My LenderFi refinance is going well

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dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Mon Apr 06, 2020 6:24 pm

Berean wrote:
Sun Apr 05, 2020 6:56 am

I just got a quote on the Lender Fi website. The best offer was a 15-year fixed at 2.5%. My new monthly P&I would be $1,020 but at the cost of a whopping $7,557 in costs and fees. No way I am paying that much up front to lower my payment by only $80.

Is there any way to get them to significantly reduce the costs and fees?
They usually give you a range of options so you can choose lowest APR or lowest out of pocket or in the middle. But, their rates are still weird right now. I just closed maybe 10 days ago on a Lenderfi 30 year @ 2.875% with a credit to me. Right now the best rate their site shows me for 30 years with no fees is like 4.75%.

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mister_sparkle
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Re: My LenderFi refinance is going well

Post by mister_sparkle » Mon Apr 06, 2020 7:53 pm

mister_sparkle wrote:
Wed Mar 25, 2020 9:36 pm
Applied on 3/2 but they went radio silent due to the crush of applications.

Got an update on 3/23: "The Fed announced that it would start unlimited bond buying which should bring the rates back down. If we can wait a few days I would love to lock you in at the rate you applied."

So, here I am, waiting a few days and hoping for the best. :|
I locked in a 3.125%/30-year refi today, which is a huge relief. I was beginning to think it wasn't gonna happen, especially after watching rates rise again.

Lopped off 1/2 a point at a net cost of zero. Not too shabby. :sharebeer

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Mon Apr 06, 2020 8:46 pm

weird. my rate lock expires tomorrow and i haven't heard anything/had any updates in a while. sent a couple of emails but haven't gotten a response. wonder what's going on?

bandoba
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Re: My LenderFi refinance is going well

Post by bandoba » Mon Apr 06, 2020 9:31 pm

mister_sparkle wrote:
Mon Apr 06, 2020 7:53 pm

I locked in a 3.125%/30-year refi today, which is a huge relief. I was beginning to think it wasn't gonna happen, especially after watching rates rise again.

Lopped off 1/2 a point at a net cost of zero. Not too shabby. :sharebeer

I saw 3.125 yesterday and today it was gone, but looks like it was available to since you could lock in?

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Mon Apr 06, 2020 10:41 pm

booboo1234 wrote:
Mon Apr 06, 2020 8:46 pm
weird. my rate lock expires tomorrow and i haven't heard anything/had any updates in a while. sent a couple of emails but haven't gotten a response. wonder what's going on?
Mine expired yesterday and I still haven’t heard anything, even after sending a follow-up email this morning. It’s been in processing for over 2 weeks. You’re not alone.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Mon Apr 06, 2020 10:44 pm

kinless wrote:
Mon Apr 06, 2020 10:41 pm
booboo1234 wrote:
Mon Apr 06, 2020 8:46 pm
weird. my rate lock expires tomorrow and i haven't heard anything/had any updates in a while. sent a couple of emails but haven't gotten a response. wonder what's going on?
Mine expired yesterday and I still haven’t heard anything, even after sending a follow-up email this morning. It’s been in processing for over 2 weeks. You’re not alone.
when did you lock your rate? and when did you get your rate lock disclosure?

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Mon Apr 06, 2020 11:00 pm

booboo1234 wrote:
Mon Apr 06, 2020 10:44 pm
when did you lock your rate? and when did you get your rate lock disclosure?
Locked in a 20-year @ 3.125%, zero cost, for 30 days starting March 6th. Signed everything the same day. There’s been no hang ups on my end.

Didn’t need an appraisal and estimated a 24-day turnaround with their load at the time, but obviously it’s exceeded that. I already warned them halfway through the lock I’d back out if they couldn’t keep the rate. I get they’re probably still slammed but their communication could be far better.
Last edited by kinless on Mon Apr 06, 2020 11:08 pm, edited 1 time in total.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Mon Apr 06, 2020 11:04 pm

kinless wrote:
Mon Apr 06, 2020 11:00 pm
booboo1234 wrote:
Mon Apr 06, 2020 10:44 pm
when did you lock your rate? and when did you get your rate lock disclosure?
Locked in a 20-year @ 3.125%, zero cost, for 30 days starting March 6th. Signed everything the same day. There’s been no hang ups on my end.

Didn’t need an appraisal and estimated a 24-day turnaround with their load at the time, but obviously it’s exceeded that. I already warned them I’d back out if they couldn’t keep the rate. I get they’re probably still slammed but their communication could be far better.
yeah i locked a couple of days after you did. please let me know if you hear anything.

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Tue Apr 07, 2020 10:55 am

Closed today.
3.125% 30 year jumbo with lender credits to cover most of the closing (minus appraisal, which I did not get waived)

2/27 application
3/2 lock
4/7 close

The periods of lack of communication were unnerving at times. When they did ask for something or had a question, they were super responsive and available. Also, the few days leading up to closing had a bunch of communication back and forth.

Besides that issue, I felt they were very professional and did a good job.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Tue Apr 07, 2020 11:04 am

bluebolt wrote:
Tue Apr 07, 2020 10:55 am
Closed today.
3.125% 30 year jumbo with lender credits to cover most of the closing (minus appraisal, which I did not get waived)

2/27 application
3/2 lock
4/7 close

The periods of lack of communication were unnerving at times. When they did ask for something or had a question, they were super responsive and available. Also, the few days leading up to closing had a bunch of communication back and forth.

Besides that issue, I felt they were very professional and did a good job.
question. when did you get your "conditionally approved" email?

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Tue Apr 07, 2020 11:36 am

booboo1234 wrote:
Tue Apr 07, 2020 11:04 am
bluebolt wrote:
Tue Apr 07, 2020 10:55 am
Closed today.
3.125% 30 year jumbo with lender credits to cover most of the closing (minus appraisal, which I did not get waived)

2/27 application
3/2 lock
4/7 close

The periods of lack of communication were unnerving at times. When they did ask for something or had a question, they were super responsive and available. Also, the few days leading up to closing had a bunch of communication back and forth.

Besides that issue, I felt they were very professional and did a good job.
question. when did you get your "conditionally approved" email?
Not seeing an email with that language. Moved to processing on 3/13 and to underwriting on 3/18.

booboo1234
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Re: My LenderFi refinance is going well

Post by booboo1234 » Tue Apr 07, 2020 1:51 pm

bluebolt wrote:
Tue Apr 07, 2020 11:36 am
booboo1234 wrote:
Tue Apr 07, 2020 11:04 am
bluebolt wrote:
Tue Apr 07, 2020 10:55 am
Closed today.
3.125% 30 year jumbo with lender credits to cover most of the closing (minus appraisal, which I did not get waived)

2/27 application
3/2 lock
4/7 close

The periods of lack of communication were unnerving at times. When they did ask for something or had a question, they were super responsive and available. Also, the few days leading up to closing had a bunch of communication back and forth.

Besides that issue, I felt they were very professional and did a good job.
question. when did you get your "conditionally approved" email?
Not seeing an email with that language. Moved to processing on 3/13 and to underwriting on 3/18.
thanks. i assume you had to get your rate lock extended? Did they mention anything to you about having to do that?

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Tue Apr 07, 2020 2:03 pm

booboo1234 wrote:
Tue Apr 07, 2020 1:51 pm
bluebolt wrote:
Tue Apr 07, 2020 11:36 am
booboo1234 wrote:
Tue Apr 07, 2020 11:04 am
bluebolt wrote:
Tue Apr 07, 2020 10:55 am
Closed today.
3.125% 30 year jumbo with lender credits to cover most of the closing (minus appraisal, which I did not get waived)

2/27 application
3/2 lock
4/7 close

The periods of lack of communication were unnerving at times. When they did ask for something or had a question, they were super responsive and available. Also, the few days leading up to closing had a bunch of communication back and forth.

Besides that issue, I felt they were very professional and did a good job.
question. when did you get your "conditionally approved" email?
Not seeing an email with that language. Moved to processing on 3/13 and to underwriting on 3/18.
thanks. i assume you had to get your rate lock extended? Did they mention anything to you about having to do that?
I mentioned it at one point and they said it wouldn't be a problem.

novice111
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Re: My LenderFi refinance is going well

Post by novice111 » Tue Apr 07, 2020 2:19 pm

Should i refinance my 3.125% mortgage with about $160k left on it? Lender FIshows me weird rates of 4.5%
i'm confused

itmaybejj
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Re: My LenderFi refinance is going well

Post by itmaybejj » Tue Apr 07, 2020 3:06 pm

novice111 wrote:
Tue Apr 07, 2020 2:19 pm
Should i refinance my 3.125% mortgage with about $160k left on it? Lender FIshows me weird rates of 4.5%
i'm confused
Rates are jumping all over on their site. My guess is they are quoting competitive rates until they have enough customers in the queue to keep them busy for a while, and then pressing a button to jack their quotes up to wave off applications for a while. Check back tomorrow.

As for "should" you refinance: only if the amount you save is worth the time spent pushing it through, or if another factor applies (e.g. you want cash out for home renovations, or want a different term to change how fast you are paying it off).

My advice is to play with a mortgage calculator that shows you monthly rate and total interest paid. Try different years and rates, see how they affect your monthly payment. Generally unless you are changing the term it takes a decent amount of difference in the interest rate to make it worthwhile; ~0.5% is not an uncommon "worth it" number. Folks who find refinancing fun might jump at less.

Once you find your "worth it" number, start idly watching. Mine hasn't been reached yet.

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Tue Apr 07, 2020 3:12 pm

booboo1234 wrote:
Mon Apr 06, 2020 11:04 pm
yeah i locked a couple of days after you did. please let me know if you hear anything.
Finally signed pre-closing disclosure documents today, but found several mistakes. They somehow added an extra property tax payment even though it was already paid off, and my loan was flagged as "roll-in costs" instead of paying off remainders at signing. So the loan amount was almost $10,000 higher than first stipulated. Had to get on them to fix those things and send a corrected form.

They also asked for copies of HOA insurance, which of course I understand but they should have asked for that weeks ago so I didn't have to scramble on the phone asking around for it. (I live under 2 associations)

Finally they're saying the rate lock desk is "working with borrowers" to extend the locks. Not sure what that means, but the pre-closing form I signed still has the agreed 3.125% rate even though we're days past the expiration.

novice111
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Re: My LenderFi refinance is going well

Post by novice111 » Tue Apr 07, 2020 8:24 pm

itmaybejj wrote:
Tue Apr 07, 2020 3:06 pm
novice111 wrote:
Tue Apr 07, 2020 2:19 pm
Should i refinance my 3.125% mortgage with about $160k left on it? Lender FIshows me weird rates of 4.5%
i'm confused
Rates are jumping all over on their site. My guess is they are quoting competitive rates until they have enough customers in the queue to keep them busy for a while, and then pressing a button to jack their quotes up to wave off applications for a while. Check back tomorrow.

As for "should" you refinance: only if the amount you save is worth the time spent pushing it through, or if another factor applies (e.g. you want cash out for home renovations, or want a different term to change how fast you are paying it off).

My advice is to play with a mortgage calculator that shows you monthly rate and total interest paid. Try different years and rates, see how they affect your monthly payment. Generally unless you are changing the term it takes a decent amount of difference in the interest rate to make it worthwhile; ~0.5% is not an uncommon "worth it" number. Folks who find refinancing fun might jump at less.

Once you find your "worth it" number, start idly watching. Mine hasn't been reached yet.
thanks, makes sense.

as9
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Re: My LenderFi refinance is going well

Post by as9 » Wed Apr 08, 2020 8:13 am

What happens if it doesn't close before the rate lock expiration? Do they extend it?

I'm in 'processing' and haven't heard anything or heard back from an email. Still have a couple weeks, but sounds like I may be waiting awhile longer.

adp89
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Re: My LenderFi refinance is going well

Post by adp89 » Wed Apr 08, 2020 12:28 pm

3/6/20: applied and received conditional approval and submitted documents that same day
3/9/20: rate locked until 4/7/20 at 30yr fixed for 3.25% with $1400 lender credits. no costs besides escrow/pre-paids). I was super happy with this rate as other lenders wanted to charge me one point to get 3.25%. I have a high balance loan (barely under 80%LTV -thank goodness for getting the appraisal waiver!). I was a little skeptical at this point because before allowing me to lock my rate they told me I had to cancel my rate lock with a competing lender which was a little stressful because I was only given a verbal rate lock from LenderFi and didn't get the written Loan Estimate showing Rate Lock until March 12.
3/25/20: File moved to processing
3/30/20: Closing Disclosure
4/7/20: Signed loan docs

Overall, I'm really glad I stumbled onto LenderFi when I did. The process was easy. There were some nerve wracking periods of no correspondence but they were always responsive to my emails/texts. Yay for saving money and no closing costs!

volfan88
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Re: My LenderFi refinance is going well

Post by volfan88 » Wed Apr 08, 2020 11:00 pm

I am looking at my closing documents and have some questions because we have never refinanced before.

1. It says rate lock and the box is checked no. Is that right?

2. Is seven months of taxes normal on a refinance for escrow?

Any other tips to look for in the docs.
Thanks
Volsfan88 | If oppurtunity doesn't knock, build a door!

millscd63
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Re: My LenderFi refinance is going well

Post by millscd63 » Sat Apr 11, 2020 5:45 am

millscd63 wrote:
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.
As a follow up we closed our loan this past Monday exactly 30 days after our rate lock. Overall an excellent experience and I would highly recommend them.

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Cobra Commander
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Re: My LenderFi refinance is going well

Post by Cobra Commander » Sat Apr 11, 2020 9:41 am

Do they do VA loans? I thought most places did them but that option does not show up with the rate quotes on the site.

SteadyWins
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Re: My LenderFi refinance is going well

Post by SteadyWins » Wed Apr 15, 2020 5:20 am

I refi'd with Lenderfi beginning of March prior to them becoming overwhelmed with applications. It seemed like a small shop at the time. Their process was rough around the edges and difficult to contact. However, they went out of their way to keep my business.

turnturnturn
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Re: My LenderFi refinance is going well

Post by turnturnturn » Wed Apr 15, 2020 1:38 pm

Closed yesterday with LenderFI on 15 year FRM.

Timeline:
2/27/20 Applied
3/4/20 Received conditional approval
3/12/20 Rate locked
3/21/20 Appraisal
4/14/20 Closed

Although this was past the lock expiration date (4/8/20), LenderFI held to the lock terms (15 yr FRM @ 2.5%, no-cost except for appraisal fee). We're very happy with the rate and the service from LenderFI and their associates was fine. We knew from previous BH posts that a little patience is recommended in dealing with LenderFI, and we didn't expect frequent status updates and handholding.

I'd use LenderFI again in a heartbeat.

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Tue Apr 21, 2020 2:07 pm

Refi finally funded today, 46 days after my rate lock for 20 years @ 3.125% (zero cost). No additional fees to extend the lock, which I would expect in this environment.

Aside from an administrative error, LenderFi was pretty straight-forward, and had everyone else beat at the time (before rates started flying all over the place). I'd use them again if they continue to meet or beat competitive rates.

rene
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Re: My LenderFi refinance is going well

Post by rene » Thu Apr 23, 2020 2:02 am

How long does it take to get details on which company take over the loan and needed payment instructions?

kinless
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Re: My LenderFi refinance is going well

Post by kinless » Thu Apr 23, 2020 1:26 pm

rene wrote:
Thu Apr 23, 2020 2:02 am
How long does it take to get details on which company take over the loan and needed payment instructions?
The new lender should be stated in your closing documents. Instructions for starting a new account and payment options will likely be sent through mail from the new lender.

My loan is going to PennyMac and I won't have a mortgage payment for May 2020, so there will be plenty of time to get things set up properly prior to the first payment.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Thu Apr 23, 2020 2:11 pm

rene wrote:
Thu Apr 23, 2020 2:02 am
How long does it take to get details on which company take over the loan and needed payment instructions?
I was wondering the same thing. My loan funded March 24th, and was bought by Wells Fargo. My first payment is supposed to be May 1st, but I haven't heard anything from Wells Fargo. Is this normal?

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Thu Apr 23, 2020 6:03 pm

rene wrote:
Thu Apr 23, 2020 2:02 am
How long does it take to get details on which company take over the loan and needed payment instructions?
My first payment is due next Friday (5/1) but i haven't heard anything yet.
At closing, I received coupons to make the first payment to Lenderfi, but Lenderfi has asked me not to submit a payment until i hear from the "interim servicer". I guess if i don't hear anything by Monday, i'll mail a check anyway.

mega317
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Re: My LenderFi refinance is going well

Post by mega317 » Thu Apr 23, 2020 6:06 pm

dropdx wrote:
Thu Apr 23, 2020 2:11 pm
rene wrote:
Thu Apr 23, 2020 2:02 am
How long does it take to get details on which company take over the loan and needed payment instructions?
I was wondering the same thing. My loan funded March 24th, and was bought by Wells Fargo. My first payment is supposed to be May 1st, but I haven't heard anything from Wells Fargo. Is this normal?
Same. I just happened to notice it showed up when I logged in to Wells Fargo to look at my checking account. I scheduled autopay but I haven't heard anything.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

BlackcatCA
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Re: My LenderFi refinance is going well

Post by BlackcatCA » Thu Apr 23, 2020 6:10 pm

I have the same date for first payment and closed around the same time. I got a package from Wells Fargo last week, about 1 month after closed, where i can sign up for auto transfer etc.
Suggest giving Wells Fargo Home Loan with your WF reference number. Their phone number should be in the loan documents.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Fri Apr 24, 2020 1:01 pm

I reached out to the 'Post-Closer' with LenderFi asking when I should expect to hear from Wells Fargo, but he replied that Wells Fargo will no longer be servicing the loan. Kind of weird since it was stated in my closing documents that they would be?

Here were his replies:

I do apologize with the late response. We are importing your information over to our new system so that you will be able to make online payments as we are servicing your loan. So if you like you can send a payment via mail or you can wait till we have the new database ready.

The payments will be to LenderFi, Wells Fargo will not be servicing your loan.

Is this normal? The Notice of Servicing Transfer form was part of the contract.
Last edited by dropdx on Fri Apr 24, 2020 1:06 pm, edited 1 time in total.

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Fri Apr 24, 2020 1:05 pm

Seems like the Penny Mac folks (I was one) got payment information quickly. My first payment is due May 1 and it's long been scheduled in their system. Perhaps Wells ran into issues acquiring more loans and is causing a bunch of grief to Lenderfi and their customers?

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Fri Apr 24, 2020 2:12 pm

Maybe? I find it a bit concerning that LenderFi is now servicing the loan and doesn't even have an online portal to make payments yet? I actually bank with Wells Fargo, so I was happy that they bought it back, but I guess not.

Weird situation.

frankandbeans
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Re: My LenderFi refinance is going well

Post by frankandbeans » Fri Apr 24, 2020 2:29 pm

dropdx wrote:
Fri Apr 24, 2020 2:12 pm
Maybe? I find it a bit concerning that LenderFi is now servicing the loan and doesn't even have an online portal to make payments yet? I actually bank with Wells Fargo, so I was happy that they bought it back, but I guess not.

Weird situation.
Is it a jumbo? Wells recently dropped new correspondent jumbo originations in the wake of the current market volatility, so if so it's possible your loan got caught up in that. I would imagine LenderFi is going to try to find a new buyer ASAP since they're not really built to keep things in-portfolio.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Fri Apr 24, 2020 3:01 pm

frankandbeans wrote:
Fri Apr 24, 2020 2:29 pm
dropdx wrote:
Fri Apr 24, 2020 2:12 pm
Maybe? I find it a bit concerning that LenderFi is now servicing the loan and doesn't even have an online portal to make payments yet? I actually bank with Wells Fargo, so I was happy that they bought it back, but I guess not.

Weird situation.
Is it a jumbo? Wells recently dropped new correspondent jumbo originations in the wake of the current market volatility, so if so it's possible your loan got caught up in that. I would imagine LenderFi is going to try to find a new buyer ASAP since they're not really built to keep things in-portfolio.
Nope, its just a simple conventional loan!

dlrkw9mu
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Re: My LenderFi refinance is going well

Post by dlrkw9mu » Sat Apr 25, 2020 9:03 am

dukeblue219 wrote:
Fri Apr 24, 2020 1:05 pm
Seems like the Penny Mac folks (I was one) got payment information quickly. My first payment is due May 1 and it's long been scheduled in their system. Perhaps Wells ran into issues acquiring more loans and is causing a bunch of grief to Lenderfi and their customers?
Mine was supposed to be with penny mac, but similar to another poster above, i got a message yesterday indicating the servicing will actually be done by lenderfi now.
"I do apologize with late response. We will be servicing your loan and you can go ahead and send the payment over to us via mail. We are also importing your information over to our new system so that you will be able to make online payments. so if you like you can send a payment via mail or you can wait till we have the new database ready. If you have any question please feel free to contact me."

dukeblue219
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Re: My LenderFi refinance is going well

Post by dukeblue219 » Sat Apr 25, 2020 9:23 am

dlrkw9mu wrote:
Sat Apr 25, 2020 9:03 am
dukeblue219 wrote:
Fri Apr 24, 2020 1:05 pm
Seems like the Penny Mac folks (I was one) got payment information quickly. My first payment is due May 1 and it's long been scheduled in their system. Perhaps Wells ran into issues acquiring more loans and is causing a bunch of grief to Lenderfi and their customers?
Mine was supposed to be with penny mac, but similar to another poster above, i got a message yesterday indicating the servicing will actually be done by lenderfi now.
"I do apologize with late response. We will be servicing your loan and you can go ahead and send the payment over to us via mail. We are also importing your information over to our new system so that you will be able to make online payments. so if you like you can send a payment via mail or you can wait till we have the new database ready. If you have any question please feel free to contact me."
Ah well, so much for that theory.

rene
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Re: My LenderFi refinance is going well

Post by rene » Sun Apr 26, 2020 12:06 pm

So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Sun Apr 26, 2020 12:48 pm

rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Yeah, I'm pretty annoyed that I had to reach out to them to find out. This was actually my reply and I never did hear anything back from him.
Can I ask why this is and why I wasn't notified? Is it normal for the servicing transfer to fall through? Because the closing documents clearly state that on May 1st I should make payments to Wells Fargo.

Also, if I wait for the online payment to get setup should I be worried about any late fees if it takes longer than May 1st?

dropdx
Posts: 89
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx » Tue Apr 28, 2020 4:25 pm

Well, before this whole servicing fiasco, I would have recommended LenderFi, but now I can't.

I asked a simple question of whether or not I will be charged a late fee if I decide to wait for the online payment portal to be setup, and they will not reply to me. They are way too small to be servicing loans and completely lack any customer service. I haven't received a statement or account balance or anything and my payment is supposedly do on May 1st.

I'd suggest looking elsewhere unless you want to be mailing in your payment, and have your valid questions ignored.

Yuck!

dropdx
Posts: 89
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx » Tue Apr 28, 2020 4:26 pm

rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Did you ever hear back from them?

jb3
Posts: 173
Joined: Sun Jan 16, 2011 11:27 pm

Re: My LenderFi refinance is going well

Post by jb3 » Tue Apr 28, 2020 8:31 pm

I just closed a refi with Lenderfi. My first payment is due June 1. I emailed them and they wrote back with:

"Our post-close team will reach out to you within the next few weeks to provide you with first payment info."

So we'll see how that goes...
Last edited by jb3 on Tue Apr 28, 2020 8:47 pm, edited 1 time in total.

frankandbeans
Posts: 131
Joined: Wed Feb 06, 2019 10:55 am

Re: My LenderFi refinance is going well

Post by frankandbeans » Tue Apr 28, 2020 8:36 pm

dropdx wrote:
Tue Apr 28, 2020 4:25 pm
Well, before this whole servicing fiasco, I would have recommended LenderFi, but now I can't.

I asked a simple question of whether or not I will be charged a late fee if I decide to wait for the online payment portal to be setup, and they will not reply to me. They are way too small to be servicing loans and completely lack any customer service. I haven't received a statement or account balance or anything and my payment is supposedly do on May 1st.

I'd suggest looking elsewhere unless you want to be mailing in your payment, and have your valid questions ignored.

Yuck!
I'm sorry to hear this; it must be incredibly aggravating. Folks were generally aware that they seem to be a bit of a shoestring operation, but it's one thing to be willing to deal with that for the limited period of the refi closing; quite another now to be unexpectedly stuck with them and a haphazardly built servicing operation for some indefinite period going forward.

rene
Posts: 265
Joined: Wed Mar 19, 2008 9:33 pm

Re: My LenderFi refinance is going well

Post by rene » Wed Apr 29, 2020 3:37 am

dropdx wrote:
Tue Apr 28, 2020 4:26 pm
rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Did you ever hear back from them?
Yes I did. Same boat still. Their answer was that supposedly in the next few days the loan details will be ‘boarded’ to their new system. I asked if it would be ready in time for May 1 payment dude date and if sending a check was a better option. Their answer was that if no info from them by May 1st sending a check to Lenderfi was okay.

100% not what I want. I need an auto-pay function on a secure platform. Sending paper checks and keeping track for payment dates is hell on earth for me. I hope Chase or WF picks up this mortgage soon. This sucks.

wootwoot
Posts: 510
Joined: Tue Jan 27, 2009 7:37 pm

Re: My LenderFi refinance is going well

Post by wootwoot » Wed Apr 29, 2020 5:48 am

dropdx wrote:
Tue Apr 28, 2020 4:25 pm
Well, before this whole servicing fiasco, I would have recommended LenderFi, but now I can't.

I asked a simple question of whether or not I will be charged a late fee if I decide to wait for the online payment portal to be setup, and they will not reply to me. They are way too small to be servicing loans and completely lack any customer service. I haven't received a statement or account balance or anything and my payment is supposedly do on May 1st.

I'd suggest looking elsewhere unless you want to be mailing in your payment, and have your valid questions ignored.

Yuck!
I wouldn't be too worried, they'll likely sell your loan well before then to another servicer that has a more established online portal.

dropdx
Posts: 89
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx » Wed Apr 29, 2020 9:52 am

wootwoot wrote:
Wed Apr 29, 2020 5:48 am
dropdx wrote:
Tue Apr 28, 2020 4:25 pm
Well, before this whole servicing fiasco, I would have recommended LenderFi, but now I can't.

I asked a simple question of whether or not I will be charged a late fee if I decide to wait for the online payment portal to be setup, and they will not reply to me. They are way too small to be servicing loans and completely lack any customer service. I haven't received a statement or account balance or anything and my payment is supposedly do on May 1st.

I'd suggest looking elsewhere unless you want to be mailing in your payment, and have your valid questions ignored.

Yuck!
I wouldn't be too worried, they'll likely sell your loan well before then to another servicer that has a more established online portal.
I don't think so. I eventually CC'ed the owner and got this reply:
With COVID-19 many things have changed in the industry and LenderFi has a strong servicing department. Your loan will be boarded with LenderFi shortly and you will be able to do online bill pay... etc

Servicing is a very important piece especially since we tend to work with the same borrower for many years. I believe you will be extremely satisfied with our serving as soon as your loan is boarded.

dukeblue219
Posts: 594
Joined: Fri Jan 29, 2016 12:40 pm

Re: My LenderFi refinance is going well

Post by dukeblue219 » Wed Apr 29, 2020 9:55 am

wootwoot wrote:
Wed Apr 29, 2020 5:48 am
dropdx wrote:
Tue Apr 28, 2020 4:25 pm
Well, before this whole servicing fiasco, I would have recommended LenderFi, but now I can't.

I asked a simple question of whether or not I will be charged a late fee if I decide to wait for the online payment portal to be setup, and they will not reply to me. They are way too small to be servicing loans and completely lack any customer service. I haven't received a statement or account balance or anything and my payment is supposedly do on May 1st.

I'd suggest looking elsewhere unless you want to be mailing in your payment, and have your valid questions ignored.

Yuck!
I wouldn't be too worried, they'll likely sell your loan well before then to another servicer that has a more established online portal.
That's the problem. The closing documents specifically said as much and even listed a servicer, but now Lenderfi has changed their tune and is telling people with payments due in a matter of days to hold tight and just mail them in to Lenderfi. That's not a service I would recommend to anyone else, even though my refi went smoothly over to Penny Mac after closing.

BlackcatCA
Posts: 145
Joined: Sat Jan 20, 2018 2:55 pm

Re: My LenderFi refinance is going well

Post by BlackcatCA » Wed Apr 29, 2020 9:35 pm

dropdx wrote:
Wed Apr 29, 2020 9:52 am

I don't think so. I eventually CC'ed the owner and got this reply:
With COVID-19 many things have changed in the industry and LenderFi has a strong servicing department. Your loan will be boarded with LenderFi shortly and you will be able to do online bill pay... etc

Servicing is a very important piece especially since we tend to work with the same borrower for many years. I believe you will be extremely satisfied with our serving as soon as your loan is boarded.
Normally mortgage payments that are due on 1st of the month can be paid by 14th of the month without penalty. So probably no penalty for 2 weeks. It should be enough time to mail in a check too. Although I understand many of us prefer web-based payment.

Wells Fargo is likely focusing on PPP and other corporate lending, rather than buying and servicing mortgages. More lucrative business. Unfortunately some of you and LenderFi are caught up in this rapidly changing environment. I don’t think it is fair to fault LenderFi on that. They were good with their job = refinance process.

manatee2005
Posts: 695
Joined: Wed Dec 18, 2019 9:17 pm

Re: My LenderFi refinance is going well

Post by manatee2005 » Thu Apr 30, 2020 1:51 am

rene wrote:
Wed Apr 29, 2020 3:37 am
dropdx wrote:
Tue Apr 28, 2020 4:26 pm
rene wrote:
Sun Apr 26, 2020 12:06 pm
So I guess I am in the same boat then with a May 1 due date. No news from Lenderfi and I plan to send an email this Monday April 27 to ask about next steps. I assume I will get a similar response regarding Lenderfi taking the servicing of these payments. A bit annoying that I am having to proactively reach out and a bit sceptical that they can scale up too a robust, secure and easy to use payment portal in such a short time. I'm dreading having to send payments by postal mail.... I live and die by auto-payments.
Did you ever hear back from them?
Yes I did. Same boat still. Their answer was that supposedly in the next few days the loan details will be ‘boarded’ to their new system. I asked if it would be ready in time for May 1 payment dude date and if sending a check was a better option. Their answer was that if no info from them by May 1st sending a check to Lenderfi was okay.

100% not what I want. I need an auto-pay function on a secure platform. Sending paper checks and keeping track for payment dates is hell on earth for me. I hope Chase or WF picks up this mortgage soon. This sucks.
C'mon. You'll live if you send 1 check.

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