My LenderFi refinance is going well

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Marinermoose241
Posts: 12
Joined: Fri Sep 25, 2020 8:46 pm

Re: My LenderFi refinance is going well

Post by Marinermoose241 »

My loan just recently went to processing. Anyone that has closed with LF, do they notify you in advance as to when to stop making your existing monthly payment?
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

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.
You can also try using a different email (if you have) for the next application with them. I aborted them back in May and went with Better, than redid the Better loan after it funded with Lenderfi using a different email. No issue at all.
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

Goal33 wrote: Thu Oct 01, 2020 4:40 pm 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.
My servicing was transferred to AmeriHome. I found out by checking the MERS system (link here: https://www.mers-servicerid.org/sis/) and saw it had moved from LenderFi. I contacted AmeriHome directly, got the account number, and set up my online account and autopay. First payment should go out this week. Note that LenderFi also sent me an email about the transfer, but that happened a couple of weeks after I had already found it myself.
tommy85
Posts: 193
Joined: Wed Sep 05, 2018 4:11 pm

Re: My LenderFi refinance is going well

Post by tommy85 »

ChiKid24 wrote: Wed Oct 07, 2020 7:17 pm
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.
You can also try using a different email (if you have) for the next application with them. I aborted them back in May and went with Better, than redid the Better loan after it funded with Lenderfi using a different email. No issue at all.
Interesting. Will give it a shot if I decide to refinance again.

Thanks
Mr. Market is Bipolar.
IdRatherBeHiking
Posts: 14
Joined: Tue Apr 28, 2020 5:19 pm

Re: My LenderFi refinance is going well

Post by IdRatherBeHiking »

Marinermoose241 wrote: Wed Oct 07, 2020 6:56 pm My loan just recently went to processing. Anyone that has closed with LF, do they notify you in advance as to when to stop making your existing monthly payment?
They did for me the second time but not the first time. So if your close is anywhere near the end of the month I'd just ask to be safe.
yogesh
Posts: 506
Joined: Thu Oct 11, 2012 6:20 pm

Re: My LenderFi refinance is going well

Post by yogesh »

presto987 wrote: Wed Oct 07, 2020 3:43 pm I would definitely jump ship for $2500.
I couldn't resist the jump when it moved from 2.625 no-cost to 2.375 no-cost. I have no idea how LD pulls this off.
Emergency: FDIC | Taxable: VTMFX | Retirement: TR2040
Sprucebark
Posts: 34
Joined: Thu Aug 27, 2020 9:22 pm

Re: My LenderFi refinance is going well

Post by Sprucebark »

Just another data point-

Started mid August looking around at rates and vendors. Lenderfi was by far the best. Locked around the end of August. Uploaded some additional documentation about a week later. I was told to expect a November close. They are several thousand dollars cheaper than the next best competitor (better mortgage). If we are really able to close in November I will be happy. I can’t remember what exactly was causing the hold up- it has something to do with my geography and somebody has to do something (cant remember if it was underwriting or something else) and they are really backed up.
dissemble
Posts: 1
Joined: Sat Aug 08, 2020 1:28 pm

Re: My LenderFi refinance is going well

Post by dissemble »

Marinermoose241 wrote: Wed Oct 07, 2020 6:56 pm My loan just recently went to processing. Anyone that has closed with LF, do they notify you in advance as to when to stop making your existing monthly payment?
Murien asked me if I was planning to make my September payment. And, at that point i had no idea when close would happen. I emailed them when I made the payment. I wouldn't stop making your monthly payment unless your closing is scheduled and imminent.
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anon_investor
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Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

ChiKid24 wrote: Wed Oct 07, 2020 7:17 pm
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.
You can also try using a different email (if you have) for the next application with them. I aborted them back in May and went with Better, than redid the Better loan after it funded with Lenderfi using a different email. No issue at all.
Did you abort with LenderFi after locking?
ChiKid24
Posts: 342
Joined: Fri Aug 09, 2019 3:43 pm

Re: My LenderFi refinance is going well

Post by ChiKid24 »

anon_investor wrote: Thu Oct 08, 2020 9:41 am
ChiKid24 wrote: Wed Oct 07, 2020 7:17 pm
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

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.
You can also try using a different email (if you have) for the next application with them. I aborted them back in May and went with Better, than redid the Better loan after it funded with Lenderfi using a different email. No issue at all.
Did you abort with LenderFi after locking?
Hard to say. The reason we aborted is because they said I was locked and I said I had not yet communicated my intent to lock. I asked them to honor a lower rate and they wouldn't do it so I said to just cancel my application. This was back when rates were still above 3% and I was able to get Better at 3.0% with a nice net cash credit. Have since redone with Lenderfi at 2.75% zero cost with no issue.
J6shin
Posts: 14
Joined: Tue Mar 31, 2020 10:24 pm

Re: My LenderFi refinance is going well

Post by J6shin »

I just signed my initial disclosure with Lenderfi and I was wondering how long before you received the locked disclosure from the loan processor?
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anon_investor
Posts: 4488
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor »

ChiKid24 wrote: Thu Oct 08, 2020 4:30 pm
anon_investor wrote: Thu Oct 08, 2020 9:41 am
ChiKid24 wrote: Wed Oct 07, 2020 7:17 pm
anon_investor wrote: Wed Sep 30, 2020 12:50 pm
tommy85 wrote: Wed Sep 30, 2020 7:21 am

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.
You can also try using a different email (if you have) for the next application with them. I aborted them back in May and went with Better, than redid the Better loan after it funded with Lenderfi using a different email. No issue at all.
Did you abort with LenderFi after locking?
Hard to say. The reason we aborted is because they said I was locked and I said I had not yet communicated my intent to lock. I asked them to honor a lower rate and they wouldn't do it so I said to just cancel my application. This was back when rates were still above 3% and I was able to get Better at 3.0% with a nice net cash credit. Have since redone with Lenderfi at 2.75% zero cost with no issue.
Interesting. I also did a 2.75% 30yr zero cost refi with LenderFi in July. I wonder if they are enforcing the 6 month clawback. But I do not want to lose LenderFi as an option, so if rates are still low next year (after 6 months have past) I will try to refi again with them. Hoping for a sub 2.5% 30yr no cost refi (2.25%???), I wonder if the new 0.5% Fannie/Freddie fee will end the gravy train though.
dandinsac
Posts: 209
Joined: Sat Jul 30, 2016 8:34 am

Re: My LenderFi refinance is going well

Post by dandinsac »

ChiKid24 wrote: Wed Oct 07, 2020 7:22 pm
Goal33 wrote: Thu Oct 01, 2020 4:40 pm 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.
My servicing was transferred to AmeriHome. I found out by checking the MERS system (link here: https://www.mers-servicerid.org/sis/) and saw it had moved from LenderFi. I contacted AmeriHome directly, got the account number, and set up my online account and autopay. First payment should go out this week. Note that LenderFi also sent me an email about the transfer, but that happened a couple of weeks after I had already found it myself.
Thanks for the MERS link. That worked great for me.
kinless
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Location: Tustin, CA
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Re: My LenderFi refinance is going well

Post by kinless »

anon_investor wrote: Thu Oct 08, 2020 5:43 pm I wonder if they are enforcing the 6 month clawback. But I do not want to lose LenderFi as an option, so if rates are still low next year (after 6 months have past) I will try to refi again with them. Hoping for a sub 2.5% 30yr no cost refi (2.25%???), I wonder if the new 0.5% Fannie/Freddie fee will end the gravy train though.
I contacted my LenderFi specialist earlier this week, who told me I do need to wait until the 6-month mark (which should be in a few weeks since I closed late April of this year with them). He also said that the new fee is already baked into their rates.

I too am hoping to improve on the current 20-year @ 3.125% with one more move to 2.75% at zero cost, but the trajectory of that 10-year T the last few weeks is threatening to ruin it.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

kinless wrote: Fri Oct 09, 2020 3:19 pm
anon_investor wrote: Thu Oct 08, 2020 5:43 pm I wonder if they are enforcing the 6 month clawback. But I do not want to lose LenderFi as an option, so if rates are still low next year (after 6 months have past) I will try to refi again with them. Hoping for a sub 2.5% 30yr no cost refi (2.25%???), I wonder if the new 0.5% Fannie/Freddie fee will end the gravy train though.
I contacted my LenderFi specialist last week, who told me I do need to wait until the 6-month mark (which should be in a few weeks since I closed late April of this year with them). He also said that the new fee is already baked into their rates.

I too am hoping to improve on the current 20-year @ 3.125% with one more move to 2.75% at zero cost, but the trajectory of that 10-year T the last few weeks is threatening to ruin it.
Interesting that they said the new fee is already baked into their rates. Several people have recently posted about getting 2.5% 30yr fixed at no cost.
ossipago
Posts: 164
Joined: Wed Apr 21, 2010 4:31 pm

Re: My LenderFi refinance is going well

Post by ossipago »

I'm sorry if this is a silly question. I need to wire cash to close for my escrow. On the wire instructions, there is a bank address listed but also a beneficiary (the title company). What address do I use when setting up the wire transfer initially (at the stage when I enter the receipient account and routing numbers)? I assume the former, but it is not clear to me.
e5116
Posts: 637
Joined: Mon Oct 05, 2009 11:22 am

Re: My LenderFi refinance is going well

Post by e5116 »

ossipago wrote: Fri Oct 09, 2020 3:35 pm I'm sorry if this is a silly question. I need to wire cash to close for my escrow. On the wire instructions, there is a bank address listed but also a beneficiary (the title company). What address do I use when setting up the wire transfer initially (at the stage when I enter the receipient account and routing numbers)? I assume the former, but it is not clear to me.
Ha, I actually had somewhat of the same question so it's not just you. Your "recipient" is the beneficiary (title company), so when you set it up, it's the title company that you see as the receiver of the funds. When it asks for account/routing numbers, you obviously use the bank information. The other thing I noticed was the bank address auto-populated when I entered the #s was NOT what was on the sheet. Instead, I "searched" for the bank, got the one with the right address, and selected it. It also had the same account/routing as what I had entered. My wire went through fine, was confirmed the same day, my old loan got paid off successfully, so I assume I did it right. ;) Make sure to enter your address and File # in the "Message to recipient." Given you and I had similar questions, clearly the wire instructions sheet given by the title company aren't 100% clear.
miasma
Posts: 23
Joined: Sun Oct 14, 2018 5:36 pm

Re: My LenderFi refinance is going well

Post by miasma »

miasma wrote: Sat Sep 26, 2020 12:49 pm 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.
And today I received notification with my Final Closing Disclosure with an indication that my loan will be sold to Wells Fargo and I will be receiving a welcome packet. So...

10/9 - Received Final Closing Disclosure with indication loan had been sold to Wells Fargo and expect welcome packet.
Eurookat
Posts: 318
Joined: Sat Nov 29, 2014 1:44 pm

Re: My LenderFi refinance is going well

Post by Eurookat »

Damn my refi is moving along quickly. We started on 9/21 and closing is scheduled for next Wednesday. So question regarding cash I need to bring to closing. A rep from Lenderfi called today and instead of answering my question directly, she just kept on talking and wouldn't give me a straight answer.

when we closed on our home I had a cashier check that had an extra $500. the title agent wrote us a check for the extra amount. does the same apply for refis? banks are closed in Monday and I want to make sure I can make it to the bank in time on Tues.
e5116
Posts: 637
Joined: Mon Oct 05, 2009 11:22 am

Re: My LenderFi refinance is going well

Post by e5116 »

miasma wrote: Fri Oct 09, 2020 7:55 pm
miasma wrote: Sat Sep 26, 2020 12:49 pm 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.
And today I received notification with my Final Closing Disclosure with an indication that my loan will be sold to Wells Fargo and I will be receiving a welcome packet. So...

10/9 - Received Final Closing Disclosure with indication loan had been sold to Wells Fargo and expect welcome packet.
Lucky you. Question - if you go to the MERS site did it previously show LenderFi and now says WF? Or did it never say LenderFi. I'm about five days behind you and wondering if I still have a chance if it being sold. MERS site says LF now which said that a few days before closing.

My prior loan that WF picked up doesn't seem to still have an entry at least. Hadn't checked that site at the time.

https://www.mers-servicerid.org/sis/
miasma
Posts: 23
Joined: Sun Oct 14, 2018 5:36 pm

Re: My LenderFi refinance is going well

Post by miasma »

e5116 wrote: Fri Oct 09, 2020 8:49 pm
miasma wrote: Fri Oct 09, 2020 7:55 pm
And today I received notification with my Final Closing Disclosure with an indication that my loan will be sold to Wells Fargo and I will be receiving a welcome packet. So...

10/9 - Received Final Closing Disclosure with indication loan had been sold to Wells Fargo and expect welcome packet.
Lucky you. Question - if you go to the MERS site did it previously show LenderFi and now says WF? Or did it never say LenderFi. I'm about five days behind you and wondering if I still have a chance if it being sold. MERS site says LF now which said that a few days before closing.

My prior loan that WF picked up doesn't seem to still have an entry at least. Hadn't checked that site at the time.

https://www.mers-servicerid.org/sis/
It's always just shown my old servicer with inactive. It never showed lenderfi or WF.

Update: apparently I needed to twiddle the parameters, I now see my new one which shows WF
Tenesmus83
Posts: 91
Joined: Thu Nov 22, 2018 2:32 pm

Re: My LenderFi refinance is going well

Post by Tenesmus83 »

how quickly were you guys able to close after uploading all of your documents.
dandinsac
Posts: 209
Joined: Sat Jul 30, 2016 8:34 am

Re: My LenderFi refinance is going well

Post by dandinsac »

miasma wrote: Sat Oct 10, 2020 6:01 am
e5116 wrote: Fri Oct 09, 2020 8:49 pm
miasma wrote: Fri Oct 09, 2020 7:55 pm
And today I received notification with my Final Closing Disclosure with an indication that my loan will be sold to Wells Fargo and I will be receiving a welcome packet. So...

10/9 - Received Final Closing Disclosure with indication loan had been sold to Wells Fargo and expect welcome packet.
Lucky you. Question - if you go to the MERS site did it previously show LenderFi and now says WF? Or did it never say LenderFi. I'm about five days behind you and wondering if I still have a chance if it being sold. MERS site says LF now which said that a few days before closing.

My prior loan that WF picked up doesn't seem to still have an entry at least. Hadn't checked that site at the time.

https://www.mers-servicerid.org/sis/
It's always just shown my old servicer with inactive. It never showed lenderfi or WF.

Update: apparently I needed to twiddle the parameters, I now see my new one which shows WF
Same here with the MERS site. I had to use the “Search by Borrower Name, SSN and Property Zip Code” option to actually see my active and 2 previous inactive mortgages. Searching by address only showed the earliest one. The active one still says LenderFi and I closed on 9/25.
Tenesmus83
Posts: 91
Joined: Thu Nov 22, 2018 2:32 pm

Re: My LenderFi refinance is going well

Post by Tenesmus83 »

So the advantage of LenderFi is you can lock in your rate the day you apply and check your credit score?
jjhk121
Posts: 44
Joined: Thu Jul 23, 2020 1:09 am

Re: My LenderFi refinance is going well

Post by jjhk121 »

LenderFi's new servicing site seems to have gone live. The 'servicing' drop down lenderfi.com now shows two links, one for payments due before Oct. 31 and one for payments due on/after Nov. 1. The direct link for the new servicing site is https://lenderfi.servicingdivision.com/Account/Login .

My loan funded 9/29/20 and my first payment is due Nov. 1st. I tried registering on the new site and it said my account could not be verified.

The new site looks a whole lot better than the old site but I still really hope they sell my loan to Wells Fargo.
mesaverde
Posts: 483
Joined: Wed May 02, 2007 4:14 pm

Re: My LenderFi refinance is going well

Post by mesaverde »

Yesterday I signed closing docs on my 2nd no cost refinance with Lenderfi (this year!). No cost meaning that I only pre-paid for property tax and insurance (escrow) and prepaid interest. Lender credit paid for all actual costs. LTV 55%, $213k loan, 30 years fixed at 3% (probably would have been less than 3% if it were a higher loan amount).
Not only did they have the best deal, but I appreciate Lenderfi's no-nonsense approach. Not a lot of hand holding, so you just have to trust the process and let things unfold with the amount of volume they (and others) have right now.
"Learn from the past, live in the present, plan for the future"
feehater
Posts: 231
Joined: Fri Jul 14, 2017 10:14 am

Re: My LenderFi refinance is going well

Post by feehater »

I was lucky to be on the fast track I guess. Applied 8/31ish, closed in 3 weeks and funded by 9/29. Got the email a few days ago for the new servicing website and was able to register fine. Site seems adequate and comparable to a previous online lender I've used. 10/10 would do lenderfi again.
Eurookat
Posts: 318
Joined: Sat Nov 29, 2014 1:44 pm

Re: My LenderFi refinance is going well

Post by Eurookat »

Tenesmus83 wrote: Sat Oct 10, 2020 9:25 am how quickly were you guys able to close after uploading all of your documents.
I uploaded my docs around the week of Sept 23 and we are closing this Wednesday.
Eurookat
Posts: 318
Joined: Sat Nov 29, 2014 1:44 pm

Re: My LenderFi refinance is going well

Post by Eurookat »

J6shin wrote: Thu Oct 08, 2020 5:37 pm I just signed my initial disclosure with Lenderfi and I was wondering how long before you received the locked disclosure from the loan processor?
for us it seems once a week I hear from my LO. So the week after signed docs, our LO sent us the locked disclosure
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

e5116 wrote: Fri Oct 09, 2020 8:49 pm
miasma wrote: Fri Oct 09, 2020 7:55 pm
miasma wrote: Sat Sep 26, 2020 12:49 pm 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.
And today I received notification with my Final Closing Disclosure with an indication that my loan will be sold to Wells Fargo and I will be receiving a welcome packet. So...

10/9 - Received Final Closing Disclosure with indication loan had been sold to Wells Fargo and expect welcome packet.
Lucky you. Question - if you go to the MERS site did it previously show LenderFi and now says WF? Or did it never say LenderFi. I'm about five days behind you and wondering if I still have a chance if it being sold. MERS site says LF now which said that a few days before closing.

My prior loan that WF picked up doesn't seem to still have an entry at least. Hadn't checked that site at the time.

https://www.mers-servicerid.org/sis/
Adding a data point from for what appeared for me in MERS (loan funded July 30). After loan funding, LF appeared as the investor and servicer on MERS. Less then 2 weeks later WF appeared as the investor and servicer, and less than 2 weeks after that the investor changed to Fannie Mae with WF still as the servicer.
mega317
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Re: My LenderFi refinance is going well

Post by mega317 »

e5116 wrote: Fri Oct 09, 2020 4:09 pm The other thing I noticed was the bank address auto-populated when I entered the #s was NOT what was on the sheet. Instead, I "searched" for the bank, got the one with the right address, and selected it. It also had the same account/routing as what I had entered. My wire went through fine, was confirmed the same day, my old loan got paid off successfully, so I assume I did it right. ;)
This has happened to me twice, I did NOT search for the correct address but just left it as is, no problems.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Kind of weird -

My loan number that was on all my closing documents has changed now that it went to LenderFi's new servicing website. Will they automatically update my insurance policy on my behalf or do I need to follow up on this? When I was in the process of the refinance, they are they ones that updated my policy for me.
avidracer
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Re: My LenderFi refinance is going well

Post by avidracer »

Anyone that refinanced earlier in the summer, has applied for Refi yet? I settled earlier on a 2.75 on 20Yr loan without points. The rate seems to be lower now (per loan depot). Dont remember seeing any cool-off period before I can refi - so checking with others to see if it might be worth it now or wait a little longer. Thanks!
Tenesmus83
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Re: My LenderFi refinance is going well

Post by Tenesmus83 »

someone told me that what Lenderfi quotes you initially is higher than what their actual rates are when you lock. Does
anyone know what the spread is?
getco
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Re: My LenderFi refinance is going well

Post by getco »

Tenesmus83 wrote: Mon Oct 12, 2020 7:08 pm someone told me that what Lenderfi quotes you initially is higher than what their actual rates are when you lock. Does
anyone know what the spread is?
My online quote was 30y @ 2.875%. The rate on my initial LE was 2.75%. I spoke with someone one the phone to double-check that I had the no-cost option (I did), and he (Brad) said a better rate (2.625%) was very close to no-cost for me, so he spoke with his 'manager' and was able to further lower the rate to 2.625%. My LE would still say 2.75%, but they'd submit the lock paperwork at 2.625%.

If it's not intentional, it's a genius method to prevent shopping an LE around for rate matching, as they didn't issue a new LE. I'm happy with the rate, so doesn't bother me. Signed the lock @ 2.625% a few days ago.

-g
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

getco wrote: Mon Oct 12, 2020 7:39 pm
Tenesmus83 wrote: Mon Oct 12, 2020 7:08 pm someone told me that what Lenderfi quotes you initially is higher than what their actual rates are when you lock. Does
anyone know what the spread is?
My online quote was 30y @ 2.875%. The rate on my initial LE was 2.75%. I spoke with someone one the phone to double-check that I had the no-cost option (I did), and he (Brad) said a better rate (2.625%) was very close to no-cost for me, so he spoke with his 'manager' and was able to further lower the rate to 2.625%. My LE would still say 2.75%, but they'd submit the lock paperwork at 2.625%.

If it's not intentional, it's a genius method to prevent shopping an LE around for rate matching, as they didn't issue a new LE. I'm happy with the rate, so doesn't bother me. Signed the lock @ 2.625% a few days ago.

-g
Did you get a new "locked" LE showing 2.625%? They have to provide this to you.
getco
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Re: My LenderFi refinance is going well

Post by getco »

anon_investor wrote: Mon Oct 12, 2020 8:05 pm Did you get a new "locked" LE showing 2.625%? They have to provide this to you.
Yes. My first LE in the initial disclosures I signed was 2.75%. When I received my lock paperwork, my "locked' LE showed 2.625%.

-g
presto987
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Re: My LenderFi refinance is going well

Post by presto987 »

A 0.25% spread between the website rate and the post-application offered rate seems consistent with what others have reported (and what I got 2 months ago).
FS51
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Re: My LenderFi refinance is going well

Post by FS51 »

Data point - I closed on my refinance in Sept and my loan was just sold to AmeriHome.

Question - I prepaid taxes that are due 11/01. The bill appears to still be outstanding. Shouldn't LenderFi be paying these taxes? When should they be paid? I just emailed them and I'm awaiting a response but I thought I'd check in here and see if anyone happened to know. Anyone have experience with this?
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

FS51 wrote: Tue Oct 13, 2020 3:01 pm Data point - I closed on my refinance in Sept and my loan was just sold to AmeriHome.

Question - I prepaid taxes that are due 11/01. The bill appears to still be outstanding. Shouldn't LenderFi be paying these taxes? When should they be paid? I just emailed them and I'm awaiting a response but I thought I'd check in here and see if anyone happened to know. Anyone have experience with this?
Look at your closing disclosures. Were the prepaid taxes in Section F or Section G? If Section F, that is handled by the Settlement Agent (often referred to as Title Company or Title Agent). With LenderFi, they own/are affiliated with the settlement agent, but it is still a separate entity. I would recommend also contacting the settlement agent about this. Their contact info should in your disclosures as well.
FS51
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Re: My LenderFi refinance is going well

Post by FS51 »

BrandonBogle wrote: Tue Oct 13, 2020 3:30 pm
FS51 wrote: Tue Oct 13, 2020 3:01 pm Data point - I closed on my refinance in Sept and my loan was just sold to AmeriHome.

Question - I prepaid taxes that are due 11/01. The bill appears to still be outstanding. Shouldn't LenderFi be paying these taxes? When should they be paid? I just emailed them and I'm awaiting a response but I thought I'd check in here and see if anyone happened to know. Anyone have experience with this?
Look at your closing disclosures. Were the prepaid taxes in Section F or Section G? If Section F, that is handled by the Settlement Agent (often referred to as Title Company or Title Agent). With LenderFi, they own/are affiliated with the settlement agent, but it is still a separate entity. I would recommend also contacting the settlement agent about this. Their contact info should in your disclosures as well.
Thanks for the quick response! They were prepaids in F. LenderFi used Silk as a title company in my case. Are you suggesting I contact them? What is the normal timeline for prepaids to actually get prepaid by the lender? I may end up having to call my town tax collector as their online website only shows the bill, when it's due and any online payments made via the website.

The tax bill isn't due until 11/01 but that coincides perfectly with my first mortgage payment due on the same day.

Edit: Looked at the final disclosure and the settlement agent is listed as the local law firm that handled my closing. They were the one hiccup during my whole refinance.

Thanks again!
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

FS51 wrote: Tue Oct 13, 2020 3:43 pm
BrandonBogle wrote: Tue Oct 13, 2020 3:30 pm
FS51 wrote: Tue Oct 13, 2020 3:01 pm Data point - I closed on my refinance in Sept and my loan was just sold to AmeriHome.

Question - I prepaid taxes that are due 11/01. The bill appears to still be outstanding. Shouldn't LenderFi be paying these taxes? When should they be paid? I just emailed them and I'm awaiting a response but I thought I'd check in here and see if anyone happened to know. Anyone have experience with this?
Look at your closing disclosures. Were the prepaid taxes in Section F or Section G? If Section F, that is handled by the Settlement Agent (often referred to as Title Company or Title Agent). With LenderFi, they own/are affiliated with the settlement agent, but it is still a separate entity. I would recommend also contacting the settlement agent about this. Their contact info should in your disclosures as well.
Thanks for the quick response! They were prepaids in F. LenderFi used Silk as a title company in my case. Are you suggesting I contact them? What is the normal timeline for prepaids to actually get prepaid by the lender? I may end up having to call my town tax collector as their online website only shows the bill, when it's due and any online payments made via the website.

The tax bill isn't due until 11/01 but that coincides perfectly with my first mortgage payment due on the same day.

Edit: Looked at the final disclosure and the settlement agent is listed as the local law firm that handled my closing. They were the one hiccup during my whole refinance.

Thanks again!
I actually have as similar thing. I prepaid the total annual payment for homeowner's insurance on 9/30. It still has not been paid/disbursed by the title company. When I contacted them, they were VERY fast to respond, sent me a PDF of the check, called my HO's insurance to confirm they got the right address, and had indicated they the insurance said it could take up to two weeks to process, so that it should come in soon. Seems like it just takes time, but Silk was very fast and informative to reply in my experience if you're worrid. I'd probably give it a bit more time.
ossipago
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Re: My LenderFi refinance is going well

Post by ossipago »

They asked me about credit inquiries from two months back after underwriting and closing were complete and escrow was funded. This was rate shopping and one of those inquiries was the LenderFi hard pull itself. Bizarre.
kinless
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Re: My LenderFi refinance is going well

Post by kinless »

Seems like I missed the boat for a 2nd refi with them this year. 6-month waiting period finally ended so I checked in today. LO said new fee is already implemented and the rate market is rising, so best he could do in my situation was (38% LTV for 20 years) 3.0% at full lender credit (zero cost), 2.875% with partial credit, and 2.75% with no credits. Already at 3.125% so not worth going through all that trouble again unless I got at least the 2.75% at zero cost.

Oh well, I'll keep an eye on the 10-year T. If it ever drops back to the 0.5-0.6% range then I'll reach out again.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Goal33 wrote: Mon Oct 12, 2020 12:54 pm Kind of weird -

My loan number that was on all my closing documents has changed now that it went to LenderFi's new servicing website. Will they automatically update my insurance policy on my behalf or do I need to follow up on this? When I was in the process of the refinance, they are they ones that updated my policy for me.
Just bumping this question again, along with another:

1 - How does the change in loan number work with home owners insurance?
2 - Does the serving website show the prepaid interest for anybody else? For any other loan I've had, the prepaid interest was noted as a transaction as of the day of close. Not the case here.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

kinless wrote: Tue Oct 13, 2020 4:53 pm Seems like I missed the boat for a 2nd refi with them this year. 6-month waiting period finally ended so I checked in today. LO said new fee is already implemented and the rate market is rising, so best he could do in my situation was (38% LTV for 20 years) 3.0% at full lender credit (zero cost), 2.875% with partial credit, and 2.75% with no credits. Already at 3.125% so not worth going through all that trouble again unless I got at least the 2.75% at zero cost.

Oh well, I'll keep an eye on the 10-year T. If it ever drops back to the 0.5-0.6% range then I'll reach out again.
So they are willing to reduce your rate by 0.125% at no cost and you refused? I wouldn’t bother shopping around for a 0.125% savings, but if the existing lender wants to give it, why not?
Goal33 wrote: Tue Oct 13, 2020 5:03 pm
Goal33 wrote: Mon Oct 12, 2020 12:54 pm Kind of weird -

My loan number that was on all my closing documents has changed now that it went to LenderFi's new servicing website. Will they automatically update my insurance policy on my behalf or do I need to follow up on this? When I was in the process of the refinance, they are they ones that updated my policy for me.
Just bumping this question again, along with another:

1 - How does the change in loan number work with home owners insurance?
2 - Does the serving website show the prepaid interest for anybody else? For any other loan I've had, the prepaid interest was noted as a transaction as of the day of close. Not the case here.
It is quite common for different servicing platforms to use different account numbers. They should have a back-end lookup system to cross-reference. I personally never bother with that since it can change again next month, but it doesn’t hurt to have the agent update the loan number.
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

Refinanced from original 30 year @ 3.875% to a no-fee 3.125% back in March, and I just started the process again today and locked in a no-fee 2.875%! It's been a nice ride, thanks LenderFi!
FS51
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Re: My LenderFi refinance is going well

Post by FS51 »

FS51 wrote: Tue Oct 13, 2020 3:43 pm
BrandonBogle wrote: Tue Oct 13, 2020 3:30 pm
FS51 wrote: Tue Oct 13, 2020 3:01 pm Data point - I closed on my refinance in Sept and my loan was just sold to AmeriHome.

Question - I prepaid taxes that are due 11/01. The bill appears to still be outstanding. Shouldn't LenderFi be paying these taxes? When should they be paid? I just emailed them and I'm awaiting a response but I thought I'd check in here and see if anyone happened to know. Anyone have experience with this?
Look at your closing disclosures. Were the prepaid taxes in Section F or Section G? If Section F, that is handled by the Settlement Agent (often referred to as Title Company or Title Agent). With LenderFi, they own/are affiliated with the settlement agent, but it is still a separate entity. I would recommend also contacting the settlement agent about this. Their contact info should in your disclosures as well.
Thanks for the quick response! They were prepaids in F. LenderFi used Silk as a title company in my case. Are you suggesting I contact them? What is the normal timeline for prepaids to actually get prepaid by the lender? I may end up having to call my town tax collector as their online website only shows the bill, when it's due and any online payments made via the website.

The tax bill isn't due until 11/01 but that coincides perfectly with my first mortgage payment due on the same day.

Edit: Looked at the final disclosure and the settlement agent is listed as the local law firm that handled my closing. They were the one hiccup during my whole refinance.

Thanks again!
To close the loop on my own question. Spoke with the tax collector. Overlapping days between when the bill went out and when they received the prepaid Nov tax payment. All set. I've been very happy with LenderFi throughout this process.
LarryX
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Re: My LenderFi refinance is going well

Post by LarryX »

I was just informed that my Loan with Lenderfi has been sold to Wells Fargo as some others have mentioned.

For reference my disbursement date was 9/28/20.

I appreciate everyone’s contribution to this thread. It has been a great reference while going through the process.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

LarryX wrote: Wed Oct 14, 2020 1:49 pm I was just informed that my Loan with Lenderfi has been sold to Wells Fargo as some others have mentioned.

For reference my disbursement date was 9/28/20.

I appreciate everyone’s contribution to this thread. It has been a great reference while going through the process.
Nice. Were you initially set up on LenderFi's servicing?
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