My LenderFi refinance is going well

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Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Tim_in_GA wrote: Tue Oct 27, 2020 8:12 am 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.
It’s a no brainer. What are you waiting for?
runner23
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Joined: Sat Oct 17, 2015 8:45 am

Re: My LenderFi refinance is going well

Post by runner23 »

hornet96 wrote: Tue Oct 27, 2020 9:00 am
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

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.
I checked MERS site and mine is going to Mr Cooper as well.
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

runner23 wrote: Tue Oct 27, 2020 2:46 pm
hornet96 wrote: Tue Oct 27, 2020 9:00 am
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

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.
I checked MERS site and mine is going to Mr Cooper as well.
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jb3
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Re: My LenderFi refinance is going well

Post by jb3 »

Has anyone been able to float down with a locked Lenderfi refi?
Jagger
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Re: My LenderFi refinance is going well

Post by Jagger »

Nope -- LenderFi doesn't do float downs on locked rates.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

EDITED
LenderFI has great 15yr rates (2.25 no points).
Are they pretty fair for the rest of the fees ("you cannot shop for these")?
Last edited by arsenalfan on Wed Oct 28, 2020 10:04 am, edited 1 time in total.
GoodOmens
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Re: My LenderFi refinance is going well

Post by GoodOmens »

Tim_in_GA wrote: Tue Oct 27, 2020 8:12 am 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.
I didnt recieve an email but did contact them and just closed on my 6-month. Went from 3.25 to 2.75. It's basically a refinance so you need to meet a closing notary, settle your new escrow etc. They gave a lender credit that covered everything but escrow and pre-paid interest to my new servicer (who happens to be Lenderfi).
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
mgk2010
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Re: My LenderFi refinance is going well

Post by mgk2010 »

arsenalfan wrote: Wed Oct 28, 2020 11:22 am Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

I'd go ahead with LenderFi if I were you.

You can call it off at anytime with either.

I've sunk $700 into a Suntrust appraisal, but if LenderFI comes through, there is a $50k interest delta of 2.825 vs 2.125 on 690k over 15 yrs.

LenderFI said 35 days to close. When they start taking longer, they pause accepting applications on the website.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

mgk2010 wrote: Wed Oct 28, 2020 11:35 am
arsenalfan wrote: Wed Oct 28, 2020 11:22 am Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
Be careful. In the past, some lenders have outright refused to work on subordinations right now and I think LenderFi has been one of them. I would be sure to mention it to the loan officer quickly if you proceed with LenderFi, as they might tell you that you must close the HELOC to work with them.
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

BrandonBogle wrote: Wed Oct 28, 2020 5:35 pm
mgk2010 wrote: Wed Oct 28, 2020 11:35 am
arsenalfan wrote: Wed Oct 28, 2020 11:22 am Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
Be careful. In the past, some lenders have outright refused to work on subordinations right now and I think LenderFi has been one of them. I would be sure to mention it to the loan officer quickly if you proceed with LenderFi, as they might tell you that you must close the HELOC to work with them.
I had to close my HELOC before my LenderFi refi. I was planning on doing it anyway, so it wasn't a big deal, but they required that I do it.
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JAZZISCOOL
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Re: My LenderFi refinance is going well

Post by JAZZISCOOL »

bluebolt wrote: Wed Oct 28, 2020 5:55 pm
BrandonBogle wrote: Wed Oct 28, 2020 5:35 pm
mgk2010 wrote: Wed Oct 28, 2020 11:35 am
arsenalfan wrote: Wed Oct 28, 2020 11:22 am Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
Be careful. In the past, some lenders have outright refused to work on subordinations right now and I think LenderFi has been one of them. I would be sure to mention it to the loan officer quickly if you proceed with LenderFi, as they might tell you that you must close the HELOC to work with them.
I had to close my HELOC before my LenderFi refi. I was planning on doing it anyway, so it wasn't a big deal, but they required that I do it.
I'm working with Better.com on a refi and they are subordinating my HELOC. It is taking longer than normal due to the extra documents and process. They never pressured me to close the HELOC FWIW. So far, I find their customer service excellent and responsive unlike my early contact with LenderFi. If needed, I would close the HELOC. YMMV. :happy
Exchme
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Re: My LenderFi refinance is going well

Post by Exchme »

Any secrets to getting their attention? My daughter has about a $100K mortgage that she wants to refinance but hasn't been able to get through to Lenderfi and she tried another company that stopped responding. Presumably the paperwork for a small mortgage is as much as for a big one, so they prioritize. We had her check with her bank and while they are responsive, they are not competitive at 3.125%.
mgk2010
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Re: My LenderFi refinance is going well

Post by mgk2010 »

Thanks for the responses. I already closed by HELOC to ease the process. Will open it again after the refi.
z0r
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Re: My LenderFi refinance is going well

Post by z0r »

Exchme wrote: Wed Oct 28, 2020 7:41 pm Any secrets to getting their attention? My daughter has about a $100K mortgage that she wants to refinance but hasn't been able to get through to Lenderfi and she tried another company that stopped responding. Presumably the paperwork for a small mortgage is as much as for a big one, so they prioritize. We had her check with her bank and while they are responsive, they are not competitive at 3.125%.
the interplay between closing costs/points and interest rate is massive for a loan that small. 3.125 is actually a good rate for 100k 30 years if closing costs and points are low. I had 3.75 on a loan about that size and I couldn't find anywhere that made a refinance worth it, even if it was 3.125 the closing costs/points would be equal to 5-10 years of difference in monthly payments. at "no cost" the interest rate wouldn't be better than I had
DoubleComma
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Re: My LenderFi refinance is going well

Post by DoubleComma »

My LenderFi Refi took 10 weeks for initial contact to funding. This sounds long, and it was, but in our case our home was caught in the middle of a wildfire here in California. The loan required a drive by appraisal and the appraiser couldn’t get there for 4.5 weeks because access was restricted.

Happy with LenderFi and their speed
Exchme
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Re: My LenderFi refinance is going well

Post by Exchme »

z0r wrote: Wed Oct 28, 2020 10:37 pm
Exchme wrote: Wed Oct 28, 2020 7:41 pm Any secrets to getting their attention? My daughter has about a $100K mortgage that she wants to refinance but hasn't been able to get through to Lenderfi and she tried another company that stopped responding. Presumably the paperwork for a small mortgage is as much as for a big one, so they prioritize. We had her check with her bank and while they are responsive, they are not competitive at 3.125%.
the interplay between closing costs/points and interest rate is massive for a loan that small. 3.125 is actually a good rate for 100k 30 years if closing costs and points are low. I had 3.75 on a loan about that size and I couldn't find anywhere that made a refinance worth it, even if it was 3.125 the closing costs/points would be equal to 5-10 years of difference in monthly payments. at "no cost" the interest rate wouldn't be better than I had
Thanks. I will tell her to go ahead. She currently has a 4.5% loan, so it still pays out pretty quickly at 3.125%
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Goal33 wrote: Fri Oct 23, 2020 10:40 am 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.
As a follow up, I emailed ccare@servicingdivision.com and received no response. Curious if other people can chime in on whether or not their prepaid interest is showing up. Am I advocating for only myself, is this a broad error, or is it not an error at all?
Morris Wanchuk
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Re: My LenderFi refinance is going well

Post by Morris Wanchuk »

Just submitted an application at the rates stayed the same as I saw on the website before. Does the rate drop people are talking about happen when they contact you directly?

I have a $188k balance so I am probably not #1 on their list.
txottopilot
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Re: My LenderFi refinance is going well

Post by txottopilot »

Another update, post closing.

Applied 9/12/20

Rate locked 9/14/20

Closed 10/20/20

Funded 10/27/20

Confirmed payoff on old mortgage account 10/28/20

Received email from LenderFi Servicing Division on online portal and payment options 10/29/20

2.625% No points. Originally purchased December 2017, 4.25%. DFW area, Texas. Refinancing 265K on 359K value. 800+ FICO

Hope this helps people with timeline questions.

:sharebeer
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Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

Has anyone who closed a few months or so ago have their mortgage continue to be service by lenderfi? I emailed a rep who contacted me about my upcoming payment. she responded by saying "we will be servicing your loan" after I asked if there are plans of selling it.
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MilleniumBuc
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Re: My LenderFi refinance is going well

Post by MilleniumBuc »

Eurookat wrote: Fri Oct 30, 2020 12:51 pm Has anyone who closed a few months or so ago have their mortgage continue to be service by lenderfi? I emailed a rep who contacted me about my upcoming payment. she responded by saying "we will be servicing your loan" after I asked if there are plans of selling it.
I have, and it was at Lenderfi but through BSI. About 2 weeks ago received the letter that after 11/01 it’s going to be transferred to Lenderfi (that’s how the letter was) and confirmation emails from them that I can register about 7 days after the transfer on 11/01. I went ahead and made my 2nd payment last week that was due on 11/01 so that I don’t have to rush and worry about registering and paying next month. And now wait for the 12/01 payment due.

I think the ones they make more money on they keep (just a hunch). I got 2.5% on a 15 year with about 1800 in costs after the credit and a 230k+ amount at the beginning of August. Based on other posts, that was the 30 year rate most were getting. I had wished they had transferred me to Wells since that is my checking account, but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
Lucky2Invest
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Re: My LenderFi refinance is going well

Post by Lucky2Invest »

I locked my rate with LenderFi on the first 2 days of October after sending all the information they requested. Now I haven't heard anything since....I called and they said to wait for an email....Is this common? Almost a month of no contact?
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

MilleniumBuc wrote: Fri Oct 30, 2020 1:33 pm ...but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
I just learned that my LenderFi mortgage is being transferred to Mr. Cooper. Since you mentioned you are "running away" from them, I was wondering - how is their servicing? I don't really care about their own loan products since I already got my refi through LenderFi, but am hoping their servicing is at least adequate (TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
LOL the sellers of our house had their mortgage with me cooper. when I received the alta I was a bit surprised thinking that they owed money to a mr cooper.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »


I had wished they had transferred me to Wells since that is my checking account
Same here I was hoping for Wells. Now all I can ask for is to be able to make payments either by having lenderfi withdraw funds from my checking or I can initiate payment via WF bill pay. My original lender wouldn't allow me to do either without setting up auto payment from their side. Every month I would transfer money into what they call a "Shared" account (not a checking or savings) and then make payments towards my loan from this account.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

Eurookat wrote: Fri Oct 30, 2020 1:56 pm Same here I was hoping for Wells. ... I can initiate payment via WF bill pay. My original lender wouldn't allow me to do either without setting up auto payment from their side.
That doesn’t quite jive with me. That would also mean you would be unable to mail a check for your monthly payment on the old mortgage. It would be quite unusual to hear of a servicer that wouldn’t allow you to mail them a check.
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MilleniumBuc
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Re: My LenderFi refinance is going well

Post by MilleniumBuc »

hornet96 wrote: Fri Oct 30, 2020 1:42 pm
MilleniumBuc wrote: Fri Oct 30, 2020 1:33 pm ...but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
I just learned that my LenderFi mortgage is being transferred to Mr. Cooper. Since you mentioned you are "running away" from them, I was wondering - how is their servicing? I don't really care about their own loan products since I already got my refi through LenderFi, but am hoping their servicing is at least adequate (TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
The loan was transferred from Cenlar (who was worse because I couldn’t schedule a payment in the future) to them and the website for Mr Cooper is much better and I can schedule payments in advance (I don’t like to setup autopay). With the transfer, they screwed up my escrow for the insurance company, so I had to pay it, show proof that it was paid and change the loan holder to them, and then they sent the same payment after I coordinated everything. Good thing escrow analysis was scheduled for the next month (end of December) so it wasn’t too bad. They have a lot of nice tools in the website to “help you out”, but they are trying to screw you by taking more money out and roll it in the loan.

The other reason is that they also bought my las mortgage in 2011 when I was in the middle of a short sale and they killed the deal and then I had to go through two more purchase offers that took two years to finalize the 2nd one after they killed the new offer. It was frustrating that they would agree to something, and then adjust the wording slightly hoping I wouldn’t notice. And when I logged in this latest new loan, they still had the old one under the same account login. I went to see and noticed yearly “activity” for a few hundred, without any statement so it just made me wonder what are they up to.

More personal than servicing.

ETA: in my mind they feel like a sub-prime lender.
intendi
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Re: My LenderFi refinance is going well

Post by intendi »

Successfully refinanced in August and also received the recent notice of servicing transfer starting in November (away from BSI but still with Lenderfi for now). The new servicing outfit is TMS (The Money Source) according to the address in Meriden, CT. Same for others?

Edit: Reviews are overall not great for TMS. We'll see how things go. First test will be if my Nov 1 payment is correctly forwarded and received as outlined in the letter: ("...if your automatic payment draft date is within 2 business days of the servicing transfer date, LenderFi will draft and forward your payment to your new processing agent.").
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

Lucky2Invest wrote: Fri Oct 30, 2020 1:40 pm I locked my rate with LenderFi on the first 2 days of October after sending all the information they requested. Now I haven't heard anything since....I called and they said to wait for an email....Is this common? Almost a month of no contact?
I am in the same boat. Locked a month ago today and still nothing after multiple emails and calls.
bogler_100Kth
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Re: My LenderFi refinance is going well

Post by bogler_100Kth »

Here are my timelines with refinancing with LenderFi:

11 Sep 20: Locked rate over phone.
20 Sep 20: Got locked rate and disclosures. (Rate expires on 09 Oct 20)
24 Sep 20: More documents requested.
29 Sep 20: Conditional approval
21 Oct 20: Pre-closing disclosures
23 Oct 20: Received call from Notary
26 Oct 20: Signed the docs
27 Oct 20: Wire transfer completed
29 Oct 20: Got email from escrow that money is received

Initial rate was honored even after the expiry as the delay was not from my side.

Delay was mainly due to previous bank not providing the payoff statement on time. One way to speed this process is to call the bank and get the payoff statement faxed/mailed to you and then share it with new bank.

There were very few communications from LenderFi. But they were very responsive to emails asking for status of refinance.

Hope this helps someone looking for timelines.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

Can anyone comment on LenderFI servicing?
Is it online?
Do they let you prepay easily online?

10/29: Contacted LenderFI
11/2: Locked 2.125% 15-year fixed on 690k, $2400 closing costs (needed appraisal) rolled into loan. They said they'd be keeping the loan to service.
feehater
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Re: My LenderFi refinance is going well

Post by feehater »

arsenalfan wrote: Mon Nov 02, 2020 4:34 pm Can anyone comment on LenderFI servicing?
Is it online?
Do they let you prepay easily online?

10/29: Contacted LenderFI
11/2: Locked 2.125% 15-year fixed on 690k, $2400 closing costs (needed appraisal) rolled into loan. They said they'd be keeping the loan to service.
Yes, their new servicing website, which just opened up in the last month, is perfectly adequate and does all the basic things one might require.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

feehater wrote: Mon Nov 02, 2020 10:45 pm
arsenalfan wrote: Mon Nov 02, 2020 4:34 pm Can anyone comment on LenderFI servicing?
Is it online?
Do they let you prepay easily online?

10/29: Contacted LenderFI
11/2: Locked 2.125% 15-year fixed on 690k, $2400 closing costs (needed appraisal) rolled into loan. They said they'd be keeping the loan to service.
Yes, their new servicing website, which just opened up in the last month, is perfectly adequate and does all the basic things one might require.
Great thank you. I’ll update as I go thru this (or maybe make own post)
texascrane
Posts: 27
Joined: Tue Aug 04, 2020 7:18 pm

Re: My LenderFi refinance is going well

Post by texascrane »

hornet96 wrote: Fri Oct 30, 2020 1:42 pm
MilleniumBuc wrote: Fri Oct 30, 2020 1:33 pm ...but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
I just learned that my LenderFi mortgage is being transferred to Mr. Cooper. Since you mentioned you are "running away" from them, I was wondering - how is their servicing? I don't really care about their own loan products since I already got my refi through LenderFi, but am hoping their servicing is at least adequate (TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
My previous mortgage was held/serviced by Mr. Cooper. I had no problems with them and found their site easy to use.
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MilleniumBuc
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Location: Florida

Re: My LenderFi refinance is going well

Post by MilleniumBuc »

I was finally able to register to the new Lenderfi servicing site. I was about to set a payment for next month, but got the following message:

"Online payments not allowed: Online Payments not allowed, please call Customer Care to make a payment."

But if I go to recurring payment, I can set a monthly recurring payment. I guess I will wait since I just registered less than an hour ago, but hoping that they give me the option to pay one at a time instead of setting it up continuously.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

MilleniumBuc wrote: Wed Nov 04, 2020 12:56 pm I was finally able to register to the new Lenderfi servicing site. I was about to set a payment for next month, but got the following message:

"Online payments not allowed: Online Payments not allowed, please call Customer Care to make a payment."

But if I go to recurring payment, I can set a monthly recurring payment. I guess I will wait since I just registered less than an hour ago, but hoping that they give me the option to pay one at a time instead of setting it up continuously.
Did your payment on 11/1 get applied? Mine hasn't and is showing the same loan balance I had at 10/31.
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MilleniumBuc
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Location: Florida

Re: My LenderFi refinance is going well

Post by MilleniumBuc »

simplesimon wrote: Wed Nov 04, 2020 3:30 pm
MilleniumBuc wrote: Wed Nov 04, 2020 12:56 pm I was finally able to register to the new Lenderfi servicing site. I was about to set a payment for next month, but got the following message:

"Online payments not allowed: Online Payments not allowed, please call Customer Care to make a payment."

But if I go to recurring payment, I can set a monthly recurring payment. I guess I will wait since I just registered less than an hour ago, but hoping that they give me the option to pay one at a time instead of setting it up continuously.
Did your payment on 11/1 get applied? Mine hasn't and is showing the same loan balance I had at 10/31.
I paid on the old website on 10/20 and took a screenshot and printed a pdf a day later showing the new balance. When I finally got in today the proper balance showed and the due date is 12/01.
Good thing I saved the old info, because when I logged in to the old one on 11/01, it was all blank.
rene
Posts: 268
Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene »

simplesimon wrote: Wed Nov 04, 2020 3:30 pm Did your payment on 11/1 get applied? Mine hasn't and is showing the same loan balance I had at 10/31.

Same for me. Recurring payment for Nov-1 went out Nov-2.... just signed up on the portal today Nov-5 but shows no payment. In order to setup recurring payments the new portal shows :

"The "Recurring Payments" option is allowed after the current month's payment due has been made. Please use option "Make a Payment" on the Web site to make a payment for current month. Once payment is confirmed, "Recurring Payments option" will be enabled."

So I guess I will wait a few days and check again. Not really interested in making a double mortgage payment in November :)
newbiead
Posts: 47
Joined: Mon Aug 03, 2020 7:09 pm

Re: My LenderFi refinance is going well

Post by newbiead »

rene wrote: Fri Nov 06, 2020 1:37 am
simplesimon wrote: Wed Nov 04, 2020 3:30 pm Did your payment on 11/1 get applied? Mine hasn't and is showing the same loan balance I had at 10/31.

Same for me. Recurring payment for Nov-1 went out Nov-2.... just signed up on the portal today Nov-5 but shows no payment. In order to setup recurring payments the new portal shows :

"The "Recurring Payments" option is allowed after the current month's payment due has been made. Please use option "Make a Payment" on the Web site to make a payment for current month. Once payment is confirmed, "Recurring Payments option" will be enabled."

So I guess I will wait a few days and check again. Not really interested in making a double mortgage payment in November :)
Yup..in the same boat as well!
intendi
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Re: My LenderFi refinance is going well

Post by intendi »

^same

I just tried to call to find out when the November payment would post to the new system. Gave up after a long wait time. I'm sure it will update in a few days. The new interface is a big improvement.
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monkey_business
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Re: My LenderFi refinance is going well

Post by monkey_business »

texascrane wrote: Tue Nov 03, 2020 11:51 am
hornet96 wrote: Fri Oct 30, 2020 1:42 pm
MilleniumBuc wrote: Fri Oct 30, 2020 1:33 pm ...but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
I just learned that my LenderFi mortgage is being transferred to Mr. Cooper. Since you mentioned you are "running away" from them, I was wondering - how is their servicing? I don't really care about their own loan products since I already got my refi through LenderFi, but am hoping their servicing is at least adequate (TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
My previous mortgage was held/serviced by Mr. Cooper. I had no problems with them and found their site easy to use.
Same here. Closed with LenderFi last week. I would not mind going back to Mr Cooper at all. Their web site is good and the few times I contacted them they were friendly and did what I requested without a problem.
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hornet96
Posts: 632
Joined: Sun Nov 25, 2012 6:45 pm

Re: My LenderFi refinance is going well

Post by hornet96 »

monkey_business wrote: Tue Nov 10, 2020 11:36 am
texascrane wrote: Tue Nov 03, 2020 11:51 am
hornet96 wrote: Fri Oct 30, 2020 1:42 pm
MilleniumBuc wrote: Fri Oct 30, 2020 1:33 pm ...but now that I saw many people transferred to Mr Cooper (nation star) from whom I just ran away, I hope I stay with Lenderfi.

Mr Cooper was so generous in offering a whole point reduction (4.265 to 3.265) and no cost closing with a 5.18% apr.
I just learned that my LenderFi mortgage is being transferred to Mr. Cooper. Since you mentioned you are "running away" from them, I was wondering - how is their servicing? I don't really care about their own loan products since I already got my refi through LenderFi, but am hoping their servicing is at least adequate (TBH, I thought "Mr. Cooper" was some guy who was going to contact me - seems like a terrible/gimmicky name for a corporate entity).
My previous mortgage was held/serviced by Mr. Cooper. I had no problems with them and found their site easy to use.
Same here. Closed with LenderFi last week. I would not mind going back to Mr Cooper at all. Their web site is good and the few times I contacted them they were friendly and did what I requested without a problem.
Thanks all. My 1st payment (snail mailed to LenderFi) for the 11/1 payment finally posted yesterday, and I got a note from them with the letter formally informing me of the transfer to Mr. Cooper. Interestingly, the letter was dated 9/24 (which I had never seen before, indicating to me that Lenderfi's servicing operations and communications are simply way behind).

In any event, the letter I received yesterday had the new account number for Mr. Cooper, and I was able to get setup online right away last night. As you say, the site looks very clean and easy to use, so I'm pleased to see that. My escrow balance and loan balance at Mr. Cooper properly reflects my 11/1 payment sent to LenderFi, so everything seems to be in order.

So I guess to close my commentary on LenderFi, the vast majority of the refi process with them was entirely painless, with the only minor hiccups coming post-close with the poor communications around servicing of the first payment and transfer to a new servicer.
intendi
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Re: My LenderFi refinance is going well

Post by intendi »

Good news from LenderFi:

I’m helping Ryan with these issues. Thank you for reaching out, we heard this issue from some of customers and finally got to the bottom of the issue today. We determined the previous collection platform did indeed receive your payment, unfortunately they have a control process that slowed down their forwarding to our current platform.

Here’s what it means to you: I confirmed your payment was received and is on a list of payments that are being forwarded to our new platform. Our serving department is posting the payments right now and hope to be complete in the next day or so, although tomorrow is a holiday. Once posted your payment will reflect on the website and you will be able to schedule future automatic payments. We are also expecting that you will soon be able to see your payment history and all your documents and communications on-line, as you can imaging it’s a huge data file that takes some time to run, I’m told they are running continuously and will show up soon.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

Update:

We closed on 10/14 and a few days ago I received noticed that Fannie Mae is now our lender. Servicing is still with Lenderfi. I'm bummed, I was hoping to go to a bank with a better web experience but as far as I can tell, Lenderfi's new portal doesn't seem too bad. All I care about is viewing payment history, ability to make additional payments towards principal and being able to initiate a payment without having to set up automatic payment each month.
tato2017
Posts: 5
Joined: Wed Sep 27, 2017 3:34 pm

Re: My LenderFi refinance is going well

Post by tato2017 »

Eurookat wrote: Tue Nov 10, 2020 11:16 pm Update:

We closed on 10/14 and a few days ago I received noticed that Fannie Mae is now our lender. Servicing is still with Lenderfi. I'm bummed, I was hoping to go to a bank with a better web experience but as far as I can tell, Lenderfi's new portal doesn't seem too bad. All I care about is viewing payment history, ability to make additional payments towards principal and being able to initiate a payment without having to set up automatic payment each month.
Their new platform is good enough, You can make one time payments or schedule etc. Big improvement from the old one portal for sure.
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

Eurookat wrote: Tue Nov 10, 2020 11:16 pm Update:

We closed on 10/14 and a few days ago I received noticed that Fannie Mae is now our lender. Servicing is still with Lenderfi. I'm bummed, I was hoping to go to a bank with a better web experience but as far as I can tell, Lenderfi's new portal doesn't seem too bad. All I care about is viewing payment history, ability to make additional payments towards principal and being able to initiate a payment without having to set up automatic payment each month.
Similar situation here. Closed on 9/23, and a few days ago got a letter that Freddic Mac bought our loan on 10/7. Servicer is listed as TMS. Agree that the LenderFi portal is easy to use so far. My experience with TMS phone support so far (1 data point) has been fine - I had a question about when to expect my first recurring payment to be withdrawn from my checking account and then post to the LF portal, given that the payment date landed on a weekend. Rep provided a clear answer.
iceman68
Posts: 23
Joined: Sat Aug 02, 2008 9:24 am

Re: My LenderFi refinance is going well

Post by iceman68 »

I notice that when I input my home value, requested loan amount, etc., on LenderFi's website in order to get a quote for a refinance, the fees in their quote include owner's title coverage under "Other Fees." I already have an owner's title policy that I purchased when I bought my home years ago. Does LenderFi really make you buy a new policy? That seems completely unnecessary, and at $1,679, not cheap. (Note that I am NOT talking about their fee for lender's title coverage, which I would expect to pay with any refinance.)
Silk McCue
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Re: My LenderFi refinance is going well

Post by Silk McCue »

iceman68 wrote: Thu Nov 12, 2020 5:15 pm I notice that when I input my home value, requested loan amount, etc., on LenderFi's website in order to get a quote for a refinance, the fees in their quote include owner's title coverage under "Other Fees." I already have an owner's title policy that I purchased when I bought my home years ago. Does LenderFi really make you buy a new policy? That seems completely unnecessary, and at $1,679, not cheap. (Note that I am NOT talking about their fee for lender's title coverage, which I would expect to pay with any refinance.)
They do not require you to purchase owner's title coverage.

Cheers
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