My LenderFi refinance is going well

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rage_phish
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Re: My LenderFi refinance is going well

Post by rage_phish »

Gotcha. Anyone k ow what’s happening in Bay Area?
BlackcatCA
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Re: My LenderFi refinance is going well

Post by BlackcatCA »

Wyodoc wrote: Thu Jul 23, 2020 4:59 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
I’ve been in talks with them. This is a service they offer their clients. I believe if your rate drops a certain percentage they will automatically call you for a no cost refi.
Very interesting. If you closed in Feb, it is less than 6 months and they are already calling? How can one check if the rate has dropped 0.5% since their site wont process anything?
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Cobra Commander
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Re: My LenderFi refinance is going well

Post by Cobra Commander »

BlackcatCA wrote: Thu Jul 23, 2020 5:59 pm
Wyodoc wrote: Thu Jul 23, 2020 4:59 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
I’ve been in talks with them. This is a service they offer their clients. I believe if your rate drops a certain percentage they will automatically call you for a no cost refi.
Very interesting. If you closed in Feb, it is less than 6 months and they are already calling? How can one check if the rate has dropped 0.5% since their site wont process anything?
I think you can lock prior to the 180 day period you just have to close after it.
Wyodoc
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Re: My LenderFi refinance is going well

Post by Wyodoc »

BlackcatCA wrote: Thu Jul 23, 2020 5:59 pm
Wyodoc wrote: Thu Jul 23, 2020 4:59 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
I’ve been in talks with them. This is a service they offer their clients. I believe if your rate drops a certain percentage they will automatically call you for a no cost refi.
Very interesting. If you closed in Feb, it is less than 6 months and they are already calling? How can one check if the rate has dropped 0.5% since their site wont process anything?
Apparently they monitor it for you and will let you know.
nepats
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Re: My LenderFi refinance is going well

Post by nepats »

nepats wrote: Tue Jul 21, 2020 10:04 am I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:
I don’t think I will be closing this week. I am not sure what the delay is but I am still waiting on a closing date.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

nepats wrote: Thu Jul 23, 2020 6:52 pm
nepats wrote: Tue Jul 21, 2020 10:04 am I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:
I don’t think I will be closing this week. I am not sure what the delay is but I am still waiting on a closing date.
They're swamped. I am scheduled to close on Monday, just under 3 weeks from initial app to close.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

anon_investor wrote: Thu Jul 23, 2020 7:15 pm
nepats wrote: Thu Jul 23, 2020 6:52 pm
nepats wrote: Tue Jul 21, 2020 10:04 am I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:
I don’t think I will be closing this week. I am not sure what the delay is but I am still waiting on a closing date.
They're swamped. I am scheduled to close on Monday, just under 3 weeks from initial app to close.
Same here, just over 3 weeks. Applied Thursday 02 July, verbally locked Friday 03 July, received Loan Estimate showing lock on Tue 07 Jul. It went a little bit faster back in September but they weren't nearly as busy then.
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

Cobra Commander wrote: Thu Jul 23, 2020 3:00 pm
anon_investor wrote: Thu Jul 23, 2020 2:58 pm
jharkin wrote: Thu Jul 23, 2020 2:44 pm
anon_investor wrote: Thu Jul 23, 2020 12:55 pm
Yikes. I am closing with LenderFi on Monday, but I do have an escrow, so hopefully there are no issues. Are they supposed to send something 24 hours before? Did they give you the wiring instructions before the closing date?
I got on the phone with them the day before and got the details. Due to Covid they are waiving the usual restrictions and take a personal cehck up to $5k at the closing table.

Without the taxes, my cash to close was only a few hundred $$ for prepaid interest.

Yes, unless you signed the release they need to send you an estimate 3 days out and final numbers 24 hours out.
Interesting, did you use Amrock? So the estimate you received 3 days out was correct, but the numbers at the closing were wrong?
Cobra Commander wrote: Thu Jul 23, 2020 2:24 pm Did you guys use the LenderFi recommended title company, Amrock? Title fees were about $1,000 which is a little less than I paid on my 2016. I shopped a few places but not many, just wondering if it's worth shopping around.
I am going to use Amrock, I didn't want to rock the boat and slow things down, espcially since all the costs are covered by lender's credits.
That's a good point and one I was thinking about. I will probably just use them since lender credits cover everything.

I just used Amrock... Not much point shopping around since they where crediting all my fees... I think if you cut down the fees they would just adjust the credit to match? (My credit changed from estimate to final, adjusting to always keep my out of pocket exactly zero)


BTW, to close the loop, my closing snafu got solved. I just had to send them a mortgage statement proving taxes where paid from prior loan escrow and they redrafted the statement.
Ed_Sandwich
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Re: My LenderFi refinance is going well

Post by Ed_Sandwich »

anon_investor wrote: Thu Jul 23, 2020 3:07 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.
Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Ed_Sandwich wrote: Fri Jul 24, 2020 8:09 am
anon_investor wrote: Thu Jul 23, 2020 3:07 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.
Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
What rate are they offering you now? Make sure you are at least getting something comparable to what other people are getting since you have to go through the whole app process anyway.
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Cobra Commander
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Re: My LenderFi refinance is going well

Post by Cobra Commander »

Maybe I'm missing something but the LenderFi guaranteed no cost refi program doesn't sound like that good of a deal to me. First, they're basically offering to do for free what they would otherwise do for free if you refid with them. Second, the "no cost" option does not cover state transfer taxes which can be substantial (for me they are about $1,400 with my mortgage size in VA). Finally, for someone like me with a large mortgage slight movements in the mortgage market have large swings on the lender credit. In fact, when I was shopping the loan officer called me one day with an offer of $1,800 in closing costs (including transfer taxes), the next morning it was $700 closing costs and in the afternoon it was $0 closing costs all for the same rate. Seems like one would have a much better likelihood of getting the best deal by re-engaging with a loan officer and...dare I say it...timing the mortgage market.
Ed_Sandwich
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Re: My LenderFi refinance is going well

Post by Ed_Sandwich »

anon_investor wrote: Fri Jul 24, 2020 8:12 am
Ed_Sandwich wrote: Fri Jul 24, 2020 8:09 am
anon_investor wrote: Thu Jul 23, 2020 3:07 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.
Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
What rate are they offering you now? Make sure you are at least getting something comparable to what other people are getting since you have to go through the whole app process anyway.
2.875 for 25-year.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Ed_Sandwich wrote: Fri Jul 24, 2020 9:58 am
anon_investor wrote: Fri Jul 24, 2020 8:12 am
Ed_Sandwich wrote: Fri Jul 24, 2020 8:09 am
anon_investor wrote: Thu Jul 23, 2020 3:07 pm
Ed_Sandwich wrote: Thu Jul 23, 2020 3:03 pm I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.
Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
What rate are they offering you now? Make sure you are at least getting something comparable to what other people are getting since you have to go through the whole app process anyway.
2.875 for 25-year.
FYI people in the forum have been reporting 2.75% 30yr fixed no cost from LenderFi (this is the rate I am about to close on). So I would think for a 25-year it should be an even lower rate.
mets914
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Re: My LenderFi refinance is going well

Post by mets914 »

anon_investor wrote: Fri Jul 24, 2020 10:40 am
Ed_Sandwich wrote: Fri Jul 24, 2020 9:58 am
anon_investor wrote: Fri Jul 24, 2020 8:12 am
Ed_Sandwich wrote: Fri Jul 24, 2020 8:09 am
anon_investor wrote: Thu Jul 23, 2020 3:07 pm

Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.
Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
What rate are they offering you now? Make sure you are at least getting something comparable to what other people are getting since you have to go through the whole app process anyway.
2.875 for 25-year.
FYI people in the forum have been reporting 2.75% 30yr fixed no cost from LenderFi (this is the rate I am about to close on). So I would think for a 25-year it should be an even lower rate.
25 and 30 tend to be the same rates a lot of times
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

Cobra Commander wrote: Fri Jul 24, 2020 8:32 am Maybe I'm missing something but the LenderFi guaranteed no cost refi program doesn't sound like that good of a deal to me. First, they're basically offering to do for free what they would otherwise do for free if you refid with them. Second, the "no cost" option does not cover state transfer taxes which can be substantial (for me they are about $1,400 with my mortgage size in VA). Finally, for someone like me with a large mortgage slight movements in the mortgage market have large swings on the lender credit. In fact, when I was shopping the loan officer called me one day with an offer of $1,800 in closing costs (including transfer taxes), the next morning it was $700 closing costs and in the afternoon it was $0 closing costs all for the same rate. Seems like one would have a much better likelihood of getting the best deal by re-engaging with a loan officer and...dare I say it...timing the mortgage market.
Agreed I think its more of a gimmick than a real deal... but they offered me a quarter point below what anyone else is and I'm in a state that doesn't get the Better/Amex deal so I took it.


BTW, transfer taxes on every mortgage??? ouch! Sorry about that, my state only asses transfer tax on a sale/transfer of deed. And the seller is on the hook.
raylet
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Re: My LenderFi refinance is going well

Post by raylet »

jharkin wrote: Fri Jul 24, 2020 11:45 am
Cobra Commander wrote: Fri Jul 24, 2020 8:32 am Maybe I'm missing something but the LenderFi guaranteed no cost refi program doesn't sound like that good of a deal to me. First, they're basically offering to do for free what they would otherwise do for free if you refid with them. Second, the "no cost" option does not cover state transfer taxes which can be substantial (for me they are about $1,400 with my mortgage size in VA). Finally, for someone like me with a large mortgage slight movements in the mortgage market have large swings on the lender credit. In fact, when I was shopping the loan officer called me one day with an offer of $1,800 in closing costs (including transfer taxes), the next morning it was $700 closing costs and in the afternoon it was $0 closing costs all for the same rate. Seems like one would have a much better likelihood of getting the best deal by re-engaging with a loan officer and...dare I say it...timing the mortgage market.
Agreed I think its more of a gimmick than a real deal... but they offered me a quarter point below what anyone else is and I'm in a state that doesn't get the Better/Amex deal so I took it.


BTW, transfer taxes on every mortgage??? ouch! Sorry about that, my state only asses transfer tax on a sale/transfer of deed. And the seller is on the hook.
Can someone please explain what is this transfer state tax? I'm in MA, if so, where can I read about this.
I was told that this will be a true no cost refinance, meaning all out of pocket costs will be covered by lender credits, and only tax and prepaid interest will be required at closing.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

raylet wrote: Fri Jul 24, 2020 3:06 pm Can someone please explain what is this transfer state tax? I'm in MA, if so, where can I read about this.
I was told that this will be a true no cost refinance, meaning all out of pocket costs will be covered by lender credits, and only tax and prepaid interest will be required at closing.
In most/every state, if you sell a house, the buyer or seller pays a transfer tax that is a percentage of the purchase price. In some states, you also pay this tax on loan changes, with those states' logic being that you are transferring who is secured on the deed of the house to the new lender. Not all states charge this.

For instance, NC doesn't on each of my mortgages and refis. In Florida, technically they don't charge it, but they do charge a "loan documentary tax" that is a similar things where you pay a tax on a percentage of the loan amount. My employer's 401k has a big warning for Florida-based employees that even a 401k loan is subject to this Florida documentary tax.

All honest lenders will have that listed on your initial loan estimate, if not, then typically on the loan estimate given as part of the initial disclosures where you sign the "intent to proceed".
TechCash
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Re: My LenderFi refinance is going well

Post by TechCash »

Locked today @ LenderFi. 15-yr zero-cost for 2.375%
nepats
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Re: My LenderFi refinance is going well

Post by nepats »

anon_investor wrote: Thu Jul 23, 2020 7:15 pm
nepats wrote: Thu Jul 23, 2020 6:52 pm
nepats wrote: Tue Jul 21, 2020 10:04 am I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:
I don’t think I will be closing this week. I am not sure what the delay is but I am still waiting on a closing date.
They're swamped. I am scheduled to close on Monday, just under 3 weeks from initial app to close.
I am scheduled for Monday as of today, let’s see if there is any more delay or not
liamb86
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Re: My LenderFi refinance is going well

Post by liamb86 »

I've finally signed the pre-closing disclosure forms, but still don't have a closing date.

For those that recently closed, how long after the pre-closing forms was your actual close date? I'm assuming that they will try to schedule it for this week. For the actual closing, how much time did it take to sign the actual documents? Schedules between myself and DW are pretty tight so I'm nervous this is going to pop up out of nowhere.
Hoodwink
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Re: My LenderFi refinance is going well

Post by Hoodwink »

liamb86 wrote: Sat Jul 25, 2020 2:51 pm I've finally signed the pre-closing disclosure forms, but still don't have a closing date.

For those that recently closed, how long after the pre-closing forms was your actual close date? I'm assuming that they will try to schedule it for this week. For the actual closing, how much time did it take to sign the actual documents? Schedules between myself and DW are pretty tight so I'm nervous this is going to pop up out of nowhere.
How long did it take for clearing underwriter and how long after it cleared underwriter you got pre-closing documents. My file is with underwriter so far for two days including the Saturday.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

liamb86 wrote: Sat Jul 25, 2020 2:51 pm I've finally signed the pre-closing disclosure forms, but still don't have a closing date.

For those that recently closed, how long after the pre-closing forms was your actual close date? I'm assuming that they will try to schedule it for this week. For the actual closing, how much time did it take to sign the actual documents? Schedules between myself and DW are pretty tight so I'm nervous this is going to pop up out of nowhere.
I e-signed the pre-closing disclosure 7/20, and was contacted 7/22 to schedule closing. The first day they offered me was 7/27, so I took that. Fingers crossed no issues on Monday.
Hoodwink wrote: Sat Jul 25, 2020 4:25 pmHow long did it take for clearing underwriter and how long after it cleared underwriter you got pre-closing documents. My file is with underwriter so far for two days including the Saturday.
They sent my app to underwriting 7/15. I was approved 7/20 and received the pre-closing disclosure to e-sign the same day.
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

raylet wrote: Fri Jul 24, 2020 3:06 pm
jharkin wrote: Fri Jul 24, 2020 11:45 am
Cobra Commander wrote: Fri Jul 24, 2020 8:32 am Maybe I'm missing something but the LenderFi guaranteed no cost refi program doesn't sound like that good of a deal to me. First, they're basically offering to do for free what they would otherwise do for free if you refid with them. Second, the "no cost" option does not cover state transfer taxes which can be substantial (for me they are about $1,400 with my mortgage size in VA). Finally, for someone like me with a large mortgage slight movements in the mortgage market have large swings on the lender credit. In fact, when I was shopping the loan officer called me one day with an offer of $1,800 in closing costs (including transfer taxes), the next morning it was $700 closing costs and in the afternoon it was $0 closing costs all for the same rate. Seems like one would have a much better likelihood of getting the best deal by re-engaging with a loan officer and...dare I say it...timing the mortgage market.
Agreed I think its more of a gimmick than a real deal... but they offered me a quarter point below what anyone else is and I'm in a state that doesn't get the Better/Amex deal so I took it.


BTW, transfer taxes on every mortgage??? ouch! Sorry about that, my state only asses transfer tax on a sale/transfer of deed. And the seller is on the hook.
Can someone please explain what is this transfer state tax? I'm in MA, if so, where can I read about this.
I was told that this will be a true no cost refinance, meaning all out of pocket costs will be covered by lender credits, and only tax and prepaid interest will be required at closing.

You don’t need to worry. The MA transfer tax is only assessed on a transfer of deed, and is paid by the seller. It’s 0.456% of the sale price, you would have seen it on the sellers closing costs column of the HUD form when you first bought the house.

TL/DR. No transfer taxes on a refi in MA.
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

anon_investor wrote: Sat Jul 25, 2020 6:55 pm
jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
Yea I never got a call in advance from anyone which was kind of surprising.. had a bad feeling about it. Oh well. I'll update again when they get back to me.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Sat Jul 25, 2020 7:14 pm
anon_investor wrote: Sat Jul 25, 2020 6:55 pm
jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
Yea I never got a call in advance from anyone which was kind of surprising.. had a bad feeling about it. Oh well. I'll update again when they get back to me.
I assume you got the Amrock email with the date/time/location?
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

anon_investor wrote: Sat Jul 25, 2020 7:26 pm
jerseysure wrote: Sat Jul 25, 2020 7:14 pm
anon_investor wrote: Sat Jul 25, 2020 6:55 pm
jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
Yea I never got a call in advance from anyone which was kind of surprising.. had a bad feeling about it. Oh well. I'll update again when they get back to me.
I assume you got the Amrock email with the date/time/location?
Nope! All I got was a phone call to schedule so I have no written record of when my closing was supposed to be. I was expecting someone to call me the day of just to confirm when they would be there or something. I wish I had an email..

Yesterday I traded emails with someone from LenderFi and they said the title agency was backed up and they were still working on my final documents. I was inquiring about who to make the cashiers check out to. For what it's worth they said I could use a personal check since it was only around 1k.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jerseysure wrote: Sat Jul 25, 2020 7:59 pm
anon_investor wrote: Sat Jul 25, 2020 7:26 pm
jerseysure wrote: Sat Jul 25, 2020 7:14 pm
anon_investor wrote: Sat Jul 25, 2020 6:55 pm
jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
Yea I never got a call in advance from anyone which was kind of surprising.. had a bad feeling about it. Oh well. I'll update again when they get back to me.
I assume you got the Amrock email with the date/time/location?
Nope! All I got was a phone call to schedule so I have no written record of when my closing was supposed to be. I was expecting someone to call me the day of just to confirm when they would be there or something. I wish I had an email..

Yesterday I traded emails with someone from LenderFi and they said the title agency was backed up and they were still working on my final documents. I was inquiring about who to make the cashiers check out to. For what it's worth they said I could use a personal check since it was only around 1k.
That is annoying. I traded emails with my assigned "loan processor" at LenderFi on Wednesday about closing date/time. Then later that day someone from Amrock emailed me about scheduling. I replied to them, then later that day received an automated emailing that confirmed the date/time/place of closing. I still have not received any wiring information or the final closing disclosure though. Hopefully there are no suprises on Monday.
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

After closing, do we need to call old lender to get escrows ? Is there a Lenderfi website to set up automated mortgage payments?
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

anon_investor wrote: Sun Jul 26, 2020 7:29 am
prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
Yes we emailed Lenderfi and Amrock to get them.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

prettybogle wrote: Sun Jul 26, 2020 7:28 am After closing, do we need to call old lender to get escrows?
No, the old lender sends it to you automatically in about two weeks.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

prettybogle wrote: Sun Jul 26, 2020 7:32 am
anon_investor wrote: Sun Jul 26, 2020 7:29 am
prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
Yes we emailed Lenderfi and Amrock to get them.
Did you receive them through the same online portal where you e-sign everything? Amrock emailed and said LenderFi is supposed to provide it, but I have not heard back from LenderFi yet.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

anon_investor wrote: Sun Jul 26, 2020 11:40 am
prettybogle wrote: Sun Jul 26, 2020 7:32 am
anon_investor wrote: Sun Jul 26, 2020 7:29 am
prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
Yes we emailed Lenderfi and Amrock to get them.
Did you receive them through the same online portal where you e-sign everything? Amrock emailed and said LenderFi is supposed to provide it, but I have not heard back from LenderFi yet.
My closing is set for Monday morning (27th). I had originally gotten my Closing Disclosure for closing on the 22nd which I signed via DocuSign but the signing got pushed back to the 27th. Then I got my updated CD with payment instructions at 12:30 this morning 😃 but the portal link isn’t updated so I guess I don’t need to sign it (or I’ll do that on Monday when the portal updates?).

The email this morning included wire instructions but they said I could just write a personal check as well. FYI their payment instructions indicate the payment doesn’t have to be at closing but has to be received by the funding date (closing + 4 days or so).

ETA the only thing that changed between CD for the 22nd and CD for the 27th was prepaid interest, and it’s lower now, so maybe that’s why I don’t need to sign it again.
keith6014
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Re: My LenderFi refinance is going well

Post by keith6014 »

mets914 wrote: Fri Jul 24, 2020 10:44 am
anon_investor wrote: Fri Jul 24, 2020 10:40 am
Ed_Sandwich wrote: Fri Jul 24, 2020 9:58 am
anon_investor wrote: Fri Jul 24, 2020 8:12 am
Ed_Sandwich wrote: Fri Jul 24, 2020 8:09 am

Yes I do. I think there may have been fewer items to provide them with but it is essentially the same process. Regarding the rate, I had to pay points to drop 0.5% in February, but this time it is a no-cost refi.
What rate are they offering you now? Make sure you are at least getting something comparable to what other people are getting since you have to go through the whole app process anyway.
2.875 for 25-year.
FYI people in the forum have been reporting 2.75% 30yr fixed no cost from LenderFi (this is the rate I am about to close on). So I would think for a 25-year it should be an even lower rate.
25 and 30 tend to be the same rates a lot of times
My experience has been the same, 25 and 30 year seems to be the same.
You got an amazing rate. Do you mind sharing the loan amount? I got a 3.25% for 25 year for 700k. Loan closed in late April. I have few more months to wait. :annoyed
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

anon_investor wrote: Sun Jul 26, 2020 11:40 am
prettybogle wrote: Sun Jul 26, 2020 7:32 am
anon_investor wrote: Sun Jul 26, 2020 7:29 am
prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
Yes we emailed Lenderfi and Amrock to get them.
Did you receive them through the same online portal where you e-sign everything? Amrock emailed and said LenderFi is supposed to provide it, but I have not heard back from LenderFi yet.
I emailed the Amrock contact and they emailed me a pdf copy of all documents that are to be signed on closing day
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

TropikThunder wrote: Sun Jul 26, 2020 12:01 pm
anon_investor wrote: Sun Jul 26, 2020 11:40 am
prettybogle wrote: Sun Jul 26, 2020 7:32 am
anon_investor wrote: Sun Jul 26, 2020 7:29 am
prettybogle wrote: Sun Jul 26, 2020 7:25 am Someone from Amrock closing called us and scheduled appointment. We just closed on Saturday. We wore masks and the whole process took about an hour.
Did you get a final closing disclosure and payment instructions before the closing?
Yes we emailed Lenderfi and Amrock to get them.
Did you receive them through the same online portal where you e-sign everything? Amrock emailed and said LenderFi is supposed to provide it, but I have not heard back from LenderFi yet.
My closing is set for Monday morning (27th). I had originally gotten my Closing Disclosure for closing on the 22nd which I signed via DocuSign but the signing got pushed back to the 27th. Then I got my updated CD with payment instructions at 12:30 this morning 😃 but the portal link isn’t updated so I guess I don’t need to sign it (or I’ll do that on Monday when the portal updates?).

The email this morning included wire instructions but they said I could just write a personal check as well. FYI their payment instructions indicate the payment doesn’t have to be at closing but has to be received by the funding date (closing + 4 days or so).

ETA the only thing that changed between CD for the 22nd and CD for the 27th was prepaid interest, and it’s lower now, so maybe that’s why I don’t need to sign it again.
Interesting. I am also closing on Monday, but still no Closing Disclosure or payment instructions. But good to know that payment can be made after closing (I assumed as much since that is how it worked for my last refi). I hope there are no major discrepencies between the pre-closing disclosure and the final disclosure as some other posters have mentioned some issues.

Update: LenderFi got back to me with a PDF of the Closing Disclosure (the only change was less prepaids than on the pre-closing disclosure) and payment instructions (ACH via Amrock website).
jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure »

jerseysure wrote: Sat Jul 25, 2020 7:14 pm
anon_investor wrote: Sat Jul 25, 2020 6:55 pm
jerseysure wrote: Sat Jul 25, 2020 6:47 pm I was scheduled to close today at 5 PM. Someone was supposed to come to the house. No call, no show. Very unprofessional. I emailed them about it but no response yet.
That sucks. I am scheduled to close on Monday, got a call from the guy who will be physically coming this morning confirming.
Yea I never got a call in advance from anyone which was kind of surprising.. had a bad feeling about it. Oh well. I'll update again when they get back to me.
Update: My "Closer" from Lenderfi emailed me at 2:30 AM last night with a confirmation email that shows I am supposed to close Monday at 5 PM. Final disclosures attached to the email along with payment instructions. I never agreed to this date but thankfully I can make it work. They never acknowledged the fact that no one showed up yesterday. All emails went unanswered. It's interesting that people are hearing from Amrock directly. I've only heard from LenderFi employees.
Hoodwink
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Re: My LenderFi refinance is going well

Post by Hoodwink »

I just received a letter from my home insurance company that they will be billing LenderFi staring September. My file is still with underwriter. Not sure if it is a good news or things might still change.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Hoodwink wrote: Sun Jul 26, 2020 7:51 pm I just received a letter from my home insurance company that they will be billing LenderFi staring September. My file is still with underwriter. Not sure if it is a good news or things might still change.
I think that is standard practice, when you proceed with the loan process one of the documents you e-sign is a release to allow LenderFi contact your insurance company. I am closing with LenderFi tomorrow, and my insurance already has LenderFi listed as the mortgagee to bill (looks like it was updated around the time I went into underwriting).
4fitness
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Re: My LenderFi refinance is going well

Post by 4fitness »

Going through LenderFi as well. Did everyone have a 6-month no sale clause? Don’t think I’ve seen that mentioned. No real concern of selling, but you never know what the future might bring.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

4fitness wrote: Sun Jul 26, 2020 8:25 pm Going through LenderFi as well. Did everyone have a 6-month no sale clause? Don’t think I’ve seen that mentioned. No real concern of selling, but you never know what the future might bring.
It is in one of the disclosures that you e-sign when you do the rate lock. I am not sure whether it is really enforceable though. But I am pretty sure if you did sell or refi within 6 months, LenderFi would lose their commission on the refi and they likely would never work with you again.
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

Is there a Lenderfi website to set up automated mortgage payments? I need to make our first mortgage payment. Please share any information. Thank you
MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 »

prettybogle wrote: Mon Jul 27, 2020 10:00 am Is there a Lenderfi website to set up automated mortgage payments? I need to make our first mortgage payment. Please share any information. Thank you
I received this email last week, the day after my loan funded:

Congratulations! Your loan funded today!

You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.

If you have any questions please contact the Interim Servicing Department at the number or email below.

From the main LenderFi website, they have a link for servicing but I haven't attempted to set my account up yet.
prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle »

MBJ0909 wrote: Mon Jul 27, 2020 10:17 am
prettybogle wrote: Mon Jul 27, 2020 10:00 am Is there a Lenderfi website to set up automated mortgage payments? I need to make our first mortgage payment. Please share any information. Thank you
I received this email last week, the day after my loan funded:

Congratulations! Your loan funded today!

You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.

If you have any questions please contact the Interim Servicing Department at the number or email below.

From the main LenderFi website, they have a link for servicing but I haven't attempted to set my account up yet.
Thanks MBJ0909. Hopefully I will get this email soon. Any success stories on account set up online ?
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

anon_investor wrote: Sun Jul 26, 2020 12:31 pm Interesting. I am also closing on Monday, but still no Closing Disclosure or payment instructions. But good to know that payment can be made after closing (I assumed as much since that is how it worked for my last refi). I hope there are no major discrepencies between the pre-closing disclosure and the final disclosure as some other posters have mentioned some issues.
I closed today (Monday) in the morning (notary came to the house). It only took like 15 minutes, most of which was the notary verifying ID for her log book. I only had to sign in three places and initial in another 6-7. Surprisingly brief.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

TropikThunder wrote: Mon Jul 27, 2020 4:35 pm
anon_investor wrote: Sun Jul 26, 2020 12:31 pm Interesting. I am also closing on Monday, but still no Closing Disclosure or payment instructions. But good to know that payment can be made after closing (I assumed as much since that is how it worked for my last refi). I hope there are no major discrepencies between the pre-closing disclosure and the final disclosure as some other posters have mentioned some issues.
I closed today (Monday) in the morning (notary came to the house). It only took like 15 minutes, most of which was the notary verifying ID for her log book. I only had to sign in three places and initial in another 6-7. Surprisingly brief.
Nice! Now I wonder if that is more because of LenderFi or because of your state (or a combination of both). When I refi'd with a different lender in May, I had a 107 page closing package PDF, with just under half of those pages needing a signature or initials. Took over an hour.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

BrandonBogle wrote: Mon Jul 27, 2020 4:38 pm
TropikThunder wrote: Mon Jul 27, 2020 4:35 pm
anon_investor wrote: Sun Jul 26, 2020 12:31 pm Interesting. I am also closing on Monday, but still no Closing Disclosure or payment instructions. But good to know that payment can be made after closing (I assumed as much since that is how it worked for my last refi). I hope there are no major discrepencies between the pre-closing disclosure and the final disclosure as some other posters have mentioned some issues.
I closed today (Monday) in the morning (notary came to the house). It only took like 15 minutes, most of which was the notary verifying ID for her log book. I only had to sign in three places and initial in another 6-7. Surprisingly brief.
Nice! Now I wonder if that is more because of LenderFi or because of your state (or a combination of both). When I refi'd with a different lender in May, I had a 107 page closing package PDF, with just under half of those pages needing a signature or initials. Took over an hour.
Probably some mix of state (WA), lender, and COVID concessions. I refi’d with them back in September and remember it being much longer, more papers, more signatures etc but it could be the current notary was more organized and/or less of the items require a wet signature now. All I know is it felt too easy lol but I like it.
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