My LenderFi refinance is going well

[simplesimon]

LenderFi reached out and assigned a day for notary for tomorrow. But I haven't received any final closing amount. Am I missing something here? Are we not supposed to cut the check to them on the same day for any closing cost?

I got the final closing disclosure very shortly before getting an appointment. I was able to ACH my cash to close to Amrock after signing.

Ah! So, we have to send them the closing cost AFTER signing with the notary!? How many days do we get to do that?

You can certainly wire the funds but the ACH was accepted (it was offered as an option from Amrock). It should be done ASAP because it will hold up funding if done too late. You should be getting the cash to close amount very soon. I was given at least the weekend from getting the docs to signing.

[calabel]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

[anon_investor]

LenderFi reached out and assigned a day for notary for tomorrow. But I haven't received any final closing amount. Am I missing something here? Are we not supposed to cut the check to them on the same day for any closing cost?

I got the final closing disclosure very shortly before getting an appointment. I was able to ACH my cash to close to Amrock after signing.

Ah! So, we have to send them the closing cost AFTER signing with the notary!? How many days do we get to do that?

You can certainly wire the funds but the ACH was accepted (it was offered as an option from Amrock). It should be done ASAP because it will hold up funding if done too late. You should be getting the cash to close amount very soon. I was given at least the weekend from getting the docs to signing.

When I did my closing at the end of July, the instructions that I received from LenderFi via email the night before closing was to complete the ACH via Amrock's website "right after the signing of loan documents". My closing was completed before noon, and I did the ACH online immediately afterwards and there were no issues.

[newbiead]

LenderFi reached out and assigned a day for notary for tomorrow. But I haven't received any final closing amount. Am I missing something here? Are we not supposed to cut the check to them on the same day for any closing cost?

I got the final closing disclosure very shortly before getting an appointment. I was able to ACH my cash to close to Amrock after signing.

Ah! So, we have to send them the closing cost AFTER signing with the notary!? How many days do we get to do that?

You can certainly wire the funds but the ACH was accepted (it was offered as an option from Amrock). It should be done ASAP because it will hold up funding if done too late. You should be getting the cash to close amount very soon. I was given at least the weekend from getting the docs to signing.

When I did my closing at the end of July, the instructions that I received from LenderFi via email the night before closing was to complete the ACH via Amrock's website "right after the signing of loan documents". My closing was completed before noon, and I did the ACH online immediately afterwards and there were no issues.

Thanks! My appointment with notary is scheduled tomorrow and up until now I have signed the pre-closing only(which was 2 weeks ago). I hope they send me the final closing disclosures by tonight atleast so I can verify?

[anon_investor]

I got the final closing disclosure very shortly before getting an appointment. I was able to ACH my cash to close to Amrock after signing.

Ah! So, we have to send them the closing cost AFTER signing with the notary!? How many days do we get to do that?

You can certainly wire the funds but the ACH was accepted (it was offered as an option from Amrock). It should be done ASAP because it will hold up funding if done too late. You should be getting the cash to close amount very soon. I was given at least the weekend from getting the docs to signing.

When I did my closing at the end of July, the instructions that I received from LenderFi via email the night before closing was to complete the ACH via Amrock's website "right after the signing of loan documents". My closing was completed before noon, and I did the ACH online immediately afterwards and there were no issues.

Thanks! My appointment with notary is scheduled tomorrow and up until now I have signed the pre-closing only(which was 2 weeks ago). I hope they send me the final closing disclosures by tonight atleast so I can verify?

You should email LenderFi now to tell them your closing is tomorrow and you have not received the final closing disclosure yet.

I did not receive anything by the afternoon before my closing, and I emailed LenderFi and they were able to send it to me that evening and I was able to review it (fortunately no issues) before my closing.

[MilleniumBuc]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

Just got an email from Lenderfi this morning (8 am surprisingly) asking for available times tomorrow to send a notary. I only had times available after 3, bit they were able to confirm within minutes a time. Not sure what is the enemy step (a call from notary or someone showing up at 4 at my door).

In any case, I have never called them to ask anything and they have followed up with calls or emails about every next step to take or files needing signing. Also had the 8/24 closing and 8/28 disbursement. I guess the disbursement will get moved to 8/31.

Good luck on your refi.

[BuccoSweeper]

Ah! So, we have to send them the closing cost AFTER signing with the notary!? How many days do we get to do that?

You can certainly wire the funds but the ACH was accepted (it was offered as an option from Amrock). It should be done ASAP because it will hold up funding if done too late. You should be getting the cash to close amount very soon. I was given at least the weekend from getting the docs to signing.

When I did my closing at the end of July, the instructions that I received from LenderFi via email the night before closing was to complete the ACH via Amrock's website "right after the signing of loan documents". My closing was completed before noon, and I did the ACH online immediately afterwards and there were no issues.

Thanks! My appointment with notary is scheduled tomorrow and up until now I have signed the pre-closing only(which was 2 weeks ago). I hope they send me the final closing disclosures by tonight atleast so I can verify?

You should email LenderFi now to tell them your closing is tomorrow and you have not received the final closing disclosure yet.

I did not receive anything by the afternoon before my closing, and I emailed LenderFi and they were able to send it to me that evening and I was able to review it (fortunately no issues) before my closing.

Ditto. I was getting nervous the day prior to my closing (last week) as I hadn't received anything yet. I sent an email and they responded promptly that it was coming soon and it came that evening. Mine was few grand and I could write a personal check.

One other comment they breached the 30 day lock on me it was around day 50. There were problems getting the tax certs (PA). No issues with the rate lock. This was just prior to the .5 charge so I can see why folks might be nervous I was just thinking I'd go somewhere else.

Another bump for checking your closing documentation and knowing your tax schedules especially if you have done a refi recently. I did a refi in June (April rates took 2 months almost to close) and had to prepay taxes through August of this year. As usual I received my escrow back from old bank. Now with Lenderfi they provided the closing taxs and showed I had to pay taxes again as they were not paid. My current bank had no escrow. Long story shorter Lenderfi had an old tax certification that was pulled prior to them being paid. I had to call my local muni and he forwarded over a new tax cert and it was all cleared up. Fortunately, I was somewhat aware, but just keep this stuff in mind. Local Muni said that if I double-paid he couldn't just send my money to me directly they would send back to the third-party (Core Logic or whomever) who would then disburse. He made a joke that if you think it took your bank too long to get back escrow this could take 2-3 months.....again not sure if BS'ing or not.

Thanks again for this thread helped me immensely with Lenderfi and Mega Refi thread.

[anon_investor]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

Just got an email from Lenderfi this morning (8 am surprisingly) asking for available times tomorrow to send a notary. I only had times available after 3, bit they were able to confirm within minutes a time. Not sure what is the enemy step (a call from notary or someone showing up at 4 at my door).

In any case, I have never called them to ask anything and they have followed up with calls or emails about every next step to take or files needing signing. Also had the 8/24 closing and 8/28 disbursement. I guess the disbursement will get moved to 8/31.

Good luck on your refi.

You likely will get a call from the notary before. When I did my closing last month, I had a morning closing, and the guy called me the day before just to confirm.

[BlackcatCA]

This thread is so long it is difficult to find info...

It will be 6 months next week since we closed on the LenderFi refi. Nobody has contacted us yet, but I can imagine they are too busy with new loans.

For those who has done refinance with LenderFi 2x: which is the best way to check if I qualify for a no-cost redo at a lower rate?

1) email the original loan officer or someone on that team?
2) try to logon to the LenderFi site and send a message (not sure if access still allow)
3) use the backdoor link to send an application (but don’t want them to pull credits)
4) call the general number
5) Other way?

[Nahtanoj]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.

[Wolfpack2463]

This thread is so long it is difficult to find info...

It will be 6 months next week since we closed on the LenderFi refi. Nobody has contacted us yet, but I can imagine they are too busy with new loans.

For those who has done refinance with LenderFi 2x: which is the best way to check if I qualify for a no-cost redo at a lower rate?

1) email the original loan officer or someone on that team?
2) try to logon to the LenderFi site and send a message (not sure if access still allow)
3) use the backdoor link to send an application (but don’t want them to pull credits)
4) call the general number
5) Other way?

#1 is what I did. He said they could do 20 year no cost at 2.5%. I was looking to move to a 15 year, but he said they could only do 2.375% (refinanced 6 months ago to 20 year at 3.125%).

I emailed him on 8/14 and received the rate lock confirmation on 8/19. There has been no mention of the .5% fee nor did it appear in the LE. Line J is larger than A+B+C+E so not too worried.

I have submitted all the documentation they requested (paystubs, HO policy, HOA, bank statements), but haven’t heard anything since then. My rate lock is good until 9/11.

[calabel]

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.

I flagged this for my processor last week by email, but I didn't get an explicit acknowledgment. They do business in most/all of the country as does Amrock, so it is really just a question of what mobile notary service they contract with my my signing... so hoping not too much hassle to arrange.

[newbiead]

How do you guys prefer to pay the closing amount to Amrock? Should I wire or ACH? Or it doesn't matter. I think I read earlier somewhere that there was no confirmation for ACH?

[simplesimon]

How do you guys prefer to pay the closing amount to Amrock? Should I wire or ACH? Or it doesn't matter. I think I read earlier somewhere that there was no confirmation for ACH?

I did an ACH. There was no confirmation of the specific amount/transaction but I got an email from Amrock after I sent it saying "congratulations, the closing's been completed!"

[mbasherp]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

[Goal33]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

Keep us posted. You are ahead of where I am with the same app and lock expiry. Frankly I don’t get it because I know other people that applied same day as me (per my recommendation) and they are closed already. I assume they have a small internal teams that always work together and some are ahead of others.

[MilleniumBuc]

Another data point (almost complete):

8/03 - applied through backdoor link, near midnight.

8/04 - called by Lenderfi at 11 am, quick “what do you have and this is a good offer, better than the rates last night. Will you close with us if we do this?” Type of call. I said yes and he sent the paperwork by email and I signed LE while on the phone until he confirmed the got everything they needed. After that, new request for the usual pay stubs, w2, insurance, mortgage statements, drivers license. (Loan Officer)

8/05 - Redisclosure Document to lock rate that expires on 9/02 (Loan Opener)

8/06 - request HOA statement (Loan Processor)

8/13 - email to inform me that closing company has another loan app with our house and wanting to confirm we are continuing with Lenderfi. Only needed email response (Loan processor)

8/20 - Pre-Closing disclosure received. Has 8/24 as closing date. (Loan Processor and Loan Officer)

8/24 - haven’t heard about closing but I do not reach out ( I never did throughout the process)

8/25 - 8 am receive email that closing is 8/26 and need available times. Once I respond, they give me notary time within 5 minutes. (Loan Closer)

8/25 - 6 pm receive email from Amrock (Title Company?) with name and number of notary.

8/25 - 7:45 pm receive call from notary to confirm location and ensure there are no gates or codes he needs.

8/26 - Recieved the Final Closing Disclosure with about $80 less in cost (receiving a few hundred back so no worries with ACH). Closing (very likely)

8/31 - disbursement.

As you can see, you go through Loan Officer, Loan Opener, Loan Processor, Loan Closer. Then the Title company and Notary to get to closing.

We didn’t have anything out of the ordinary with the loan or the process and it was painless (as long as you trust they are doing their job). I am not a person that likes to call or email people and this worked for me.

At the same time I had applied with Rocket on 7/25 for the Amex money, but they only made it a reasonable offer when I emailed to cancel on 8/13 once Lenderfi asked. Before that I never even received a call from them in 21+ days, which was fine by me, but I would have a loan with all the escrow, closing costs rolled into it, which was stupid.

Anyway, just a data point for others to have an idea, especially with the extra refinance fees not going into place until December 1 instead of September 1.

[ChiKid24]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

Definitely reach out to them since you still haven't heard. Let them know your lock is expiring. In my case they just extended it on their end. I wouldn't make your normal 9/1 paymeny. You have a 10-15 day grace period and the payoff in your final loan docs assumes you aren't making this paymeny. So doing so will complicate things as they'll need to rerun a payoff statement with your current lender.

[BrandonBogle]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

Definitely reach out to them since you still haven't heard. Let them know your lock is expiring. In my case they just extended it on their end. I wouldn't make your normal 9/1 paymeny. You have a 10-15 day grace period and the payoff in your final loan docs assumes you aren't making this paymeny. So doing so will complicate things as they'll need to rerun a payoff statement with your current lender.

I would add that if you have automatic payments pulled from the old lender (vs. pushed from your bank), then cancel that automatic payment. Many banks will only do so if they get 72 hour notice. If you don't have disbursement by 9/10, then make the Sept payment to the old lender. In the window in between, just wait. If, in the end, you make the payment after 9/10 and your new loan disburses, any extra payment will be refunded to you by the old lender. So don't stress out and let the process play out.

[tdm757]

Another data point (almost complete):

8/03 - applied through backdoor link, near midnight.

8/04 - called by Lenderfi at 11 am, quick “what do you have and this is a good offer, better than the rates last night. Will you close with us if we do this?” Type of call. I said yes and he sent the paperwork by email and I signed LE while on the phone until he confirmed the got everything they needed. After that, new request for the usual pay stubs, w2, insurance, mortgage statements, drivers license. (Loan Officer)

8/05 - Redisclosure Document to lock rate that expires on 9/02 (Loan Opener)

8/06 - request HOA statement (Loan Processor)

8/13 - email to inform me that closing company has another loan app with our house and wanting to confirm we are continuing with Lenderfi. Only needed email response (Loan processor)

8/20 - Pre-Closing disclosure received. Has 8/24 as closing date. (Loan Processor and Loan Officer)

8/24 - haven’t heard about closing but I do not reach out ( I never did throughout the process)

8/25 - 8 am receive email that closing is 8/26 and need available times. Once I respond, they give me notary time within 5 minutes. (Loan Closer)

8/25 - 6 pm receive email from Amrock (Title Company?) with name and number of notary.

8/25 - 7:45 pm receive call from notary to confirm location and ensure there are no gates or codes he needs.

8/26 - Recieved the Final Closing Disclosure with about $80 less in cost (receiving a few hundred back so no worries with ACH). Closing (very likely)

8/31 - disbursement.

As you can see, you go through Loan Officer, Loan Opener, Loan Processor, Loan Closer. Then the Title company and Notary to get to closing.

We didn’t have anything out of the ordinary with the loan or the process and it was painless (as long as you trust they are doing their job). I am not a person that likes to call or email people and this worked for me.

At the same time I had applied with Rocket on 7/25 for the Amex money, but they only made it a reasonable offer when I emailed to cancel on 8/13 once Lenderfi asked. Before that I never even received a call from them in 21+ days, which was fine by me, but I would have a loan with all the escrow, closing costs rolled into it, which was stupid.

Anyway, just a data point for others to have an idea, especially with the extra refinance fees not going into place until December 1 instead of September 1.

I started 7/24/20, with the likely same ending. I contacted them often as I didn't want anything to get missed because of communication issues and I likely responded quicker to them than most when asked for information. They were prompt in their responses. Soup to nuts so far better than any other lender experience...and rates/fees no other company got near.

[mbasherp]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

I reached out and was sent pre-closing disclosures within the hour. Not sure if it was a coincidence or not.

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15. Cash to close has gone way up to account for what looks like another month's worth of escrow and 15 more days of interest due to the old lender.

From how I read it, the increase in cash to close is offset by not making payments on 9/1 or 10/1, rather than the original plan of only 9/1. Is this typical/am I understanding how these things work correctly?

[Goal33]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

I reached out and was sent pre-closing disclosures within the hour. Not sure if it was a coincidence or not.

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15. Cash to close has gone way up to account for what looks like another month's worth of escrow and 15 more days of interest due to the old lender.

From how I read it, the increase in cash to close is offset by not making payments on 9/1 or 10/1, rather than the original plan of only 9/1. Is this typical/am I understanding how these things work correctly?

Yes you are understanding it correctly. My only question is if funding on the 15th ensures payoff on the 15th.

[BrandonBogle]

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15.

If it were me and the funding date was 9/15, I would pay my old lender the September payment and wait for an overage refund. Any delay and then suddenly you will get a late free from the old lender and neither party will be apt to pay it since you are ultimately responsible for making sure the old lender got your payment in time. IMO, it's not worth the risk of something going wrong.

[anon_investor]

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15.

If it were me and the funding date was 9/15, I would pay my old lender the September payment and wait for an overage refund. Any delay and then suddenly you will get a late free from the old lender and neither party will be apt to pay it since you are ultimately responsible for making sure the old lender got your payment in time. IMO, it's not worth the risk of something going wrong.

+1.

[akuseimark]

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15.

If it were me and the funding date was 9/15, I would pay my old lender the September payment and wait for an overage refund. Any delay and then suddenly you will get a late free from the old lender and neither party will be apt to pay it since you are ultimately responsible for making sure the old lender got your payment in time. IMO, it's not worth the risk of something going wrong.

+1.

LenderFi has funded at least a few loans on this forum a day or two after the actual funding date, including mine though they claim it was funded on the funding date while my previous servicer said payment was not sent until the day after. It would not be fun to try to collect a late payment fee from them even if it might be their fault.

[Goal33]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

I reached out and was sent pre-closing disclosures within the hour. Not sure if it was a coincidence or not.

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15. Cash to close has gone way up to account for what looks like another month's worth of escrow and 15 more days of interest due to the old lender.

From how I read it, the increase in cash to close is offset by not making payments on 9/1 or 10/1, rather than the original plan of only 9/1. Is this typical/am I understanding how these things work correctly?

Kind of surprising they pushed you 10 days out... seems like a long time.

[anon_investor]

Applied 8/3. Got told loan is fully approved and will hear from closing soon on 8/11. Rate lock expires 9/1. No word.

Emailed 8/19 to ask if everything is okay and they said they’re swamped but should still close by today 8/26 at the latest to fund by end of month.

8/26, today, no word and considering emailing again because our credit un-freezes will expire 9/2 and I’m debating paying my regular payment on 9/1.

I know they’re swamped, but I’m a bit concerned given all the changes that have happened since we applied. I hope our lock is extended and/or I magically hear from them this morning to sneak in under the wire.

I reached out and was sent pre-closing disclosures within the hour. Not sure if it was a coincidence or not.

They moved me to a 9/10 closing instead of 8/31, with funding on 9/15. Cash to close has gone way up to account for what looks like another month's worth of escrow and 15 more days of interest due to the old lender.

From how I read it, the increase in cash to close is offset by not making payments on 9/1 or 10/1, rather than the original plan of only 9/1. Is this typical/am I understanding how these things work correctly?

Kind of surprising they pushed you 10 days out... seems like a long time.

They just started accepting new applications on their main website again, probably super swamped.

[hotspur13]

When going through the refinance process with Lenderfi, I remember them mentioning something about if rates drop more than 0.25% within 6 months you can refinance with them again. Does that ring a bell for anyone else and has anyone tried doing this? I can't seem to find this anywhere in my paperwork for them, so I'm not sure if I'm just misremembering.

I tried contacting Lenderfi about a week ago about this, but they still haven't responded. Also, now that their website is back up, I can confirm that I would qualify for a no cost refinance of 2.875% when I got 3.25% with them back in late March.

[viveks]

Awesome thread! Just signed the closing documents yesterday afternoon, 27 days application to closing.

One of the documents mentioned that servicing will be transferred to LenderFi starting October 1st. I thought they weren't in the business of loan servicing. Does it say the same for everyone refinancing through LenderFi? If your loan servicer is LenderFi, how has been the experience?

The property is in California if that matters.

[anon_investor]

Awesome thread! Just signed the closing documents yesterday afternoon, 27 days application to closing.

One of the documents mentioned that servicing will be transferred to LenderFi starting October 1st. I thought they weren't in the business of loan servicing. Does it say the same for everyone refinancing through LenderFi? If your loan servicer is LenderFi, how has been the experience?

The property is in California if that matters.

I think that is the default until they can sell the loan. I closed at the end of July and my closing documents said the same thing. About 2 weeks after loan funding my loan was sold to Wells Fargo, who is now servicing.

[eer_no_evil]

When going through the refinance process with Lenderfi, I remember them mentioning something about if rates drop more than 0.25% within 6 months you can refinance with them again. Does that ring a bell for anyone else and has anyone tried doing this? I can't seem to find this anywhere in my paperwork for them, so I'm not sure if I'm just misremembering.

I tried contacting Lenderfi about a week ago about this, but they still haven't responded. Also, now that their website is back up, I can confirm that I would qualify for a no cost refinance of 2.875% when I got 3.25% with them back in late March.

I was told the same- I am curious to hear what you find out as I can’t find anything either. I am going to email the lenderfi rep I worked with when I applied- I’ll report back if I find out anything useful!

[anon_investor]

When going through the refinance process with Lenderfi, I remember them mentioning something about if rates drop more than 0.25% within 6 months you can refinance with them again. Does that ring a bell for anyone else and has anyone tried doing this? I can't seem to find this anywhere in my paperwork for them, so I'm not sure if I'm just misremembering.

I tried contacting Lenderfi about a week ago about this, but they still haven't responded. Also, now that their website is back up, I can confirm that I would qualify for a no cost refinance of 2.875% when I got 3.25% with them back in late March.

I was told the same- I am curious to hear what you find out as I can’t find anything either. I am going to email the lenderfi rep I worked with when I applied- I’ll report back if I find out anything useful!

There was something about it in the initial disclosures (that came with the initial loan estimate) that I e-signed in order to lock my rate.

[MrJedi]

For the rate guarantee, my impression is that since they generally sell the loan quickly, they can make a promise like that and not really have to worry too much since your loan will get sold anyway. You would have to negotiate with the new lender after that.

[ChiKid24]

When going through the refinance process with Lenderfi, I remember them mentioning something about if rates drop more than 0.25% within 6 months you can refinance with them again. Does that ring a bell for anyone else and has anyone tried doing this? I can't seem to find this anywhere in my paperwork for them, so I'm not sure if I'm just misremembering.

I tried contacting Lenderfi about a week ago about this, but they still haven't responded. Also, now that their website is back up, I can confirm that I would qualify for a no cost refinance of 2.875% when I got 3.25% with them back in late March.

I was told the same- I am curious to hear what you find out as I can’t find anything either. I am going to email the lenderfi rep I worked with when I applied- I’ll report back if I find out anything useful!

There was something about it in the initial disclosures (that came with the initial loan estimate) that I e-signed in order to lock my rate.

It's on their website. Link below. Mentions it is only good in California and is subject to change or discontinuance.

https://www.lenderfi.com/disclaimer/#:~ ... t%20notice.

[anon_investor]

When going through the refinance process with Lenderfi, I remember them mentioning something about if rates drop more than 0.25% within 6 months you can refinance with them again. Does that ring a bell for anyone else and has anyone tried doing this? I can't seem to find this anywhere in my paperwork for them, so I'm not sure if I'm just misremembering.

I tried contacting Lenderfi about a week ago about this, but they still haven't responded. Also, now that their website is back up, I can confirm that I would qualify for a no cost refinance of 2.875% when I got 3.25% with them back in late March.

I was told the same- I am curious to hear what you find out as I can’t find anything either. I am going to email the lenderfi rep I worked with when I applied- I’ll report back if I find out anything useful!

There was something about it in the initial disclosures (that came with the initial loan estimate) that I e-signed in order to lock my rate.

It's on their website. Link below. Mentions it is only good in California and is subject to change or discontinuance.

https://www.lenderfi.com/disclaimer/#:~ ... t%20notice.

I saw that about the only good in California, although others not in California have posted on this thread about being contacted by LenderFi after 6 months.

In one of the initial disclosures I e-signed, it had the following language:
I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to participate in LenderFi, Inc’s Rate Insurance program.

[newbiead]

What is the latest on the servicing part with LenderFi? Can anybody share their recent experience. Earlier in the forum here from March/April/May time people were apprehensive that there wasn't an operational online portal and were worried they would have to mail their monthly checks in.

[bluebolt]

It's on their website. Link below. Mentions it is only good in California and is subject to change or discontinuance.

https://www.lenderfi.com/disclaimer/#:~ ... t%20notice.

This page doesn't mention anything about only being good in California.

https://www.lenderfi.com/about-us/

Rate Insurance
If our rates, for the no cost option, drops by as little as .25 percent from your current rate and you
have made 6 on-time payments, we will rewrite your loan at no additional cost for life. (This
excludes prepaid interest)

[MBJ0909]

What is the latest on the servicing part with LenderFi? Can anybody share their recent experience. Earlier in the forum here from March/April/May time people were apprehensive that there wasn't an operational online portal and were worried they would have to mail their monthly checks in.

LenderFi remained the servicer of my loan. Seems like some people had theirs transferred to Wells Fargo recently as well. I checked the online portal every so often to see if I could set up an account. I was able to about a month after I closed. I still hadn't received anything in the mail at that point. BSI Financial services is actually who you are dealing with and LenderFi's name is slapped on all the paperwork. The website is very basic. The paperwork didn't even have info about setting up an online account, you have to search that out yourself. (which is easy to do, there's a link from the LenderFi website). I am glad I am not escrowing, hopefully not much can go wrong with an ACH each month but we'll see. There is no way to cancel your ACH online, you have to do it in writing so make sure you've set it up how you want it the first time.

[tato2017]

I got a mail from LenderFI to setup my online account with servicing and payment coupons couple weeks after closing. The servicing web site very basic so it not really modern. I reached out to Ryan and provided some feedback on the mortgage process and web servicing web site.He messaged me that they will have new servicing web site in the next 60 days. Please send a message to Ryan let him know the servicing web site is outdated so this would put more pressure

[calabel]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.

I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.

[newbiead]

What is the latest on the servicing part with LenderFi? Can anybody share their recent experience. Earlier in the forum here from March/April/May time people were apprehensive that there wasn't an operational online portal and were worried they would have to mail their monthly checks in.

LenderFi remained the servicer of my loan. Seems like some people had theirs transferred to Wells Fargo recently as well. I checked the online portal every so often to see if I could set up an account. I was able to about a month after I closed. I still hadn't received anything in the mail at that point. BSI Financial services is actually who you are dealing with and LenderFi's name is slapped on all the paperwork. The website is very basic. The paperwork didn't even have info about setting up an online account, you have to search that out yourself. (which is easy to do, there's a link from the LenderFi website). I am glad I am not escrowing, hopefully not much can go wrong with an ACH each month but we'll see. There is no way to cancel your ACH online, you have to do it in writing so make sure you've set it up how you want it the first time.

I got a mail from LenderFI to setup my online account with servicing and payment coupons couple weeks after closing. The servicing web site very basic so it not really modern. I reached out to Ryan and provided some feedback on the mortgage process and web servicing web site.He messaged me that they will have new servicing web site in the next 60 days. Please send a message to Ryan let him know the servicing web site is outdated so this would put more pressure

So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?

[Exafchick]

Another data point (almost complete):

8/03 - applied through backdoor link, near midnight.

Hi! Can you tell me where the backdoor link is? I did a search for LenderFi but as expected a bunch of threads came up.

Thank you!

[MBJ0909]

So did you guys have to mail in the check for atleast the first month then if it took a month to get the online ACH setup ?

No, I didn't. I closed on 7/18, my first payment not due till 9/1. On 8/19 I was able to create and account and set up ACH to start on the 1st.

[MilleniumBuc]

Another data point (almost complete):

8/03 - applied through backdoor link, near midnight.

Hi! Can you tell me where the backdoor link is? I did a search for LenderFi but as expected a bunch of threads came up.

Thank you!

https://app.lenderfi.com/app/signup/partner/C8AX0T65

I just copied that from one of the messages on the mega refi thread (search term was backdoor), but many have mentioned that they are back to taking applications at Lenderfi.com. It seems someone mentioned the backdoor being ads they had on Facebook.

In any case it was 23 days to closing. The notary they sent kept complaining the whole time that his usual client Quicken didn’t have this much paper to close, and kept complaining on every page. By the end (he was a bit mosey and kept looking at everything an making comments on everything from income to job title, etc) he saw the no closing cost and the rate and went “ you paid nothing for this rate? That is unbelievable!

I told him that I did pay about 1500 rolled into the loan, and he still mentioned that he was seeing about 6-7 thousand in loan costs for a loan in that range with quicken and would be looking into Lenderfi next time he refinances.

[MrJedi]

My notary made a comment at my closing too, "well they didn't make you pay too much for that rate, eh?". My impression from friends/colleagues is that they are not very familiar with these no/low cost strategies, generally poo pooing the thought of a refinance due to closing costs.

[crit]

We've just locked into a LenderFi loan, paying a bit less than a half point to get to 2.25 on a 15-yr loan, after costs dropped this week due to the Fed fee getting delayed. They waived appraisal, and their title costs seem low enough that I'm not going to bother shopping. These costs were ~$2k less than Better. It's been pretty straightfoward so far, we'll see how the closing and servicing go.

We had a bit of an "in" to get started, as I'd initiated things with them in March but didn't follow through, so i had an existing account and application in already.

[wordsmith11]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.

I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.

Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.

[Goal33]

Aug 3 applicant here (back door) and got my final closing disclosure documents on 8/20 with a closing date of 8/24 (today) but never heard from them or Amrock regarding closing. It’s a little too rushed for me and sometimes you are not sure who is running point, but at the end of the day, the will get it done before my lock date of 9/2.

My timeline looks essentially identical to yours. I applied on 8/3 via backdoor and my lock expires 9/2. I got my closing disclosure on 8/20 with 8/24 listed as closing date and 8/28 for disbursement date. I got an email from my processor on 8/19 that I should hear from my closer any day now, and then another email yesterday (8/24) that I should hear from the closer soon. I'm yet to hear from the LenderFi closer or Amrock.

How much advance notice are you all getting for the signing appointment? My situation is a bit complicated... I'm currently at my residence in one state but will be traveling back to my other residence in a different state in the near future. The precise date of travel is TBD, I need to wrap up some business here first that has an uncertain end date and then I'm planning to drive to my other property ASAP on resolution. As a result, I'm not sure what state I need the mobile notary to come to for the signing without knowing when it is going to happen.

You might want to let your loan processor know that you may be in different states depending on the date. My situation is somewhat similar - spouse and I will be in different states at the time of signing. After I gave the loan processor a heads up (a couple of times), he said he would set it up as a “split signing” - which I understood to mean signing in two different locations. Signing hasn’t happened yet, and I don’t have a closing disclosure or date yet either, but I am hopeful it is going to work.

I've been emailing pretty frequently to remind them about the issue of which state I'll be in and trying to stay ahead of the lock expiring on 9/2, but all that's done is having the loan processor respond for a third time on 8/26 to say they've reached out to see if they (the closer, presumably) can get this scheduled soon. Time is starting to get tight for the lock expiration and I'm not sure what the holdup is other than their generally overloaded pipeline.

Blew past my rate lock (not because we weren't super responsive). I never mentioned it and neither did they. Closed and funded as expected. Whether it ended up costing them, I don't know but it never came up in any of the back and forth.

Glad to hear that... I’m worried about this since we are about to blow past my rate lock too. I think the only ones closing early are when they don’t come back for more information.

[Cobra Commander]

Interestingly my new mortgage showed up in Mint under Wells Fargo but I cannot see it yet when I log into my WF account. Weird that Mint can see it but I cant.

[time916]

I just went on the lenderfi website and got a message that they couldn't find any loans for my scenario.
I want to refi a 98K mortgage with 500K equity in the home. Could it be the loan is too small for them to refi?