My LenderFi refinance is going well

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DeaconSig
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Joined: Sat Oct 11, 2014 10:17 am

Re: My LenderFi refinance is going well

Post by DeaconSig »

Has anyone had experience with LenderFi and appraisals? For some reason I couldn’t get out of appraisal in spite of approx 50% LTV. Fortunately, closing credits will cover cost.

I locked on 9/16, uploaded documents on 9/17 and haven’t heard anything about scheduling an appraisal. I’m getting a little concerned I’m 1 1/2 weeks in without any word about scheduling appraisal.

Thanks!
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abyan
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Re: My LenderFi refinance is going well

Post by abyan »

I was in the same boat. For whatever reason couldn't get out of it during my first refi earlier this year. But my second refi with them, I suppose since the appraisal was so recent, went fine without one.
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

newbiead wrote: Fri Sep 25, 2020 6:15 pm
ciscovp wrote: Fri Sep 25, 2020 6:12 pm
newbiead wrote: Fri Sep 25, 2020 5:47 pm
ciscovp wrote: Fri Sep 25, 2020 3:27 pm
newbiead wrote: Fri Sep 25, 2020 3:05 pm

Yes, mine is due Oct 1. No, I haven't mailed a check because I have neither received any instruction from LenderFi nor any coupon.
And Diego says loan will be live soon on their servicing portal, but still nothing yet!!! What should I do, this is getting quite frustrating!
In my case, a printed page of the coupons (for 10/01 and 11/01) was included with the closing docs.

I have been hearing the same story from Diego. However, I will go ahead and mail my check. Just tired of waiting.
When did you close your loan?
Early August
Alright! So, I just tried again and I was able to get in and setup the monthly payments! Yay! I had closed 8/31.
I did bug Diego a few times so don't know if that helped!
BUT, my escrow balance shows ZERO! ( And I do have escrow balance with my loan refi). Anyone have any issues with being not able to see that online there on their service website?
Yeah. Online access finally works.
Marinermoose241
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Joined: Fri Sep 25, 2020 8:46 pm

Re: My LenderFi refinance is going well

Post by Marinermoose241 »

New data point here.

Signed LE on 9/20
Locked via phone on 9/21

Haven't heard anything else. Anyone wait this long to see locked paperwork after locking over the phone?
Jagger
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Joined: Fri Sep 25, 2020 10:05 am

Re: My LenderFi refinance is going well

Post by Jagger »

Yay! I closed 8/29, and was just able to log on to the payment site. Thanks to all.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

Marinermoose241 wrote: Fri Sep 25, 2020 8:49 pm New data point here.

Signed LE on 9/20
Locked via phone on 9/21

Haven't heard anything else. Anyone wait this long to see locked paperwork after locking over the phone?
I didn't get my locked estimate until 12 days after I locked verbally on the phone. After that though I was assigned to a good processor and she kept me in the loop with everything that was going on.
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

jjhk121 wrote: Fri Sep 25, 2020 10:33 pm
Marinermoose241 wrote: Fri Sep 25, 2020 8:49 pm New data point here.

Signed LE on 9/20
Locked via phone on 9/21

Haven't heard anything else. Anyone wait this long to see locked paperwork after locking over the phone?
I didn't get my locked estimate until 12 days after I locked verbally on the phone. After that though I was assigned to a good processor and she kept me in the loop with everything that was going on.
Okay good to know. I know they are swamped right now.

Thanks again.
jjhk121
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Joined: Thu Jul 23, 2020 1:09 am

Re: My LenderFi refinance is going well

Post by jjhk121 »

DeaconSig wrote: Fri Sep 25, 2020 8:26 pm Has anyone had experience with LenderFi and appraisals? For some reason I couldn’t get out of appraisal in spite of approx 50% LTV. Fortunately, closing credits will cover cost.

I locked on 9/16, uploaded documents on 9/17 and haven’t heard anything about scheduling an appraisal. I’m getting a little concerned I’m 1 1/2 weeks in without any word about scheduling appraisal.

Thanks!
I had to do an appraisal late last month. Have you received and signed your locked loan estimate and lock confirmation? I was charged for my appraisal only after I signed the locked loan estimate.

Here's my timeline:

8/12 - Locked over the phone, gave credit card info over phone to loan originator to charge for appraisal, uploaded documents

8/13-8/20 - Radio silence

8/21 - Received and signed locked loan estimate and lock confirmation
8/21 - Received invoice from company called Appraisal Nation for the appraisal

8/24 - Received email from local appraisal company with phone number to call to schedule appraisal

8/27 - Appraisal

9/1 - Notified by processor that the appraisal was back and available for download.
DeaconSig
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Re: My LenderFi refinance is going well

Post by DeaconSig »

jjhk121 wrote: Fri Sep 25, 2020 10:47 pm
DeaconSig wrote: Fri Sep 25, 2020 8:26 pm Has anyone had experience with LenderFi and appraisals? For some reason I couldn’t get out of appraisal in spite of approx 50% LTV. Fortunately, closing credits will cover cost.

I locked on 9/16, uploaded documents on 9/17 and haven’t heard anything about scheduling an appraisal. I’m getting a little concerned I’m 1 1/2 weeks in without any word about scheduling appraisal.

Thanks!
I had to do an appraisal late last month. Have you received and signed your locked loan estimate and lock confirmation? I was charged for my appraisal only after I signed the locked loan estimate.

Here's my timeline:

8/12 - Locked over the phone, gave credit card info over phone to loan originator to charge for appraisal, uploaded documents

8/13-8/20 - Radio silence

8/21 - Received and signed locked loan estimate and lock confirmation
8/21 - Received invoice from company called Appraisal Nation for the appraisal

8/24 - Received email from local appraisal company with phone number to call to schedule appraisal

8/27 - Appraisal

9/1 - Notified by processor that the appraisal was back and available for download.
Thanks for the timeline! I did your first step of locking over phone and gave them my CC # on 9/16 and uploaded the documents (pay stubs, W2s, etc). Since then I've had the radio silence. If I don't get to the next step by Wednesday 9/30, I'll contact them.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

How long are your refinances taking?
I am doing one with Suntrust Truist, and it is going on 4 months now.
I put a rental property in forbearance, and now they are saying they need 3 months of payments on that account to continue the refinance per FHA guidelines.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

arsenalfan wrote: Sat Sep 26, 2020 6:30 am How long are your refinances taking?
I am doing one with Suntrust Truist, and it is going on 4 months now.
I put a rental property in forbearance, and now they are saying they need 3 months of payments on that account to continue the refinance per FHA guidelines.
Well, my current refi with LenderFi closed last Thursday, which was about 3 weeks after I applied. However, the parts of your post that I bolded above are probably making yours a whole different ballgame, compared to most of the experiences reported in this thread. 1) yours is an investment property, and 2) it was in forbearance, which changes the bank’s risk assessment quite a bit. And also 3) if they need at least 3 months of payments, it’s not surprising to me that yours has been going on for 4 months, and 4) I didn’t realize that the FHA made loans on investment properties - maybe you meant to say Fannie/Freddie guidelines?

Edit to add: Suntrust is also going through a merger with BB&T (to form Truist), so that process may be delaying some of their business operations and customer response time (just speculation on my part).
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

ReFi is for my primary home, 700k left on 1.8 mm property.
I have 9 rentals and put 3 of the ones in college area in forebearance. No summer semester.
But now we've rented for academic year at 110% of the pre-pandemic rent, since 1) College back in session and all-virtual, 2) no on-campus housing, and 3) college kids want to be on campus.
I will just make a lump sum of 3 months payment on the rental loans.
4 months to refi seems crazy. LenderFi and local mortgage brokers were promising 28d, but rates/fees were higher.
Guess I'll have to wait.
deskjockey
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Re: My LenderFi refinance is going well

Post by deskjockey »

My online access also became available yesterday. Diego sent me a link and told me it had been activated a few minutes earlier. I went ahead and set up autopay, since my first payment Is due on October 1st. This was definitely a more drawn out process than my last refinance with LenferFi last December. I locked on July 6, closed on August 7, and only got things completely set yesterday, so a nearly three month process. Last time it took a total of six weeks from when I applied to when my online portal from PennyMac was ready to go.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

arsenalfan wrote: Sat Sep 26, 2020 8:38 am ReFi is for my primary home, 700k left on 1.8 mm property.
I have 9 rentals and put 3 of the ones in college area in forebearance. No summer semester.
But now we've rented for academic year at 110% of the pre-pandemic rent, since 1) College back in session and all-virtual, 2) no on-campus housing, and 3) college kids want to be on campus.
I will just make a lump sum of 3 months payment on the rental loans.
4 months to refi seems crazy. LenderFi and local mortgage brokers were promising 28d, but rates/fees were higher.
Guess I'll have to wait.
Ah, I see. Thanks for the clarification. Yeah, your portfolio of rental properties along with the forbearance are most likely causing the difference in timing compared to what you see here. Do those rentals comprise all of your income, for instance? Our refi was a simple dual W-2 income situation, for example.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

hornet96 wrote: Sat Sep 26, 2020 9:06 am
arsenalfan wrote: Sat Sep 26, 2020 8:38 am ReFi is for my primary home, 700k left on 1.8 mm property.
I have 9 rentals and put 3 of the ones in college area in forebearance. No summer semester.
But now we've rented for academic year at 110% of the pre-pandemic rent, since 1) College back in session and all-virtual, 2) no on-campus housing, and 3) college kids want to be on campus.
I will just make a lump sum of 3 months payment on the rental loans.
4 months to refi seems crazy. LenderFi and local mortgage brokers were promising 28d, but rates/fees were higher.
Guess I'll have to wait.
Ah, I see. Thanks for the clarification. Yeah, your portfolio of rental properties along with the forbearance are most likely causing the difference in timing compared to what you see here. Do those rentals comprise all of your income, for instance? Our refi was a simple dual W-2 income situation, for example.
arsenalfan is likely running into typical large corporation red tape. I’m assuming their income qualifications could exclude the rentals. If not, then ignore this post. Basically, on his/her credit report, there is an entry/are entries that list forbearance. They want to see three monthly payments after that before underwriting a loan, even for a different property. It’s a checklist item based on the credit report vs. risk to the actual property.

Again, that’s assuming the rental income is not being used to qualify for the primary home refi.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

Yeah, big bank red tape is just slooowww. They're really getting hung up on 3 of the 10 rentals I have.

All 10 rentals cashflow and K1s net us about $100k per year from them (which gets plowed back into principle). W2 income is about 800k, and aftertax equities throw off 120k.

So 2 months longer on this 3.35% loan is fine...it's just one thing left to cross off.

Wish LenderFi had a better refi rate/terms for me, guess I'll wait for SunTrust.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

arsenalfan wrote: Sat Sep 26, 2020 11:03 am Yeah, big bank red tape is just slooowww. They're really getting hung up on 3 of the 10 rentals I have.

All 10 rentals cashflow and K1s net us about $100k per year from them (which gets plowed back into principle). W2 income is about 800k, and aftertax equities throw off 120k.

So 2 months longer on this 3.35% loan is fine...it's just one thing left to cross off.

Wish LenderFi had a better refi rate/terms for me, guess I'll wait for SunTrust.
Given the highlighted W2 income, have you asked and seen if it makes a difference if they exclude the rental and K1 income? Like I said, they likely just have a checklist of "if forbearance on credit report" without real consideration of the details and thus, it won't matter -- but it doesn't hurt to ask.

In my most recent refi, my auto loan was about to be paid off (I sent the last payment last week). They wanted all this documentation to prove it won't be a debt moving forward in order to exclude it. When I asked my loan officer about all that, he tweaked it and said "you qualify just fine with the debt listed, so let me not request it be removed from consideration". Hopefully Truist would do something similar.
miasma
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Re: My LenderFi refinance is going well

Post by miasma »

New timeline datapoint for all, this was my first refi and based on conversations on this forum went with LenderFi (checked against a few others as well as comparison, LenderFi had best rate/costs at end of day). I'm in MA.

8/12 - Started application, received conditional loan approval
8/14 - Got Loan Estimate and Initial Disclosures, LE indicated wrong interest rate (assuming like extreme point buy to reduce rate, wasn't sure what happened)
8/17 - Spoke to Loan Officer to weigh different interest rate options (no costs vs. some costs), confirmed selection, verbally locked in rate.
8/19 - Received revised LE with locked rate for signature, closing costs not what we agreed to on phone (I assumed costs quoted was A+B+C+E, what LE showed was just A).
8/20 - Spoke to Loan Officer to disambiguate and was told to expect revised LE in 48 hours with new locked rate.
8/27 - Notified Loan moved to processing, told them I never received revised LE for signature -- they popped that up on the website and I signed.
9/03 - Notified approval was granted, underwriter needed some more documents
9/09 - Loan Processor (who had very good communications btw) - notified cleared for loan documents and closing dept working on sending pre-closing disclosure
9/16 - Loan Processor contacted us to schedule closing date (for 9/19), I asked for electronic copy of closing docs to review prior to close
9/17 - Received closing disclosure, which changed slightly from pre-CD (additional costs in title which LenderFi then credited for, slight prepaid updates) - Good comms with Loan Processor / Loan Closer about questions
9/18 - Received call from notary to confirm time/call of signing on 9/19
9/19 - Closing/Signed docs (took 1-2 hours, did it in our backyard)
9/23 - Contacted by loan processor to clarify any additional credit checks by funder/inquiry check
9/24 - Disbursement day - received automated(?) response from Julio that loan was funded today
9/25 - Received disbursement "to borrower" funds from title company, received notification from old servicer that my loan was paid in full.

Overall, some bumps along the way, but generally an easy process. The weird disparities up front confirming rates/costs prior to locked in rate was frustrating. But once things moved to processor it moved fairly seamlessly. I was a bit nervous since it was my first refi, so little handholding provided. Would've liked to have better insight/regular communications instead of reactive comms, but they were generally very speedy when I had a question.

So timeline wise, application (8/12) to locked rate (verbal-8/20) to closing (9/19) was about a month.

Now I get to see if they decide to service or sell (original docs indicated sell but initial servicing in closing showed LenderFi with coupons). I hope if they do sell its to a larger, easier institution (e.g., Wells Fargo, etc.) for a better autopay/website experience.
Last edited by miasma on Tue Sep 29, 2020 5:04 pm, edited 1 time in total.
powerhouse
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Re: My LenderFi refinance is going well

Post by powerhouse »

For those who's disbursement date is 1-2 days before the end of the month, did you cancel your auto-payment to the old lender? Or did you wait for confirmation of the loan getting paid off?
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

Thanks for the datapoint
Talked to a good friend who is broker
Think my situation is more complex due to large rental portfolio
No Fannie lender can bend rules
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

powerhouse wrote: Sat Sep 26, 2020 6:06 pm For those who's disbursement date is 1-2 days before the end of the month, did you cancel your auto-payment to the old lender? Or did you wait for confirmation of the loan getting paid off?
Usually your loan is not due until the 15th of the next month anyway... I'd cancel it.
dandinsac
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Re: My LenderFi refinance is going well

Post by dandinsac »

powerhouse wrote: Sat Sep 26, 2020 6:06 pm For those who's disbursement date is 1-2 days before the end of the month, did you cancel your auto-payment to the old lender? Or did you wait for confirmation of the loan getting paid off?
My refi is scheduled for disbursement on September 30. I turned off the auto payment, which would have been for October 1. In case something happens and the refi doesn’t occur, I still have 10 days to pay before any late charges.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

powerhouse wrote: Sat Sep 26, 2020 6:06 pm For those who's disbursement date is 1-2 days before the end of the month, did you cancel your auto-payment to the old lender? Or did you wait for confirmation of the loan getting paid off?
Mine is scheduled to be disbursed on 9/29, and I cancelled my autopay scheduled for 10/1. I will be checking online to make sure it gets paid. And as others noted, you usually have a grace period anyway so I’m not worried about it.
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Lethal
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Re: My LenderFi refinance is going well

Post by Lethal »

miasma wrote: Sat Sep 26, 2020 12:49 pm

Now I get to see if they decide to service or sell (original docs indicated sell but initial servicing in closing showed LenderFi with coupons). I hope if they do sell its to a larger, easier institution (e.g., Wells Fargo, etc.) for a better autopay/website experience.
My LenderFi refi was sold this month to Wells Fargo about 10 days before 1st payment was due.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

I just got an email from BSI Financial that says:
An eNotices is now available.
Anybody knows what this means or where to check what ?
Jagger
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Re: My LenderFi refinance is going well

Post by Jagger »

It likely means the following:

Go to https://myloanweb.com/lenderfi/AccountVerification.aspx and set up an online account (BSI Financial is the sub-servicer).

Then you'll have access to account and payment information.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

I set up auto-pay on the Lenderfi servicing site - can I just forget about it now that it's automated or have people had issues with the servicing for other reasons?
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

Jagger wrote: Mon Sep 28, 2020 12:36 pm It likely means the following:

Go to https://myloanweb.com/lenderfi/AccountVerification.aspx and set up an online account (BSI Financial is the sub-servicer).

Then you'll have access to account and payment information.
I already did that last week. So maybe it is just a delayed email :O
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

newbiead wrote: Mon Sep 28, 2020 1:24 pm
Jagger wrote: Mon Sep 28, 2020 12:36 pm It likely means the following:

Go to https://myloanweb.com/lenderfi/AccountVerification.aspx and set up an online account (BSI Financial is the sub-servicer).

Then you'll have access to account and payment information.
I already did that last week. So maybe it is just a delayed email :O
Possibly, although my credit union calls things like statements "e-notices" as well. So you might want to log in to see if there is a statement, confirmation of some kind, or secure message.
dandinsac
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Re: My LenderFi refinance is going well

Post by dandinsac »

I just completed my second refinance with LenderFi.

The first time in February, it took 13 calendar days from loan application submitted to signing. This time it took 23 calendar days.
lillycat
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Re: My LenderFi refinance is going well

Post by lillycat »

Ok guys, HELP!

I just tried to apply for a LF Refi, 400k loan value, home is worth 600k+.

Here is the message I got from the website.

Due to COVID-19 and its economic effects, we are not offering loans above $331,760.00 at this time. Please revise your loan amount to continue, or call your loan officer for additional details.

Whiskey, Tango, Foxtrot! Did I do something wrong? This can't be right!
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

lillycat wrote: Mon Sep 28, 2020 4:57 pm Ok guys, HELP!

I just tried to apply for a LF Refi, 400k loan value, home is worth 600k+.

Here is the message I got from the website.

Due to COVID-19 and its economic effects, we are not offering loans above $331,760.00 at this time. Please revise your loan amount to continue, or call your loan officer for additional details.

Whiskey, Tango, Foxtrot! Did I do something wrong? This can't be right!
Dang! You are right..something is up.. I also get :
Sorry, we couldn't find loans for your scenario
Change your search criteria and try again
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

lillycat wrote: Mon Sep 28, 2020 4:57 pm Ok guys, HELP!

I just tried to apply for a LF Refi, 400k loan value, home is worth 600k+.

Here is the message I got from the website.

Due to COVID-19 and its economic effects, we are not offering loans above $331,760.00 at this time. Please revise your loan amount to continue, or call your loan officer for additional details.

Whiskey, Tango, Foxtrot! Did I do something wrong? This can't be right!
They might need to play catch-up with current applications and this is their way of cutting off most new applications.

Could try the backdoor (https://app.lenderfi.com/app/signup/partner/lenderfi) but I think you'd be committing yourself to a hard credit pull. I could be wrong on that though.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

lillycat wrote: Mon Sep 28, 2020 4:57 pm Ok guys, HELP!

I just tried to apply for a LF Refi, 400k loan value, home is worth 600k+.

Here is the message I got from the website.

Due to COVID-19 and its economic effects, we are not offering loans above $331,760.00 at this time. Please revise your loan amount to continue, or call your loan officer for additional details.

Whiskey, Tango, Foxtrot! Did I do something wrong? This can't be right!
works for me, i just tried it
topcatin
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Re: My LenderFi refinance is going well

Post by topcatin »

This has been my time-line -
July 8 - Verbally Locked rate
July 13 - Received Locked rate in writing
July 16 - Loan processor assigned
July 20 - Moved to Underwriting
July 23 - In-house Appraisal
July 29 - Received Appraisal and loan is sent to underwriting to close the loan
July 31 - Received Pre-closing Disclosure stating closing is on Aug 4th.
Aug 1 - Signed the disclosures
Aug 14 - Loan funded
Aug 21 - Loan sold to new lender
Oct 1 - My first payment is due with the new lender

They had a clause in the initial loan-estimate on July 8 that I need to wait for 6 months before refinancing again else - I would have to pay back lender-credits and also a no-cost 0.25% drop or something by Lenderfi?
Questions
1.When did the 6 month period start?
2. Now that my new lender is in the picture, how would they know if I decide to refinance again? (Not that I am planning to)
3. Anyone able to successful get their free drop rate in 6 months?
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

topcatin wrote: Mon Sep 28, 2020 7:16 pm This has been my time-line -
July 8 - Verbally Locked rate
July 13 - Received Locked rate in writing
July 16 - Loan processor assigned
July 20 - Moved to Underwriting
July 23 - In-house Appraisal
July 29 - Received Appraisal and loan is sent to underwriting to close the loan
July 31 - Received Pre-closing Disclosure stating closing is on Aug 4th.
Aug 1 - Signed the disclosures
Aug 14 - Loan funded
Aug 21 - Loan sold to new lender
Oct 1 - My first payment is due with the new lender

They had a clause in the initial loan-estimate on July 8 that I need to wait for 6 months before refinancing again else - I would have to pay back lender-credits and also a no-cost 0.25% drop or something by Lenderfi?
Questions
1.When did the 6 month period start?
2. Now that my new lender is in the picture, how would they know if I decide to refinance again? (Not that I am planning to)
3. Anyone able to successful get their free drop rate in 6 months?
1. 6 month period starts when loan funds
2. Dunno.
3. Yes I did it. I contacted my loan officer after 5 payments and he got it in motion. It's basically another no cost refi but was easier as he filled out application for me based on prior app and they seemed to ask for fewer documents, and it went faster for me personally.
Mako52
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Re: My LenderFi refinance is going well

Post by Mako52 »

Our LenderFi refi went great. Went from initial online backdoor application to notary/closing in 23 days.

Waiting on Loan Depot to refund our escrow balance.
jb3
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Re: My LenderFi refinance is going well

Post by jb3 »

I'm trying to get my second refi started with Lenderfi. The person I worked with last time keeps telling me I have to wait. First it was wait until Sept 4, then make 5 payments, now the date is Oct 14.

Anyone had this happen? Is there a way to get another refi started without going back to the person you worked with previously?
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

lillycat wrote: Mon Sep 28, 2020 4:57 pm Ok guys, HELP!

I just tried to apply for a LF Refi, 400k loan value, home is worth 600k+.

Here is the message I got from the website.

Due to COVID-19 and its economic effects, we are not offering loans above $331,760.00 at this time. Please revise your loan amount to continue, or call your loan officer for additional details.

Whiskey, Tango, Foxtrot! Did I do something wrong? This can't be right!
I wrote a few weeks in the Refi MegaThread about a possible reason for the way Owning does their process and how long they end up just sitting in the dark. You will "close" and then not fund for weeks. I posited that Owning might be having a hard time finding investors to buy their loans, so they may not have the available cash to fund new loans. I wonder if this same kind of issue could b happening to LenderFi and they just don't have the liquidity to do larger loans at the moment.
Radman
Posts: 54
Joined: Tue Oct 25, 2011 5:42 pm

Re: My LenderFi refinance is going well

Post by Radman »

A timeline update for those who are in the process of refinancing. I closed with LenderFi on 9/4/2020. On 9/28/2020 received the email with directions to the LenderFi servicing website to set up an account. First payment Due 10/1/2020.
gadoc
Posts: 41
Joined: Thu Aug 06, 2015 3:45 pm

Re: My LenderFi refinance is going well

Post by gadoc »

I refinaced with lenderfi< 6 Months ago and got a rate of 3% for 30 year. I have been shopping around and I found a no-cost option for 2.2 530 year at a different company which I would like to proceed with. I heard that you were unable to refinance again until the six-month period is over. Does anyone know if this is true?
presto987
Posts: 114
Joined: Sun Aug 30, 2020 10:58 pm

Re: My LenderFi refinance is going well

Post by presto987 »

gadoc wrote: Tue Sep 29, 2020 7:31 am I refinaced with lenderfi< 6 Months ago and got a rate of 3% for 30 year. I have been shopping around and I found a no-cost option for 2.2 530 year at a different company which I would like to proceed with. I heard that you were unable to refinance again until the six-month period is over. Does anyone know if this is true?
If your refi with LenderFi was a cash-out loan, then you have to wait 6 months before you can do a rate-and-term refi.

If your refi with LenderFi was not a cash-out loan, then most likely you are not required to wait 6 months. However, if you refi again within 6 months, LenderFi will lose whatever profit they made on your loan. For that reason, there is a risk that they refuse to do business with you again in the future. In addition, LenderFi sometimes makes borrowers sign a form at closing that says that you will not refi again within 6 months. Some borrowers have reported signing this form while others have not. If you did sign it, it is unclear whether LenderFi can enforce it, especially if you are in CA where there are a lot of consumer protections. So most likely this form is not binding, but I am not a lawyer.

All lenders are exposed to a risk of borrowers refinancing again within 6 months, but LenderFi seems to be the one that is particularly sensitive to this practice.

By the way, a no-cost 2.25% 30-year is unheard of. Unless this is a VA loan?
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hornet96
Posts: 615
Joined: Sun Nov 25, 2012 6:45 pm

Re: My LenderFi refinance is going well

Post by hornet96 »

presto987 wrote: Tue Sep 29, 2020 8:39 am
By the way, a no-cost 2.25% 30-year is unheard of. Unless this is a VA loan?
No kidding, surely that is a misprint. I would expect a fair amount of points on a 2.25% 30 yr fixed, even for a VA loan.
dlrkw9mu
Posts: 45
Joined: Mon Apr 27, 2015 12:01 pm

Re: My LenderFi refinance is going well

Post by dlrkw9mu »

presto987 wrote: Tue Sep 29, 2020 8:39 am
gadoc wrote: Tue Sep 29, 2020 7:31 am I refinaced with lenderfi< 6 Months ago and got a rate of 3% for 30 year. I have been shopping around and I found a no-cost option for 2.2 530 year at a different company which I would like to proceed with. I heard that you were unable to refinance again until the six-month period is over. Does anyone know if this is true?
If your refi with LenderFi was a cash-out loan, then you have to wait 6 months before you can do a rate-and-term refi.

If your refi with LenderFi was not a cash-out loan, then most likely you are not required to wait 6 months. However, if you refi again within 6 months, LenderFi will lose whatever profit they made on your loan. For that reason, there is a risk that they refuse to do business with you again in the future. In addition, LenderFi sometimes makes borrowers sign a form at closing that says that you will not refi again within 6 months. Some borrowers have reported signing this form while others have not. If you did sign it, it is unclear whether LenderFi can enforce it, especially if you are in CA where there are a lot of consumer protections. So most likely this form is not binding, but I am not a lawyer.

All lenders are exposed to a risk of borrowers refinancing again within 6 months, but LenderFi seems to be the one that is particularly sensitive to this practice.

By the way, a no-cost 2.25% 30-year is unheard of. Unless this is a VA loan?
Just to elaborate on the "not a cash-out" comment above, check the "initial disclosures" you signed with lenderfi when you initially put in your application. We refinanced with them in February / March and most definitely signed the 6 month agreement during the initial disclosure, but did not sign one at closing.
The agreement we signed stated that if we refinance within 6 months, we agree to pay back the lender credits provided by lenderfi.
GoodOmens
Posts: 24
Joined: Thu Aug 06, 2020 12:54 pm

Re: My LenderFi refinance is going well

Post by GoodOmens »

topcatin wrote: Mon Sep 28, 2020 7:16 pm
Questions
1.When did the 6 month period start?
2. Now that my new lender is in the picture, how would they know if I decide to refinance again? (Not that I am planning to)
3. Anyone able to successful get their free drop rate in 6 months?
1. Should be from when the loan funds but might be from when the loan is sold
2. Because the new servicer will require LenderFi to buy the loan back if its paid off within 6 months of them buying it, thus notifying LenderFi you refinanced before the 6 month window.
3. Going through it now - went from 3.375->2.75 no cost. Not the best but not terrible, but I didnt lock before all the discussions on the .5 Fannie May fee came to light. I shopped around and couldn't find anyone to beat it by more than a few hundred, not worth it IMO.
MAandMEMom
Posts: 21
Joined: Tue Dec 27, 2016 2:12 pm

Re: My LenderFi refinance is going well

Post by MAandMEMom »

Just refi'd locally in MA in February and leaning toward LenderFi but don't want any snags. I don't have a complicated "case" and the discharges for the pre-February loans have been recorded thankfully. Someone else in MA commented recently and I wonder if the closing estimates on the quote screen are accurate. I'm trying to avoid a hard pull to get more information.

All things being equal, which would you choose?
15 years 2.25% closing $2,307 about 0 pt
15 years 2.125% closing $3,736 point $1,804
yogesh
Posts: 486
Joined: Thu Oct 11, 2012 6:20 pm

Re: My LenderFi refinance is going well

Post by yogesh »

I have a lock for 2.625 (zero cost A+B+C+E-J) at LenderFi. Another lender came back with 2.5 (zero cost A+B+C+E-J).
Is there a fee to cancel at LenderFi?
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
miasma
Posts: 18
Joined: Sun Oct 14, 2018 5:36 pm

Re: My LenderFi refinance is going well

Post by miasma »

MAandMEMom wrote: Tue Sep 29, 2020 11:58 am Just refi'd locally in MA in February and leaning toward LenderFi but don't want any snags. I don't have a complicated "case" and the discharges for the pre-February loans have been recorded thankfully. Someone else in MA commented recently and I wonder if the closing estimates on the quote screen are accurate. I'm trying to avoid a hard pull to get more information.

All things being equal, which would you choose?
15 years 2.25% closing $2,307 about 0 pt
15 years 2.125% closing $3,736 point $1,804
In MA, I went 0pt on a 25year and my closing costs A+B+C+E was quoted at $1614, it ended up being basically exactly that on closing 'cept I had some complexities due to realty trust (LenderFi won't do Trusts which are common in MA, so extra recording for taking it out of and then back into trust) that LenderFi then credited me for since the increase was above the legal limit, so it was $1731.85
gadoc
Posts: 41
Joined: Thu Aug 06, 2015 3:45 pm

Re: My LenderFi refinance is going well

Post by gadoc »

So just to provide an update. I think that 2.25% no cost closing was a fluke. I never heard back from the mortgage company. I did reach out to Lenderfi. They offer a no-cost refinance to go to 2.625% from 3%. The total amount of cash needed to close is $100.I had a refinance with them lesson six months ago to get the 3% rate. It’s a 30 year fixed loan for about 500 K. Should I go ahead and move forward with this?
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hornet96
Posts: 615
Joined: Sun Nov 25, 2012 6:45 pm

Re: My LenderFi refinance is going well

Post by hornet96 »

BrandonBogle wrote: Mon Sep 28, 2020 10:28 pm
I wrote a few weeks in the Refi MegaThread about a possible reason for the way Owning does their process and how long they end up just sitting in the dark. You will "close" and then not fund for weeks. I posited that Owning might be having a hard time finding investors to buy their loans, so they may not have the available cash to fund new loans. I wonder if this same kind of issue could b happening to LenderFi and they just don't have the liquidity to do larger loans at the moment.
Just as a data point, I received an email from the LenderFi processor today that my refi (approx. $590k) was funded today, which was on time and in accordance with my closing documents. So at least for me, it seems that funding a larger loan wasn’t an issue.
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