My LenderFi refinance is going well

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prettybogle
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Re: My LenderFi refinance is going well

Post by prettybogle » Thu Jul 16, 2020 1:50 pm

prettybogle wrote:
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
Anyone else had remote closing ? Curious how this works

oktax
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Re: My LenderFi refinance is going well

Post by oktax » Thu Jul 16, 2020 2:44 pm

We refinanced with them right before the pandemic hit. The closing agent had someone come to our house with all the paperwork. It was very convenient and took little time.

With the way rates have gone, I suppose I need to look at another refinance. For those who are refinancing again after the 6 months, what does the process look like? WF is servicing our loan now. Would we need to pre-fund another escrow?

topcatin
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Re: My LenderFi refinance is going well

Post by topcatin » Thu Jul 16, 2020 3:54 pm

anon_investor wrote:
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.
Yes Escrow is anyway what we are paying towards the loan. I was leaning towards not having an Escrow with a refinance but there was a big fee to have it waived.

amd2135
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Re: My LenderFi refinance is going well

Post by amd2135 » Thu Jul 16, 2020 6:10 pm

amd2135 wrote:
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. :)
Update-
The safe refi date LenderFi provided is 193 days after closing. Not sure where that date came from, I didn't press them on it. It could be 6 months + a buffer to ensure the last payment is fully recorded.

LenderFi offered a 30 year/2.875% loan at no cost. A local credit union locked @ 2.75% with a lender credit slightly in excess of costs. I was surprised to learn LenderFi's best counteroffer is ~$2k over. Very happy with the results.

I'd reach out to Better but they don't operate in my state.

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mister_sparkle
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Location: North Carolina

Re: My LenderFi refinance is going well

Post by mister_sparkle » Thu Jul 16, 2020 7:26 pm

prettybogle wrote:
Thu Jul 16, 2020 1:50 pm
prettybogle wrote:
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
Anyone else had remote closing ? Curious how this works
I used Lenderfi a few weeks ago and they had a local notary come to my house and we sat in the garage to get all the paperwork signed/stamped. We both wore masks and sat 10 feet apart, so no worries.

Pjholl
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Re: My LenderFi refinance is going well

Post by Pjholl » Fri Jul 17, 2020 3:02 am

Hello everyone.

I shopped the best rate for my refinance and loancabin.com had the best rates with zero lender fees.

Locked in a 2.25% 15 year fixed with no lender fees. Go to loancabin.com and you can view the rates on their page. Hope this helps

nepats
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Re: My LenderFi refinance is going well

Post by nepats » Fri Jul 17, 2020 8:51 am

What is the typical communication/timeline start to finish with LenderFi? I am in the process with them so curious to what I should expect.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Fri Jul 17, 2020 9:17 am

I just checked out LoanCabin, and some of the reviews online are awful -- apparently they're saying it takes two months to close with LoanCabin at this point, and even then it's not clear. As for time to complete the loan with Lenderfi, I think things are up in the air right now. When I refi'd in January, it was really quick. I locked on a Tuesday I think, and had my closing the following Saturday, like 11 days later. Now things are slower, I believe because they have so many applications. I locked on a Thursday, got my lock papers to sign on a Tuesday maybe. They just asked me for a copy of my latest mortgage statement yesterday. So things are moving along. So a bit slower than in January. I've found it helpful to email them if I haven't heard anything for several days.

jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure » Fri Jul 17, 2020 9:38 am

Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.

nepats
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Re: My LenderFi refinance is going well

Post by nepats » Fri Jul 17, 2020 10:30 am

jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
Thanks! Gives me hope :)

orklc
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Re: My LenderFi refinance is going well

Post by orklc » Fri Jul 17, 2020 1:00 pm

There was some discussion earlier in this thread about servicing back in April. Does anyone have more recent examples of how long it took between loan funding and getting a servicing account set up? Was that before or after the first payment due?

MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 » Fri Jul 17, 2020 1:33 pm

orklc wrote:
Fri Jul 17, 2020 1:00 pm
There was some discussion earlier in this thread about servicing back in April. Does anyone have more recent examples of how long it took between loan funding and getting a servicing account set up? Was that before or after the first payment due?
I'd be curious for any recent experience as well. I'm set to close on my refi tomorrow and have had a very smooth process. I just read back earlier in the thread and saw the issues/confusion people were having with where to actually send payments, who is now servicing the loan, etc. I am real glad that I waived escrow and at least won't have that aspect to worry about.

ChiKid24
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Re: My LenderFi refinance is going well

Post by ChiKid24 » Fri Jul 17, 2020 1:47 pm

MBJ0909 wrote:
Fri Jul 17, 2020 1:33 pm
orklc wrote:
Fri Jul 17, 2020 1:00 pm
There was some discussion earlier in this thread about servicing back in April. Does anyone have more recent examples of how long it took between loan funding and getting a servicing account set up? Was that before or after the first payment due?
I'd be curious for any recent experience as well. I'm set to close on my refi tomorrow and have had a very smooth process. I just read back earlier in the thread and saw the issues/confusion people were having with where to actually send payments, who is now servicing the loan, etc. I am real glad that I waived escrow and at least won't have that aspect to worry about.
Do your guys disclosures say Lenderfi intends to service the loan? I know that was the case back in April and there were some hiccups. My disclosures from this week say that they intend to transfer servicing of the loan.

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Fri Jul 17, 2020 1:58 pm

ChiKid24 wrote:
Fri Jul 17, 2020 1:47 pm
MBJ0909 wrote:
Fri Jul 17, 2020 1:33 pm
orklc wrote:
Fri Jul 17, 2020 1:00 pm
There was some discussion earlier in this thread about servicing back in April. Does anyone have more recent examples of how long it took between loan funding and getting a servicing account set up? Was that before or after the first payment due?
I'd be curious for any recent experience as well. I'm set to close on my refi tomorrow and have had a very smooth process. I just read back earlier in the thread and saw the issues/confusion people were having with where to actually send payments, who is now servicing the loan, etc. I am real glad that I waived escrow and at least won't have that aspect to worry about.
Do your guys disclosures say Lenderfi intends to service the loan? I know that was the case back in April and there were some hiccups. My disclosures from this week say that they intend to transfer servicing of the loan.
Same here
~Brantley

MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 » Fri Jul 17, 2020 1:59 pm

Yes, my disclosures also say they intend to transfer the loan.

orklc
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Re: My LenderFi refinance is going well

Post by orklc » Fri Jul 17, 2020 2:53 pm

ChiKid24 wrote:
Fri Jul 17, 2020 1:47 pm
Do your guys disclosures say Lenderfi intends to service the loan? I know that was the case back in April and there were some hiccups. My disclosures from this week say that they intend to transfer servicing of the loan.
My closing packet (not the closing disclosure) had one page that said something to the effect of lenderfi intended to transfer servicing of the loan to lenderfi. I don't have a copy of that to validate that's what it really said. MERS has updated the investor to fannie mae, but servicer hasn't changed.

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Fri Jul 17, 2020 2:58 pm

I know my earlier Refi got sold pretty much immediately, which is often to be expected. But I believe this time I was told LenderFi would service it. It may depend on the loan, or perhaps the loan climate, whether they service it or sell it. So could be either way.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Fri Jul 17, 2020 3:37 pm

abyan wrote:
Fri Jul 17, 2020 2:58 pm
I know my earlier Refi got sold pretty much immediately, which is often to be expected. But I believe this time I was told LenderFi would service it. It may depend on the loan, or perhaps the loan climate, whether they service it or sell it. So could be either way.
Was it sold to Fannie/Freddie?

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abyan
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Re: My LenderFi refinance is going well

Post by abyan » Fri Jul 17, 2020 3:38 pm

Mine got sold to Citizens Home or whatever they're called, the old Citizens Bank.

Navy96
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Re: My LenderFi refinance is going well

Post by Navy96 » Fri Jul 17, 2020 3:47 pm

jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
I officially locked on the 10th. Scheduled to close on the 24th. Very smooth process thus far.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Fri Jul 17, 2020 5:14 pm

Navy96 wrote:
Fri Jul 17, 2020 3:47 pm
jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
I officially locked on the 10th. Scheduled to close on the 24th. Very smooth process thus far.
Lucky. I locked on the 10th and I am apparently still in line for underwriting review...

Edit: looks like I actually locked on the 9th!
Last edited by anon_investor on Fri Jul 17, 2020 5:47 pm, edited 2 times in total.

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Fri Jul 17, 2020 5:37 pm

anon_investor wrote:
Fri Jul 17, 2020 5:14 pm
Navy96 wrote:
Fri Jul 17, 2020 3:47 pm
jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
I officially locked on the 10th. Scheduled to close on the 24th. Very smooth process thus far.
Lucky. I locked on the 10th and I am apparently still in line for underwriting review...
Same. Was told they are backed up, and hopefully will hear back over the weekend or Monday.
~Brantley

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Fri Jul 17, 2020 5:48 pm

Brantley wrote:
Fri Jul 17, 2020 5:37 pm
anon_investor wrote:
Fri Jul 17, 2020 5:14 pm
Navy96 wrote:
Fri Jul 17, 2020 3:47 pm
jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
I officially locked on the 10th. Scheduled to close on the 24th. Very smooth process thus far.
Lucky. I locked on the 10th and I am apparently still in line for underwriting review...
Same. Was told they are backed up, and hopefully will hear back over the weekend or Monday.
I was hoping to close next week, oh well.

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pianos101
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Re: My LenderFi refinance is going well

Post by pianos101 » Fri Jul 17, 2020 5:53 pm

Might have just pushed too far... I asked my LenderFi officer to match/beat my LD offer and here's what he just responded:

"You also said you understood that you were ready to move forward and done shopping so I’m going to ignore the attachment you sent"

I think it's time for me to throw in the towel and accept what I have (with LoanDepot). Sorry LenderFi...

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Fri Jul 17, 2020 5:54 pm

pianos101 wrote:
Fri Jul 17, 2020 5:53 pm
Might have just pushed too far... I asked my LenderFi officer to match/beat my LD offer and here's what he just responded:

"You also said you understood that you were ready to move forward and done shopping so I’m going to ignore the attachment you sent"

I think it's time for me to throw in the towel and accept what I have (with LoanDepot). Sorry LenderFi...
Wow, that's some serious attitude from them. I wouldn't blame you for accepting LoanDepot's offer.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Fri Jul 17, 2020 7:29 pm

pianos101 wrote:
Fri Jul 17, 2020 5:53 pm
Might have just pushed too far... I asked my LenderFi officer to match/beat my LD offer and here's what he just responded:

"You also said you understood that you were ready to move forward and done shopping so I’m going to ignore the attachment you sent"

I think it's time for me to throw in the towel and accept what I have (with LoanDepot). Sorry LenderFi...
That is too bad. Loan Depot did not give me competitive offers at all, they also hung up on me when I said I am not interest unless you can do better. Really YMMV I guess.

jerseysure
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Re: My LenderFi refinance is going well

Post by jerseysure » Sat Jul 18, 2020 11:58 am

jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
My closing disclosures now say July 21 is my closing date, although I haven't heard or seen that anywhere else. Disbursement date is listed as July 27. I am wondering what's going to happen with my property taxes as my current mortgage company is probably going to pay them this coming week, but I have them listed as a prepaid item in the closing documents. Hopefully I'll get a refund for that.

Other interesting point is they originally had me bringing 4k to close. They increased my appraised amount from 500k to 502k and lowered by cash to close to 1k. They added some closing costs to my loan. I didn't ask them to do this, but I guess I'm not complaining. I can always put my escrow refund on the principal of the new loan if I feel like it.

MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 » Sat Jul 18, 2020 2:00 pm

I closed on the refi today, my disclosures said LenderFI intended to transfer the servicing on the loan but my closing docs have LenderFi servicing it with payment coupons included. Hopefully they've got their online portal up and running by now.

dave8228
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Re: My LenderFi refinance is going well

Post by dave8228 » Sat Jul 18, 2020 2:58 pm

Locked rate on June 23.
Closed yesterday July 17.

Smooth process the whole way through.

In the closing papers it says that the loan will be transferred to LenderFi with the first payment due Sept 1. Payment coupons were included for the first 2 payments.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Sat Jul 18, 2020 3:04 pm

dave8228 wrote:
Sat Jul 18, 2020 2:58 pm
Locked rate on June 23.
Closed yesterday July 17.

Smooth process the whole way through.

In the closing papers it says that the loan will be transferred to LenderFi with the first payment due Sept 1. Payment coupons were included for the first 2 payments.
Any instructions for setting up and account to pay online? I honestly don't think I have ever mailed in a mortgage payment before.

dave8228
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Re: My LenderFi refinance is going well

Post by dave8228 » Sat Jul 18, 2020 5:35 pm

anon_investor wrote:
Sat Jul 18, 2020 3:04 pm
dave8228 wrote:
Sat Jul 18, 2020 2:58 pm
Locked rate on June 23.
Closed yesterday July 17.

Smooth process the whole way through.

In the closing papers it says that the loan will be transferred to LenderFi with the first payment due Sept 1. Payment coupons were included for the first 2 payments.
Any instructions for setting up and account to pay online? I honestly don't think I have ever mailed in a mortgage payment before.
Nope, I don't see any instructions for setting up an online account with them. I plan on paying it through my bank's website, so I don't have to actually write and mail a check :)

If you do a search for LenderFi Servicing, it should bring one up. I don't want to link it here since I don't know if it's legit or not...

A servicing website would be nice though to track payments, escrow, etc, and I'd bet they have one.

MBJ0909
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Re: My LenderFi refinance is going well

Post by MBJ0909 » Sat Jul 18, 2020 5:48 pm

There is a Servicing link from the LenderFI homepage and from there a link to enroll for account access. I will try setting that up at some point.

dave8228
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Re: My LenderFi refinance is going well

Post by dave8228 » Sat Jul 18, 2020 6:35 pm

MBJ0909 wrote:
Sat Jul 18, 2020 5:48 pm
There is a Servicing link from the LenderFI homepage and from there a link to enroll for account access. I will try setting that up at some point.
Ahhh nice, thanks. I'll do the same in a couple weeks.

raylet
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Re: My LenderFi refinance is going well

Post by raylet » Sat Jul 18, 2020 7:40 pm

I’ve just started a refi with them, are there any concerns on servicing side? I know they are good at closing within 30 days so not worried about the part.

Hoodwink
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Re: My LenderFi refinance is going well

Post by Hoodwink » Sat Jul 18, 2020 11:10 pm

jerseysure wrote:
Sat Jul 18, 2020 11:58 am
jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
My closing disclosures now say July 21 is my closing date, although I haven't heard or seen that anywhere else. Disbursement date is listed as July 27. I am wondering what's going to happen with my property taxes as my current mortgage company is probably going to pay them this coming week, but I have them listed as a prepaid item in the closing documents. Hopefully I'll get a refund for that.

Other interesting point is they originally had me bringing 4k to close. They increased my appraised amount from 500k to 502k and lowered by cash to close to 1k. They added some closing costs to my loan. I didn't ask them to do this, but I guess I'm not complaining. I can always put my escrow refund on the principal of the new loan if I feel like it.
When did you get the email from settlement company? My timeline are almost similar but haven’t got the final disclosures. Received email from settlement company about 2 days back.

nepats
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Re: My LenderFi refinance is going well

Post by nepats » Sat Jul 18, 2020 11:21 pm

Hoodwink wrote:
Sat Jul 18, 2020 11:10 pm
jerseysure wrote:
Sat Jul 18, 2020 11:58 am
jerseysure wrote:
Fri Jul 17, 2020 9:38 am
Update on my timeline:

July 6: Applied and uploaded all documents
July 7: Locked over the phone and signed initial disclosure
July 12: Signed updated disclosure showing lock
July 12: LenderFi requested bank statements which I provided right away
July 17: I emailed for status and they said they just sent me to underwriting for final approval. I should anticipate final disclosures today and closing late next week.
My closing disclosures now say July 21 is my closing date, although I haven't heard or seen that anywhere else. Disbursement date is listed as July 27. I am wondering what's going to happen with my property taxes as my current mortgage company is probably going to pay them this coming week, but I have them listed as a prepaid item in the closing documents. Hopefully I'll get a refund for that.

Other interesting point is they originally had me bringing 4k to close. They increased my appraised amount from 500k to 502k and lowered by cash to close to 1k. They added some closing costs to my loan. I didn't ask them to do this, but I guess I'm not complaining. I can always put my escrow refund on the principal of the new loan if I feel like it.
When did you get the email from settlement company? My timeline are almost similar but haven’t got the final disclosures. Received email from settlement company about 2 days back.
Did they change your home owners policy effective date before closing ?

TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder » Sat Jul 18, 2020 11:24 pm

raylet wrote:
Sat Jul 18, 2020 7:40 pm
I’ve just started a refi with them, are there any concerns on servicing side? I know they are good at closing within 30 days so not worried about the part.
I think keeping the servicing is new for them, they’ve always sold that off (along with the loan). My current one with them is serviced by Chase and I was hoping to stay there with my new one since they have a good app.

raylet
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Re: My LenderFi refinance is going well

Post by raylet » Sun Jul 19, 2020 6:10 am

My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.

dave8228
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Re: My LenderFi refinance is going well

Post by dave8228 » Sun Jul 19, 2020 7:20 am

raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
For me personally, any servicing unknowns were outweighed by the total savings in interest and loan costs. LenderFi took me from 3.625 to 2.75, cut the monthly PMI cost in half, and will save me over $120k in interest over the life of the loan. Sold!

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Sun Jul 19, 2020 8:00 am

raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
Reading through earlier posts it sounds like LenderFi may have worked out their servicing kinks recently as they have a servicing website now which people have indicated they have been able to set up automatic payments through.

raylet
Posts: 11
Joined: Sat Jul 18, 2020 7:37 pm

Re: My LenderFi refinance is going well

Post by raylet » Sun Jul 19, 2020 8:17 am

anon_investor wrote:
Sun Jul 19, 2020 8:00 am
raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
Reading through earlier posts it sounds like LenderFi may have worked out their servicing kinks recently as they have a servicing website now which people have indicated they have been able to set up automatic payments through.
Thanks, sounds like that was the only issue which most people were having. Glad that is worked out now!

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anon_investor
Posts: 2803
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Sun Jul 19, 2020 8:23 am

raylet wrote:
Sun Jul 19, 2020 8:17 am
anon_investor wrote:
Sun Jul 19, 2020 8:00 am
raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
Reading through earlier posts it sounds like LenderFi may have worked out their servicing kinks recently as they have a servicing website now which people have indicated they have been able to set up automatic payments through.
Thanks, sounds like that was the only issue which most people were having. Glad that is worked out now!
Hopefully people can report back whether they have had any escrow issues. That would be my biggest concern.

raylet
Posts: 11
Joined: Sat Jul 18, 2020 7:37 pm

Re: My LenderFi refinance is going well

Post by raylet » Sun Jul 19, 2020 8:35 am

anon_investor wrote:
Sun Jul 19, 2020 8:23 am
raylet wrote:
Sun Jul 19, 2020 8:17 am
anon_investor wrote:
Sun Jul 19, 2020 8:00 am
raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
Reading through earlier posts it sounds like LenderFi may have worked out their servicing kinks recently as they have a servicing website now which people have indicated they have been able to set up automatic payments through.
Thanks, sounds like that was the only issue which most people were having. Glad that is worked out now!
Hopefully people can report back whether they have had any escrow issues. That would be my biggest concern.
Do you suggest I just not include escrow in the payment? I’m at the initial disclosure stage so can ask them if that’s an option

User avatar
anon_investor
Posts: 2803
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Sun Jul 19, 2020 9:52 am

raylet wrote:
Sun Jul 19, 2020 8:35 am
anon_investor wrote:
Sun Jul 19, 2020 8:23 am
raylet wrote:
Sun Jul 19, 2020 8:17 am
anon_investor wrote:
Sun Jul 19, 2020 8:00 am
raylet wrote:
Sun Jul 19, 2020 6:10 am
My initial disclosure loan estimate said that they will transfer the service of loan. Is their a possibility that it can change on the final closing date? Also, this is my first refi, do you think I should go with a larger bank with better servicing capability. I would just not want to deal with this constant stress of whether the payment was received or not, escrow were paid correctly or not. I would like things to be on auto-pilot just like my current mortgage payment.
Reading through earlier posts it sounds like LenderFi may have worked out their servicing kinks recently as they have a servicing website now which people have indicated they have been able to set up automatic payments through.
Thanks, sounds like that was the only issue which most people were having. Glad that is worked out now!
Hopefully people can report back whether they have had any escrow issues. That would be my biggest concern.
Do you suggest I just not include escrow in the payment? I’m at the initial disclosure stage so can ask them if that’s an option
I think it is worth asking the cost difference. But at least with the quotes I got, it was around a $800+ difference in lender credits between escrow and no escrow. Paying $800+ to waive escrow was not worth it to me.

surfstar
Posts: 2159
Joined: Fri Sep 13, 2013 12:17 pm
Location: Santa Barbara, CA

Re: My LenderFi refinance is going well

Post by surfstar » Sun Jul 19, 2020 10:18 am

anon_investor wrote:
Sun Jul 19, 2020 9:52 am
I think it is worth asking the cost difference. But at least with the quotes I got, it was around a $800+ difference in lender credits between escrow and no escrow. Paying $800+ to waive escrow was not worth it to me.
Also, in these days of low interest savings - check what the APR is on your escrow impound account. I believe in CA it is required to be 2%. So it is a better return than holding in your Ally/etc savings account. We've never seen an advantage to waive escrow, due to the % guaranteed return on the impound and any additional mortgage fees or increase in rate. Again, may vary by state.

jerseysure
Posts: 19
Joined: Thu Mar 26, 2020 6:09 pm

Re: My LenderFi refinance is going well

Post by jerseysure » Sun Jul 19, 2020 2:04 pm

I asked about waiving escrow and they said it would increase the cost of the mortgage. I didn't inquire by how much. They said I can ask to waive the escrow after a few on-time payments.

Billionaire07
Posts: 2
Joined: Sun Jul 19, 2020 4:41 pm

Re: My LenderFi refinance is going well

Post by Billionaire07 » Sun Jul 19, 2020 5:03 pm

I closed recently and had applied without escrow. They didn’t explicitly indicate if it will cost me more over having it. However the person did try to recommend going without points since the money Saved could be invested (I was getting good rate with points and it slightly lowered the monthly). I did realize that might have saved on points so after getting initial disclosure tried checking other option however he said my rate with points is locked (technically rate was not locked since had not signed anything). Anyways good with the rate (Lowest I saw compared to few others like better) for now. If rates go down further have to wait 6 months, that’s the only catch.

Most of processing was quick (no formal appraiser), responses from originator were super quick including providing update. Closing was at home (they gave both options), the closing agent came home with mask.

If I recollect correctly My disclosures had bit different language around selling the loan, rather they “intending” to sell it appeared they could sell the loan in future (making it bit less certain). Anyways now waiting for servicing info and if they sell it to another company before my first due date.
Their Post closing email indicated below
You will be receiving information about your first mortgage payment in the next 30 days. We will send you temporary coupons with the address and instructions on how to make your first mortgage payment.

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

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

888-342-0000 xxxx
Their servicing website https://myloanweb.com/lenderfi/ hasn’t yet been able to process my loan account number (assuming the one show in their emails/doc is the one) during registration, so waiting game around servicing (given everything else was quick, hopefully will get online access soon).

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anon_investor
Posts: 2803
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Sun Jul 19, 2020 6:40 pm

jerseysure wrote:
Sun Jul 19, 2020 2:04 pm
I asked about waiving escrow and they said it would increase the cost of the mortgage. I didn't inquire by how much. They said I can ask to waive the escrow after a few on-time payments.
Interesting about waiving escrow after a few on time payments. Something to think about in the future.

nepats
Posts: 348
Joined: Mon Jul 20, 2009 11:56 am

Re: My LenderFi refinance is going well

Post by nepats » Tue Jul 21, 2020 10:04 am

I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:

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BrandonBogle
Posts: 2924
Joined: Mon Jan 28, 2013 11:19 pm

Re: My LenderFi refinance is going well

Post by BrandonBogle » Tue Jul 21, 2020 10:07 am

nepats wrote:
Tue Jul 21, 2020 10:04 am
I am about to close my refi this week! When it's done, it will be 2 weeks from the day of the application! Crazy times :shock:
Now that’s a quick turnaround! My fastest so far has been 18 days (different lender), but 2 weeks would likely make my head spin!

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