My LenderFi refinance is going well

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nearyneary
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Joined: Fri Aug 14, 2020 9:58 am

Re: My LenderFi refinance is going well

Post by nearyneary »

gg1908 wrote: Tue Sep 08, 2020 8:29 pm Hello,
I have recently been shopping for refi option and found out about Lenderfi on this website. I applied last week but they did not get back to me. I then applied to Sebonic (
Cardinal) financial and they got back to me immediately with a good offer and I locked the rate the same day (60-day lock). Today Lenderfi contacted me and made a better offer (without me telling them anything about the other lender) and they offered a 30-day lock. Given that they seem to be very busy, is it wise to cancel with sebonic and go with them and trust they will close in 30 days?
Well, my 30-day lock for a refi with LenderFi expired on Sept. 2nd, and I haven't heard a word from them in the last week. Some other people on this board are in the same situation. YMMV.
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

Mine expired on 8/27, scheduled to be closing this afternoon. They are honoring the the rate even though the lock has long since passed.
mbasherp
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Re: My LenderFi refinance is going well

Post by mbasherp »

I’ve never heard of Lenderfi not extending a lock when the delay is on their end.

I applied 8/3, was fully approved by 8/11 and blew past my lock ending on 9/1. We are scheduled to close tomorrow, assuming they get me a corrected closing disclosure. They sent me one yesterday which had a higher loan amount, rolling all escrow and prepaids into the balance, which was a new development. I immediately asked for it to be changed back to the amount on all other disclosures and expect that they will do that in time.

This will be my second refi with them this year. Both times they extended the lock without cost or issue.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

My rate lock expired over a week ago and I’m still in line to be reviewed by underwriting. I was hopeful this would be done by now. They’ve hurt the quality of their service by opening the site front up again but they probably want to make the money while the money is good. I am dreaming of a close disclosure.
mbasherp
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Re: My LenderFi refinance is going well

Post by mbasherp »

To complete my data point:

Applied 8/3, approved a week later. Went past my lock but closed today 9/10 with no issues. No word on loan servicing transfer in the closing documents.

Not seamless but I am happy overall. I will absolutely do business with them again.
gg1908
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Joined: Wed Sep 02, 2020 8:25 pm

Re: My LenderFi refinance is going well

Post by gg1908 »

How long did it take for you to get the loan estimate with the locked rate?
I signed the initial documentation with Loan Estimate (rate not locked) and then we locked the rate over the phone on 9/8, but I haven't gotten the loan estimate indicating the rate as locked.
thatsabingo
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Joined: Tue Sep 08, 2020 9:09 am

Re: My LenderFi refinance is going well

Post by thatsabingo »

My experience -

Signed initial disclosures with un-locked LE on 8/11 (Tues)
Locked over the phone 8/12 (Wed)
Received updated, locked LE and re-disclosure docs on 8/18 (Tues), though rate lock was effective the prior day (Mon 8/17)

So it took 3+ business days to receive the locked LE after locking over the phone.

As others have experienced, I've also gone past my rate lock expiration (yesterday 9/10). It's been radio silence since 8/20 when a loan processor asked for a few more pieces of documentation. But I've certainly seen evidence of movement, like an update to my homeowners policy and seeing several closing-related to-do's show up in the portal where I submitted the application.
FS51
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Joined: Thu Sep 11, 2014 11:15 am

Re: My LenderFi refinance is going well

Post by FS51 »

My LenderFi data point:

Applied - 8/16 (11:30pm)
LE - 8/18
Updated LE (lower rate) - 8/19
Verbally locked rate and uploaded docs - 8/20
Locked LE - 8/21
Loan Processor asked about additional docs - 8/23
Pre closing CD - 8/27
Scheduled Closing for Sept 3rd disbursement for 9/8 - 8/28
Final CD - 8/31
Notary called and said she wouldn't be there on time because title company never sent docs - 9/2
Title company and lenderfi confirmed docs were sent prior - 9/2
Notary shows up way late, tries to drop docs off and pick them up by 8pm. I decline and sign with notary. - 9/3
Title company says one document signed wrong. Resign - 9/8
Loan Funded - 9/10

Overall a great experience aside from 3rd party notary hired by title company. Will refi in 6 months if rates willing. Sub 3% but not where I want to be in the end.
gg1908
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Re: My LenderFi refinance is going well

Post by gg1908 »

Thanks, that is very useful info. Also, I have uploaded the documentation (w2, paystubs...) to the website after the application but before being contacted to lock the rate. On the phone call to lock the rate, I signed an initial disclosure on a different website where they indicated to provide the same docs already uploaded on the previous website. Loan Officer said I didn't need to re-upload, just to wait to hear back from them. Did you have the same experience?
rage_phish
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Re: My LenderFi refinance is going well

Post by rage_phish »

Question about the 6 month no refinancing/ selling aspect


We just closed a few weeks ago. First Mo they payment will be October

My father in law just approached us today about essentially becoming our lender. Paying off our loan and we make monthly payments to him

Barring what people may think about this kind of arrangement with family, would him simply paying off our loan co situated violating that clause?
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

gg1908 wrote: Fri Sep 11, 2020 1:06 pm Thanks, that is very useful info. Also, I have uploaded the documentation (w2, paystubs...) to the website after the application but before being contacted to lock the rate. On the phone call to lock the rate, I signed an initial disclosure on a different website where they indicated to provide the same docs already uploaded on the previous website. Loan Officer said I didn't need to re-upload, just to wait to hear back from them. Did you have the same experience?
(emphasis in bold)

I just started this process with LenderFi last week myself, and this was my experience as well. When I first applied and got an initial approval, it wanted me to upload a bunch of stuff like W-2's, etc., so I did. A day or so later, the LO contacted me and we discussed the terms of the loan and he setup the loan portal for me to access, which had requests for me to upload all of the same stuff. I went ahead and did it anyway just to make sure the process moved along.

Similar experience with regard to locking the rate (2.75% 30yr fixed, ~$1K net closing costs after lender credits) as well. Locked verbally on the phone on 9/4/20, received disclosures to sign the lock papers on 9/10 (verified that the rate and terms were the same). Got an email this morning (9/11) from the loan processor introducing herself and letting us know our loan had been submitted to underwriting for review. We'll see how the rest of the process pans out from here.
b2bserver
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Re: My LenderFi refinance is going well

Post by b2bserver »

Does anyone know what LenderFi fees are not refundable if you withdraw? My LO said something about a $150 HOA Certification fee but wasn't straightforward if there are other fees.

Also, do they price match rates after you lock? Seems like some lenders only do it before locking while some have better luck after, no matter what their official policy is.
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

b2bserver wrote: Fri Sep 11, 2020 3:17 pm Does anyone know what LenderFi fees are not refundable if you withdraw? My LO said something about a $150 HOA Certification fee but wasn't straightforward if there are other fees.

Also, do they price match rates after you lock? Seems like some lenders only do it before locking while some have better luck after, no matter what their official policy is.
They told me that I would have to pay the $150 HOA certification fee to lock, but since my HOA doesn’t charge a fee to produce the documents they didn’t charge me for a lock. But typically that’s one of the fees they will ask you to prepay to lock and is non-refundable. There will be a slew of other fees you pay at the end, but are not LenderFi specific and mostly just title related.
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

Anybody have BSI Financial Services as their servicer who closed this year? See it mentioned earlier in the thread with links to not so savory reviews so wondering if anybody has had first hand experience this year. Perhaps they've cleaned up their act. Seems like LenderFi is going to them with regularity now...
Hugo Township
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Re: My LenderFi refinance is going well

Post by Hugo Township »

b2bserver wrote: Fri Sep 11, 2020 3:17 pm Also, do they price match rates after you lock? Seems like some lenders only do it before locking while some have better luck after, no matter what their official policy is.
No, they got mad when I sent them a slightly better offer post-lock. They did not budge.
nearyneary
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Re: My LenderFi refinance is going well

Post by nearyneary »

Has anyone qualified for a refi with LenderFi based on assets, while not having current employment? My refi still won't close, and I suspect my employer is intentionally withholding documents to retaliate against me (we're in a dispute over COVID-related ADA accommodations that they refuse to give me, which is why I'm an inch away from quitting my job). I could easily pay off my current loan, but would prefer to keep it when rates are this low.
Happyhappyjoyjoy
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Joined: Sat Sep 12, 2020 10:25 am

Re: My LenderFi refinance is going well

Post by Happyhappyjoyjoy »

any more insight after closing? If it says they intend to sell the mortgage does that mean BSI is not going to service the loan? I see some reports of Wells Fargo mentioned. The reviews of BSI financial are scaring me away from closing with lender fi.
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MathMaster
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Re: My LenderFi refinance is going well

Post by MathMaster »

Happyhappyjoyjoy wrote: Sat Sep 12, 2020 10:29 am any more insight after closing? If it says they intend to sell the mortgage does that mean BSI is not going to service the loan? I see some reports of Wells Fargo mentioned. The reviews of BSI financial are scaring me away from closing with lender fi.
If you have concerns about your loan being serviced by BSI Financial, I would urge you to investigate the likely servicer for any loan origination company you might refinance with. For example, I was ready to proceed with LD after they agreed to match an LE from LF. I assumed because LD "serviced their own loans" I might avoid possible exposure to predatory servicing behaviors. Unfortunately, after a little digging around it turns out that LD uses Cenlar to service its loans. The reviews for Cenlar are as bad or worse than those for BSI Financial.

If loan servicing is a factor, I don't see good options out there right now. The big banks who are very likely to keep your loan for servicing (and are incentivized to service your loan well because they have other products to sell you) are not offering the super-low refinancing rates being given by those that are willing to throw your loan to the wolves after closing. Those big banks are only offering competitive rates on new loans at this time.
Happyhappyjoyjoy
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Re: My LenderFi refinance is going well

Post by Happyhappyjoyjoy »

Thanks math master. I agree about looking more into the servicer of the loan. Did you end up going through lender fi?

Wondering if anyone has insight who has gone through the refinance with lender fi and who they got for a loan servicer. Anyone? And thank you!
Last edited by Happyhappyjoyjoy on Sat Sep 12, 2020 4:13 pm, edited 1 time in total.
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

I closed my LenderFi refinance on 8/20. The closing docs said Lenderfi would service my loan and I received an email to not make any payments until contacted by servicing team 30 days later. I just got notification on 9/10 that Citizens One is now servicing my loan (though I haven't heard who actually owns the debt now). I was able to setup my online account and auto draft with plenty of time for my first monthly installment paid in October. I opted to pay on due date 10/1, though they seem to offer a grace period until the 16th. If there's any issue with the payment I still have more than 2 weeks to straighten it out during the grace period.

Biggest issues always seem to be getting the first installment paid correctly. I've read many issues of getting extra principal payments applied correctly as well, not too concerned with that myself as I intend to make minimum payments for many years.

Edit/update: received a letter today 9/12 that Citizens both owns the loan and the servicing now. Haven't actually heard anything from LenderFi about it, just from Citizens.
Last edited by MrJedi on Sat Sep 12, 2020 9:56 pm, edited 1 time in total.
Happyhappyjoyjoy
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Re: My LenderFi refinance is going well

Post by Happyhappyjoyjoy »

Ok awesome thanks for sharing your experience. I've heard great things about lender fi and am just being cautious with such a big thing like a mortgage. Obviously those who have bad experiences with lenders will post/review versus those that have no issues at all which may be the case with SBI and others. Which is why hearing other people's experience after closing was something that I didn't see much of so thank you and hopefully will be helpful to others as well. Hopefully others will post as well!
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

Happyhappyjoyjoy wrote: Sat Sep 12, 2020 2:04 pm Ok awesome thanks for sharing your experience. I've heard great things about lender fi and am just being cautious with such a big thing like a mortgage. Obviously those who have bad experiences with lenders will post/review versus those that have no issues at all which may be the case with SBI and others. Which is why hearing other people's experience after closing was something that I didn't see much of so thank you and hopefully will be helpful to others as well. Hopefully others will post as well!
It’s tough to worry about a servicing company when choosing a lender since you really have no control over that. My original loan was closed with Guaranteed Rate and for the first 2 months I had the option of mailing a check or calling to pay with a debit card. I opted to pay with debit card and spent hours on hold which was a nightmare. After that experience even the worst servicing company was night and day better since all you really want is a way to either setup autopay or at least accept online payments.

I closed with LenderFi a month ago and the closing documents said LenderFi would be servicing my loan, but a few weeks later it was sold to Wells Fargo like several others here, though I would have been perfectly happy with BSI too.
backdoorRoth
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Re: My LenderFi refinance is going well

Post by backdoorRoth »

Has anyone used LenderFi’s “rate insurance”? If their rate lowers by as much as .25 and you’ve made at least 6 on time payments, they’ll rewrite the loan at no cost.

We refinanced with them in March at 3.25%, and now we’re re-doing it at 2.5%. I’m thrilled. Just wondering if anyone else has gone through it yet.
gxa
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Re: My LenderFi refinance is going well

Post by gxa »

We closed a refi with LenderFi in late June. BSI Financial is our servicer. I have mailed them two monthly payments and they have posted without incident. I have not yet tried to set up any payments online.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Happyhappyjoyjoy wrote: Sat Sep 12, 2020 2:04 pm Ok awesome thanks for sharing your experience. I've heard great things about lender fi and am just being cautious with such a big thing like a mortgage. Obviously those who have bad experiences with lenders will post/review versus those that have no issues at all which may be the case with SBI and others. Which is why hearing other people's experience after closing was something that I didn't see much of so thank you and hopefully will be helpful to others as well. Hopefully others will post as well!
I closed late July, loan funded end of July. Closing docs said LenderFi intended to sell the loan but would service. Less than 2 weeks after funding, the loan and servicing was transfered to Wells Fargo (notified by email by LenderFi and by mail by Wells Fargo). My first payment was made via auto pay set up in my Wells Fargo account. The loan actually automatically showed up in my existing Wells Fargo account (from my initial mortgage) before I received any official correspondence from LenderFi or Wells Fargo about the loan transfer. The MERS online database shows that my loan is now owned by Fannie Mae but serviced by Wells Fargo, but I have not yet received anything in writing confirming Fannie Mae bought the loan. I am happy that I did not end up with an incompetent servicer since I am doing escrow. Wells Fargo serviced the initial mortgage on my home and the mortgage on my prior home, I was happy enough with their servicing.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

backdoorRoth wrote: Sun Sep 13, 2020 7:23 am Has anyone used LenderFi’s “rate insurance”? If their rate lowers by as much as .25 and you’ve made at least 6 on time payments, they’ll rewrite the loan at no cost.

We refinanced with them in March at 3.25%, and now we’re re-doing it at 2.5%. I’m thrilled. Just wondering if anyone else has gone through it yet.
Did LenderFi contact you, or you have to contact them (if so, who did you contact)? Is LenderFi still the servicer of your loan? I am curious whether LenderFi still honors the "rate insurance" if they are no longer servicing the loan.
backdoorRoth
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Re: My LenderFi refinance is going well

Post by backdoorRoth »

anon_investor wrote: Sun Sep 13, 2020 7:33 am
backdoorRoth wrote: Sun Sep 13, 2020 7:23 am Has anyone used LenderFi’s “rate insurance”? If their rate lowers by as much as .25 and you’ve made at least 6 on time payments, they’ll rewrite the loan at no cost.

We refinanced with them in March at 3.25%, and now we’re re-doing it at 2.5%. I’m thrilled. Just wondering if anyone else has gone through it yet.
Did LenderFi contact you, or you have to contact them (if so, who did you contact)? Is LenderFi still the servicer of your loan? I am curious whether LenderFi still honors the "rate insurance" if they are no longer servicing the loan.
I contacted them. Definitely didn’t expect them to reach out to me. They service my loan, but their guarantee statement doesn’t specify that this needs to be the case.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

backdoorRoth wrote: Sun Sep 13, 2020 7:42 am
anon_investor wrote: Sun Sep 13, 2020 7:33 am
backdoorRoth wrote: Sun Sep 13, 2020 7:23 am Has anyone used LenderFi’s “rate insurance”? If their rate lowers by as much as .25 and you’ve made at least 6 on time payments, they’ll rewrite the loan at no cost.

We refinanced with them in March at 3.25%, and now we’re re-doing it at 2.5%. I’m thrilled. Just wondering if anyone else has gone through it yet.
Did LenderFi contact you, or you have to contact them (if so, who did you contact)? Is LenderFi still the servicer of your loan? I am curious whether LenderFi still honors the "rate insurance" if they are no longer servicing the loan.
I contacted them. Definitely didn’t expect them to reach out to me. They service my loan, but their guarantee statement doesn’t specify that this needs to be the case.
Did you just contact your original loan officer?
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

anon_investor wrote: Sun Sep 13, 2020 8:11 am
backdoorRoth wrote: Sun Sep 13, 2020 7:42 am I contacted them. Definitely didn’t expect them to reach out to me. They service my loan, but their guarantee statement doesn’t specify that this needs to be the case.
Did you just contact your original loan officer?
I was told by LenderFi to contact my original loan officer once my fifth payment was made.
backdoorRoth
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Re: My LenderFi refinance is going well

Post by backdoorRoth »

anon_investor wrote: Sun Sep 13, 2020 8:11 am
backdoorRoth wrote: Sun Sep 13, 2020 7:42 am
anon_investor wrote: Sun Sep 13, 2020 7:33 am
backdoorRoth wrote: Sun Sep 13, 2020 7:23 am Has anyone used LenderFi’s “rate insurance”? If their rate lowers by as much as .25 and you’ve made at least 6 on time payments, they’ll rewrite the loan at no cost.

We refinanced with them in March at 3.25%, and now we’re re-doing it at 2.5%. I’m thrilled. Just wondering if anyone else has gone through it yet.
Did LenderFi contact you, or you have to contact them (if so, who did you contact)? Is LenderFi still the servicer of your loan? I am curious whether LenderFi still honors the "rate insurance" if they are no longer servicing the loan.
I contacted them. Definitely didn’t expect them to reach out to me. They service my loan, but their guarantee statement doesn’t specify that this needs to be the case.
Did you just contact your original loan officer?
No, I called the main number.
mega317
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Re: My LenderFi refinance is going well

Post by mega317 »

anon_investor wrote: Sun Sep 13, 2020 7:30 am I closed late July, loan funded end of July. Closing docs said LenderFi intended to sell the loan but would service. Less than 2 weeks after funding, the loan and servicing was transfered to Wells Fargo (notified by email by LenderFi and by mail by Wells Fargo). My first payment was made via auto pay set up in my Wells Fargo account. The loan actually automatically showed up in my existing Wells Fargo account (from my initial mortgage) before I received any official correspondence from LenderFi or Wells Fargo about the loan transfer.
Same exact story for me in March.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
chuckb84
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Re: My LenderFi refinance is going well

Post by chuckb84 »

I did a refinance with Lenderfi that started(!) in March. As everything locked down we blew WAY past the time limit on the rate we locked, which was 3.375%. Lenderfi never relocked another rate, but gave me the market rate when we finally closed, which was 3.0%. Since I had no obligation to follow through with the loan, this was functionally a no-cost floatdown. I was very happy with their response to the delays during the lockdowns.
mesaverde
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Re: My LenderFi refinance is going well

Post by mesaverde »

chuckb84 wrote: Sun Sep 13, 2020 10:55 am I did a refinance with Lenderfi that started(!) in March. As everything locked down we blew WAY past the time limit on the rate we locked, which was 3.375%. Lenderfi never relocked another rate, but gave me the market rate when we finally closed, which was 3.0%. Since I had no obligation to follow through with the loan, this was functionally a no-cost floatdown. I was very happy with their response to the delays during the lockdowns.
That's great to hear- Lenderfi doing right by the customer... many (most?) would not offer a current lower market rate after the initial rate expires.
How many days after your rate lock expired did you end up signing the closing documents?
My rate lock with Lenderfi expired on September 11... judging by other people's experiences it might be a while before I actually sign the closing docs.
"Learn from the past, live in the present, plan for the future"
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

mesaverde wrote: Sun Sep 13, 2020 2:36 pm
chuckb84 wrote: Sun Sep 13, 2020 10:55 am I did a refinance with Lenderfi that started(!) in March. As everything locked down we blew WAY past the time limit on the rate we locked, which was 3.375%. Lenderfi never relocked another rate, but gave me the market rate when we finally closed, which was 3.0%. Since I had no obligation to follow through with the loan, this was functionally a no-cost floatdown. I was very happy with their response to the delays during the lockdowns.
That's great to hear- Lenderfi doing right by the customer... many (most?) would not offer a current lower market rate after the initial rate expires.
How many days after your rate lock expired did you end up signing the closing documents?
My rate lock with Lenderfi expired on September 11... judging by other people's experiences it might be a while before I actually sign the closing docs.
My lock expired on the 2nd and I’ll be signing (hopefully if there aren’t more delays) on the 17th. Disbursement on 22nd or 23rd.
nickpete123
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Re: My LenderFi refinance is going well

Post by nickpete123 »

Update: Refinanced with LenderFI back in February and was very happy with speed,rate, etc that I went with them again.

However, we closed on August 21st, funding was supposed to be on the 26th which I assumed everything went fine. Fast forward to last week when I noticed my old loan still wasn't showing as paid off. I called Wells Fargo asking if it was indeed paid off and just not updating on my online account but they confirmed nothing was paid off. My regular monthly payment was due september 1st and would incur late penalty/etc on the 15th so I called Amrock to see if they sent the payment from there end. The guy there told me they were told to do a new signing on August 24th due to "some information needing to be updated" but had no idea what info that was and hadn't received any further information from LenderFi since. I have since messaged/emailed Lenderfi on friday and am still waiting to hear back. Overall I've had nothing but great service from them but this is rather concerning and hoping they can make it right quickly. Not sure if I should just assume they can't complete the refinance and look elsewhere or how long I should wait for follow up info. I have since paid my monthly payment with Wells Fargo so I don't get hit with penalties/negative credit reporting but scary how easily I could have just assumed everything was fine since they never reached out or let me know they wanted a new signing/weren't going to send payment...
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

I have been having issue with servicing post close.

At the table they told me servicing would be sold, and to wait to get info from the "interim servicing" department before mailing a payment. No problem, not unusual...

Never heard anything after that and finally had to call/email the week before my first payment to get a payment coupon. Sent that in but radio silence and the check didn't clear for 2 weeks. This was to LenderFi.

Now its coming up on payment #2 which supposedly will be with the new servicer Amerihome... but again radio silence. No statements, no welcome packet, not even a letter of servicing transfer in the mail. Surprisingly I have not even received the usual Fannie May letter that the note was sold. Soon I need to start making calls again...

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

jharkin wrote: Mon Sep 14, 2020 1:34 pm I have been having issue with servicing post close.

At the table they told me servicing would be sold, and to wait to get info from the "interim servicing" department before mailing a payment. No problem, not unusual...

Never heard anything after that and finally had to call/email the week before my first payment to get a payment coupon. Sent that in but radio silence and the check didn't clear for 2 weeks. This was to LenderFi.

Now its coming up on payment #2 which supposedly will be with the new servicer Amerihome... but again radio silence. No statements, no welcome packet, not even a letter of servicing transfer in the mail. Surprisingly I have not even received the usual Fannie May letter that the note was sold. Soon I need to start making calls again...

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
Nope, my loan (closed in March) was smooth, getting sold to Fannie and serviced by WF. Happened quickly and clearly...They were up front and there wasn't a dead silence by anybody. Easily setup online bill pay for my first payment and old loan got paid off quickly which I was informed about.

I think it's honestly somewhat random based on how your loan gets routed/sold. Sometimes it's smooth and clean, othertimes it's not. (Based on servicer.) My old loan that got paid off was WF too, so not sure if that helped the cause.

I'm refinancing again with them and am a bit worried - would love to get serviced by WF again but seems like they're using other smaller companies more frequently that have poor ratings....Will see....
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

jharkin wrote: Mon Sep 14, 2020 1:34 pm I have been having issue with servicing post close.

At the table they told me servicing would be sold, and to wait to get info from the "interim servicing" department before mailing a payment. No problem, not unusual...

Never heard anything after that and finally had to call/email the week before my first payment to get a payment coupon. Sent that in but radio silence and the check didn't clear for 2 weeks. This was to LenderFi.

Now its coming up on payment #2 which supposedly will be with the new servicer Amerihome... but again radio silence. No statements, no welcome packet, not even a letter of servicing transfer in the mail. Surprisingly I have not even received the usual Fannie May letter that the note was sold. Soon I need to start making calls again...

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
My loan was sold to Citizens along with the servicing. I received a phone call and letters in the mail from Citizens promptly. Closed 8/20, LenderFi funded on 8/26, sold 9/4, phone call from Citizens 9/10, letter from Citizens 9/12. Was able to setup online payment and autopay after the phone call, plenty of time before first payment on 10/1.

I have actually not heard anything from LenderFi, only from Citizens. So I guess like you I haven't heard from LenderFi, but the new servicer was quick to communicate.
dropdx
Posts: 115
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx »

What rates are people currently getting with LenderFi for 30 year?
MBJ0909
Posts: 23
Joined: Fri Jun 23, 2017 1:09 pm

Re: My LenderFi refinance is going well

Post by MBJ0909 »

Happyhappyjoyjoy wrote: Sat Sep 12, 2020 10:29 am any more insight after closing? If it says they intend to sell the mortgage does that mean BSI is not going to service the loan? I see some reports of Wells Fargo mentioned. The reviews of BSI financial are scaring me away from closing with lender fi.
I have via LenderFi. Only one payment so far but no issues and I don't expect there to be any as I do not have escrow. Setting up an online account went fine, the website is definitely rudimentary and to make any changes to the ACH you have to make them in writing but my first payment came out of my checking account as expected on 9/1. If I had escrow I'd be more concerned just based on the reviews.
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

nickpete123 wrote: Mon Sep 14, 2020 10:31 am Update: Refinanced with LenderFI back in February and was very happy with speed,rate, etc that I went with them again.

However, we closed on August 21st, funding was supposed to be on the 26th which I assumed everything went fine. Fast forward to last week when I noticed my old loan still wasn't showing as paid off. I called Wells Fargo asking if it was indeed paid off and just not updating on my online account but they confirmed nothing was paid off. My regular monthly payment was due september 1st and would incur late penalty/etc on the 15th so I called Amrock to see if they sent the payment from there end. The guy there told me they were told to do a new signing on August 24th due to "some information needing to be updated" but had no idea what info that was and hadn't received any further information from LenderFi since. I have since messaged/emailed Lenderfi on friday and am still waiting to hear back. Overall I've had nothing but great service from them but this is rather concerning and hoping they can make it right quickly. Not sure if I should just assume they can't complete the refinance and look elsewhere or how long I should wait for follow up info. I have since paid my monthly payment with Wells Fargo so I don't get hit with penalties/negative credit reporting but scary how easily I could have just assumed everything was fine since they never reached out or let me know they wanted a new signing/weren't going to send payment...
updates?
txottopilot
Posts: 12
Joined: Tue Apr 04, 2017 11:44 am

Re: My LenderFi refinance is going well

Post by txottopilot »

dropdx wrote: Tue Sep 15, 2020 2:28 pm What rates are people currently getting with LenderFi for 30 year?
Just locked 2.625% yesterday. No points.

Originally purchased December 2017, 4.25%.

DFW area Texas.

Refinancing 265K on 359K value.

800+ FICO
Blue Horseshoe loves Anacott Steel.
nickpete123
Posts: 8
Joined: Mon Oct 09, 2017 7:19 am

Re: My LenderFi refinance is going well

Post by nickpete123 »

Goal33 wrote: Tue Sep 15, 2020 3:35 pm
nickpete123 wrote: Mon Sep 14, 2020 10:31 am Update: Refinanced with LenderFI back in February and was very happy with speed,rate, etc that I went with them again.

However, we closed on August 21st, funding was supposed to be on the 26th which I assumed everything went fine. Fast forward to last week when I noticed my old loan still wasn't showing as paid off. I called Wells Fargo asking if it was indeed paid off and just not updating on my online account but they confirmed nothing was paid off. My regular monthly payment was due september 1st and would incur late penalty/etc on the 15th so I called Amrock to see if they sent the payment from there end. The guy there told me they were told to do a new signing on August 24th due to "some information needing to be updated" but had no idea what info that was and hadn't received any further information from LenderFi since. I have since messaged/emailed Lenderfi on friday and am still waiting to hear back. Overall I've had nothing but great service from them but this is rather concerning and hoping they can make it right quickly. Not sure if I should just assume they can't complete the refinance and look elsewhere or how long I should wait for follow up info. I have since paid my monthly payment with Wells Fargo so I don't get hit with penalties/negative credit reporting but scary how easily I could have just assumed everything was fine since they never reached out or let me know they wanted a new signing/weren't going to send payment...
updates?
After still not receiving a response I called my main person (Ryan) this morning and talked to his receptionist I presume who said they'd look into it and give me a call back....still waiting...
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

nickpete123 wrote: Tue Sep 15, 2020 4:07 pm
Goal33 wrote: Tue Sep 15, 2020 3:35 pm
nickpete123 wrote: Mon Sep 14, 2020 10:31 am Update: Refinanced with LenderFI back in February and was very happy with speed,rate, etc that I went with them again.

However, we closed on August 21st, funding was supposed to be on the 26th which I assumed everything went fine. Fast forward to last week when I noticed my old loan still wasn't showing as paid off. I called Wells Fargo asking if it was indeed paid off and just not updating on my online account but they confirmed nothing was paid off. My regular monthly payment was due september 1st and would incur late penalty/etc on the 15th so I called Amrock to see if they sent the payment from there end. The guy there told me they were told to do a new signing on August 24th due to "some information needing to be updated" but had no idea what info that was and hadn't received any further information from LenderFi since. I have since messaged/emailed Lenderfi on friday and am still waiting to hear back. Overall I've had nothing but great service from them but this is rather concerning and hoping they can make it right quickly. Not sure if I should just assume they can't complete the refinance and look elsewhere or how long I should wait for follow up info. I have since paid my monthly payment with Wells Fargo so I don't get hit with penalties/negative credit reporting but scary how easily I could have just assumed everything was fine since they never reached out or let me know they wanted a new signing/weren't going to send payment...
updates?
After still not receiving a response I called my main person (Ryan) this morning and talked to his receptionist I presume who said they'd look into it and give me a call back....still waiting...
what a nightmare... keep us posted.
Pessimist55
Posts: 95
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 »

My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
MrJedi
Posts: 343
Joined: Wed May 06, 2020 11:42 am

Re: My LenderFi refinance is going well

Post by MrJedi »

Pessimist55 wrote: Tue Sep 15, 2020 5:41 pm My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
Goal33
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Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
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Cobra Commander
Posts: 294
Joined: Tue Mar 14, 2017 11:09 am

Re: My LenderFi refinance is going well

Post by Cobra Commander »

Goal33 wrote: Tue Sep 15, 2020 8:02 pm If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
I called Amrock to get mine. You should have been e-mailed a closing contact or you can just call the main number and give them your loan number and they can pull up your file.
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

Cobra Commander wrote: Tue Sep 15, 2020 8:43 pm
Goal33 wrote: Tue Sep 15, 2020 8:02 pm If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
I called Amrock to get mine. You should have been e-mailed a closing contact or you can just call the main number and give them your loan number and they can pull up your file.
How far in advance did they have it? Hopefully at least the day before. I sign on Thursday. I’ll call them tomorrow.
akuseimark
Posts: 31
Joined: Wed Aug 05, 2020 6:58 pm

Re: My LenderFi refinance is going well

Post by akuseimark »

Goal33 wrote: Tue Sep 15, 2020 8:53 pm
Cobra Commander wrote: Tue Sep 15, 2020 8:43 pm
Goal33 wrote: Tue Sep 15, 2020 8:02 pm If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
I called Amrock to get mine. You should have been e-mailed a closing contact or you can just call the main number and give them your loan number and they can pull up your file.
How far in advance did they have it? Hopefully at least the day before. I sign on Thursday. I’ll call them tomorrow.
I received mine the day before closing after some back and forth emailing to find them with my processing expert. It feels much like an assembly line where my loan moved to the closing expert’s pile and they just wouldn’t have gotten to it before closing.
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