My LenderFi refinance is going well

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Wyodoc
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Re: My LenderFi refinance is going well

Post by Wyodoc » Thu Mar 05, 2020 9:24 pm

eltron wrote:
Thu Mar 05, 2020 9:16 pm
Wyodoc wrote:
Thu Mar 05, 2020 8:14 pm
I find this thread intriguing as there are some people with great experiences and some with bad communication experiences.
On Monday I applied for a 15yr fixed at 2.5%. Got my confirmation email and that my loan officer would be in touch within 1 business day. Waited 2 days and then left a message and an email. Today, day 3, left another message. Still no call or email back :confused

Makes one nervous to do business with a company you can’t get in touch with and they don’t return calls/emails...
Curious, what were your fees like to get that rate? I'm currently sitting on a 15 year note at 3.125% so I've been hesitant to jump. But dropping to 2.5% is getting awfully close to being worth it. I've also considered moving to a 10 year note if I can get a better rate and/or less fees to get there. But on their website I'm not seeing an option below 3% with my current mortgage.
It was 2.25% with about 5k down. Made it 2.42 APR I believe. I just bought a house 6 months ago with 15yr at 3.25 so for me definitely worth the 5k down now to save 180/month, 20k in interest, make up the 5k in under 3yrs.

Although I have not heard anything back for 3 days so not sure if this is the real deal or what’s going on...

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Fri Mar 06, 2020 11:02 am

I closed on my LenderFi refinance yesterday. Originally I was going to owe some money at closing but I ended up getting money back. I wasn't happy about paying for an appraisal but now I'm glad we did. Our home value went up 18% since we built the house 2-1/2 years ago.

I keep seeing headlines today saying mortgage rates are the lowest ever, but checking today's offerings they are worse than when I applied in early February. If rates drop later this year I may do this all over again. :D

BergeronsBuddies
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Re: My LenderFi refinance is going well

Post by BergeronsBuddies » Fri Mar 06, 2020 12:45 pm

Has anyone tried contacting them lately?

I cannot get a hold of them to get my authorization code to fill out my paperwork.

They must be swamped? Still, they need someone to answer the phone.

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hand
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Re: My LenderFi refinance is going well

Post by hand » Fri Mar 06, 2020 12:51 pm

BergeronsBuddies wrote:
Fri Mar 06, 2020 12:45 pm
Has anyone tried contacting them lately?

I cannot get a hold of them to get my authorization code to fill out my paperwork.

They must be swamped? Still, they need someone to answer the phone.
Authorization code may be your zip code...

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Fri Mar 06, 2020 12:54 pm

hand wrote:
Fri Mar 06, 2020 12:51 pm
Authorization code may be your zip code...
Yep, mine was.

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Fri Mar 06, 2020 1:13 pm

BergeronsBuddies wrote:
Fri Mar 06, 2020 12:45 pm
Has anyone tried contacting them lately?

I cannot get a hold of them to get my authorization code to fill out my paperwork.

They must be swamped? Still, they need someone to answer the phone.
Concur with others. It's your zip.

BergeronsBuddies
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Re: My LenderFi refinance is going well

Post by BergeronsBuddies » Fri Mar 06, 2020 1:16 pm

You guys are great. That worked. How long after you signed the closing docs were you able to lock a rate?

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Fri Mar 06, 2020 1:17 pm

BergeronsBuddies wrote:
Fri Mar 06, 2020 1:16 pm
You guys are great. That worked. How long after you signed the closing docs were you able to lock a rate?
I locked immediately when I applied in early Feb. Closed a month later.

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drive2snow
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Re: My LenderFi refinance is going well

Post by drive2snow » Fri Mar 06, 2020 1:43 pm

LenderFi acted on our application about 5 days after I submitted it. It's been almost a week since the last communication and things haven't moved forward (no rate lock). No responses when I've reached out to them. I'll give them a few more days, but I'm starting to feel like we may have to move on to another lender.

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Fri Mar 06, 2020 2:48 pm

It took LenderFi about 3 days to get back to my initial inquiry, but once connecting with the agent this morning, it only took about 30 minutes to officially lock in the rate. He says the system has been acting wonky so it was difficult to process the application, he had to exit and re-enter his program several times. I felt bad for the guy as he said he's been overwhelmed all week long and I could hear it in his voice.

At any rate, he beat all the other lender contenders with a 20-year @ 3.125%, at ZERO cost. Since I'm 10 years into my 30yr @ 4.0%, the endgame stays the same but I'll be saving $120/mo in payment, and lowering annual interest by over $2,000 (which was my primary goal).

All necessary docs have been signed and uploaded so we'll see what happens from here.

batpot
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Re: My LenderFi refinance is going well

Post by batpot » Fri Mar 06, 2020 3:16 pm

drive2snow wrote:
Fri Mar 06, 2020 1:43 pm
LenderFi acted on our application about 5 days after I submitted it. It's been almost a week since the last communication and things haven't moved forward (no rate lock). No responses when I've reached out to them. I'll give them a few more days, but I'm starting to feel like we may have to move on to another lender.
Call your agent.

They're swamped right now. If he knows you're serious, he'll be more responsive.

Momus
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Re: My LenderFi refinance is going well

Post by Momus » Fri Mar 06, 2020 3:18 pm

Not doing anything yet. Loan at 3.125% 30 yrs in 2013 (what I have), and 2.5% for 15 yrs back then. It's still not worth it to refinance for me... I think we might see another 0.5-0.75% rate drop later this yr.

batpot
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Re: My LenderFi refinance is going well

Post by batpot » Fri Mar 06, 2020 3:36 pm

Momus wrote:
Fri Mar 06, 2020 3:18 pm
I think we might see another 0.5-0.75% rate drop later this yr.
based on what?
Worsening effects of corona?
Monkey Pox?
Bernie as president?

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Fri Mar 06, 2020 5:30 pm

Tim_in_GA wrote:
Fri Mar 06, 2020 1:17 pm
I locked immediately when I applied in early Feb. Closed a month later.
Good to know. Was there any communication during the month? I'm feeling anxious about just waiting around.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Fri Mar 06, 2020 5:31 pm

kinless wrote:
Fri Mar 06, 2020 2:48 pm
I felt bad for the guy as he said he's been overwhelmed all week long and I could hear it in his voice.
Definitely, mine too. I'm also in SoCal, wonder if we talked to the same guy.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

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Tim_in_GA
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Re: My LenderFi refinance is going well

Post by Tim_in_GA » Fri Mar 06, 2020 6:52 pm

mega317 wrote:
Fri Mar 06, 2020 5:30 pm
Tim_in_GA wrote:
Fri Mar 06, 2020 1:17 pm
I locked immediately when I applied in early Feb. Closed a month later.
Good to know. Was there any communication during the month? I'm feeling anxious about just waiting around.
Not a lot of communication. A couple weeks went by, then I heard from the appraiser. Then nearly 2 weeks went by and suddenly I’m closing.

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Fri Mar 06, 2020 7:35 pm

Those of you who have applied last week... have you been requested to submit all the typical documentation yet (copies of w2s, paychecks, bank statements, proof of employment, etc etc)?

I applied online Thursday last week, e-signed a large number of documents Friday, rate locked verbally Saturday, received & e-signed the written rate lock confirmation Wednesday, and it's been crickets since... Lenders I've worked with in the past were always like hawks trying to get my to upload documents ASAP so they can get through underwriting.

I see the page where they let me upload these documents but i haven't yet received any instructions to do so...

as9
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Re: My LenderFi refinance is going well

Post by as9 » Fri Mar 06, 2020 7:40 pm

I applied Monday, uploaded all the docs, exchanged a few messages and now have not heard anything since Monday night. I assume they are swamped — will try calling on Monday.

surfstar
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Re: My LenderFi refinance is going well

Post by surfstar » Fri Mar 06, 2020 8:00 pm

batpot wrote:
Fri Mar 06, 2020 3:36 pm
Momus wrote:
Fri Mar 06, 2020 3:18 pm
I think we might see another 0.5-0.75% rate drop later this yr.
based on what?
Worsening effects of corona?
Potentially. The economic impact/slowdown hasn't truly hit the US yet, and it might not be "priced in" to the market. Also someone keeps pushing for 0 or negative rates and they seem to keep heading that way.

kinetic2255
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Re: My LenderFi refinance is going well

Post by kinetic2255 » Fri Mar 06, 2020 9:50 pm

I applied last week and received my request for a 15 year @2.75 with a loan estimate for a 30 year. I emailed the lender, he emailed back quickly and resent the correct forms. I had some other questions and left two messages. I then emailed. He responded via email apologized and told me two coworkers were out on vacation. Before I could lock, the rates increased to 3%.

So then I called my current lender, typically .25 to .50 more than lenderfi, and told them about the 2.75 rate, they ended up sending me a loan estimate for 2.875. When I went to lock, the rate went down to 2.75 with a one-time downward float. Locked yesterday.

Overall I was willing to go with LenderFi but I just think that they were really overwhelmed. Probably because of this thread :mrgreen:

Wings5
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Re: My LenderFi refinance is going well

Post by Wings5 » Fri Mar 06, 2020 9:59 pm

Applied Thursday morning. Just spoke to a live person today and locked in 25 years at 3.125% with no closing costs. Original online quote was 25 years at 3.25% with $2500 closing costs. This is for Texas.

Seemed very easy to work with once they're on the phone.

frankandbeans
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Re: My LenderFi refinance is going well

Post by frankandbeans » Fri Mar 06, 2020 10:21 pm

Just locked with them for 3.125/30 with a $1000 credit toward closing costs. They were hard to reach this week, but that's understandable given what I imagine the refi pipeline looks like right now with them undercutting the competition pretty substantially (at least in my scenario).

as9
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Re: My LenderFi refinance is going well

Post by as9 » Sat Mar 07, 2020 7:56 pm

as9 wrote:
Fri Mar 06, 2020 7:40 pm
I applied Monday, uploaded all the docs, exchanged a few messages and now have not heard anything since Monday night. I assume they are swamped — will try calling on Monday.
Got an update from them today to say how busy they are and they are working 7 days a week to catch up. Also, got an email that says this:
Given the unprecedented number of homeowners trying to refinance right now due to the low rates, it is taking us longer than usual to call everyone right back.

Due to the slight delay, we will be giving everyone special pricing not shown on our website if you already had your credit pulled.

We don't think you should miss out on these great rates due to such a high volume of requests, so we are going to make it right.
We'll see what happens.

Triple digit golfer
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Re: My LenderFi refinance is going well

Post by Triple digit golfer » Sat Mar 07, 2020 8:08 pm

Their home page says they are not taking on any new applications.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Sun Mar 08, 2020 11:59 am

Triple digit golfer wrote:
Sat Mar 07, 2020 8:08 pm
Their home page says they are not taking on any new applications.
I saw that last night. I hope I didn't miss the boat, the published rates at Ally Bank appear to have gone up from a few days ago too.

SEAworld9
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Re: My LenderFi refinance is going well

Post by SEAworld9 » Tue Mar 10, 2020 1:04 am

i applied on 3/2 with all required docs, they did the hard pull on our credit, got the "conditional approval" - and out of now 11 messages in the online dashboard, 4 emails, and 4 phone calls i haven't received any response back from them throughout this whole process. can't lock anything... can't even get anyone to talk to me.

primetime
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Re: My LenderFi refinance is going well

Post by primetime » Tue Mar 10, 2020 3:44 am

Lender fi isn’t accepting any applications, so
I went with loandepot and the rate they showed me is just after sign up and credit pull is higher than what my current lender wells fargo offered for a refinance.

Tribonian
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Re: My LenderFi refinance is going well

Post by Tribonian » Tue Mar 10, 2020 3:27 pm

Thanks to this board, I applied March 5, got an automatic e-mail reply acknowledging submission. On Friday, March 8, got a mass e-mail from company president stating they were closing the application portal until they could catch up. Heard from them yesterday and was able to lock 15 yr fixed, no points, appraisal waived, & almost enough lender credits to cover recording fees etc. Terms, including rate were better than last published (2.625).

I was warned in advance that underwriting is too busy to respond to e-mails, so we’ve submitted required docs and awaiting word. Will update, but impressed so far.

jackson313
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Re: My LenderFi refinance is going well

Post by jackson313 » Tue Mar 10, 2020 6:57 pm

Closed today on 25y fixed at 3.25%, $0 to close (aside from funding new escrow). Great experience. Closing agent was seemingly blown away with the terms and the amount of lender credits applied. Maybe they always do that.

Submitted application on 2/12 so full process took ~ 4 weeks with minimal effort. 10/10 would refi again.

millscd63
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Re: My LenderFi refinance is going well

Post by millscd63 » Tue Mar 10, 2020 10:01 pm

It sounds like my experience with Lenderfi has been very similar to everyone else’s. I submitted an application last Wednesday for a 30 year at 2.875 with half a point. I sent several messages and didn’t hear anything back until Saturday night. Ryan called me and apologized that they have been running behind and offered to honor the 2.875 rate with only .25 points. He seemed very genuine and you could tell he was working hard to get caught up. He also said that underwriting is slammed so it may be a while before I hear anything back, but he was confident he could get it closed in 30 days. I’m cautiously optimistic.

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Tue Mar 10, 2020 10:05 pm

jackson313 wrote:
Tue Mar 10, 2020 6:57 pm
Submitted application on 2/12 so full process took ~ 4 weeks with minimal effort.
This makes me a little nervous. How long was your lock? Mine 30 days.
millscd63 wrote:
Tue Mar 10, 2020 10:01 pm
Ryan called me and apologized
The president of the company? wow
https://www.bogleheads.org/forum/viewtopic.php?t=6212

millscd63
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Re: My LenderFi refinance is going well

Post by millscd63 » Tue Mar 10, 2020 10:22 pm

millscd63 wrote:
Tue Mar 10, 2020 10:01 pm
Ryan called me and apologized
The president of the company? wow
[/quote]

Yeah, I didn’t even realize it was his company until he sent out that email the next day explaining the situation. I was impressed!

crit
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Re: My LenderFi refinance is going well

Post by crit » Tue Mar 10, 2020 10:46 pm

I applied at LenderFi on Friday, so "in before the lock", but I didn't upload any docs? And they won't have been able to check my credit because it's locked down. So we'll see if I get my 15-year at 2.25 (LTV 60%, excellent credit, state of PA).

primetime
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Re: My LenderFi refinance is going well

Post by primetime » Tue Mar 10, 2020 11:11 pm

crit wrote:
Tue Mar 10, 2020 10:46 pm
I applied at LenderFi on Friday, so "in before the lock", but I didn't upload any docs? And they won't have been able to check my credit because it's locked down. So we'll see if I get my 15-year at 2.25 (LTV 60%, excellent credit, state of PA).
What's the actual APR? How much total due at closing? Total amount being refinanced? That rate is exceptional, did you have to buy it down?

I'm in Ohio and was just quoted 2.877 (LTV 54%) on a 15 year 151500 refinance on excellent credit and the APR is 2.91 as I'm told I only need to bring $350 at closing + whatever the per diem is to pay off the loan ($0-$535 depends on day of close), not strings attached, no hidden fees, able to leave tax out of the escrow. I'll save what looks like $20k in interest over the course of 15 years assuming I stay in the house that long and don't pay it off early. I have 15 years left on the current loan at 4.25%

crit
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Re: My LenderFi refinance is going well

Post by crit » Wed Mar 11, 2020 12:19 am

Loan is 210k. Can't remember the APR, but it was about $5k to get it down to 2.25, no-cost was 2.6ish? I should have screenshot the page, obvs. But this would break even in about a year, and save us 50k over the loan we have now, 6 years into 3.44. we'll see, and wait if we must.

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hand
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Re: My LenderFi refinance is going well

Post by hand » Wed Mar 11, 2020 9:30 am

crit wrote:
Tue Mar 10, 2020 10:46 pm
I applied at LenderFi on Friday, so "in before the lock", but I didn't upload any docs? And they won't have been able to check my credit because it's locked down. So we'll see if I get my 15-year at 2.25 (LTV 60%, excellent credit, state of PA).
I would proactively unlock credit for all three bureaus if I were you. A credit check will obviously be required and it will likely be to your detriment if you make the process more complicated and time consuming for the already overtaxed processors. Seems like an easily preventable way to be moved to the bottom of the pile.

FreemanB
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Re: My LenderFi refinance is going well

Post by FreemanB » Wed Mar 11, 2020 10:18 am

I don't seem to be having the same experience as most others here. I applied for a refinance on Feb 27th and got the automated "Conditional Approval", but no lock and no other response. That evening, I uploaded all of the documents required. Later the next day, I got the email others have mentioned stating they were extremely busy. Since then, I haven't heard anything. On Friday morning(After they would have been open), March 6th, I called, got the "All operators busy" recording, and left a message asking for an update. On Monday afternoon, I called again, spoke to someone who took my contact information and said I would hear back by the end of the day. Late Tuesday afternoon, after still hearing nothing, I called again. This time I was told I would get some documents/disclosures to sign and receive a call if anything was needed, by the end of the day. Now it is Wednesday, March 11th, almost two weeks to the day since I applied, and I still haven't been contacted, there's been zero feedback/movement/anything. I've started looking around at other loan options at this point.

From other posts on here, people who applied a week after I did have already gotten responses and rate locks.(Probably based on location more than anything else, but just guessing) Meanwhile, I've been told twice I would be contacted that day and still nothing. Definitely not inspiring confidence.

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Wed Mar 11, 2020 11:17 am

FreemanB wrote:
Wed Mar 11, 2020 10:18 am
From other posts on here, people who applied a week after I did have already gotten responses and rate locks.
Yes for me it was 1 day until a phone call and 3 until a lock. As I said earlier in this thread or maybe another one, the loan officer told me he accidentally bumped me up the line. I assumed this wasn't true and my profile was favorable for some reason. 600k, 65% LTV, Socal. But maybe he really did just click wrong, or accidentally sorted his email in ascending rather then descending date or whatever.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

kski74
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Re: My LenderFi refinance is going well

Post by kski74 » Wed Mar 11, 2020 7:12 pm

drive2snow wrote:
Fri Mar 06, 2020 1:43 pm
LenderFi acted on our application about 5 days after I submitted it. It's been almost a week since the last communication and things haven't moved forward (no rate lock). No responses when I've reached out to them. I'll give them a few more days, but I'm starting to feel like we may have to move on to another lender.
Same experience. Only lender not to get back to me within 24 hours of application. Rates shot up 0.5% since I applied so not super happy. Been 36 hours and two messages to LenderFi and no answer. Frustrated.

wootwoot
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Re: My LenderFi refinance is going well

Post by wootwoot » Wed Mar 11, 2020 9:44 pm

kski74 wrote:
Wed Mar 11, 2020 7:12 pm
drive2snow wrote:
Fri Mar 06, 2020 1:43 pm
LenderFi acted on our application about 5 days after I submitted it. It's been almost a week since the last communication and things haven't moved forward (no rate lock). No responses when I've reached out to them. I'll give them a few more days, but I'm starting to feel like we may have to move on to another lender.
Same experience. Only lender not to get back to me within 24 hours of application. Rates shot up 0.5% since I applied so not super happy. Been 36 hours and two messages to LenderFi and no answer. Frustrated.
I wouldn't be happy either but the refi business is crazy right now. I've been watching rates and want to refi my home but can't find anywhere that will even entertain a fair rate. Most lenders are pushing high rates to slow down new business from coming in. So if anything feel happy that you got in when you did.

Spin
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Re: My LenderFi refinance is going well

Post by Spin » Thu Mar 12, 2020 3:15 am

Can you switch lenders on a refinance after signing an Intent to Proceed? That page in the loan docs from LenderFI says the Intent to Proceed is simply an acknowledgment that you’ve received the documents.

If this is allowable what’s the process? I’m assuming we could simply notify the loan officer that we’ve chosen not to proceed with a refinance through their company.

frankandbeans
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Re: My LenderFi refinance is going well

Post by frankandbeans » Thu Mar 12, 2020 6:11 am

Yes, just letting the LO know should be fine. If you back out post-lock it's possible you could be on the hook for some third party fees incurred, but if you're not even there yet then it doesn't really matter at all.

e5116
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Re: My LenderFi refinance is going well

Post by e5116 » Thu Mar 12, 2020 10:45 am

I just closed with LenderFi yesterday. Went from 30-year 3.625% to 25-year 3.125% (no cost, lender credits covered fees, appraisal waived). Initially applied on 2/14, so took almost a month and closed two days before lock expired. Overall, I'd say they did a good job and would recommend. When they got super busy it was sometimes hard to get ahold of somebody and would take a couple days, but my LO and LP were both very friendly and tried to be responsive when they could. When I applied, I actually got a call within a couple hours on the same day. Probably one hour after I uploaded my docs.

They did send me an incorrect closing disclosure towards the end, so it's definitely important to check the numbers...The payoff of the existing loan was wrong based on a payment that had just been disbursed which hadn't been incorporated, and the loan amount was slightly off too. They updated it quickly though. My loan got sold to Wells Fargo. My current loan is with Wells Fargo, so a bit silly, but WF wouldn't give me a competitive rate....

I will also add that the signing agent that the title company sent indicated that because LenderFi is based out of California, they have way more forms to sign than a typical shop. Not sure if that's true or not, but what I was told. There were a LOT of signatures to be had. On the documentation side though, they were pretty easy and seamless. No questions or follow-ups after I submitted my documents to their site. Perhaps an email or two for a couple other easy things to provide.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Thu Mar 12, 2020 4:39 pm

Spin wrote:
Thu Mar 12, 2020 3:15 am
Can you switch lenders on a refinance after signing an Intent to Proceed? That page in the loan docs from LenderFI says the Intent to Proceed is simply an acknowledgment that you’ve received the documents.

If this is allowable what’s the process? I’m assuming we could simply notify the loan officer that we’ve chosen not to proceed with a refinance through their company.
Yes. You have a 3 business day rescission period post-closing to cancel the whole transaction.

https://www.consumerfinance.gov/ask-cfp ... rt-en-187/
frankandbeans wrote:
Thu Mar 12, 2020 6:11 am
Yes, just letting the LO know should be fine. If you back out post-lock it's possible you could be on the hook for some third party fees incurred, but if you're not even there yet then it doesn't really matter at all.
Supposedly borrower is NOT on the hook for all/most fees associated with the transaction.

https://www.consumerfinance.gov/policy- ... 26/23/#d-1

Refer to Official interpretation of Paragraph 23(d)(2)
1. Refunds to consumer. The consumer cannot be required to pay any amount in the form of money or property either to the creditor or to a third party as part of the credit transaction. Any amounts of this nature already paid by the consumer must be refunded. “Any amount” includes finance charges already accrued, as well as other charges, such as broker fees, application and commitment fees, or fees for a title search or appraisal, whether paid to the creditor, paid directly to a third party, or passed on from the creditor to the third party. It is irrelevant that these amounts may not represent profit to the creditor.

2. Amounts not refundable to consumer. Creditors need not return any money given by the consumer to a third party outside of the credit transaction, such as costs incurred for a building permit or for a zoning variance. Similarly, the term any amount does not apply to any money or property given by the creditor to the consumer; those amounts must be tendered by the consumer to the creditor under § 1026.23(d)(3).
I just refi recently and rate had drop .25%. Decided to proceed with closing instead of invoking the right of rescission to avoid burning bridges with lender (very professional and responsive throughout the process) and my title company which I used a couple of times.

BlackcatCA
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Re: My LenderFi refinance is going well

Post by BlackcatCA » Thu Mar 12, 2020 9:17 pm

e5116 wrote:
Thu Mar 12, 2020 10:45 am
I just closed with LenderFi yesterday. Went from 30-year 3.625% to 25-year 3.125% (no cost, lender credits covered fees, appraisal waived). Initially applied on 2/14, so took almost a month and closed two days before lock expired. Overall, I'd say they did a good job and would recommend. When they got super busy it was sometimes hard to get ahold of somebody and would take a couple days, but my LO and LP were both very friendly and tried to be responsive when they could. When I applied, I actually got a call within a couple hours on the same day. Probably one hour after I uploaded my docs.
I have almost the same experience and very pleased with LenderFi overall.

My timeline:
2/13 Searched for rates, connected with a LO via text and asked some questions
2/14 Applied formally. Within 1 hr, the LO called and quoted a lower rate than the ones from the search (15 yr fixed, 2.865%, no cost at closed actually $60 credit back). Signed prelock documents.
2/15 Signed rate lock disclosure (I had a question, called and left a message. The LO called back within 30 min... it was Saturday!)
Week of 2/16. Got various notices to upload documents. Straight forward from their secured site.
Week of 2/23. Rates dived, heard nothing.
First week March, decided to email and asked where we were. Added a soft ask to see if rates could adjust down.
Next day: got polite email saying that rates won’t change. No problem.
2 days later: Got a revised closing document with a pleasant surprise: they revised the rate down to 2.625%. Happily signed.
Monday: mobile notary showed up at appointed time and closed the refinance in 35 minutes.
Next? Supposedly a post-close person will be in touch, but havent heard anything yet.

Overall this was a very pleasant experience, much easier than I had dreaded for over a year. I will do another refinance with them for sure. Note I couldnt find any language that they will claw back the lender credits if refinance within 6 months, and nobody mentioned it. It would be hard to get better rate though (I do hope the economy recovers soon for everyone’s sakes).

crit
Posts: 513
Joined: Mon Jan 05, 2015 12:54 pm

Re: My LenderFi refinance is going well

Post by crit » Thu Mar 12, 2020 11:19 pm

I unlocked my credit, but have heard nothing and read that rates have gone up so I'd guess I did not win the dice roll here.

rv26
Posts: 13
Joined: Fri Apr 12, 2019 2:49 pm

Re: My LenderFi refinance is going well

Post by rv26 » Sat Mar 14, 2020 9:52 am

For those who have refinanced with LenderFi and had their loan sold to Wells Fargo, how long did it take to get setup to make payments? I closed on 2/25 and haven't received any payment instructions yet.

keith6014
Posts: 288
Joined: Thu Jan 02, 2014 11:58 pm

Re: My LenderFi refinance is going well

Post by keith6014 » Sun Mar 15, 2020 8:52 am

BlackcatCA wrote:
Thu Mar 12, 2020 9:17 pm
e5116 wrote:
Thu Mar 12, 2020 10:45 am
I just closed with LenderFi yesterday. Went from 30-year 3.625% to 25-year 3.125% (no cost, lender credits covered fees, appraisal waived). Initially applied on 2/14, so took almost a month and closed two days before lock expired. Overall, I'd say they did a good job and would recommend. When they got super busy it was sometimes hard to get ahold of somebody and would take a couple days, but my LO and LP were both very friendly and tried to be responsive when they could. When I applied, I actually got a call within a couple hours on the same day. Probably one hour after I uploaded my docs.
I have almost the same experience and very pleased with LenderFi overall.

My timeline:
2/13 Searched for rates, connected with a LO via text and asked some questions
2/14 Applied formally. Within 1 hr, the LO called and quoted a lower rate than the ones from the search (15 yr fixed, 2.865%, no cost at closed actually $60 credit back). Signed prelock documents.
2/15 Signed rate lock disclosure (I had a question, called and left a message. The LO called back within 30 min... it was Saturday!)
Week of 2/16. Got various notices to upload documents. Straight forward from their secured site.
Week of 2/23. Rates dived, heard nothing.
First week March, decided to email and asked where we were. Added a soft ask to see if rates could adjust down.
Next day: got polite email saying that rates won’t change. No problem.
2 days later: Got a revised closing document with a pleasant surprise: they revised the rate down to 2.625%. Happily signed.
Monday: mobile notary showed up at appointed time and closed the refinance in 35 minutes.
Next? Supposedly a post-close person will be in touch, but havent heard anything yet.

Overall this was a very pleasant experience, much easier than I had dreaded for over a year. I will do another refinance with them for sure. Note I couldnt find any language that they will claw back the lender credits if refinance within 6 months, and nobody mentioned it. It would be hard to get better rate though (I do hope the economy recovers soon for everyone’s sakes).
I too got a revised closing document. Went from 3.35% to 3.25% for 25 year. Been 7 days and the most recent answer is "its being processed"....

Momus
Posts: 986
Joined: Tue Feb 21, 2012 9:23 pm

Re: My LenderFi refinance is going well

Post by Momus » Sun Mar 15, 2020 4:32 pm

batpot wrote:
Fri Mar 06, 2020 3:36 pm
Momus wrote:
Fri Mar 06, 2020 3:18 pm
I think we might see another 0.5-0.75% rate drop later this yr.
based on what?
Worsening effects of corona?
Monkey Pox?
Bernie as president?
What did I say :twisted: https://twitter.com/nytimes/status/1239 ... 0923602945

I wonder what mortgage interest we will have tomorrow.

User avatar
Kosmo
Posts: 1303
Joined: Wed Sep 05, 2012 11:54 am
Location: Philadelphia

Re: My LenderFi refinance is going well

Post by Kosmo » Sun Mar 15, 2020 4:48 pm

I submitted an application and all requested documents about 3 weeks ago. I've had 0 contact with anyone. No responses to emails or phone messages. I have no idea what's going on. So I'm getting pretty angry about it.

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