My LenderFi refinance is going well

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LarryX
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Joined: Fri Jan 04, 2019 11:56 am

Re: My LenderFi refinance is going well

Post by LarryX »

Nice. Were you initially set up on LenderFi's servicing?
Yes. My situation was very similar to miasma only about 4 days later.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

we completed our closing today and one of the docs shows that lenderfi will be keeping the loan according to the notary person. the doc shows it's being transferred to their servicing department. does this mean they're going to keep the loan and not sell to let's say wells fargo. I was hoping for a bigger bank for a better online paying experience.

for those who have their services handled by lenderfi, how is the online payment experience? my previous lender wouldn't allow me to pay them directly. I had to transfer money to their checking account and then pay from said account. it was rather annoying.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

I wonder why they don't sell everybody's servicing in the order of close... are some loan servicing profiles more difficult to sell? My brother and I have very different loan profiles and both of ours are still with LenderFi - close end of August and middle of September.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

Another Data Point:

9/29 - Disbursement date
Today - Received email from post-closer with link to final disclosure and notice that my loan was sold to AmeriHome

I was hoping it would go to Wells Fargo but also just happy that I never had to deal with LenderFi's servicing sites or have to mail a payment to LenderFi using the coupons included with the loan docs. Anybody have any experience with Amerihome?
Eurookat wrote: Wed Oct 14, 2020 3:17 pm we completed our closing today and one of the docs shows that lenderfi will be keeping the loan according to the notary person. the doc shows it's being transferred to their servicing department. does this mean they're going to keep the loan and not sell to let's say wells fargo. I was hoping for a bigger bank for a better online paying experience.

for those who have their services handled by lenderfi, how is the online payment experience? my previous lender wouldn't allow me to pay them directly. I had to transfer money to their checking account and then pay from said account. it was rather annoying.
I also got that same document with my loan docs. Most likely they'll still sell your loan.
Last edited by jjhk121 on Wed Oct 14, 2020 3:59 pm, edited 1 time in total.
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

jjhk121 wrote: Wed Oct 14, 2020 3:54 pm Another Data Point:

9/29 - Disbursement date
Today - Received email from post-closer with link to final disclosure and notice that my loan was sold to AmeriHome

I was hoping it would go to Wells Fargo but also just happy that I never had to deal with LenderFi's servicing sites or have to mail a payment to LenderFi using the coupons included with the loan docs. Anybody have any experience with Amerihome?
I'm the same as you! Informed today that loan got sold to Amerihome. I'd be curious if others have experience as well. Online reviews are bad, but I always take those with a grain of salt as people don't review decent/good experiences with a large mortgage servicer typically.

Edit: Here's one poster's experience with Amerihome.
viewtopic.php?t=300170#top
"I setup ACH autopayment thru their website without any issue. They send out paper statement as well. Nothing different than any other service I've had over the years."
Eurookat wrote: Wed Oct 14, 2020 3:17 pm we completed our closing today and one of the docs shows that lenderfi will be keeping the loan according to the notary person. the doc shows it's being transferred to their servicing department. does this mean they're going to keep the loan and not sell to let's say wells fargo. I was hoping for a bigger bank for a better online paying experience.

for those who have their services handled by lenderfi, how is the online payment experience? my previous lender wouldn't allow me to pay them directly. I had to transfer money to their checking account and then pay from said account. it was rather annoying.
I will say that it looks like Lenderfi updated their UI for loans they are servicing for payments starting 11/1, so other people's experiences will be outdated. Seems like they've tried to stand up something better than they had before.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

Goal33 wrote: Wed Oct 14, 2020 6:37 pm Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
I am in the same boat. My disbursement date was 9/29, and tonight I received a "Welcome Call" email from LF with a link to the web portal. After creating an account and logging in, I found the prepaid interest transaction missing, as well as the name of my homeowner's insurance provider (though they have the annual premium amount correct). I'm assuming the gaps will start to fill in, but will certainly keep tabs on this. Overall though, site navigation seems very straightforward, and I was easily able to set up a recurring payment beginning 11/1.

Interestingly, within that welcome email was the following line: "For your home state of New York we will run a yearly analysis that assesses your escrow fees, typically in April." I am in Massachusetts, so this was a little concerning. After doing a little more digging I learned that the company LF is using for my escrow analysis (CoreLogic) lists their location as Rochester NY. Given that LF has my address accurate in my web portal, I'm going to assume this is what they were referring to...
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

Goal33 wrote: Wed Oct 14, 2020 6:37 pm Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
For a moment, let's ignore that this went from a LenderFi servicing portal to a LenderFi servicing portal, and instead just focus on the fact that it changed from one servicer to another. When switching servicers, oftentimes the principal balance + payment terms show up first, and the transaction history, escrow balance, and interest reporting show up two weeks later.

Given that LenderFi scrambled to get the old site running in an emergency when servicers stopped taking on loans and the new system is likely an off-the-shelf product purchased and then tailored to LenderFi, it is reasonable to think this may take the same process as if the servicers didn't share the same ownership.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

thatsabingo wrote: Wed Oct 14, 2020 7:26 pm
Goal33 wrote: Wed Oct 14, 2020 6:37 pm Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
I am in the same boat. My disbursement date was 9/29, and tonight I received a "Welcome Call" email from LF with a link to the web portal. After creating an account and logging in, I found the prepaid interest transaction missing, as well as the name of my homeowner's insurance provider (though they have the annual premium amount correct). I'm assuming the gaps will start to fill in, but will certainly keep tabs on this. Overall though, site navigation seems very straightforward, and I was easily able to set up a recurring payment beginning 11/1.

Interestingly, within that welcome email was the following line: "For your home state of New York we will run a yearly analysis that assesses your escrow fees, typically in April." I am in Massachusetts, so this was a little concerning. After doing a little more digging I learned that the company LF is using for my escrow analysis (CoreLogic) lists their location as Rochester NY. Given that LF has my address accurate in my web portal, I'm going to assume this is what they were referring to...
Yea website does look good. Mine also had the note about NY even tho I am in CA. I’m also not doing impound for taxes/insurance. Since you’re in the same boat for prepaid interest, I assume it’ll be corrected for everybody.
Last edited by Goal33 on Wed Oct 14, 2020 8:20 pm, edited 1 time in total.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

thatsabingo wrote: Wed Oct 14, 2020 7:26 pm
Goal33 wrote: Wed Oct 14, 2020 6:37 pm Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
I am in the same boat. My disbursement date was 9/29, and tonight I received a "Welcome Call" email from LF with a link to the web portal. After creating an account and logging in, I found the prepaid interest transaction missing, as well as the name of my homeowner's insurance provider (though they have the annual premium amount correct). I'm assuming the gaps will start to fill in, but will certainly keep tabs on this. Overall though, site navigation seems very straightforward, and I was easily able to set up a recurring payment beginning 11/1.
Any idea as to whether I can pay my mortgage via bill pay electronically without my bank having to send them a check? My old lender was a pain and I really hate to use recurring payment that allows them to pull any amount they want.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

BrandonBogle wrote: Wed Oct 14, 2020 8:07 pm
Goal33 wrote: Wed Oct 14, 2020 6:37 pm Using new LenderFi servicing portal -

My prepaid interest at closing is not showing up as a transaction on my loan, or in my YTD interest paid. Anybody else experiencing the same thing? And does this matter? Ultimately I only care because I want to make sure it shows up on any 1098 that they issue for proper deduction...
For a moment, let's ignore that this went from a LenderFi servicing portal to a LenderFi servicing portal, and instead just focus on the fact that it changed from one servicer to another. When switching servicers, oftentimes the principal balance + payment terms show up first, and the transaction history, escrow balance, and interest reporting show up two weeks later.

Given that LenderFi scrambled to get the old site running in an emergency when servicers stopped taking on loans and the new system is likely an off-the-shelf product purchased and then tailored to LenderFi, it is reasonable to think this may take the same process as if the servicers didn't share the same ownership.
That makes sense, thanks. I’ve never done a non-bank jumbo portfolio loan before so I’m not as familiar with these mechanics. Never had a loan or servicing sold.

I was never on the old LenderFi servicing so for me it wasn’t really a transfer in that way, but the same onboarding rules may apply.
rene
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Re: My LenderFi refinance is going well

Post by rene »

jjhk121 wrote: Sat Oct 10, 2020 11:40 pm 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.
Has anyone been able to re-register with the new servicing platform yet? Like @jjhk121 my account could not be verified.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

rene wrote: Thu Oct 15, 2020 12:32 am
jjhk121 wrote: Sat Oct 10, 2020 11:40 pm 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.
Has anyone been able to re-register with the new servicing platform yet? Like @jjhk121 my account could not be verified.
There’s a new loan number. Do you have it? You might need to wait.
funhater
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Re: My LenderFi refinance is going well

Post by funhater »

rene wrote: Thu Oct 15, 2020 12:32 am
jjhk121 wrote: Sat Oct 10, 2020 11:40 pm 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.
Has anyone been able to re-register with the new servicing platform yet? Like @jjhk121 my account could not be verified.
Still waiting to register on either platform, haven't been able to verify either one still. Funded 9/19, also due 11/1. I tried calling the phone number from the new site yesterday, and they didn't have a record of my loan and weren't sure they were still servicing LenderFi. That seemed odd. I've got emails out now to try to figure out what's going on. If all else fails I'll be mailing a check in a week or so I guess.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

e5116 wrote: Wed Oct 14, 2020 3:56 pm I'm the same as you! Informed today that loan got sold to Amerihome. I'd be curious if others have experience as well. Online reviews are bad, but I always take those with a grain of salt as people don't review decent/good experiences with a large mortgage servicer typically.

Edit: Here's one poster's experience with Amerihome.
viewtopic.php?t=300170#top
"I setup ACH autopayment thru their website without any issue. They send out paper statement as well. Nothing different than any other service I've had over the years."

I was able to get my loan number using the chat function and set up my online account this morning. Their website seems legit enough and all my loan information seems to have transferred from LenderFi correctly. So far, so good.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Goal33 wrote: Mon Sep 21, 2020 12:13 am
Pessimist55 wrote: Thu Sep 17, 2020 1:09 pm As a follow up. Service first came back and said it was an issue w TU. TU will work to fix all that were impacted over the next few days.
Just had same thing happen here. Not worth the trouble to me to call them but thought it was interesting that it happened on Sunday when I’m not funding until Tuesday.

Was yours that early too?
FYI - my inquiry dropped off my report. I never contacted them about it.
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

jjhk121 wrote: Thu Oct 15, 2020 9:10 am
e5116 wrote: Wed Oct 14, 2020 3:56 pm I'm the same as you! Informed today that loan got sold to Amerihome. I'd be curious if others have experience as well. Online reviews are bad, but I always take those with a grain of salt as people don't review decent/good experiences with a large mortgage servicer typically.

Edit: Here's one poster's experience with Amerihome.
viewtopic.php?t=300170#top
"I setup ACH autopayment thru their website without any issue. They send out paper statement as well. Nothing different than any other service I've had over the years."

I was able to get my loan number using the chat function and set up my online account this morning. Their website seems legit enough and all my loan information seems to have transferred from LenderFi correctly. So far, so good.
Thanks! That worked for me as well. Yeah, their website seems to have all the information needed and be laid out fine. It's not quite as slick/nice looking as the big bank I'm used to, but seems to have everything we'd need, so I'm cautiously optimistic. All my information also looks correct.
txottopilot
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Re: My LenderFi refinance is going well

Post by txottopilot »

Quick update.

Applied on 9/12/20.

Closing tomorrow, 10/20/20.

:sharebeer
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aerosurfer
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Re: My LenderFi refinance is going well

Post by aerosurfer »

I closed this morning, just under 6 weeks from first contact. But I did delay last week because of a vacation. Minimal contact, but all business when something was needed and quick to respond. Got an email from the title company that funds received, hope to be funded by the end of the week.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

I closed on the 14th of Oct, how long does it take for the payoff to go through?
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

Eurookat wrote: Tue Oct 20, 2020 11:42 am I closed on the 14th of Oct, how long does it take for the payoff to go through?
For me it was exactly at end of business day 3 days post-close. I received an email that morning stating it was being funded that day.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

wilshuer wrote: Tue Oct 20, 2020 11:50 am
Eurookat wrote: Tue Oct 20, 2020 11:42 am I closed on the 14th of Oct, how long does it take for the payoff to go through?
For me it was exactly at end of business day 3 days post-close. I received an email that morning stating it was being funded that day.
oh right there's that grace period of 3 days in case I wanted to cancel the refi. thanks
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

I received an email from LF that my loan moved to a processor two weeks ago but haven't heard anything back at all since then.

My lock is scheduled to expire within the next few days. I believe I have read that LF has honored the lock rate if they went past the lock period.

Anyone else have a similar experience?
txottopilot
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Re: My LenderFi refinance is going well

Post by txottopilot »

Marinermoose241 wrote: Wed Oct 21, 2020 8:50 am I received an email from LF that my loan moved to a processor two weeks ago but haven't heard anything back at all since then.

My lock is scheduled to expire within the next few days. I believe I have read that LF has honored the lock rate if they went past the lock period.

Anyone else have a similar experience?
Our rate lock “expired” 10/13/20.

We closed yesterday, 10/20/20, with our locked rate.

We did not have to request the lock extension.

Our loan officer explained that if they delay is due to them, they would extend the lock.
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crit
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Re: My LenderFi refinance is going well

Post by crit »

We applied ~8/27 (2.25% on a 15-year conforming, ~50% LTV, in PA),
locked 8/28
signed 9/24
funded 9/30
Email 10/14 to provide final closing docs, and that we'd been sold to Wells Fargo.
Our first payment will be due 11/1. Still waiting for any word from WF.
The loan does show up for WF under the MERS site -- only by searching name + SSN, not by address.
raamakoti
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Re: My LenderFi refinance is going well

Post by raamakoti »

LenderFi - loan approved and funded on Oct-1st. First payment is due on Nov-1st but did not get any instruction to set up auto pay to new loan, any noels in the same boat, I have contacted them few times but no reply at all. after 3 weeks of nagging with many e-mail today got one delegation to someone else asking him to take a look into this?
I was happy with overall loan process - start to finish in 28 days. But auto monthly payment setup took more than 22 day now :D What happens if they don't send payment instructions by Nov-1st?
firsttimebuy
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Re: My LenderFi refinance is going well

Post by firsttimebuy »

Did anyone run into an issue with their closing where Lenderfi keeps saying they are having trouble finding a notary? I completed the Closing Disclosure, but now there is no communication. It has been 2 weeks, and one of the people that I worked with said there is a notary shortage and that's the issue. I only found that out because I called them after it was over a week from when I was told the close would happen.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

raamakoti wrote: Thu Oct 22, 2020 4:11 am LenderFi - loan approved and funded on Oct-1st. First payment is due on Nov-1st but did not get any instruction to set up auto pay to new loan, any noels in the same boat, I have contacted them few times but no reply at all. after 3 weeks of nagging with many e-mail today got one delegation to someone else asking him to take a look into this?
I was happy with overall loan process - start to finish in 28 days. But auto monthly payment setup took more than 22 day now :D What happens if they don't send payment instructions by Nov-1st?
My loan funded on 9/29 and I was contacted that my loan was sold to AmeriHome on 10/14.

Did you check https://www.mers-servicerid.org/sis/ to see if you have a new loan servicer?

Also check https://ww3.freddiemac.com/loanlookup/ to see if it was sold to Freddie or https://www.knowyouroptions.com/loanlookup to see if it was sold to Fannie.
Monsterflockster
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Re: My LenderFi refinance is going well

Post by Monsterflockster »

raamakoti wrote: Thu Oct 22, 2020 4:11 am LenderFi - loan approved and funded on Oct-1st. First payment is due on Nov-1st but did not get any instruction to set up auto pay to new loan, any noels in the same boat, I have contacted them few times but no reply at all. after 3 weeks of nagging with many e-mail today got one delegation to someone else asking him to take a look into this?
I was happy with overall loan process - start to finish in 28 days. But auto monthly payment setup took more than 22 day now :D What happens if they don't send payment instructions by Nov-1st?
Just use the payment coupon they gave you in closing. It takes time to set up your account and may be transferred/ sold anyway.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

A review that may help others down the road. So we closed on our refinance on 10/14. It was a smooth process, took less than 30 days from the beginning of my application to when we signed with the notary. Call it paranoia or whatever but I checked my original lender's portal everyday starting on 10/19. I wanted to make sure the mortgage was paid off. This morning I logged on and sure enough a payment was made. However, there was a balance under $1k on my account. I'm baffled and started running numbers but my math never added up to what my lender told me what the payoff amount needed to be. The payment that the title company sent was an odd number that didn't line up with anything in the closing disclosure.

Anyways a quick phone call to Silk and my mortgage company turned into a quick resolution within 20 minutes. Since Lenderfi is based in Cali I figure I wouldn't get an answer until later this afternoon. In the meantime I called my original lender where I waited on hold for what seemed like forever (6 mins :) ). The rep said she knew why I was calling and said she had just gotten off the phone with Ryan from Lenderfi. I was shocked. In the end it turned out the lender wasn't notified that the payment would be a payoff amount so it was applied incorrectly.. The lender will fix it and all is well.

I'm very satisfied and utterly impress that Ryan took it upon himself to help address the issue (does he live in Cali?) It was a resolved very quickly with Silk and Lenderfi. I would definitely use them again.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

Just out of curiosity, for those of us who closed with LenderFi on or around 9/29, and who's loan information on MERS still indicates the servicer is LenderFi - has anyone received any information yet about how to register online to setup payments? I have emailed the guy who sent me the initial email about loan funding on 9/29 multiple times, with no response. I will probably try to call them today but was curious whether anyone had actually been successful yet in setting up their account on the new LenderFi servicing link for first payments due 11/1 or later (not Watermark, Wells Fargo, etc.).
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

hornet96 wrote: Fri Oct 23, 2020 9:16 am Just out of curiosity, for those of us who closed with LenderFi on or around 9/29, and who's loan information on MERS still indicates the servicer is LenderFi - has anyone received any information yet about how to register online to setup payments? I have emailed the guy who sent me the initial email about loan funding on 9/29 multiple times, with no response. I will probably try to call them today but was curious whether anyone had actually been successful yet in setting up their account on the new LenderFi servicing link for first payments due 11/1 or later (not Watermark, Wells Fargo, etc.).
We closed on 10/14 and yesterday I received an email to sign up for their servicing portal. I managed to log on and everything looks correct. my first payment is due 12/1.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

Eurookat wrote: Fri Oct 23, 2020 9:24 am
hornet96 wrote: Fri Oct 23, 2020 9:16 am Just out of curiosity, for those of us who closed with LenderFi on or around 9/29, and who's loan information on MERS still indicates the servicer is LenderFi - has anyone received any information yet about how to register online to setup payments? I have emailed the guy who sent me the initial email about loan funding on 9/29 multiple times, with no response. I will probably try to call them today but was curious whether anyone had actually been successful yet in setting up their account on the new LenderFi servicing link for first payments due 11/1 or later (not Watermark, Wells Fargo, etc.).
We closed on 10/14 and yesterday I received an email to sign up for their servicing portal. I managed to log on and everything looks correct. my first payment is due 12/1.
Thanks for the info Eurookat. Is your loan number the same as the one listed on your closing documents, or do you have a new loan number? Now it seems very strange that I've still yet to receive any info at all about signing up on the web portal, given that my loan closed two weeks before yours did.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

hornet96 wrote: Fri Oct 23, 2020 9:28 am
Eurookat wrote: Fri Oct 23, 2020 9:24 am
hornet96 wrote: Fri Oct 23, 2020 9:16 am Just out of curiosity, for those of us who closed with LenderFi on or around 9/29, and who's loan information on MERS still indicates the servicer is LenderFi - has anyone received any information yet about how to register online to setup payments? I have emailed the guy who sent me the initial email about loan funding on 9/29 multiple times, with no response. I will probably try to call them today but was curious whether anyone had actually been successful yet in setting up their account on the new LenderFi servicing link for first payments due 11/1 or later (not Watermark, Wells Fargo, etc.).
We closed on 10/14 and yesterday I received an email to sign up for their servicing portal. I managed to log on and everything looks correct. my first payment is due 12/1.
Thanks for the info Eurookat. Is your loan number the same as the one listed on your closing documents, or do you have a new loan number? Now it seems very strange that I've still yet to receive any info at all about signing up on the web portal, given that my loan closed two weeks before yours did.
Yep I have a new loan number, which explained why I couldn't register in their servicing portal before. Is your payment due 11/1? According to the message on their website your loan is on the cutoff date. What I mean by that is it says you can use the new portal if your loan is due on or after 11/1. Now I know it has the word on but I wonder if they never sent you a follow up email from their "old" servicing system. It wouldn't surprise me if there are two systems with two different messaging services.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

Eurookat wrote: Fri Oct 23, 2020 9:41 am
hornet96 wrote: Fri Oct 23, 2020 9:28 am
Eurookat wrote: Fri Oct 23, 2020 9:24 am
hornet96 wrote: Fri Oct 23, 2020 9:16 am Just out of curiosity, for those of us who closed with LenderFi on or around 9/29, and who's loan information on MERS still indicates the servicer is LenderFi - has anyone received any information yet about how to register online to setup payments? I have emailed the guy who sent me the initial email about loan funding on 9/29 multiple times, with no response. I will probably try to call them today but was curious whether anyone had actually been successful yet in setting up their account on the new LenderFi servicing link for first payments due 11/1 or later (not Watermark, Wells Fargo, etc.).
We closed on 10/14 and yesterday I received an email to sign up for their servicing portal. I managed to log on and everything looks correct. my first payment is due 12/1.
Thanks for the info Eurookat. Is your loan number the same as the one listed on your closing documents, or do you have a new loan number? Now it seems very strange that I've still yet to receive any info at all about signing up on the web portal, given that my loan closed two weeks before yours did.
Yep I have a new loan number, which explained why I couldn't register in their servicing portal before. Is your payment due 11/1? According to the message on their website your loan is on the cutoff date. What I mean by that is it says you can use the new portal if your loan is due on or after 11/1. Now I know it has the word on but I wonder if they never sent you a follow up email from their "old" servicing system. It wouldn't surprise me if there are two systems with two different messaging services.
Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.

Thanks for the info!
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

For those of you on the new servicing portal - has anybody's prepaid interest (the interest paid at closing), showed up as a transaction item? It was not a YTD interest payment on my first statement, either.

My insurance has showed up, and the portal seems totally sufficient. Just waiting on this one prepaid interest item. Or, maybe it's not supposed to show up. I haven't tried contacting their support yet as I imagine it will be horrific.
a2_alice
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Re: My LenderFi refinance is going well

Post by a2_alice »

Please bear with me as this was our first refinance. We closed with LenderFi on 9/21 for a no-cost refinance. At the beginning of our paperwork with them, they estimated our mortgage balance at 400K although it was really 399K. By the time we closed, we’d paid another mortgage payment so the balance was 397K. At closing, the paperwork said the balance would be no more than 400K. We waited to see what the balance would be when we could log in to our servicer’s online account, loan was sold to AmeriHome, and we logged in to find the balance at 400K.

Is there something I could be overlooking about why the balance wouldn’t be 397K? I sent an email to LenderFi and haven’t heard back; I’m planning to call on Monday but wanted to make sure it’s not something obvious since this is my first refi.
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

a2_alice wrote: Sun Oct 25, 2020 1:35 am Please bear with me as this was our first refinance. We closed with LenderFi on 9/21 for a no-cost refinance. At the beginning of our paperwork with them, they estimated our mortgage balance at 400K although it was really 399K. By the time we closed, we’d paid another mortgage payment so the balance was 397K. At closing, the paperwork said the balance would be no more than 400K. We waited to see what the balance would be when we could log in to our servicer’s online account, loan was sold to AmeriHome, and we logged in to find the balance at 400K.

Is there something I could be overlooking about why the balance wouldn’t be 397K? I sent an email to LenderFi and haven’t heard back; I’m planning to call on Monday but wanted to make sure it’s not something obvious since this is my first refi.
They will calculate the interest by day to the close date, and probably did not consider that last payment you made. Your former mortgage holder should issue a refund for whatever the overpayment amount was. I suggest looking at what you paid, what LF paid, and what was recorded by your former mortgage holder in a final statement and make sure all adds up.
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

a2_alice wrote: Sun Oct 25, 2020 1:35 am Please bear with me as this was our first refinance. We closed with LenderFi on 9/21 for a no-cost refinance. At the beginning of our paperwork with them, they estimated our mortgage balance at 400K although it was really 399K. By the time we closed, we’d paid another mortgage payment so the balance was 397K. At closing, the paperwork said the balance would be no more than 400K. We waited to see what the balance would be when we could log in to our servicer’s online account, loan was sold to AmeriHome, and we logged in to find the balance at 400K.

Is there something I could be overlooking about why the balance wouldn’t be 397K? I sent an email to LenderFi and haven’t heard back; I’m planning to call on Monday but wanted to make sure it’s not something obvious since this is my first refi.
The loan amount should have been in your final closing documents. A few things:
That paperwork needs to be reviewed carefully to make sure it's correct.
If you wanted the new principal to be different than the amount in your paperwork (or the old lender's payoff quote), you need to be explicit with the lender.
You may need to provide documentation if you paid additional payments/principal after the payoff quote was obtained.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

a2_alice wrote: Sun Oct 25, 2020 1:35 am Please bear with me as this was our first refinance. We closed with LenderFi on 9/21 for a no-cost refinance. At the beginning of our paperwork with them, they estimated our mortgage balance at 400K although it was really 399K. By the time we closed, we’d paid another mortgage payment so the balance was 397K. At closing, the paperwork said the balance would be no more than 400K. We waited to see what the balance would be when we could log in to our servicer’s online account, loan was sold to AmeriHome, and we logged in to find the balance at 400K.

Is there something I could be overlooking about why the balance wouldn’t be 397K? I sent an email to LenderFi and haven’t heard back; I’m planning to call on Monday but wanted to make sure it’s not something obvious since this is my first refi.
I would not worry too much. What will happen is the payoff sent to the prior lender will be $3k more, which you will be refunded by the prior lender as an overpayment. You can pay $3k extra to principal on the new loan or not to get back to the same number. But you are not losing that $3k.
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

dropdx wrote: Wed Oct 14, 2020 12:06 am 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!
Just to give an update on this - I started my second refinance with LenderFi on 10/13/2020 and I just signed my closing documents on 10/24/2020! This was so fast, I feel like I just blinked and it was over. I removed my escrow this time, so that I can handle it myself. Now if my loan gets sold to Wells Fargo (where I have another mortgage), then this will be perfect!
Last edited by dropdx on Mon Oct 26, 2020 3:02 pm, edited 2 times in total.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
runner23
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Re: My LenderFi refinance is going well

Post by runner23 »

hornet96 wrote: Mon Oct 26, 2020 2:55 pm
hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
I closed 9/30 and first payment due 11/1. I emailed about getting set up on the portal and they said I HAD to send a check. I mentioned that there was a portal I learned about and they said that I still had to send a check (without explanation on why I couldn’t get set up on the portal). My thought is that they will sell the loan in between my first and second loan payments. Mailed a check today with the coupon included in closing docs.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

runner23 wrote: Mon Oct 26, 2020 3:07 pm
hornet96 wrote: Mon Oct 26, 2020 2:55 pm
hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
I closed 9/30 and first payment due 11/1. I emailed about getting set up on the portal and they said I HAD to send a check. I mentioned that there was a portal I learned about and they said that I still had to send a check (without explanation on why I couldn’t get set up on the portal). My thought is that they will sell the loan in between my first and second loan payments. Mailed a check today with the coupon included in closing docs.
Yeah I guess I will do the same; will put a check in the mail tomorrow unless I hear something different by COB today. I find it odd that the original email I got on 9/29 (at funding) explicitly said "IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation." If I interpret that correctly, I technically shouldn't send any money as I haven't heard anything at all from the interim servicing department. :-)
calabel
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Re: My LenderFi refinance is going well

Post by calabel »

hornet96 wrote: Mon Oct 26, 2020 3:13 pm
runner23 wrote: Mon Oct 26, 2020 3:07 pm
hornet96 wrote: Mon Oct 26, 2020 2:55 pm
hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
I closed 9/30 and first payment due 11/1. I emailed about getting set up on the portal and they said I HAD to send a check. I mentioned that there was a portal I learned about and they said that I still had to send a check (without explanation on why I couldn’t get set up on the portal). My thought is that they will sell the loan in between my first and second loan payments. Mailed a check today with the coupon included in closing docs.
Yeah I guess I will do the same; will put a check in the mail tomorrow unless I hear something different by COB today. I find it odd that the original email I got on 9/29 (at funding) explicitly said "IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation." If I interpret that correctly, I technically shouldn't send any money as I haven't heard anything at all from the interim servicing department. :-)
Same boat - I signed on 9/25, closed on 9/29 and got the same email on 10/1 but have not yet heard anything about making payment.
runner23
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Re: My LenderFi refinance is going well

Post by runner23 »

calabel wrote: Mon Oct 26, 2020 5:38 pm
hornet96 wrote: Mon Oct 26, 2020 3:13 pm
runner23 wrote: Mon Oct 26, 2020 3:07 pm
hornet96 wrote: Mon Oct 26, 2020 2:55 pm
hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
I closed 9/30 and first payment due 11/1. I emailed about getting set up on the portal and they said I HAD to send a check. I mentioned that there was a portal I learned about and they said that I still had to send a check (without explanation on why I couldn’t get set up on the portal). My thought is that they will sell the loan in between my first and second loan payments. Mailed a check today with the coupon included in closing docs.
Yeah I guess I will do the same; will put a check in the mail tomorrow unless I hear something different by COB today. I find it odd that the original email I got on 9/29 (at funding) explicitly said "IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation." If I interpret that correctly, I technically shouldn't send any money as I haven't heard anything at all from the interim servicing department. :-)
Same boat - I signed on 9/25, closed on 9/29 and got the same email on 10/1 but have not yet heard anything about making payment.
The person I was emailing was that person listed as the interim servicing department contact on the email your referring to. This was the reason I went ahead and mailed a check at his direction.
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

Can I ask who your loan processor was? Since my application was transferred to processing it's been radio silence for weeks. I haven't been asked to provide any additional paperwork (other than what I originally provided). I've sent a few emails and haven't heard a thing so I'm starting to get frustrated.
Sprucebark
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Re: My LenderFi refinance is going well

Post by Sprucebark »

I’m still waiting on my refi. Locked in August. I’m hoping for a November or December close. I usually check in every couple weeks but they are waiting for someone in my region to do something (title I believe), and apparently there is only one person and they are backed up.

How long do you think they will honor the rate lock?
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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA »

Has anyone who refinanced earlier this year received an email from LenderFi about a no-cost rewrite? This is what they said:

"We want to remind you that your loan with us comes with rate insurance: if our rates, for the no cost option, drops by as little as .25 percent from your current rate, you have made 6 on-time payments, and are not currently delinquent on your mortgage, we will rewrite your loan at no additional cost. This excludes prepaid interest and lender payoff fees."

My refi was a 20-year loan at 3.25%. Looking now I can get 3.0% just paying $222 at closing. I calculated this would save me about $6K in interest by the time I retire in 8 years and sell the house (moving overseas). If it truly is no cost, seems like a good idea. Heck, I can even get a 15-year loan at 2.75% and my monthly payments would about the same as they are now.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

calabel wrote: Mon Oct 26, 2020 5:38 pm
hornet96 wrote: Mon Oct 26, 2020 3:13 pm
runner23 wrote: Mon Oct 26, 2020 3:07 pm
hornet96 wrote: Mon Oct 26, 2020 2:55 pm
hornet96 wrote: Fri Oct 23, 2020 9:44 am Yeah, my first payment is due ON 11/1 as you suspected. Interesting point about the different systems, I'll have to investigate. The good news is that I just received an email from one of the loan processors (who I copied on my last message) who copied another individual to help, which is the first sign of action on this. So maybe I'll finally make some traction on this today.
Still no update on this, unfortunately. The refi and closing process was unbelievably smooth and painless, but as others have experienced, getting setup online to actually start making payments on this thing seems to be a huge problem for LenderFi. I guess if they want to get paid, they will get this figured out sooner or later. :-)
I closed 9/30 and first payment due 11/1. I emailed about getting set up on the portal and they said I HAD to send a check. I mentioned that there was a portal I learned about and they said that I still had to send a check (without explanation on why I couldn’t get set up on the portal). My thought is that they will sell the loan in between my first and second loan payments. Mailed a check today with the coupon included in closing docs.
Yeah I guess I will do the same; will put a check in the mail tomorrow unless I hear something different by COB today. I find it odd that the original email I got on 9/29 (at funding) explicitly said "IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation." If I interpret that correctly, I technically shouldn't send any money as I haven't heard anything at all from the interim servicing department. :-)
Same boat - I signed on 9/25, closed on 9/29 and got the same email on 10/1 but have not yet heard anything about making payment.
So I finally got a response yesterday, telling me to mail my first payment with the coupon included in the closing package. He also indicated I'd get an email from a "Mr. Cooper," the new servicer, in a couple of weeks or so, for future payments starting on 12/1.

I just dropped a check in the mail, but it would have been nice to have known this a week or so ago.
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