My LenderFi refinance is going well

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
yogesh
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Re: My LenderFi refinance is going well

Post by yogesh »

anon_investor wrote: Tue Sep 29, 2020 10:00 pm
yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
Thanks for the advice, I will avoid "penny wise, pound foolish" and just go with what I have.
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
gazelle1991
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Re: My LenderFi refinance is going well

Post by gazelle1991 »

for the life of me I cannot find the 6-month wait disclosure in my initial life estimate/rate lock disclosure. Does this only apply to refinance before 6 months? does a sale of the property before the 6-mark counts as refinance?
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

hornet96 wrote: Tue Sep 29, 2020 7:49 pm
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.
Thanks. Though please note I was referring to why they may be limiting new loans coming in since they already earmarked funds for the loans they were working on, so yours would have been accounted for already.

Now when they sell your loan (and others like it) to investors, then the cash can free up to open the pipeline.

I make the distinction as this may be part of why LenderFi keeps opening/closing apps and setting restrictions while a lender like Owning will have you “close” and then three weeks later you fund. I much prefer LenderFi’s approach.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

BrandonBogle wrote: Tue Sep 29, 2020 10:44 pm
hornet96 wrote: Tue Sep 29, 2020 7:49 pm
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.
Thanks. Though please note I was referring to why they may be limiting new loans coming in since they already earmarked funds for the loans they were working on, so yours would have been accounted for already.

Now when they sell your loan (and others like it) to investors, then the cash can free up to open the pipeline.

I make the distinction as this may be part of why LenderFi keeps opening/closing apps and setting restrictions while a lender like Owning will have you “close” and then three weeks later you fund. I much prefer LenderFi’s approach.
Fair enough. I would go crazy if I had to deal with Owning’s approach.
tommy85
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Re: My LenderFi refinance is going well

Post by tommy85 »

anon_investor wrote: Tue Sep 29, 2020 10:00 pm
yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
Oops :oops: I just did that. Had rate lock with Lenderfi and asked Better to beat it which they initially said no but then they beat it by $500, so switched to Better and told Lenderfi to withdraw my application. Also with suggestion here to get the title service from Radian, I will save additional $200 with Better.

All good for this refinance but hope that will not preclude me from getting a mortgage for a purchase in near future as I have plans to buy a house.
Mr. Market is Bipolar.
MAandMEMom
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Re: My LenderFi refinance is going well

Post by MAandMEMom »

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

That's for this; it's very helpful!
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

MAandMEMom wrote: Wed Sep 30, 2020 11:20 am 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

That's for this; it's very helpful!
Probably too late for you, but in my state/county, I could file a TOD (Transfer on Death) instrument for my deed, which has my trust as the beneficiary. Although maybe your trust is for something other than inheritance and I don't think it's the same process in every state. But I personally didn't see any effective difference in putting the deed in a trust vs. using a TOD instrument in my circumstances (unless I'm missing something....). If you're using the trust for business purposes and ongoing record-keeping, then certainly a TOD would not get you what you're looking for.
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tarnation
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Re: My LenderFi refinance is going well

Post by tarnation »

Did a 30 year 2.5%, no cost, no appraisal. Their rate was so good, I didn't even bother to shop. Locked Sept 1, funded Sep 30. Very easy refi. Actually, so easy I got nervous between emails thinking something must be wrong. Thanks to the Bogleheads for telling me about LenderFi. :beer
Last edited by tarnation on Wed Sep 30, 2020 11:55 am, edited 1 time in total.
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Gufomel
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Re: My LenderFi refinance is going well

Post by Gufomel »

When people reference A+B+C+D closing costs, what are you referencing exactly?

If I’m quoted a rate with a $1,000 credit, what else do I need to factor in to determine whether it will truly be “no cost” when it’s all said and done? And at what point in the application process are you able to find out what your true final cost will be?
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

Gufomel wrote: Wed Sep 30, 2020 11:53 am When people reference A+B+C+D closing costs, what are you referencing exactly?

If I’m quoted a rate with a $1,000 credit, what else do I need to factor in to determine whether it will truly be “no cost” when it’s all said and done? And at what point in the application process are you able to find out what your true final cost will be?
Add Sections D (which itself is just A + B +C) and E together, then subtract any credits in J. This number is the cost / profit of the refi.

Do note that this explicitly ignores Sections F and G since both of those you would pay (F to the old lender and G to the old lender/municipality directly) even if you didn’t refi.
Gufomel
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Re: My LenderFi refinance is going well

Post by Gufomel »

BrandonBogle wrote: Wed Sep 30, 2020 11:58 am
Gufomel wrote: Wed Sep 30, 2020 11:53 am When people reference A+B+C+D closing costs, what are you referencing exactly?

If I’m quoted a rate with a $1,000 credit, what else do I need to factor in to determine whether it will truly be “no cost” when it’s all said and done? And at what point in the application process are you able to find out what your true final cost will be?
Add Sections D (which itself is just A + B +C) and E together, then subtract any credits in J. This number is the cost / profit of the refi.

Do note that this explicitly ignores Sections F and G since both of those you would pay (F to the old lender and G to the old lender/municipality directly) even if you didn’t refi.
Thanks, at what point in the application process would you get to see how much those costs are? I’m just looking at an initial quote on LenderFi after putting in my basic info.

How much would those costs generally be on a ~$200k mortgage (only looking for rough ballpark)? I’m just wondering if a $1000 credit would generally be enough to wipe out the other costs or if the costs are generally much more substantial than that.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

Gufomel wrote: Wed Sep 30, 2020 12:05 pm
BrandonBogle wrote: Wed Sep 30, 2020 11:58 am
Gufomel wrote: Wed Sep 30, 2020 11:53 am When people reference A+B+C+D closing costs, what are you referencing exactly?

If I’m quoted a rate with a $1,000 credit, what else do I need to factor in to determine whether it will truly be “no cost” when it’s all said and done? And at what point in the application process are you able to find out what your true final cost will be?
Add Sections D (which itself is just A + B +C) and E together, then subtract any credits in J. This number is the cost / profit of the refi.

Do note that this explicitly ignores Sections F and G since both of those you would pay (F to the old lender and G to the old lender/municipality directly) even if you didn’t refi.
Thanks, at what point in the application process would you get to see how much those costs are? I’m just looking at an initial quote on LenderFi after putting in my basic info.

How much would those costs generally be on a ~$200k mortgage (only looking for rough ballpark)? I’m just wondering if a $1000 credit would generally be enough to wipe out the other costs or if the costs are generally much more substantial than that.
It will be on the loan estimate they sent you. If you haven’t submitted an app yet, you can click on “Details” next to the rate you like. On my end at least, the costs listed are only those same ones.
Gufomel
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Re: My LenderFi refinance is going well

Post by Gufomel »

BrandonBogle wrote: Wed Sep 30, 2020 12:17 pm
Gufomel wrote: Wed Sep 30, 2020 12:05 pm
BrandonBogle wrote: Wed Sep 30, 2020 11:58 am
Gufomel wrote: Wed Sep 30, 2020 11:53 am When people reference A+B+C+D closing costs, what are you referencing exactly?

If I’m quoted a rate with a $1,000 credit, what else do I need to factor in to determine whether it will truly be “no cost” when it’s all said and done? And at what point in the application process are you able to find out what your true final cost will be?
Add Sections D (which itself is just A + B +C) and E together, then subtract any credits in J. This number is the cost / profit of the refi.

Do note that this explicitly ignores Sections F and G since both of those you would pay (F to the old lender and G to the old lender/municipality directly) even if you didn’t refi.
Thanks, at what point in the application process would you get to see how much those costs are? I’m just looking at an initial quote on LenderFi after putting in my basic info.

How much would those costs generally be on a ~$200k mortgage (only looking for rough ballpark)? I’m just wondering if a $1000 credit would generally be enough to wipe out the other costs or if the costs are generally much more substantial than that.
It will be on the loan estimate they sent you. If you haven’t submitted an app yet, you can click on “Details” next to the rate you like. On my end at least, the costs listed are only those same ones.
I overlooked that. Got it, thank you!
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

tommy85 wrote: Wed Sep 30, 2020 7:21 am
anon_investor wrote: Tue Sep 29, 2020 10:00 pm
yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
Oops :oops: I just did that. Had rate lock with Lenderfi and asked Better to beat it which they initially said no but then they beat it by $500, so switched to Better and told Lenderfi to withdraw my application. Also with suggestion here to get the title service from Radian, I will save additional $200 with Better.

All good for this refinance but hope that will not preclude me from getting a mortgage for a purchase in near future as I have plans to buy a house.
Always worth a try to apply again in the future, but make sure you apply at other places too in case LenderFi is not happy with you.
miasma
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Re: My LenderFi refinance is going well

Post by miasma »

e5116 wrote: Wed Sep 30, 2020 11:38 am
MAandMEMom wrote: Wed Sep 30, 2020 11:20 am 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

That's for this; it's very helpful!
Probably too late for you, but in my state/county, I could file a TOD (Transfer on Death) instrument for my deed, which has my trust as the beneficiary. Although maybe your trust is for something other than inheritance and I don't think it's the same process in every state. But I personally didn't see any effective difference in putting the deed in a trust vs. using a TOD instrument in my circumstances (unless I'm missing something....). If you're using the trust for business purposes and ongoing record-keeping, then certainly a TOD would not get you what you're looking for.
Realty Trusts are a way for, among other things, unmarried persons to go co-own without it being fully TOD or 50/50% joint ownership with survivorship. It allows you to change the beneficaries of the trust without re-recording or anything. It also hides it from public record a bit. Very popular in MA. It's also known as a nominee trust.
tommy85
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Re: My LenderFi refinance is going well

Post by tommy85 »

anon_investor wrote: Wed Sep 30, 2020 12:50 pm
tommy85 wrote: Wed Sep 30, 2020 7:21 am
anon_investor wrote: Tue Sep 29, 2020 10:00 pm
yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
Oops :oops: I just did that. Had rate lock with Lenderfi and asked Better to beat it which they initially said no but then they beat it by $500, so switched to Better and told Lenderfi to withdraw my application. Also with suggestion here to get the title service from Radian, I will save additional $200 with Better.

All good for this refinance but hope that will not preclude me from getting a mortgage for a purchase in near future as I have plans to buy a house.
Always worth a try to apply again in the future, but make sure you apply at other places too in case LenderFi is not happy with you.
Yeah! Will try for sure
Mr. Market is Bipolar.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

hornet96 wrote: Tue Sep 29, 2020 7:49 pm 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.
Just wanted to note that yesterday’s payoff posted to my existing loan today, fully paying it off (next business day after funding). Now I await my escrow refund and instructions on setting up loan servicing with the new lender.

All in all, at this point I have to say this was an incredibly easy process with LenderFi. I had one conversation with the loan officer, uploaded all documents in about 30 minutes, answered a single question from underwriting, and closed in about 25 days.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

abyan wrote: Fri Sep 25, 2020 7:24 pm My first loan payment is due October 1, and I tried what others here had suggested and it worked. Go this link, enter your info — the loan ID is the loan account number. Mine didn’t work at first, I contacted Diego by email, he got back within a day and said to wait until today, Today it worked. So try that first. https://myloanweb.com/lenderfi/AccountVerification.aspx

And mind showed a zero escrow balance as well. At this point I’m assuming it’s a glitch. But yes, it would be good to get a definitive answer on that.
Any word back from LenderFi to get the escrow balance show up correctly?
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Any updates from people on where there more recent refinances are being serviced? I closed 9/17 and funded 9/22... so not even 2 weeks. I have no update yet.
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

hornet96 wrote: Wed Sep 30, 2020 9:03 pm
hornet96 wrote: Tue Sep 29, 2020 7:49 pm 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.
Just wanted to note that yesterday’s payoff posted to my existing loan today, fully paying it off (next business day after funding). Now I await my escrow refund and instructions on setting up loan servicing with the new lender.

All in all, at this point I have to say this was an incredibly easy process with LenderFi. I had one conversation with the loan officer, uploaded all documents in about 30 minutes, answered a single question from underwriting, and closed in about 25 days.
Ditto for me on seeing yesterday's payoff post today. Took a little longer than 30 days for me to close, but otherwise my experience sounds very similar to yours.
IdRatherBeHiking
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Re: My LenderFi refinance is going well

Post by IdRatherBeHiking »

Hi BHers,

Looking for some super fast input with 1:30 to our signing! This is for a no-cost loan which LF continues to assure me it is. But there was a $583 change in "adjustment" which I don't understand and then an unclear difference between the $1289 increase I was able to identify and then the Cash to Close increase of $1523. Why the difference and is the $583 "adjustment" change something legit?

Thanks in advance for any super speedy responses.



September CD October CD Difference

B. Services Borrower Did not Shop For $1,052 $1,052 $0
E. Taxes and Other Gov't Fees $1,325 $1,325 $0
F. Prepaids
Property tax $3,508 $3,508 $0
Prepaid Interest $56 $712 $656

G Initial Escrow Payment
Home Insurance $298 $348 $50
Property tax $1,165 $1,165 $0
Adjustment -$831 -$248 $583
Total Change $1,289

"Cash to Close" $4,795 $6,318 $1,523
madtryx44
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Re: My LenderFi refinance is going well

Post by madtryx44 »

Refinance, 2.5%, 30yr fixed no cost -

1) Loan initiated 1-Sep
2) Loan approval 18-Sep
3) Draft closure documents received 21-Sep
4) Loan closed 23-Sep
5) Loan funded 29-Sep

Very pleased with overall Lenderfi experience thus far, team working on our refinance was extremely fast and efficient both processing and responding to all questions we had along the way. Hopefully things are as smooth when first new payment comes due. :happy
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

IdRatherBeHiking wrote: Fri Oct 02, 2020 11:24 am Hi BHers,

Looking for some super fast input with 1:30 to our signing! This is for a no-cost loan which LF continues to assure me it is. But there was a $583 change in "adjustment" which I don't understand and then an unclear difference between the $1289 increase I was able to identify and then the Cash to Close increase of $1523. Why the difference and is the $583 "adjustment" change something legit?

Thanks in advance for any super speedy responses.



September CD October CD Difference

B. Services Borrower Did not Shop For $1,052 $1,052 $0
E. Taxes and Other Gov't Fees $1,325 $1,325 $0
F. Prepaids
Property tax $3,508 $3,508 $0
Prepaid Interest $56 $712 $656

G Initial Escrow Payment
Home Insurance $298 $348 $50
Property tax $1,165 $1,165 $0
Adjustment -$831 -$248 $583
Total Change $1,289

"Cash to Close" $4,795 $6,318 $1,523
The only sections to really care about are A, B, C, and E.

The prepaid interest in Section F is just from funding/disbursement date -> end of month. The Section G escrows are stuff you pay even if you don’t have a mortgage on the house. So based on the date of the month, Section F will adjust accordingly (9/x to 10/1 vs. 10/x to 11/1) and based on what info they get from your municipality, Section G will adjust accordingly.

The “adjustment” in Section G is then lowering how much reserve they will take. In Sept they lowered it more than they are in Oct, presumably because you are now closer to when the payments need to be made.
IdRatherBeHiking
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Re: My LenderFi refinance is going well

Post by IdRatherBeHiking »

Thanks BB. Makes sense just was struggling to find the logic in why the changes occured. Was able to get a hold of LF finally and they also explained thought wish they had included in the email initially.

Having used LF twice I definitely recommend them but do feel you get what you pay for so need to be okay with a few bumps along the way.
Jagger
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Re: My LenderFi refinance is going well

Post by Jagger »

Has anyone else had problems with the LenderFi/BSI payment web site, either today or in the past? We're trying to make our first one-time ACH payment and the servicer site seems to be down.
Monsterflockster
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Re: My LenderFi refinance is going well

Post by Monsterflockster »

tarnation wrote: Wed Sep 30, 2020 11:44 am Did a 30 year 2.5%, no cost, no appraisal. Their rate was so good, I didn't even bother to shop. Locked Sept 1, funded Sep 30. Very easy refi. Actually, so easy I got nervous between emails thinking something must be wrong. Thanks to the Bogleheads for telling me about LenderFi. :beer
I can only wish I had the same experience. After numerous calls and unanswered phone calls for two weeks (we are in week 6 now) out of the nowhere I get a “pre-closure” document to sign.

I was excited that there was finally sign of movement, on the form it has an estimated close for interest payment. I asked about the close date and a question regarding the cash to close. That was 4 days ago and still nothing. 🤷🏻‍♂️

Looking forward to when I can be done with this.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Monsterflockster wrote: Fri Oct 02, 2020 7:50 pm
tarnation wrote: Wed Sep 30, 2020 11:44 am Did a 30 year 2.5%, no cost, no appraisal. Their rate was so good, I didn't even bother to shop. Locked Sept 1, funded Sep 30. Very easy refi. Actually, so easy I got nervous between emails thinking something must be wrong. Thanks to the Bogleheads for telling me about LenderFi. :beer
I can only wish I had the same experience. After numerous calls and unanswered phone calls for two weeks (we are in week 6 now) out of the nowhere I get a “pre-closure” document to sign.

I was excited that there was finally sign of movement, on the form it has an estimated close for interest payment. I asked about the close date and a question regarding the cash to close. That was 4 days ago and still nothing. 🤷🏻‍♂️

Looking forward to when I can be done with this.
Probably not going to go anywhere unless you sign.
getco
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Re: My LenderFi refinance is going well

Post by getco »

Verbally locked 2.625%, appraisal waived, no cost, 30y. Brad @ Lenderfi has been great to work with so far. Will post an update when everything closes.
Investing Lawyer
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Re: My LenderFi refinance is going well

Post by Investing Lawyer »

getco wrote: Fri Oct 02, 2020 10:09 pm Verbally locked 2.625%, appraisal waived, no cost, 30y. Brad @ Lenderfi has been great to work with so far. Will post an update when everything closes.
I dealt with Brad as well. Very happy with him. He pulled the right levers to get the deal i wanted done. Appraisal waiver was key for my situation.
vasaver
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Location: Virginia

Re: My LenderFi refinance is going well

Post by vasaver »

Jagger wrote: Fri Oct 02, 2020 7:42 pm Has anyone else had problems with the LenderFi/BSI payment web site, either today or in the past? We're trying to make our first one-time ACH payment and the servicer site seems to be down.
My one-time ACH when through 3 days after I scheduled it to happen (Sept 30 -> Oct 2nd) - I was concerned because of all the required fields - Fidelity clears through UMB I think and no idea what city and state they do it from. But in the end it worked out - I didn't notice any issues on the servicer site. Although sometimes it takes awhile to log into.
Last edited by vasaver on Sat Oct 03, 2020 8:46 am, edited 1 time in total.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

madtryx44 wrote: Fri Oct 02, 2020 11:42 am Refinance, 2.5%, 30yr fixed no cost -

1) Loan initiated 1-Sep
2) Loan approval 18-Sep
3) Draft closure documents received 21-Sep
4) Loan closed 23-Sep
5) Loan funded 29-Sep

Very pleased with overall Lenderfi experience thus far, team working on our refinance was extremely fast and efficient both processing and responding to all questions we had along the way. Hopefully things are as smooth when first new payment comes due. :happy
when is your first payment due? I'm nervous about closing so close to the next due date. I read some folks were left in the dark so close to the first of the month. not stress I need at the moment. LOL
raamakoti
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Re: My LenderFi refinance is going well

Post by raamakoti »

Eurookat wrote: Sat Oct 03, 2020 8:01 am
madtryx44 wrote: Fri Oct 02, 2020 11:42 am Refinance, 2.5%, 30yr fixed no cost -

1) Loan initiated 1-Sep
2) Loan approval 18-Sep
3) Draft closure documents received 21-Sep
4) Loan closed 23-Sep
5) Loan funded 29-Sep

Very pleased with overall Lenderfi experience thus far, team working on our refinance was extremely fast and efficient both processing and responding to all questions we had along the way. Hopefully things are as smooth when first new payment comes due. :happy
when is your first payment due? I'm nervous about closing so close to the next due date. I read some folks were left in the dark so close to the first of the month. not stress I need at the moment. LOL
I was in the same situation, loan initiated on sep-1st and closed on Sep-30, I was worried about oct payment deduction from my bank. Nothing happened on Oct 1st. When I login to my bank account on Oct 2nd, mortgage was gone. Locked in at 2.5%, excellent experience. After getting 2.5 from lenderfi I asked better.com to beat it and they said they couldn't. So stick with Lenderfi, it was great. Now my first payment is due on Nov 1st and waiting for instructions to set up auto pay.
Eurookat
Posts: 300
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Re: My LenderFi refinance is going well

Post by Eurookat »

raamakoti wrote: Sat Oct 03, 2020 8:13 am
Eurookat wrote: Sat Oct 03, 2020 8:01 am
madtryx44 wrote: Fri Oct 02, 2020 11:42 am Refinance, 2.5%, 30yr fixed no cost -

1) Loan initiated 1-Sep
2) Loan approval 18-Sep
3) Draft closure documents received 21-Sep
4) Loan closed 23-Sep
5) Loan funded 29-Sep

Very pleased with overall Lenderfi experience thus far, team working on our refinance was extremely fast and efficient both processing and responding to all questions we had along the way. Hopefully things are as smooth when first new payment comes due. :happy
when is your first payment due? I'm nervous about closing so close to the next due date. I read some folks were left in the dark so close to the first of the month. not stress I need at the moment. LOL
I was in the same situation, loan initiated on sep-1st and closed on Sep-30, I was worried about oct payment deduction from my bank. Nothing happened on Oct 1st. When I login to my bank account on Oct 2nd, mortgage was gone. Locked in at 2.5%, excellent experience. After getting 2.5 from lenderfi I asked better.com to beat it and they said they couldn't. So stick with Lenderfi, it was great. Now my first payment is due on Nov 1st and waiting for instructions to set up auto pay.
I'm on track to close before the end of this month and Brad mentioned my first payment would be Nov 1st. I know there's a 15 day grace period but I don't like paying my mortgage that late.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

Eurookat wrote: Sat Oct 03, 2020 8:38 am I'm on track to close before the end of this month and Brad mentioned my first payment would be Nov 1st. I know there's a 15 day grace period but I don't like paying my mortgage that late.
With the way amortization tables work, I don’t think you can have a regular payment due the month after you close. Interest is paid in arrears so a November payment would cover interest for the month of October. If you close say on October 20th, you need to pay 20 days of interest to the old lender and 10 days of interest to the new lender. The new lender can’t charge you again for the same 20 days.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

TropikThunder wrote: Sat Oct 03, 2020 12:58 pm
Eurookat wrote: Sat Oct 03, 2020 8:38 am I'm on track to close before the end of this month and Brad mentioned my first payment would be Nov 1st. I know there's a 15 day grace period but I don't like paying my mortgage that late.
With the way amortization tables work, I don’t think you can have a regular payment due the month after you close. Interest is paid in arrears so a November payment would cover interest for the month of October. If you close say on October 20th, you need to pay 20 days of interest to the old lender and 10 days of interest to the new lender. The new lender can’t charge you again for the same 20 days.
TropikThunder is completely correct. However, given we just crossed over to October, I read Eurookat’s post as potentially meaning the closing is end of Sept. However, a delay in that would cause a big jump in Section F prepaid interest to go from a few days of Sept interest for a Nov 1st payment to most of Oct interest for a Dec 1st payment. I know there was a recent post asking about that explicitly as the delay caused that cost to go up around $500 for the poster.
IdRatherBeHiking wrote: Fri Oct 02, 2020 11:24 am September CD October CD Difference

F. Prepaids
Property tax $3,508 $3,508 $0
Prepaid Interest $56 $712 $656
Eurookat may have experienced the same thing, or s/he may be talking about many have found it taking 30 days just to get set up on the BSI system, giving only the grace period for the first payment.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

TropikThunder wrote: Sat Oct 03, 2020 12:58 pm
Eurookat wrote: Sat Oct 03, 2020 8:38 am I'm on track to close before the end of this month and Brad mentioned my first payment would be Nov 1st. I know there's a 15 day grace period but I don't like paying my mortgage that late.
With the way amortization tables work, I don’t think you can have a regular payment due the month after you close. Interest is paid in arrears so a November payment would cover interest for the month of October. If you close say on October 20th, you need to pay 20 days of interest to the old lender and 10 days of interest to the new lender. The new lender can’t charge you again for the same 20 days.
makes sense. we were recently assigned an LO and she asked for a payoff amount that is good until the end of October. we are supposed to go to underwriting by the end of next week so here's hoping it closes soon.
yogesh
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Re: My LenderFi refinance is going well

Post by yogesh »

The only thing I would change LenderFi is to update their loan portal to reflect accurate state of the loan. Once the rate is locked; its complete silence. At times false automated emails that I haven't uploaded docs which I did already. A simple 1-5 or 1-10 box process diagram showing which step is completed, which is in progress and the ETA/due dates for those boxes would reduce anxiety. It's a process so visibility into process with diagram and dates is what it takes to reduce customer anxiety.
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arf30
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Re: My LenderFi refinance is going well

Post by arf30 »

Anyone able to recommend other sites? Getting "unable to find loans for your scenario" (home purchase, not a refinance). I've heard Rocket/Quicken pads their margins and is not competitive.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

arf30 wrote: Sun Oct 04, 2020 6:29 pm Anyone able to recommend other sites? Getting "unable to find loans for your scenario" (home purchase, not a refinance). I've heard Rocket/Quicken pads their margins and is not competitive.
Repeat your search on a business day and it will return results
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tarnation
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Re: My LenderFi refinance is going well

Post by tarnation »

yogesh wrote: Sun Oct 04, 2020 2:12 pm The only thing I would change LenderFi is to update their loan portal to reflect accurate state of the loan. Once the rate is locked; its complete silence. At times false automated emails that I haven't uploaded docs which I did already. A simple 1-5 or 1-10 box process diagram showing which step is completed, which is in progress and the ETA/due dates for those boxes would reduce anxiety. It's a process so visibility into process with diagram and dates is what it takes to reduce customer anxiety.
That what aimloan did. Sent email with what step you were on. So communication was better. (But rate wasn’t ).
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madtryx44
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Re: My LenderFi refinance is going well

Post by madtryx44 »

Eurookat wrote: Sat Oct 03, 2020 8:01 am
madtryx44 wrote: Fri Oct 02, 2020 11:42 am Refinance, 2.5%, 30yr fixed no cost -

1) Loan initiated 1-Sep
2) Loan approval 18-Sep
3) Draft closure documents received 21-Sep
4) Loan closed 23-Sep
5) Loan funded 29-Sep

Very pleased with overall Lenderfi experience thus far, team working on our refinance was extremely fast and efficient both processing and responding to all questions we had along the way. Hopefully things are as smooth when first new payment comes due. :happy
when is your first payment due? I'm nervous about closing so close to the next due date. I read some folks were left in the dark so close to the first of the month. not stress I need at the moment. LOL
Eurookat, apologies for late response. November 1. As others have indicated, it seems a minimum of 30 days is required, kicking into next month. Still pending official details, and I have read some challenges in that regard in this very thread. Fingers crossed.
nanotube
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Re: My LenderFi refinance is going well

Post by nanotube »

My refi (no cost 2.625% 30 yr fixed) went through very smoothly as well. Thanks to all who shared info on this board. Timeline below.

Aug. 28, filled out form online; got online rate quote;
Sep. 1, received call from LO Michael Urnecli offering a better quote with waived appraisal and escrow; locked over the phone; submitted some supporting docs;
Sep. 4, rate Lock Disclosure signed; locked until Sep. 30;
Sep. 8, loan moved to processor;
Sep. 21, loan cleared for loan documents, asked for current mortgage payoff statement;
Sep. 24, pre-Closing Disclosure signed;
Sep. 29, final Closing Disclosure, signed with mobile closing attorney/notary;
Oct. 5, funded.
ossipago
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Re: My LenderFi refinance is going well

Post by ossipago »

RE: Question on prepaids - SOLVED.

Can someone explain how the mobile notary process works? How long does it take? Does it typically take place outdoors if you have an outdoor space available, or indoors only?
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

ossipago wrote: Mon Oct 05, 2020 12:49 pm RE: Question on prepaids - SOLVED.

Can someone explain how the mobile notary process works? How long does it take? Does it typically take place outdoors if you have an outdoor space available, or indoors only?
They should be able to meet you wherever you'd like - and given COVID I'm sure they'll follow whatever precautions you'd like. Show your ID, they verify who are you, sign into their log book. And then you go through and sign all the forms. Took maybe 30-40 mins at most. Very simple.
funhater
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Re: My LenderFi refinance is going well

Post by funhater »

Jagger wrote: Fri Oct 02, 2020 7:42 pm Has anyone else had problems with the LenderFi/BSI payment web site, either today or in the past? We're trying to make our first one-time ACH payment and the servicer site seems to be down.
I closed on 9/18. Today, almost 3 weeks later, I still have not been able to create an account on their Servicing site (Main site, click Servicing). When I enroll for account access it says something about an invalid attempt. My first payment is due in 3 weeks so I have time, but I'm starting to get antsy.

We do have the coupons from closing, but haven't gotten anything in the snail mail or email since disbursement was finalized about 2 weeks ago.

How long did it take you from closing to get access on the servicer site?
Ignis
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Re: My LenderFi refinance is going well

Post by Ignis »

funhater wrote: Wed Oct 07, 2020 8:48 am
Jagger wrote: Fri Oct 02, 2020 7:42 pm Has anyone else had problems with the LenderFi/BSI payment web site, either today or in the past? We're trying to make our first one-time ACH payment and the servicer site seems to be down.
I closed on 9/18. Today, almost 3 weeks later, I still have not been able to create an account on their Servicing site (Main site, click Servicing). When I enroll for account access it says something about an invalid attempt. My first payment is due in 3 weeks so I have time, but I'm starting to get antsy.

We do have the coupons from closing, but haven't gotten anything in the snail mail or email since disbursement was finalized about 2 weeks ago.

How long did it take you from closing to get access on the servicer site?
I closed on 9/10 and still can’t get logged in. I emailed and they simply said there would be a post closing team reaching out. :annoyed
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

ossipago wrote: Mon Oct 05, 2020 12:49 pm RE: Question on prepaids - SOLVED.

Can someone explain how the mobile notary process works? How long does it take? Does it typically take place outdoors if you have an outdoor space available, or indoors only?
I closed at the end of July. We did it outside on my deck socially distanced.
Mid20
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Re: My LenderFi refinance is going well

Post by Mid20 »

yogesh wrote: Tue Sep 29, 2020 10:04 pm
anon_investor wrote: Tue Sep 29, 2020 10:00 pm
yogesh wrote: Tue Sep 29, 2020 4:29 pm 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?
I don't think so, but know that LenderFi may black list you and not do a refi with you again.
Thanks for the advice, I will avoid "penny wise, pound foolish" and just go with what I have.
Is there a difference between estimates that you recommend changing? Had locked with LenderFi 2 days ago, but Loan Depot came back (after radio silence for 7+ days) with a lender credit $2.5k greater than LenderFi. It was no-cost with LenderFi, but Loan Depots estimate would require even less at closing for Prepaids / Escrow.
presto987
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Re: My LenderFi refinance is going well

Post by presto987 »

I would definitely jump ship for $2500.
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