't be. I took a slightly higher rate to get the higher lender credit, so I look at it as part of the loan pricing.
bsnr
Posts: 4
Joined: Wed Mar 07, 2018 1:57 pm

Re: My LenderFi refinance is going well

Post by bsnr »

Looks like LenderFi has suspended new applications again due to high volume.
User avatar
pianos101
Posts: 101
Joined: Thu Oct 26, 2017 1:39 pm

Re: My LenderFi refinance is going well

Post by pianos101 »

I was able to get in RIGHT before they shut it down. Got a quote for 2.75% 20-year, net lender credit of $19 (excluding interest/property taxes), high-balance conforming. Spoke to loan officer after signing NOT rate locked disclosure. He said he rate locked it last night, but I haven't seen the updated disclosure yet. Fingers crossed that it's real...
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anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

pianos101 wrote: Fri Jul 10, 2020 3:19 pm I was able to get in RIGHT before they shut it down. Got a quote for 2.75% 20-year, net lender credit of $19 (excluding interest/property taxes), high-balance conforming. Spoke to loan officer after signing NOT rate locked disclosure. He said he rate locked it last night, but I haven't seen the updated disclosure yet. Fingers crossed that it's real...
I also locked over the phone yesterday, have not received the update disclosure yet. But I was warned that they were swamped.
User avatar
anon_investor
Posts: 3527
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

Anyone that locked with LenderFi on Thursday receive their updated disclosure confirming the lock yet?
Navy96
Posts: 4
Joined: Sat Jul 11, 2020 9:55 am

Re: My LenderFi refinance is going well

Post by Navy96 »

I locked with my loan officer via text chat on Tuesday. On Thursday, I wrote asking for an updated estimate indicating my rate was in fact locked. On Friday, my loan processor reached out with an updated loan estimate and rate lock. I also needed to provide a few more documents for underwriting (note: When I initially uploaded required documents, it seemed like the last upload replaced the first upload. I am not sure if anybody else had this experience).

In summary, I applied on Friday, 3 July. On Tuesday, I received a LE for %2.625 30-year with $1110 in credit. Loan value around $415K and 55% LTV in Virginia. Appraisal waived. So far so good.
IdRatherBeHiking
Posts: 13
Joined: Tue Apr 28, 2020 5:19 pm

Re: My LenderFi refinance is going well

Post by IdRatherBeHiking »

nickpete123 wrote: Wed Jun 03, 2020 1:01 pm Anyone have experience with lenderfi's 180 day refinance clawback rule? I know I signed one ~3 months ago but lenderfi has since sold my mortgage to Fannie Mae and servicing by Wells Fargo. Wondering if they can/will clawback the lender credit if I jumped at another refinance?
Bump.

Anyone have any experience with a second Refi with LenderFi? We closed in early March no cost at 3.25 and am getting enticed by tales of 2.75 no cost....
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anon_investor
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Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

anon_investor wrote: Thu Jul 09, 2020 7:48 pm
ChiKid24 wrote: Thu Jul 09, 2020 6:59 pm
anon_investor wrote: Thu Jul 09, 2020 6:53 pm
anon_investor wrote: Thu Jul 09, 2020 2:07 pm
ChiKid24 wrote: Thu Jul 09, 2020 1:50 pm

Wow...I literally saw a great rate on there this morning and started the process and completed an application (2.75% 30-year with credit to cover all closing costs). I wonder if I'm in the queue or if this is going to prevent it from going through.
I submitted an app yesterday afternoon, still waiting to hear back, I wonder if it will take a long time. I may submit an app with LoanDepot. Better.com was not competitive at all.
Update: LenderFi came back with a better rate (2.75% 30yr fixed no cost) than listed on their website (3% 30yr fixed no cost). I called and locked right away! The offer destroys Better and LoanDepot, not even close!
Congrats! Sounds like we got the same. You going to take their loan estimate to Better?
I did already, but haven't heard back. I am happy either way.
Better was not able to match Lenderfi. But thrilled with LenderFi's offer. I hope they do not take long to close. I can't wait to be finished and start saving money!
yakk0
Posts: 46
Joined: Mon Nov 27, 2017 4:41 pm

Re: My LenderFi refinance is going well

Post by yakk0 »

For those who have refi'd with LenderFi, do they ask for bank statements? So far they've only asked me for DL, insurance, mortgage statements and paystubs.

I'm planning to move some money between my accounts, but I'll hold off if they need statements. During the initial purchase, the underwriters kept coming back to ask where certain transfers came from and I had to dig out old statements from lesser used accounts that I had consolidated before the purchase.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

yakk0 wrote: Sat Jul 11, 2020 4:31 pm For those who have refi'd with LenderFi, do they ask for bank statements? So far they've only asked me for DL, insurance, mortgage statements and paystubs.

I'm planning to move some money between my accounts, but I'll hold off if they need statements. During the initial purchase, the underwriters kept coming back to ask where certain transfers came from and I had to dig out old statements from lesser used accounts that I had consolidated before the purchase.
I am in the process of doing a refi, they did ask for my 2 most recent bank statements, along with what they asked for from you.
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