My LenderFi refinance is going well

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TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder » Sat Jul 11, 2020 5:34 pm

anon_investor wrote:
Sat Jul 11, 2020 4:37 pm
yakk0 wrote:
Sat Jul 11, 2020 4:31 pm
For those who have refi'd with LenderFi, do they ask for bank statements? So far they've only asked me for DL, insurance, mortgage statements and paystubs.

I'm planning to move some money between my accounts, but I'll hold off if they need statements. During the initial purchase, the underwriters kept coming back to ask where certain transfers came from and I had to dig out old statements from lesser used accounts that I had consolidated before the purchase.
I am in the process of doing a refi, they did ask for my 2 most recent bank statements, along with what they asked for from you.
Same here, two most recent bank statements. To be thorough, I listed my retirement accounts on the initial app to show decent net worth but all they asked for was checking and savings statements. They said since it was a no-cost refi they only really needed to see where the prepaids/escrow money was coming from rather than a full accounting. I imagine anything you would do between now and the end of July wouldn't show up on the "2 most recent statements" but if they are truly swamped things may drag out for a while so better safe than sorry.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Sat Jul 11, 2020 9:00 pm

Looks like LenderFi is pausing again on accepting new applications.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Sat Jul 11, 2020 10:13 pm

Mine closed with them in 11 days, but that was back in January when things were less busy.

2tall4economy
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Re: My LenderFi refinance is going well

Post by 2tall4economy » Sun Jul 12, 2020 11:30 am

Just for kicks I tried them just now.

No matter what I entered into their rate lookup they said “sorry we do have anything that matches your needs, try again”

Either down, or they don’t serve my geographical area.
You can do anything you want in life. The rub is that there are consequences.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Sun Jul 12, 2020 11:36 am

That actually happened to me yesterday too. Just for kicks I was checking out what the rates are. I wonder if ceasing to accept new applications turned off that functionality as well. Because in essence they were showing you what rate they were offering you, and they’re not offering any rates right now.

jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure » Sun Jul 12, 2020 7:24 pm

For what it's worth, my loan officer originally told me they would not need bank statements when I locked my rate. They are now asking for bank statements a few days later.

rgs92
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Re: My LenderFi refinance is going well

Post by rgs92 » Sun Jul 12, 2020 7:58 pm

corgilady2011 wrote:
Thu Jul 09, 2020 7:28 pm
rgs92 wrote:
Thu Jul 09, 2020 7:06 pm
Has anyone used LenderFi for a purchase? If so, how did they do? (I tried looking through this thread for it, but I didn't see it.) Thanks.
I did and not sure I would recommend it, we ran into a last minute issue in the paperwork and the loan officer was less than helpful and was very quick to say "not my problem" while we were literally signing paperwork. We were lucky their supporting team was much more helpful and probably the only reason I would consider utilizing them again. I posted earlier in the thread about it. Our closing was this week for reference.
Thank you very much for sharing your experience. Sorry I missed your first post. Best to you.

topcatin
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Re: My LenderFi refinance is going well

Post by topcatin » Mon Jul 13, 2020 11:42 am

Here is my experience so far -

15 year - 2.6% (0 pts)
1. Applied signed/uploaded the necessary docs. - July 8
Still yet to get a "Rate-lock" confirmation but was verbally assured that the next email will be in 3 days.

Any idea if this is usual?

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Mon Jul 13, 2020 11:46 am

topcatin wrote:
Mon Jul 13, 2020 11:42 am
Here is my experience so far -

15 year - 2.6% (0 pts)
1. Applied signed/uploaded the necessary docs. - July 8
Still yet to get a "Rate-lock" confirmation but was verbally assured that the next email will be in 3 days.

Any idea if this is usual?
I locked via phone on Thursday July 9. I have also not yet received the "Rate-lock" confirmation, but was told on the phone when Iocked that they were swamped and would get it to me when they could, but assured me I was locked...

topcatin
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Re: My LenderFi refinance is going well

Post by topcatin » Mon Jul 13, 2020 11:49 am

anon_investor wrote:
Mon Jul 13, 2020 11:46 am
topcatin wrote:
Mon Jul 13, 2020 11:42 am
Here is my experience so far -

15 year - 2.6% (0 pts)
1. Applied signed/uploaded the necessary docs. - July 8
Still yet to get a "Rate-lock" confirmation but was verbally assured that the next email will be in 3 days.

Any idea if this is usual?
I locked via phone on Thursday July 9. I have also not yet received the "Rate-lock" confirmation, but was told on the phone when Iocked that they were swamped and would get it to me when they could, but assured me I was locked...
Gracias! Thanks, now is the waiting game I guess.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Mon Jul 13, 2020 12:02 pm

Same for me. Locked by phone on Thursday. Waiting to hear more. At least we're all having the same experience!

jtdavid
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Re: My LenderFi refinance is going well

Post by jtdavid » Mon Jul 13, 2020 1:48 pm

Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Mon Jul 13, 2020 2:23 pm

jtdavid wrote:
Mon Jul 13, 2020 1:48 pm
Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.
Were you contacting them in regards to their rate drop guarantee after 6 months of on time payments? Had your loan already been resold?

amd2135
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Re: My LenderFi refinance is going well

Post by amd2135 » Mon Jul 13, 2020 7:27 pm

jtdavid wrote:
Mon Jul 13, 2020 1:48 pm
Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.
I also had a refi through them in January and emailed my loan officer on the 2nd and 8th. No response. To be fair, I'm not eligible to close for another 10 days under the 180 day waiting period. Or is it 10 days before I can lock a rate? Not sure, that was the main question I was trying to get an answer to.

They must be doing an incredible amount of volume right now.

BlackcatCA
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Re: My LenderFi refinance is going well

Post by BlackcatCA » Mon Jul 13, 2020 7:35 pm

amd2135 wrote:
Mon Jul 13, 2020 7:27 pm
jtdavid wrote:
Mon Jul 13, 2020 1:48 pm
Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.
I also had a refi through them in January and emailed my loan officer on the 2nd and 8th. No response. To be fair, I'm not eligible to close for another 10 days under the 180 day waiting period. Or is it 10 days before I can lock a rate? Not sure, that was the main question I was trying to get an answer to.

They must be doing an incredible amount of volume right now.
Does the 6 months clock starts with the date of the rate lock? Or from the day the loan is closed?

bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt » Mon Jul 13, 2020 8:17 pm

BlackcatCA wrote:
Mon Jul 13, 2020 7:35 pm
amd2135 wrote:
Mon Jul 13, 2020 7:27 pm
jtdavid wrote:
Mon Jul 13, 2020 1:48 pm
Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.
I also had a refi through them in January and emailed my loan officer on the 2nd and 8th. No response. To be fair, I'm not eligible to close for another 10 days under the 180 day waiting period. Or is it 10 days before I can lock a rate? Not sure, that was the main question I was trying to get an answer to.

They must be doing an incredible amount of volume right now.
Does the 6 months clock starts with the date of the rate lock? Or from the day the loan is closed?
"If our rates, for the no cost option, drops by as little as .25 percent from your current rate and you have made 6 on-time payments, we will rewrite your loan at no additional cost for life. (This excludes prepaid interest)"

amd2135
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Re: My LenderFi refinance is going well

Post by amd2135 » Mon Jul 13, 2020 10:15 pm

bluebolt wrote:
Mon Jul 13, 2020 8:17 pm
"If our rates, for the no cost option, drops by as little as .25 percent from your current rate and you have made 6 on-time payments, we will rewrite your loan at no additional cost for life. (This excludes prepaid interest)"
The "No Sales Clause" in my paperwork says "6 months (or 180 days) of on time payments" to be eligible for the rate insurance program. It also states I "may be held responsible for paying back any credit given to us by LenderFi, Inc. during the course of this transaction" if I refinance before the same period. It's odd they state "6 on-time payments" elsewhere as that's not quite the same as what I signed. I'll have made 5 payments 180 days after closing.

The paperwork doesn't define the start of the period or when it's possible to lock for the rate insurance program.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Mon Jul 13, 2020 10:24 pm

I just emailed them with a friendly prod, and got an update with new docs I had to sign, since we had updated some figures. So I'm back on track for the refi of my refi. I think they're just VERY VERY busy. It's such a good deal, and they've been good with me, that I'm cool with things being a little slow. These are unusual times :)

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Mon Jul 13, 2020 10:26 pm

abyan wrote:
Mon Jul 13, 2020 10:24 pm
I just emailed them with a friendly prod, and got an update with new docs I had to sign, since we had updated some figures. So I'm back on track for the refi of my refi. I think they're just VERY VERY busy. It's such a good deal, and they've been good with me, that I'm cool with things being a little slow. These are unusual times :)
Yeah, I did not receive anything since locking over the phone on Thursday. I will send them an email too.

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pianos101
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Re: My LenderFi refinance is going well

Post by pianos101 » Mon Jul 13, 2020 11:14 pm

My loan officer said I should have the updated disclosure tomorrow. But that the lock was applicable from last Thursday.

Anyone worried they might not make the 30 day funding deadline if we got in right before they stopped taking new applications?

amd2135
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Re: My LenderFi refinance is going well

Post by amd2135 » Tue Jul 14, 2020 12:01 am

pianos101 wrote:
Mon Jul 13, 2020 11:14 pm
My loan officer said I should have the updated disclosure tomorrow. But that the lock was applicable from last Thursday.

Anyone worried they might not make the 30 day funding deadline if we got in right before they stopped taking new applications?
You can probably get an extra week. My copy of the rate lock policy from January states "If a delay is caused by LenderFi.com we will extend your current rate one time for 7 days at no cost." There's some requirements you need to follow as well. You may want to verify if you have "Rate Lock Policy.pdf" available to you.

jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure » Tue Jul 14, 2020 5:38 am

Agree that they're very busy. It took a few days for me to get updated disclosures with my rate lock information. I then got a request for bank statements, which I uploaded. The processor emailed me back to ask for another statement to source a transfer. He responded at 11 PM last night after I sent it to him. My loan officer asked if I could call him at 10 PM when I locked my rate originally. Seems like they're working all hours to get things done.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Tue Jul 14, 2020 11:08 am

Fire_Buckeye wrote:
Thu Jul 09, 2020 12:36 pm
I'm in the middle of my second refi with LenderFi. We're scheduled to close on Saturday. Once they lock your rate, radio silence to varying degrees is to be expected while your refi is processed - which is taking longer than usual due to their current backlog.
Did you reach out to your same processor, or did you just reapply on their website? I refinanced back in March, but would like to look at rates again.

dropdx
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Re: My LenderFi refinance is going well

Post by dropdx » Tue Jul 14, 2020 11:11 am

IdRatherBeHiking wrote:
Sat Jul 11, 2020 1:07 pm
nickpete123 wrote:
Wed Jun 03, 2020 1:01 pm
Anyone have experience with lenderfi's 180 day refinance clawback rule? I know I signed one ~3 months ago but lenderfi has since sold my mortgage to Fannie Mae and servicing by Wells Fargo. Wondering if they can/will clawback the lender credit if I jumped at another refinance?
Bump.

Anyone have any experience with a second Refi with LenderFi? We closed in early March no cost at 3.25 and am getting enticed by tales of 2.75 no cost....
Same question! Anyone?

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pianos101
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Re: My LenderFi refinance is going well

Post by pianos101 » Tue Jul 14, 2020 11:17 am

amd2135 wrote:
Tue Jul 14, 2020 12:01 am
pianos101 wrote:
Mon Jul 13, 2020 11:14 pm
My loan officer said I should have the updated disclosure tomorrow. But that the lock was applicable from last Thursday.

Anyone worried they might not make the 30 day funding deadline if we got in right before they stopped taking new applications?
You can probably get an extra week. My copy of the rate lock policy from January states "If a delay is caused by LenderFi.com we will extend your current rate one time for 7 days at no cost." There's some requirements you need to follow as well. You may want to verify if you have "Rate Lock Policy.pdf" available to you.
I know, i read the disclosure. I just hope that they consider this "their fault." Obviously it's vague on purpose.

seawolf21
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Re: My LenderFi refinance is going well

Post by seawolf21 » Tue Jul 14, 2020 11:53 am

dropdx wrote:
Tue Jul 14, 2020 11:11 am
IdRatherBeHiking wrote:
Sat Jul 11, 2020 1:07 pm
nickpete123 wrote:
Wed Jun 03, 2020 1:01 pm
Anyone have experience with lenderfi's 180 day refinance clawback rule? I know I signed one ~3 months ago but lenderfi has since sold my mortgage to Fannie Mae and servicing by Wells Fargo. Wondering if they can/will clawback the lender credit if I jumped at another refinance?
Bump.

Anyone have any experience with a second Refi with LenderFi? We closed in early March no cost at 3.25 and am getting enticed by tales of 2.75 no cost....
Same question! Anyone?
I thought they will modify after 6 months and try to clawback if you refi within 6 months of closing.

jtdavid
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Re: My LenderFi refinance is going well

Post by jtdavid » Tue Jul 14, 2020 11:54 am

amd2135 wrote:
Mon Jul 13, 2020 7:27 pm
jtdavid wrote:
Mon Jul 13, 2020 1:48 pm
Emailed my LenderFi loan officer from my January 2020 refinance. Despite the website disclaimer indicating no new loans, he locked me in a new "no-cost" 30 year fixed loan at 2.75%. Its a pretty big loan and about a 50% LTV. Very pleased.
I also had a refi through them in January and emailed my loan officer on the 2nd and 8th. No response. To be fair, I'm not eligible to close for another 10 days under the 180 day waiting period. Or is it 10 days before I can lock a rate? Not sure, that was the main question I was trying to get an answer to.

They must be doing an incredible amount of volume right now.
To follow up on a couple similar questions, I am not sure about the specific requirements for the waiting period. All I can tell you is it has been just over five months since I closed my loan. My officer locked me for 45 days so I think I have to make one more payment and then we can close on the refinance.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 14, 2020 11:56 am

pianos101 wrote:
Mon Jul 13, 2020 11:14 pm
My loan officer said I should have the updated disclosure tomorrow. But that the lock was applicable from last Thursday.

Anyone worried they might not make the 30 day funding deadline if we got in right before they stopped taking new applications?
I locked on Thursday via phone, but still radio silence since then. I sent them an email yesterday...

amd2135
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Re: My LenderFi refinance is going well

Post by amd2135 » Tue Jul 14, 2020 12:22 pm

jtdavid wrote:
Tue Jul 14, 2020 11:54 am
To follow up on a couple similar questions, I am not sure about the specific requirements for the waiting period. All I can tell you is it has been just over five months since I closed my loan. My officer locked me for 45 days so I think I have to make one more payment and then we can close on the refinance.
That's very helpful, thanks. I just reached out with a request to lock in the current low rates instead of merely asking questions about the program. Hopefully this bumps the priority up and they have the capacity to work with me. I'd reach out to other providers as well but don't know when it's safe to do so without triggering a clawback.

Edit: I was able to get through via phone. I'm getting the ball rolling through another one of their agents. :)
Last edited by amd2135 on Tue Jul 14, 2020 5:23 pm, edited 1 time in total.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jul 14, 2020 4:44 pm

I just got contacted by their closing agent, Amrock -- just an initial pro forma email -- but that should mean that I'm done, and we're going to closing. So, yes, it took a few days to get moving, but it seems to be moving.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 14, 2020 5:48 pm

abyan wrote:
Tue Jul 14, 2020 4:44 pm
I just got contacted by their closing agent, Amrock -- just an initial pro forma email -- but that should mean that I'm done, and we're going to closing. So, yes, it took a few days to get moving, but it seems to be moving.
How long from lock? It has been radio silence since I locked last week.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jul 14, 2020 5:51 pm

We locked by phone on Thursday. I emailed a few times to make sure they didn't need anything else. Got the lock papers yesterday, Monday, and today the closing agent reached out.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 14, 2020 5:52 pm

abyan wrote:
Tue Jul 14, 2020 5:51 pm
We locked by phone on Thursday. I emailed a few times to make sure they didn't need anything else. Got the lock papers yesterday, Monday, and today the closing agent reached out.
Darn, I locked on the same day, but nothing yet. Hope I hear back soon...

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Tue Jul 14, 2020 6:09 pm

Ping them every few days with an email :) It's clear they've got a LOT of loans they're working thru.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 14, 2020 6:11 pm

abyan wrote:
Tue Jul 14, 2020 6:09 pm
Ping them every few days with an email :) It's clear they've got a LOT of loans they're working thru.
Haha, I guess the squeaky wheel does get the grease...

bonfireofthevanities
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Re: My LenderFi refinance is going well

Post by bonfireofthevanities » Wed Jul 15, 2020 12:05 pm

I had my remote closing on Monday 7/13 (2.875%, 30 yr), but have not heard anything since. Anyone know what the timeline is for funding a refi?
Last edited by bonfireofthevanities on Wed Jul 15, 2020 12:23 pm, edited 1 time in total.

orklc
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Re: My LenderFi refinance is going well

Post by orklc » Wed Jul 15, 2020 12:20 pm

bonfireofthevanities wrote:
Wed Jul 15, 2020 12:05 pm
I had my remote closing on Monday 7/13 (3.875%, 30 yr), but have not heard anything since. Anyone know what the timeline is for funding a refi?
Should be three business days after the closing. The disbursement date should be listed on your closing disclosure. In my case the old lender recorded the payoff one day after the disbursement date.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 15, 2020 2:11 pm

bonfireofthevanities wrote:
Wed Jul 15, 2020 12:05 pm
I had my remote closing on Monday 7/13 (2.875%, 30 yr), but have not heard anything since. Anyone know what the timeline is for funding a refi?
How long did it take from rate lock to closing?

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Wed Jul 15, 2020 3:51 pm

bonfireofthevanities wrote:
Wed Jul 15, 2020 12:05 pm
I had my remote closing on Monday 7/13 (2.875%, 30 yr), but have not heard anything since. Anyone know what the timeline is for funding a refi?
You funding will be Friday 7/13. Day of closing doesn't count, 3 full business days (+ Sat), then funding.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 15, 2020 9:21 pm

anon_investor wrote:
Tue Jul 14, 2020 6:11 pm
abyan wrote:
Tue Jul 14, 2020 6:09 pm
Ping them every few days with an email :) It's clear they've got a LOT of loans they're working thru.
Haha, I guess the squeaky wheel does get the grease...
I guess the extra pinging worked. They came back today with the updated disclosure with the lock. I also got a generic welcome email and a disclosure email from the title company, and the loan opener emailed to let me know I was in underwriting. Hopefully this moves fast, I would love to close this month.

prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle » Thu Jul 16, 2020 8:53 am

bonfireofthevanities wrote:
Wed Jul 15, 2020 12:05 pm
I had my remote closing on Monday 7/13 (2.875%, 30 yr), but have not heard anything since. Anyone know what the timeline is for funding a refi?
Did you request for remote closing or are they doing it because of Covid virus issue ? How was the experience with remote closing ? Never done it before. Please share information. Thanks

topcatin
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Re: My LenderFi refinance is going well

Post by topcatin » Thu Jul 16, 2020 9:24 am

anon_investor wrote:
Wed Jul 15, 2020 9:21 pm
anon_investor wrote:
Tue Jul 14, 2020 6:11 pm
abyan wrote:
Tue Jul 14, 2020 6:09 pm
Ping them every few days with an email :) It's clear they've got a LOT of loans they're working thru.
Haha, I guess the squeaky wheel does get the grease...
I guess the extra pinging worked. They came back today with the updated disclosure with the lock. I also got a generic welcome email and a disclosure email from the title company, and the loan opener emailed to let me know I was in underwriting. Hopefully this moves fast, I would love to close this month.
Great, I received the locked-rate as well. Next step is the appraisal.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 16, 2020 10:31 am

topcatin wrote:
Thu Jul 16, 2020 9:24 am
anon_investor wrote:
Wed Jul 15, 2020 9:21 pm
anon_investor wrote:
Tue Jul 14, 2020 6:11 pm
abyan wrote:
Tue Jul 14, 2020 6:09 pm
Ping them every few days with an email :) It's clear they've got a LOT of loans they're working thru.
Haha, I guess the squeaky wheel does get the grease...
I guess the extra pinging worked. They came back today with the updated disclosure with the lock. I also got a generic welcome email and a disclosure email from the title company, and the loan opener emailed to let me know I was in underwriting. Hopefully this moves fast, I would love to close this month.
Great, I received the locked-rate as well. Next step is the appraisal.
I got lucky, appraisal waived, I hope that speeds things up for me.

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Thu Jul 16, 2020 10:35 am

anon_investor wrote:
Thu Jul 16, 2020 10:31 am
I got lucky, appraisal waived, I hope that speeds things up for me.
Did Ally require an appraisal? It is likely that LenderFi used the same waiver from an older appraisal that Ally did, or that Ally's appraisal is in the Fannie database and LenderFi used that. Either way, sweet!

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 16, 2020 12:03 pm

BrandonBogle wrote:
Thu Jul 16, 2020 10:35 am
anon_investor wrote:
Thu Jul 16, 2020 10:31 am
I got lucky, appraisal waived, I hope that speeds things up for me.
Did Ally require an appraisal? It is likely that LenderFi used the same waiver from an older appraisal that Ally did, or that Ally's appraisal is in the Fannie database and LenderFi used that. Either way, sweet!
Ally didn't require an appraisal for me either in May, and my original mortage was owned by WF not Fannie Mae or Freddie Mac. My current mortgage was purchased by Fannie Mae. So not sure what database LenderFi is using to determine I do not need an appraisal, but I will take it!

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pianos101
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Re: My LenderFi refinance is going well

Post by pianos101 » Thu Jul 16, 2020 12:17 pm

anon_investor wrote:
Thu Jul 16, 2020 12:03 pm
BrandonBogle wrote:
Thu Jul 16, 2020 10:35 am
anon_investor wrote:
Thu Jul 16, 2020 10:31 am
I got lucky, appraisal waived, I hope that speeds things up for me.
Did Ally require an appraisal? It is likely that LenderFi used the same waiver from an older appraisal that Ally did, or that Ally's appraisal is in the Fannie database and LenderFi used that. Either way, sweet!
Ally didn't require an appraisal for me either in May, and my original mortage was owned by WF not Fannie Mae or Freddie Mac. My current mortgage was purchased by Fannie Mae. So not sure what database LenderFi is using to determine I do not need an appraisal, but I will take it!
I got a quote from Consumer Direct via Costco, and that LE said they use Freddie Mac's system for valuation. I don't know what LenderFi uses, but they also waived my appraisal. CD said FM valued my house at $999,999 because that's where their system tops out at. My house is probably appraised more than that, but I know that appraisals are required over $1M. So I'm confused, but I will take it either way.

topcatin
Posts: 139
Joined: Tue Sep 15, 2015 6:58 am

Re: My LenderFi refinance is going well

Post by topcatin » Thu Jul 16, 2020 1:18 pm

anon_investor wrote:
Thu Jul 16, 2020 12:03 pm
BrandonBogle wrote:
Thu Jul 16, 2020 10:35 am
anon_investor wrote:
Thu Jul 16, 2020 10:31 am
I got lucky, appraisal waived, I hope that speeds things up for me.
Did Ally require an appraisal? It is likely that LenderFi used the same waiver from an older appraisal that Ally did, or that Ally's appraisal is in the Fannie database and LenderFi used that. Either way, sweet!
Ally didn't require an appraisal for me either in May, and my original mortage was owned by WF not Fannie Mae or Freddie Mac. My current mortgage was purchased by Fannie Mae. So not sure what database LenderFi is using to determine I do not need an appraisal, but I will take it!
Lenderfi didnt waive the appraisal for me for whatever reason but has given a good rate comparing it to the big banks. Did you pay anything for the closing and what is your rate? I had to pay for just appraisal with lender credit (0 pts).

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anon_investor
Posts: 2829
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 16, 2020 1:21 pm

topcatin wrote:
Thu Jul 16, 2020 1:18 pm
anon_investor wrote:
Thu Jul 16, 2020 12:03 pm
BrandonBogle wrote:
Thu Jul 16, 2020 10:35 am
anon_investor wrote:
Thu Jul 16, 2020 10:31 am
I got lucky, appraisal waived, I hope that speeds things up for me.
Did Ally require an appraisal? It is likely that LenderFi used the same waiver from an older appraisal that Ally did, or that Ally's appraisal is in the Fannie database and LenderFi used that. Either way, sweet!
Ally didn't require an appraisal for me either in May, and my original mortage was owned by WF not Fannie Mae or Freddie Mac. My current mortgage was purchased by Fannie Mae. So not sure what database LenderFi is using to determine I do not need an appraisal, but I will take it!
Lenderfi didnt waive the appraisal for me for whatever reason but has given a good rate comparing it to the big banks. Did you pay anything for the closing and what is your rate? I had to pay for just appraisal with lender credit (0 pts).
2.75% for 30 year fixed, no cost. I only have to bring prepaids and escrow to closing.

topcatin
Posts: 139
Joined: Tue Sep 15, 2015 6:58 am

Re: My LenderFi refinance is going well

Post by topcatin » Thu Jul 16, 2020 1:31 pm

Good rate, mine is 2.6% 15 year fixed. Same here prepaid + escrow + appraisal fee

Have you removed your Escrow at any point with your lender? If so, was there a fee to do this?

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anon_investor
Posts: 2829
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 16, 2020 1:49 pm

topcatin wrote:
Thu Jul 16, 2020 1:31 pm
Good rate, mine is 2.6% 15 year fixed. Same here prepaid + escrow + appraisal fee

Have you removed your Escrow at any point with your lender? If so, was there a fee to do this?
No, I have always had an escrow. At least with my recent refis, they give less lender credits if escrow is waived. To me waiving escrow is not worth the $1k+ of lost lender credits. Escrow is not a huge deal for me, but I do check to make sure my insurance and taxes are timely paid as I have heard horror stories before, but personally I have never had a problem.

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