My LenderFi refinance is going well

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newbiead
Posts: 46
Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
newbiead
Posts: 46
Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

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

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

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

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

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
Hi @jharkin, it has been 3 weeks for me too now and complete silence. Can you share who did you call to get things moving? I am on the borderline too..my mortgage is due Oct 1 !
Eurookat
Posts: 300
Joined: Sat Nov 29, 2014 1:44 pm

Re: My LenderFi refinance is going well

Post by Eurookat »

newbiead wrote: Mon Sep 21, 2020 5:48 pm
jharkin wrote: Mon Sep 14, 2020 1:34 pm I have been having issue with servicing post close.

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

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

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

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
Hi @jharkin, it has been 3 weeks for me too now and complete silence. Can you share who did you call to get things moving? I am on the borderline too..my mortgage is due Oct 1 !
oh man I'm def gonna be watching this thread. my loan is "scheduled" to close around 10/23 and first payment is due 11/1. Im gonna flip if I miss that first payment. :)
ciscovp
Posts: 123
Joined: Wed Apr 30, 2008 10:02 pm

Re: My LenderFi refinance is going well

Post by ciscovp »

Eurookat wrote: Mon Sep 21, 2020 6:37 pm oh man I'm def gonna be watching this thread. my loan is "scheduled" to close around 10/23 and first payment is due 11/1. Im gonna flip if I miss that first payment. :)
Payment can't be so soon after closing. Most likely 12/1 due date for first payment.
akuseimark
Posts: 31
Joined: Wed Aug 05, 2020 6:58 pm

Re: My LenderFi refinance is going well

Post by akuseimark »

newbiead wrote: Mon Sep 21, 2020 5:48 pm
jharkin wrote: Mon Sep 14, 2020 1:34 pm I have been having issue with servicing post close.

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

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

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

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
Hi @jharkin, it has been 3 weeks for me too now and complete silence. Can you share who did you call to get things moving? I am on the borderline too..my mortgage is due Oct 1 !
I’d recommend checking this site to see if it shows who is servicing your mortgage. I checked it every day after closing and I think 2-3 weeks later it switched to Wells Fargo. It wasn’t until a few weeks later that both Wells and LenderFi told me. Thankfully like others, I logged into my old Wells Fargo account and the mortgage showed up well before anyone told me it landed there.

https://www.mers-servicerid.org/sis/
Eurookat
Posts: 300
Joined: Sat Nov 29, 2014 1:44 pm

Re: My LenderFi refinance is going well

Post by Eurookat »

ciscovp wrote: Mon Sep 21, 2020 6:43 pm
Eurookat wrote: Mon Sep 21, 2020 6:37 pm oh man I'm def gonna be watching this thread. my loan is "scheduled" to close around 10/23 and first payment is due 11/1. Im gonna flip if I miss that first payment. :)
Payment can't be so soon after closing. Most likely 12/1 due date for first payment.
I didn't think so either, just going by what the rep told me.
ciscovp
Posts: 123
Joined: Wed Apr 30, 2008 10:02 pm

Re: My LenderFi refinance is going well

Post by ciscovp »

akuseimark wrote: Mon Sep 21, 2020 6:53 pm
newbiead wrote: Mon Sep 21, 2020 5:48 pm
jharkin wrote: Mon Sep 14, 2020 1:34 pm I have been having issue with servicing post close.

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

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

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

Have others had the same rough experience? In all the refis Ive done over the years this is the first one I had these issues. Not sure if its the Pandemic screwing up all lenders or just LenderFi???
Hi @jharkin, it has been 3 weeks for me too now and complete silence. Can you share who did you call to get things moving? I am on the borderline too..my mortgage is due Oct 1 !
I’d recommend checking this site to see if it shows who is servicing your mortgage. I checked it every day after closing and I think 2-3 weeks later it switched to Wells Fargo. It wasn’t until a few weeks later that both Wells and LenderFi told me. Thankfully like others, I logged into my old Wells Fargo account and the mortgage showed up well before anyone told me it landed there.

https://www.mers-servicerid.org/sis/
I think the issue are the loans that are now being serviced by LenderFi. There is no communication from LenderFi and no online access to the site for the first payment.
Last edited by ciscovp on Mon Sep 21, 2020 9:12 pm, edited 1 time in total.
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peseta
Posts: 164
Joined: Mon Mar 09, 2015 11:40 pm

Re: My LenderFi refinance is going well

Post by peseta »

newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
Goal33
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Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

How will I know if my loan successfully funds on the day of disbursement? Can’t rely on my old mortgage payoff since that can happen day or two later.
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MilleniumBuc
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Location: Florida

Re: My LenderFi refinance is going well

Post by MilleniumBuc »

peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
In the same boat. Closed on 8/26 and closing documents said that Lenderfi would service the loan with the coupons. Got an email on 9/1 for final disbursement and the Diego note similar to previous poster:

Congratulations! Your loan funded today!

You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.

If you have any questions please contact the Interim Servicing Department at the number or email below.

Diego Alvarado


I am waiting since these instructions were sent later. Figure that I have until the 15th to pay the coupon if I don’t hear from them by the 30th. Have been checking the MERS and still has old serviced. Mr Cooper shows it as paid off. I guess it’s still in Limbo. In my case I am waiting and won’t give Diego a call until the 30’days have passed.

I have also checked to create a servicing account on Lenderfi daily, but it hasn’t gone through with the loan number given.
Pessimist55
Posts: 95
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 »

I was hit one business day prior to funding. They verified continued employment like 72 hrs to funding as well.
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?
jbuzolich
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Joined: Tue Jun 24, 2014 9:52 pm

Re: My LenderFi refinance is going well

Post by jbuzolich »

Sunrise wrote: Sun Sep 20, 2020 9:15 pm For those that have refinanced with LenderFi recently, did you find their initial offer (Loan Estimate) competitive/acceptable? Or was there additional negotiation needed, etc.? Thanks.
Initial offer to us from LenderFi was the best I had seen. Did not shop around more than maybe 4-5 lenders. Better immediately dropped their fees significantly to beat LenderFi by $100. I asked LenderFi if they could improve their offer and they essentially told me to go F myself without actually swearing, and that their processors would destroy the Better processors. I was extremely turned off by the alpha male attitude.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

jbuzolich wrote: Tue Sep 22, 2020 12:46 am
Sunrise wrote: Sun Sep 20, 2020 9:15 pm For those that have refinanced with LenderFi recently, did you find their initial offer (Loan Estimate) competitive/acceptable? Or was there additional negotiation needed, etc.? Thanks.
Initial offer to us from LenderFi was the best I had seen. Did not shop around more than maybe 4-5 lenders. Better immediately dropped their fees significantly to beat LenderFi by $100. I asked LenderFi if they could improve their offer and they essentially told me to go F myself without actually swearing, and that their processors would destroy the Better processors. I was extremely turned off by the alpha male attitude.
I was impressed with how LenderFi puts their best foot forward in terms of offers. $100 beat by better is sorta a cheap spot imo. I agree they had an alpha male attitude at LenderFi.

Ultimately I respected that they put out a good offer upfront so I went with them but I regret not seeing what better could do because my LenderFi is 7 weeks in the making though end is in sight. Given my previous interest rate, taking an extra month cost me quite a bit.
newbiead
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Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
Yeah, dont think I saw anything like that.. What do they look like?
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peseta
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Joined: Mon Mar 09, 2015 11:40 pm

Re: My LenderFi refinance is going well

Post by peseta »

newbiead wrote: Tue Sep 22, 2020 1:57 am
peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
Yeah, dont think I saw anything like that.. What do they look like?
They'd be obvious. If you're not seeing them they are not there.
ciscovp
Posts: 123
Joined: Wed Apr 30, 2008 10:02 pm

Re: My LenderFi refinance is going well

Post by ciscovp »

peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
They really should have online access ready to go and not have people mail in coupons. We are in 2020.

It seems Lenderfi bit off more than can chew by going into servicing (maybe greed). They should have continued to sell off the loans to Well Fargo and others.
Last edited by ciscovp on Tue Sep 22, 2020 8:57 am, edited 1 time in total.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

ciscovp wrote: Tue Sep 22, 2020 8:55 am
peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
They really should have online access ready to go and not have people mail in coupons. We are in 2020.

It seems Lenderfi bit off more than can chew by going into servicing (maybe greed). They should have continued to sell off the loan to Well Fargo and others.
I assume they can’t sell it fast enough. I doubt they want to go into servicing. Maybe tho.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

ciscovp wrote: Tue Sep 22, 2020 8:55 am It seems Lenderfi bit off more than can chew by going into servicing (maybe greed). They should have continued to sell off the loans to Well Fargo and others.
It’s not so much their greed as the servicing buyers in many cases (including Wells Fargo) just stopped buying it from other lenders. Things have opened back up, but there was 60-90 days that none/few of the big players were buying up servicing of loans.

This was helped after Fannie/Freddie adjusted the rules so that loans could still be sold to them if the person goes on forbearance. Prior to that, if someone went on COVID forbearance prior to the first payment, the note couldn’t be sold to Fannie/Freddie and the current investor (often the originator) would have to hold the loan on their books and thus, have funds locked out of new originations.

That said, servicing partners also increased their take/reduced their purchase premium by around 0.5% around the same time, so that didn’t help either. The premium change was also related to increased forbearance costs as the servicer has to send the monthly payment to the investor, even if the loan is on forbearance — using up their spending capital.

All this lend to LenderFi having to scramble to get an interim servicing site set up.
jmann2380
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Re: My LenderFi refinance is going well

Post by jmann2380 »

BrandonBogle wrote: Tue Sep 22, 2020 11:22 am
ciscovp wrote: Tue Sep 22, 2020 8:55 am It seems Lenderfi bit off more than can chew by going into servicing (maybe greed). They should have continued to sell off the loans to Well Fargo and others.
It’s not so much their greed as the servicing buyers in many cases (including Wells Fargo) just stopped buying it from other lenders. Things have opened back up, but there was 60-90 days that none/few of the big players were buying up servicing of loans.

...

All this lend to LenderFi having to scramble to get an interim servicing site set up.
Bingo, this is what I was told by Ryan when I complained about my experience. That being said I was so annoyed by the experience and the BSI servicing and Lenderfi screwing up my insurance escrow, that I wired the money 8 weeks later and paid off the loan.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

A friend of mine closed on 8/22 and just told me he got a notice that servicing is with Amerihome.

I closed on 8/24 and am hoping to hear an update soon.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

newbiead wrote: Tue Sep 22, 2020 1:57 am
peseta wrote: Mon Sep 21, 2020 9:07 pm
newbiead wrote: Mon Sep 21, 2020 5:38 pm I closed my loan 3 weeks ago. And, no word from servicing on how to pay my mortgage payments. My payment is due Oct 1. Tried calling "Diego Alvarado" from whom I got last email 3 weeks ago saying :
We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

IMPORTANT: Please do not send any payments until the interim servicing department has sent you confirmation.
He doesn't seem to be responding. Any ideas here on how to proceed?
Did you check your closing docs? I had payment coupons in mine.
Yeah, dont think I saw anything like that.. What do they look like?
FYI - Just spoke to LenderFi and they are in the process of "boarding" my loan onto their system. They said it will take a few days more. Well, I guess will just have to wait a bit more.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

feehater wrote: Mon Sep 21, 2020 8:49 am You can pay closing costs out of pocket, but it looks like they only take cashier's check or wire, unlike some lenders who take personal checks for small amounts like funding escrow.
Yes, mine looks that way as well. Thus we're rolling the initial funding into the loan balance for convenience, and then I'll make a lump-sum payment next month with the proceeds from my current escrow refund.

Also, we are now scheduled for closing this Thursday 9/24 with the notary coming to our house, and funding supposed to be by 9/28. Assuming all goes well, it will end up being ~24 days from initial application to funding of the refi.
b2bserver
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Re: My LenderFi refinance is going well

Post by b2bserver »

Has anyone talked with LenderFi management before? Are they effective? My LO and I are in a disagreement over escrow and I'm thinking of cc'ing management which I feel like could lead to my application to being dropped or other unpleasantness in the process even if I "win".
Beach
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Re: My LenderFi refinance is going well

Post by Beach »

Update on my LenderFi experience:

Loan sold to Citizens Bank who are so overwhelmed they won't even answer the phone and will call you back in a few days.

Additionally, they screwed up my first payment when I sent extra principle. LenderFi was fine, so far the aftermath has been less than ideal.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

I'm done!! For data points: 7 weeks App to Funding. They told me it would be 3 weeks, so the additional 4 weeks was frustrating for me and cost me around $500 based on my old interest rate vs. my new locked interest rate. Also, I had to pay for a lender payoff statement twice. This cost me an extra $30. The reason I went with them is because I was thrilled that they made a nice offer upfront and I didn’t want to play games over price matching for a few bucks with other places.

2.5%, Lender Credit ~$1500 (no cost), No escrow, CA super conforming, 77% LTV

8/4 - Apply, Talk to LO, locked rate verbally, LE with unlocked rate provided, documents uploaded
8/5 - LE with locked rate provided
8/7 - Moved to processing
8/17 - Moved to underwriting
8/21 - Asked for more documentation. In my opinion, these documents should have been identified as needed upfront, and we could have avoided a lot of wasted time.
9/2 - Rate lock expired, and by this point I lost faith in their ability to execute. I never saw anything official about extending but they honored my initial terms in the end.
9/11 - Pre-Closing Disclosure Provided
9/16 - Final Closing Disclosure. I asked for final title packet and was provided that immediately.
9/17 - Closing, Signing with notary
9/22 - Disbursement of funds, pay off of old lender happened that same day. At the end, they were able to execute, and I’d use them again, but the initial 3-week underestimate and the basically non-progress from 8/21 to 9/11 was stressful and frustrating.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

Goal33 wrote: Wed Sep 23, 2020 3:27 pm I'm done!! For data points: 7 weeks App to Funding. They told me it would be 3 weeks, so the additional 4 weeks was frustrating for me and cost me around $500 based on my old interest rate vs. my new locked interest rate. Also, I had to pay for a lender payoff statement twice. This cost me an extra $30. The reason I went with them is because I was thrilled that they made a nice offer upfront and I didn’t want to play games over price matching for a few bucks with other places.

2.5%, Lender Credit ~$1500 (no cost), No escrow, CA super conforming, 77% LTV

8/4 - Apply, Talk to LO, locked rate verbally, LE with unlocked rate provided, documents uploaded
8/5 - LE with locked rate provided
8/7 - Moved to processing
8/17 - Moved to underwriting
8/21 - Asked for more documentation. In my opinion, these documents should have been identified as needed upfront, and we could have avoided a lot of wasted time.
9/2 - Rate lock expired, and by this point I lost faith in their ability to execute. I never saw anything official about extending but they honored my initial terms in the end.
9/11 - Pre-Closing Disclosure Provided
9/16 - Final Closing Disclosure. I asked for final title packet and was provided that immediately.
9/17 - Closing, Signing with notary
9/22 - Disbursement of funds, pay off of old lender happened that same day. At the end, they were able to execute, and I’d use them again, but the initial 3-week underestimate and the basically non-progress from 8/21 to 9/11 was stressful and frustrating.
Congrats! I sign docs tomorrow and I can't wait to be done.

On your closing disclosure is it mentioned anywhere whether LenderFi is going to service your loan or transfer servicing? On my original loan estimate it shows that they intend to transfer servicing but on the closing disclosure there is no mention of it.

Also, on disbursement day were you contacted that funds were disbursed? When I refi'd with Owning earlier this year nobody contacted me on disbursement day. I had to reach out to them to verify that funds were disbursed. Not a big deal but an email would have been nice.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

jjhk121 wrote: Wed Sep 23, 2020 6:53 pm
Goal33 wrote: Wed Sep 23, 2020 3:27 pm I'm done!! For data points: 7 weeks App to Funding. They told me it would be 3 weeks, so the additional 4 weeks was frustrating for me and cost me around $500 based on my old interest rate vs. my new locked interest rate. Also, I had to pay for a lender payoff statement twice. This cost me an extra $30. The reason I went with them is because I was thrilled that they made a nice offer upfront and I didn’t want to play games over price matching for a few bucks with other places.

2.5%, Lender Credit ~$1500 (no cost), No escrow, CA super conforming, 77% LTV

8/4 - Apply, Talk to LO, locked rate verbally, LE with unlocked rate provided, documents uploaded
8/5 - LE with locked rate provided
8/7 - Moved to processing
8/17 - Moved to underwriting
8/21 - Asked for more documentation. In my opinion, these documents should have been identified as needed upfront, and we could have avoided a lot of wasted time.
9/2 - Rate lock expired, and by this point I lost faith in their ability to execute. I never saw anything official about extending but they honored my initial terms in the end.
9/11 - Pre-Closing Disclosure Provided
9/16 - Final Closing Disclosure. I asked for final title packet and was provided that immediately.
9/17 - Closing, Signing with notary
9/22 - Disbursement of funds, pay off of old lender happened that same day. At the end, they were able to execute, and I’d use them again, but the initial 3-week underestimate and the basically non-progress from 8/21 to 9/11 was stressful and frustrating.
Congrats! I sign docs tomorrow and I can't wait to be done.

On your closing disclosure is it mentioned anywhere whether LenderFi is going to service your loan or transfer servicing? On my original loan estimate it shows that they intend to transfer servicing but on the closing disclosure there is no mention of it.

Also, on disbursement day were you contacted that funds were disbursed? When I refi'd with Owning earlier this year nobody contacted me on disbursement day. I had to reach out to them to verify that funds were disbursed. Not a big deal but an email would have been nice.
I forget the exact wording but they intend to transfer, however initially they are the servicer (until they sell it)

Disbursement I was so pleased to wake up from an email from Amrock that said funds had been disbursed along with a tracking number for my check with the proceeds (2k). My old lender was paid off that same day... reflected by evening. I called Amrock to triple check and they confirmed that it’s done done. Note my email was from Amrock and not LenderFi like others have gotten.
nileshd
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Re: My LenderFi refinance is going well

Post by nileshd »

Hi ,
I had applied about one and half weeks ago, locked the rate. Then now suddenly loan status shows as "Archived". Does any one know what this mean ?
I texted the loan rep that was assigned and said all is good just sit tight.

Did it happen to anyone else ?
I had just submitted few docs that were part of original app. But usually there are lot more statement/proofs you have to submit.
I'm not sure if someone is actually working on loan or not.
Any idea ?
Thanks.
Goal33
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Joined: Sun Apr 12, 2015 12:30 pm

Re: My LenderFi refinance is going well

Post by Goal33 »

nileshd wrote: Wed Sep 23, 2020 8:40 pm Hi ,
I had applied about one and half weeks ago, locked the rate. Then now suddenly loan status shows as "Archived". Does any one know what this mean ?
I texted the loan rep that was assigned and said all is good just sit tight.

Did it happen to anyone else ?
I had just submitted few docs that were part of original app. But usually there are lot more statement/proofs you have to submit.
I'm not sure if someone is actually working on loan or not.
Any idea ?
Thanks.
Theres 2 online portals. The app and then the place to submit uploads and download stuff. Try the other one. Check your email for the links.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.
Pessimist55 wrote: Thu Sep 17, 2020 1:12 am Amber will insist it was a soft inquiry and make you call TU To confirm it wasn't a soft inquiry (jump through hoops) I even recorded my call w TU as evidence that LF was smoking. it was a lot of arm twisting and no admitting they f'd up.
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.
So LenderFi didn't do anything wrong, it was TU's fault? I'm sure they'll be pleased when you withdraw your CFPB compaint.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

hornet96 wrote: Tue Sep 22, 2020 2:09 pm
Also, we are now scheduled for closing this Thursday 9/24 with the notary coming to our house, and funding supposed to be by 9/28. Assuming all goes well, it will end up being ~24 days from initial application to funding of the refi.
Just closed with the notary, from Amrock/Silk Title. Everything went smoothly and we were done in about 20 minutes. Funding scheduled for 9/28 9/29, and the loan papers indicate that LenderFi intends to continue servicing our loan.

Knock on wood, everything thus far with LenderFi has been extremely efficient and simple. We'll see what happens with funding next week, and servicing thereafter.

Edited to correct typo.
Last edited by hornet96 on Thu Sep 24, 2020 7:57 pm, edited 1 time in total.
jjhk121
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Re: My LenderFi refinance is going well

Post by jjhk121 »

hornet96 wrote: Thu Sep 24, 2020 3:25 pm
hornet96 wrote: Tue Sep 22, 2020 2:09 pm
Also, we are now scheduled for closing this Thursday 9/24 with the notary coming to our house, and funding supposed to be by 9/28. Assuming all goes well, it will end up being ~24 days from initial application to funding of the refi.
Just closed with the notary, from Amrock/Silk Title. Everything went smoothly and we were done in about 20 minutes. Funding scheduled for 9/28, and the loan papers indicate that LenderFi intends to continue servicing our loan.

Knock on wood, everything thus far with LenderFi has been extremely efficient and simple. We'll see what happens with funding next week, and servicing thereafter.
I also signed today but my disbursement date is 9/29. Sunday doesn't count so funding on 9/28 only gives you a 2 day rescission period. So your disbursement date should also be the 29th, right?
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

jjhk121 wrote: Thu Sep 24, 2020 4:05 pm
hornet96 wrote: Thu Sep 24, 2020 3:25 pm
hornet96 wrote: Tue Sep 22, 2020 2:09 pm
Also, we are now scheduled for closing this Thursday 9/24 with the notary coming to our house, and funding supposed to be by 9/28. Assuming all goes well, it will end up being ~24 days from initial application to funding of the refi.
Just closed with the notary, from Amrock/Silk Title. Everything went smoothly and we were done in about 20 minutes. Funding scheduled for 9/28, and the loan papers indicate that LenderFi intends to continue servicing our loan.

Knock on wood, everything thus far with LenderFi has been extremely efficient and simple. We'll see what happens with funding next week, and servicing thereafter.
I also signed today but my disbursement date is 9/29. Sunday doesn't count so funding on 9/28 only gives you a 2 day rescission period. So your disbursement date should also be the 29th, right?
Yes, you are right. We have until 9/28 to cancel, 9/29 is funding date. Apologies for the typo.
wordsmith11
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Re: My LenderFi refinance is going well

Post by wordsmith11 »

Just an FYI to not get too caught up on what they say about servicing. Paperwork indicated they intended to service ours but servicing was unceremoniously transferred immediately after closing to big bank with good infrastructure. Grateful for that outcome.
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

wordsmith11 wrote: Fri Sep 25, 2020 6:54 am Just an FYI to not get too caught up on what they say about servicing. Paperwork indicated they intended to service ours but servicing was unceremoniously transferred immediately after closing to big bank with good infrastructure. Grateful for that outcome.
Was this a recent refi? It seems LenderFi is now servicing the recent loans (instead of transferring to Wells Fargo).
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
For my refi with LenderFi that funded at the end of July, LenderFi sold my loan to Wells Fargo (who also took over servicing) almost immediately. Wells Fargo then almost immediately sold my loan to Fannie Mae, but Wells Fargo kept servicing. The Fannie Mae letter said Wells Fargo (not LenderFi) sold them the loan.
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Is your first payment due on Oct 1? Any news from Diego/Lenderfi on Portal access? Or did you mail a check?
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Yes, but they’ll probably sell servicing soon too
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, and signed yesterday, 9/24.
Our first payment will be due 11/1.

Everyone I've dealt with at LF has been great.
The closing agent was a bit of a character and took longer than we'd have like to be breathing the same air (outside, with masks).
So now we'll see who ends up with the loan, I suppose!
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

Here's a datapoint about their "rate insurance." Was it really any different than a typical refi? No, although it was more streamlined because they filled out the application basically for me with my prior info and I do think they requested fewer documents and it did go faster. So, it was pretty painless. I contacted my LO after 5 payments.

Lock 8/31 (2.5% / 25 year)
Signed closing paperwork 9/25

3.5 weeks. First payment due 11/1. By comparison, the process I went through in March/April was 5-6 weeks. Now, just to see who my loan gets serviced by/sold to....In my March refi, it clearly said Wells Fargo AT closing. This time around, nada..
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

ciscovp wrote: Fri Sep 25, 2020 11:05 am
newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Is your first payment due on Oct 1? Any news from Diego/Lenderfi on Portal access? Or did you mail a check?
Yes, mine is due Oct 1. No, I haven't mailed a check because I have neither received any instruction from LenderFi nor any coupon.
And Diego says loan will be live soon on their servicing portal, but still nothing yet!!! What should I do, this is getting quite frustrating!
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

newbiead wrote: Fri Sep 25, 2020 3:05 pm
ciscovp wrote: Fri Sep 25, 2020 11:05 am
newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Is your first payment due on Oct 1? Any news from Diego/Lenderfi on Portal access? Or did you mail a check?
Yes, mine is due Oct 1. No, I haven't mailed a check because I have neither received any instruction from LenderFi nor any coupon.
And Diego says loan will be live soon on their servicing portal, but still nothing yet!!! What should I do, this is getting quite frustrating!
In my case, a printed page of the coupons (for 10/01 and 11/01) was included with the closing docs.

I have been hearing the same story from Diego. However, I will go ahead and mail my check. Just tired of waiting.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

ciscovp wrote: Fri Sep 25, 2020 3:27 pm
newbiead wrote: Fri Sep 25, 2020 3:05 pm
ciscovp wrote: Fri Sep 25, 2020 11:05 am
newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Is your first payment due on Oct 1? Any news from Diego/Lenderfi on Portal access? Or did you mail a check?
Yes, mine is due Oct 1. No, I haven't mailed a check because I have neither received any instruction from LenderFi nor any coupon.
And Diego says loan will be live soon on their servicing portal, but still nothing yet!!! What should I do, this is getting quite frustrating!
In my case, a printed page of the coupons (for 10/01 and 11/01) was included with the closing docs.

I have been hearing the same story from Diego. However, I will go ahead and mail my check. Just tired of waiting.
When did you close your loan?
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

newbiead wrote: Fri Sep 25, 2020 5:47 pm
ciscovp wrote: Fri Sep 25, 2020 3:27 pm
newbiead wrote: Fri Sep 25, 2020 3:05 pm
ciscovp wrote: Fri Sep 25, 2020 11:05 am
newbiead wrote: Fri Sep 25, 2020 10:57 am I got a snailmail from Fannie Mae that LenderFi sold my mortgage to them. But the servicing will still be done by LenderFi.
I guess that is normal?
Is your first payment due on Oct 1? Any news from Diego/Lenderfi on Portal access? Or did you mail a check?
Yes, mine is due Oct 1. No, I haven't mailed a check because I have neither received any instruction from LenderFi nor any coupon.
And Diego says loan will be live soon on their servicing portal, but still nothing yet!!! What should I do, this is getting quite frustrating!
In my case, a printed page of the coupons (for 10/01 and 11/01) was included with the closing docs.

I have been hearing the same story from Diego. However, I will go ahead and mail my check. Just tired of waiting.
When did you close your loan?
Early August
newbiead
Posts: 46
Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

ciscovp wrote: Fri Sep 25, 2020 6:12 pm
newbiead wrote: Fri Sep 25, 2020 5:47 pm
ciscovp wrote: Fri Sep 25, 2020 3:27 pm
newbiead wrote: Fri Sep 25, 2020 3:05 pm
ciscovp wrote: Fri Sep 25, 2020 11:05 am

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

I have been hearing the same story from Diego. However, I will go ahead and mail my check. Just tired of waiting.
When did you close your loan?
Early August
Alright! So, I just tried again and I was able to get in and setup the monthly payments! Yay! I had closed 8/31.
I did bug Diego a few times so don't know if that helped!
BUT, my escrow balance shows ZERO! ( And I do have escrow balance with my loan refi). Anyone have any issues with being not able to see that online there on their service website?
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

Technically not LFs fault but they are the ones who requested a soft inquiry. I've never had these pulls from prior refinances. I can't take any action even if I wanted to. I haven't repulled my TU but they are still working on it.



TropikThunder wrote: Wed Sep 23, 2020 10:32 pm
Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.
Pessimist55 wrote: Thu Sep 17, 2020 1:12 am Amber will insist it was a soft inquiry and make you call TU To confirm it wasn't a soft inquiry (jump through hoops) I even recorded my call w TU as evidence that LF was smoking. it was a lot of arm twisting and no admitting they f'd up.
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.
So LenderFi didn't do anything wrong, it was TU's fault? I'm sure they'll be pleased when you withdraw your CFPB compaint.
newbiead
Posts: 46
Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

dropdx wrote: Sun May 10, 2020 10:34 am
rene wrote: Sat May 09, 2020 11:43 am Thanks all.

I guess the good news is that LenderFi seems to now have a servicing payment portal and you can set up automatic ACH payments.

There is an article in the WSJ today about them problems that the mortgage industry is facing.
My online account shows $0 for my escrow balance even though it should be funded through closing. Is anyone else having this issue? I used the contact form on the site but have never heard back from anyone.
Did you get a correct escrow amount showing now? If so, how long did it take them to correct it?
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abyan
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Re: My LenderFi refinance is going well

Post by abyan »

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

And mind showed a zero escrow balance as well. At this point I’m assuming it’s a glitch. But yes, it would be good to get a definitive answer on that.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

Pessimist55 wrote: Fri Sep 25, 2020 7:11 pm Technically not LFs fault but they are the ones who requested a soft inquiry. I've never had these pulls from prior refinances. I can't take any action even if I wanted to. I haven't repulled my TU but they are still working on it.
It's not at all uncommon for the lender to do a soft pull shortly before closing, and they usually don't show on your credit report so it's quite possible you have had soft pulls before and not seen them. LenderFi is very fast but for other lenders it's usually a longer time period between initial application and closing (more time for credit-worthiness to have changed). LenderFi may not always do that second soft pull but they certainly can.
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