My LenderFi refinance is going well

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 21, 2020 10:19 am

BrandonBogle wrote:
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!
Would that make you refi every month!

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 10:45 am

anon_investor wrote:
Tue Jul 21, 2020 10:19 am
BrandonBogle wrote:
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!
Would that make you refi every month!
Haha, good point! I think they made the process much easier, and I was prepared to send everything they asked for within few hours helped, I think.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 21, 2020 11:01 am

nepats wrote:
Tue Jul 21, 2020 10:45 am
anon_investor wrote:
Tue Jul 21, 2020 10:19 am
BrandonBogle wrote:
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!
Would that make you refi every month!
Haha, good point! I think they made the process much easier, and I was prepared to send everything they asked for within few hours helped, I think.
I am approved, just waiting for my closing date from LenderFi. Applied almost 2 weeks ago. I did a refi in May with Ally (which uses Better's platform) and that took about 1.5 weeks to complete from lock to close. Better's system is much nicer looking, but they definitely asked for way more documents (which they probably did not even need) than LenderFi. LenderFi seems to be more no frills, but definitely better rates.

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

Re: My LenderFi refinance is going well

Post by jerseysure » Tue Jul 21, 2020 12:49 pm

I am scheduled to close on Saturday 7/25. That's 19 days from my application on 7/6.

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

Re: My LenderFi refinance is going well

Post by raylet » Tue Jul 21, 2020 1:05 pm

jerseysure wrote:
Tue Jul 21, 2020 12:49 pm
I am scheduled to close on Saturday 7/25. That's 19 days from my application on 7/6.
Woow! that is fast. I'm yet to get a rate lock confirmation, applied for rate lock last Friday. Do you guys know how long it takes to get a rate lock confirmation? Locked in 2.625 for 20 Y, no closing costs, no points.

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

Re: My LenderFi refinance is going well

Post by jerseysure » Tue Jul 21, 2020 1:30 pm

raylet wrote:
Tue Jul 21, 2020 1:05 pm
jerseysure wrote:
Tue Jul 21, 2020 12:49 pm
I am scheduled to close on Saturday 7/25. That's 19 days from my application on 7/6.
Woow! that is fast. I'm yet to get a rate lock confirmation, applied for rate lock last Friday. Do you guys know how long it takes to get a rate lock confirmation? Locked in 2.625 for 20 Y, no closing costs, no points.
Check out my previous post where I gave my complete timeline.. it was a few days for me. That's a great rate. I'm at 2.75 20Y with no closing costs/points.

rage_phish
Posts: 165
Joined: Thu Jan 31, 2019 4:27 pm

Re: My LenderFi refinance is going well

Post by rage_phish » Tue Jul 21, 2020 5:13 pm

So what exactly is the penalty if you sell within 6 months of the refi?

Not a likely scenario for us. But possible

User avatar
Cobra Commander
Posts: 270
Joined: Tue Mar 14, 2017 11:09 am

Re: My LenderFi refinance is going well

Post by Cobra Commander » Tue Jul 21, 2020 6:36 pm

rage_phish wrote:
Tue Jul 21, 2020 5:13 pm
So what exactly is the penalty if you sell within 6 months of the refi?

Not a likely scenario for us. But possible
In theory, the amount of lender credits you received. Unclear how that plays out in practice though. I probably couldnt refi anyways because Lenderfi gave me the best rates by far.

Topic Author
abyan
Posts: 594
Joined: Mon Jun 23, 2014 8:51 pm

Re: My LenderFi refinance is going well

Post by abyan » Tue Jul 21, 2020 6:55 pm

And they'll probably never refi you again if you do that.

rage_phish
Posts: 165
Joined: Thu Jan 31, 2019 4:27 pm

Re: My LenderFi refinance is going well

Post by rage_phish » Tue Jul 21, 2020 7:00 pm

Really unlikely we move within 6 months. But wanted to know the potential penalty

hbdad
Posts: 94
Joined: Fri Dec 13, 2019 3:29 pm

Re: My LenderFi refinance is going well

Post by hbdad » Tue Jul 21, 2020 7:09 pm

Per their website, Lenderfi is still not accepting new applications. That's been up there for almost 10 days. They must really not care about getting new business. Others have posted it took only 19 days to fund. They should have cleared enough applications by now to be able to start processing new ones.

joe3411
Posts: 42
Joined: Tue Jun 30, 2015 7:29 am

Re: My LenderFi refinance is going well

Post by joe3411 » Tue Jul 21, 2020 7:25 pm

17 days from application to close with Lenderfi. It was definitely the lowest rate at the time. No cost, no appraisal.

User avatar
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 7:32 pm

hbdad wrote:
Tue Jul 21, 2020 7:09 pm
Per their website, Lenderfi is still not accepting new applications. That's been up there for almost 10 days. They must really not care about getting new business. Others have posted it took only 19 days to fund. They should have cleared enough applications by now to be able to start processing new ones.
They have periodically taken the page down during early market hours and taken applications. Some others have artificially inflated their pricing to cut back on the number of apps coming in.

Topic Author
abyan
Posts: 594
Joined: Mon Jun 23, 2014 8:51 pm

Re: My LenderFi refinance is going well

Post by abyan » Tue Jul 21, 2020 7:33 pm

hbdad wrote:
Tue Jul 21, 2020 7:09 pm
Per their website, Lenderfi is still not accepting new applications. That's been up there for almost 10 days. They must really not care about getting new business. Others have posted it took only 19 days to fund. They should have cleared enough applications by now to be able to start processing new ones.
I wouldn’t assume that they don’t care about new business. It’s more likely they’re simply overwhelmed with applications, and rather than accept new ones and tick those people off — and the people already in the pipeline — by everything grinding to a halt, they’re working on those of us who have already submitted applications. It’s the simpler explanation.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 21, 2020 9:49 pm

abyan wrote:
Tue Jul 21, 2020 7:33 pm
hbdad wrote:
Tue Jul 21, 2020 7:09 pm
Per their website, Lenderfi is still not accepting new applications. That's been up there for almost 10 days. They must really not care about getting new business. Others have posted it took only 19 days to fund. They should have cleared enough applications by now to be able to start processing new ones.
I wouldn’t assume that they don’t care about new business. It’s more likely they’re simply overwhelmed with applications, and rather than accept new ones and tick those people off — and the people already in the pipeline — by everything grinding to a halt, they’re working on those of us who have already submitted applications. It’s the simpler explanation.
I am sure they will not be hurting for business. They will have just about everyone who is closing refis now with other lenders looking to refi again in a month or two when rates have fallen further. :mrgreen:

bonfireofthevanities
Posts: 7
Joined: Mon Jun 08, 2020 12:05 pm

Re: My LenderFi refinance is going well

Post by bonfireofthevanities » Wed Jul 22, 2020 7:50 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?
I just want to update folks on my refi funding timeline, which has been a bit frustrating.

As noted above, I did my remote closing on 7/13, with funding to occur per the CD on 7/17.

I only received notification (after a number of emails) that my refi funded on 7/21. My check for a small credit (~$600) has not yet arrived today 7/22 via UPS overnight (it says "delayed" on the UPS tracking site), but my old loan (Pennymac) does show as paid off as of 7/21.

Seems like they're backed up on the funding side as well.

foo.c
Posts: 95
Joined: Sat Jul 15, 2017 4:55 pm

Re: My LenderFi refinance is going well

Post by foo.c » Wed Jul 22, 2020 8:41 am

hbdad wrote:
Tue Jul 21, 2020 7:09 pm
Per their website, Lenderfi is still not accepting new applications. That's been up there for almost 10 days. They must really not care about getting new business. Others have posted it took only 19 days to fund. They should have cleared enough applications by now to be able to start processing new ones.
There is a backdoor to apply. I was able to apply 6 days ago by applying from a URL in my history.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 22, 2020 10:12 am

bonfireofthevanities wrote:
Wed Jul 22, 2020 7:50 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?
I just want to update folks on my refi funding timeline, which has been a bit frustrating.

As noted above, I did my remote closing on 7/13, with funding to occur per the CD on 7/17.

I only received notification (after a number of emails) that my refi funded on 7/21. My check for a small credit (~$600) has not yet arrived today 7/22 via UPS overnight (it says "delayed" on the UPS tracking site), but my old loan (Pennymac) does show as paid off as of 7/21.

Seems like they're backed up on the funding side as well.
Did you find out who will be servicing your loan?

as9
Posts: 195
Joined: Mon Jan 27, 2020 9:26 am

Re: My LenderFi refinance is going well

Post by as9 » Wed Jul 22, 2020 10:27 am

My loan closed in mid June with first payment due 8/1. The loan was sold to Fannie Mae, but is being serviced by LenderFi. There is a (fairly rudimentary) website for making payments -- didn't have a problem setting up recurring payments from my checking account.

bonfireofthevanities
Posts: 7
Joined: Mon Jun 08, 2020 12:05 pm

Re: My LenderFi refinance is going well

Post by bonfireofthevanities » Wed Jul 22, 2020 12:27 pm

anon_investor wrote:
Wed Jul 22, 2020 10:12 am
bonfireofthevanities wrote:
Wed Jul 22, 2020 7:50 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?
I just want to update folks on my refi funding timeline, which has been a bit frustrating.

As noted above, I did my remote closing on 7/13, with funding to occur per the CD on 7/17.

I only received notification (after a number of emails) that my refi funded on 7/21. My check for a small credit (~$600) has not yet arrived today 7/22 via UPS overnight (it says "delayed" on the UPS tracking site), but my old loan (Pennymac) does show as paid off as of 7/21.

Seems like they're backed up on the funding side as well.
Did you find out who will be servicing your loan?
No, not yet. An attempt to log in to the LenderFi servicing portal today was unsuccessful, but obviously not definitive.

mets914
Posts: 47
Joined: Wed Apr 29, 2015 11:23 pm

Re: My LenderFi refinance is going well

Post by mets914 » Wed Jul 22, 2020 1:31 pm

Has anyone been able to get their loan agent to give them the rate sheet? My guy told me that when I locked in at 2.625 that he would not offer me 2.75 with credits.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 22, 2020 1:40 pm

mets914 wrote:
Wed Jul 22, 2020 1:31 pm
Has anyone been able to get their loan agent to give them the rate sheet? My guy told me that when I locked in at 2.625 that he would not offer me 2.75 with credits.
Was your 2.625% no cost?

mets914
Posts: 47
Joined: Wed Apr 29, 2015 11:23 pm

Re: My LenderFi refinance is going well

Post by mets914 » Wed Jul 22, 2020 1:51 pm

anon_investor wrote:
Wed Jul 22, 2020 1:40 pm
mets914 wrote:
Wed Jul 22, 2020 1:31 pm
Has anyone been able to get their loan agent to give them the rate sheet? My guy told me that when I locked in at 2.625 that he would not offer me 2.75 with credits.
Was your 2.625% no cost?
Just about with the exception of prepaids.

biturbo
Posts: 43
Joined: Wed May 08, 2013 8:34 pm

Re: My LenderFi refinance is going well

Post by biturbo » Wed Jul 22, 2020 1:56 pm

Wow, some of these turnaround times are crazy!

For comparison, with better.com we locked on March 30 and didn't close until June 11, so 70+ days. We had an appraisal waiver, no weird things with the loan at all, and got them documents within hours of them being requested in most cases. Not sure what took them so long? They would ask for another document and bombard us with calls, texts, emails saying to get it to them ASAP, then they'd go dark for a week after getting it.

It ended up being a little stressful because I had a car coming off lease in June and needed to get a replacement, and didn't want to apply for car financing/leasing while still in the process of refinancing. I asked them about that in March and they said they were the only lender still getting them done in under 45 days, which turned out to be not close to being true in any way. Everything worked out in the end, but still kind of annoying to have it drag on forever.

Topic Author
abyan
Posts: 594
Joined: Mon Jun 23, 2014 8:51 pm

Re: My LenderFi refinance is going well

Post by abyan » Wed Jul 22, 2020 2:06 pm

And keep in mind, back in January when I first refi'd with LenderFi, I locked on a Tuesday, and closed on the following Saturday, 11 days later. So they were super quick before the deluge of applications brought on by plummeting rates. I locked a few weeks ago, and just got a second welcome email from the closing company -- no details yet -- but at least there are signs of life, so I'm not worried.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 22, 2020 2:49 pm

biturbo wrote:
Wed Jul 22, 2020 1:56 pm
Wow, some of these turnaround times are crazy!

For comparison, with better.com we locked on March 30 and didn't close until June 11, so 70+ days. We had an appraisal waiver, no weird things with the loan at all, and got them documents within hours of them being requested in most cases. Not sure what took them so long? They would ask for another document and bombard us with calls, texts, emails saying to get it to them ASAP, then they'd go dark for a week after getting it.

It ended up being a little stressful because I had a car coming off lease in June and needed to get a replacement, and didn't want to apply for car financing/leasing while still in the process of refinancing. I asked them about that in March and they said they were the only lender still getting them done in under 45 days, which turned out to be not close to being true in any way. Everything worked out in the end, but still kind of annoying to have it drag on forever.
70+ days? That seems excessively long. I did a refi in May with Ally (which uses Better's system), and it took 1.5 weeks to complete from lock to closing. I am in the process of completing a refi with LenderFi now, rate lock was on 7/9 and closing is being scheduled for 7/27 (so about 2.5 weeks).

TropikThunder
Posts: 2400
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder » Wed Jul 22, 2020 5:35 pm

mets914 wrote:
Wed Jul 22, 2020 1:31 pm
Has anyone been able to get their loan agent to give them the rate sheet? My guy told me that when I locked in at 2.625 that he would not offer me 2.75 with credits.
That's their business model. Their max lender credit is $1,880, which covers all the standard fees (appraisal, credit report, title insurance, settlement fee, etc). They'll take your costs all the way to zero depending on the rate, but they won't take them below zero. I the credit is covered by the commission they get from the eventual loan purchaser (like Fannie Mae) so locking higher and increasing the credit would make them lose money.

Hoodwink
Posts: 15
Joined: Fri Jul 10, 2020 6:47 am

Re: My LenderFi refinance is going well

Post by Hoodwink » Wed Jul 22, 2020 9:01 pm

How long is it taking with lenderfi for underwriter review once the file is moved to underwriter?

User avatar
Brantley
Posts: 363
Joined: Mon Dec 03, 2012 1:02 am

Re: My LenderFi refinance is going well

Post by Brantley » Wed Jul 22, 2020 9:05 pm

Hoodwink wrote:
Wed Jul 22, 2020 9:01 pm
How long is it taking with lenderfi for underwriter review once the file is moved to underwriter?
It was 4 business days for me. Currently waiting for title to come in since Monday.
~Brantley

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 22, 2020 9:11 pm

Brantley wrote:
Wed Jul 22, 2020 9:05 pm
Hoodwink wrote:
Wed Jul 22, 2020 9:01 pm
How long is it taking with lenderfi for underwriter review once the file is moved to underwriter?
It was 4 business days for me. Currently waiting for title to come in since Monday.
It took 4 business days for me too.

Hoodwink
Posts: 15
Joined: Fri Jul 10, 2020 6:47 am

Re: My LenderFi refinance is going well

Post by Hoodwink » Wed Jul 22, 2020 9:56 pm

anon_investor wrote:
Wed Jul 22, 2020 9:11 pm
Brantley wrote:
Wed Jul 22, 2020 9:05 pm
Hoodwink wrote:
Wed Jul 22, 2020 9:01 pm
How long is it taking with lenderfi for underwriter review once the file is moved to underwriter?
It was 4 business days for me. Currently waiting for title to come in since Monday.
It took 4 business days for me too.
Thanks, my file moved to underwriter today but the title was received on Monday.

Does Lenderfi notify once the underwriter review is completed or will have to email to get the status?

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 22, 2020 11:01 pm

Hoodwink wrote:
Wed Jul 22, 2020 9:56 pm
anon_investor wrote:
Wed Jul 22, 2020 9:11 pm
Brantley wrote:
Wed Jul 22, 2020 9:05 pm
Hoodwink wrote:
Wed Jul 22, 2020 9:01 pm
How long is it taking with lenderfi for underwriter review once the file is moved to underwriter?
It was 4 business days for me. Currently waiting for title to come in since Monday.
It took 4 business days for me too.
Thanks, my file moved to underwriter today but the title was received on Monday.

Does Lenderfi notify once the underwriter review is completed or will have to email to get the status?
I received an email from the loan processor telling me underwriting was approved and they were just waiting for the title. But on the same day I got a separate email telling me to log on and e-sign the closing disclosure.

Rayandron
Posts: 118
Joined: Fri Jan 17, 2014 4:48 pm

Re: My LenderFi refinance is going well

Post by Rayandron » Wed Jul 22, 2020 11:38 pm

TropikThunder wrote:
Wed Jul 22, 2020 5:35 pm
mets914 wrote:
Wed Jul 22, 2020 1:31 pm
Has anyone been able to get their loan agent to give them the rate sheet? My guy told me that when I locked in at 2.625 that he would not offer me 2.75 with credits.
That's their business model. Their max lender credit is $1,880, which covers all the standard fees (appraisal, credit report, title insurance, settlement fee, etc). They'll take your costs all the way to zero depending on the rate, but they won't take them below zero. I the credit is covered by the commission they get from the eventual loan purchaser (like Fannie Mae) so locking higher and increasing the credit would make them lose money.
My lender credit from Lenderfi was $2k, so perhaps the max they offer varies slightly by market. In my market, taxes/government fees are ~$1900 & my A+B+C costs are ~$1200, so I won't quite be getting a no-cost re-fi from them, but it's close enough considering the rate they offered was lower than anybody else and I'm still breaking even on the loan cost within 3 months. Will share a more complete timeline/breakdown once I've closed.

TropikThunder
Posts: 2400
Joined: Sun Apr 03, 2016 5:41 pm

Re: My LenderFi refinance is going well

Post by TropikThunder » Wed Jul 22, 2020 11:46 pm

Rayandron wrote:
Wed Jul 22, 2020 11:38 pm
My lender credit from Lenderfi was $2k, so perhaps the max they offer varies slightly by market. In my market, taxes/government fees are ~$1900 & my A+B+C costs are ~$1200, so I won't quite be getting a no-cost re-fi from them, but it's close enough considering the rate they offered was lower than anybody else and I'm still breaking even on the loan cost within 3 months. Will share a more complete timeline/breakdown once I've closed.
:oops: Everything varies by market, yeah I should have realized that (I'm in the Seattle area).

dave8228
Posts: 18
Joined: Thu May 28, 2020 8:09 am

Re: My LenderFi refinance is going well

Post by dave8228 » Thu Jul 23, 2020 10:31 am

Just some timeline information for people still shopping:

6/25 - Applied with LenderFi and locked rate (no cost, 2.75% 30 year conventional)
7/17 - Closed
7/22 - Funded

It was a very smooth process - I would definitely do it again in 6 months if rates drop .25% or more.
Last edited by dave8228 on Thu Jul 23, 2020 10:33 am, edited 1 time in total.

bennettg
Posts: 73
Joined: Sat Aug 06, 2016 8:28 am

Re: My LenderFi refinance is going well

Post by bennettg » Thu Jul 23, 2020 10:33 am

I keep calling and refreshing LenderFi website. Still no new applications.

What are folks recommendations for next best option?

mets914
Posts: 47
Joined: Wed Apr 29, 2015 11:23 pm

Re: My LenderFi refinance is going well

Post by mets914 » Thu Jul 23, 2020 10:48 am

bennettg wrote:
Thu Jul 23, 2020 10:33 am
I keep calling and refreshing LenderFi website. Still no new applications.

What are folks recommendations for next best option?
https://www.lenderfi.com/apply-online/

bennettg
Posts: 73
Joined: Sat Aug 06, 2016 8:28 am

Re: My LenderFi refinance is going well

Post by bennettg » Thu Jul 23, 2020 10:56 am

Thnanks....I get same banner message that says no new applications.

Did you get something different?

jharkin
Posts: 2589
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: My LenderFi refinance is going well

Post by jharkin » Thu Jul 23, 2020 11:40 am

Mine closed yesterday, but its been a bit of a process and things are still up in the air.


Super-confoming loan - 80% LTV - Boston metro

6/12 - I submitted an initial app, but continued to shop rates
6/17 - Got a phone offer. 3.125% no-cost, waive appraisal, waive escrow
6/18 - locked, signed disclosures, sent all income verification documentation
6/25 - Title cleared, loan sent to processing
* then it gets quiet *
7/13 - I got final disclosure notice (I was traveling)
7/17 final disclosures signed and clear to close
7/22 - Closing - I was only notified 12 hours in advance.

There was a goof at closing. I have no escrow and my upcoming taxes are current but they still tried to collect property tax at the closing table. I got them on the phone and got a verbal commitment to leave that out, but now I am waiting for them to get that to me in writing before the 3 day right of recision expires.

Also, they didn't sent the 24 hour finalized closing statement before closing. Attorney said this was the 3rd one he had this week alone with a goof up like that.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 23, 2020 12:55 pm

jharkin wrote:
Thu Jul 23, 2020 11:40 am
Mine closed yesterday, but its been a bit of a process and things are still up in the air.


Super-confoming loan - 80% LTV - Boston metro

6/12 - I submitted an initial app, but continued to shop rates
6/17 - Got a phone offer. 3.125% no-cost, waive appraisal, waive escrow
6/18 - locked, signed disclosures, sent all income verification documentation
6/25 - Title cleared, loan sent to processing
* then it gets quiet *
7/13 - I got final disclosure notice (I was traveling)
7/17 final disclosures signed and clear to close
7/22 - Closing - I was only notified 12 hours in advance.

There was a goof at closing. I have no escrow and my upcoming taxes are current but they still tried to collect property tax at the closing table. I got them on the phone and got a verbal commitment to leave that out, but now I am waiting for them to get that to me in writing before the 3 day right of recision expires.

Also, they didn't sent the 24 hour finalized closing statement before closing. Attorney said this was the 3rd one he had this week alone with a goof up like that.
Yikes. I am closing with LenderFi on Monday, but I do have an escrow, so hopefully there are no issues. Are they supposed to send something 24 hours before? Did they give you the wiring instructions before the closing date?

User avatar
Cobra Commander
Posts: 270
Joined: Tue Mar 14, 2017 11:09 am

Re: My LenderFi refinance is going well

Post by Cobra Commander » Thu Jul 23, 2020 2:24 pm

Did you guys use the LenderFi recommended title company, Amrock? Title fees were about $1,000 which is a little less than I paid on my 2016. I shopped a few places but not many, just wondering if it's worth shopping around.

mets914
Posts: 47
Joined: Wed Apr 29, 2015 11:23 pm

Re: My LenderFi refinance is going well

Post by mets914 » Thu Jul 23, 2020 2:36 pm

Cobra Commander wrote:
Thu Jul 23, 2020 2:24 pm
Did you guys use the LenderFi recommended title company, Amrock? Title fees were about $1,000 which is a little less than I paid on my 2016. I shopped a few places but not many, just wondering if it's worth shopping around.
I'm using a local place. Should save me about $400.

jharkin
Posts: 2589
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: My LenderFi refinance is going well

Post by jharkin » Thu Jul 23, 2020 2:44 pm

anon_investor wrote:
Thu Jul 23, 2020 12:55 pm

Yikes. I am closing with LenderFi on Monday, but I do have an escrow, so hopefully there are no issues. Are they supposed to send something 24 hours before? Did they give you the wiring instructions before the closing date?
I got on the phone with them the day before and got the details. Due to Covid they are waiving the usual restrictions and take a personal cehck up to $5k at the closing table.

Without the taxes, my cash to close was only a few hundred $$ for prepaid interest.

Yes, unless you signed the release they need to send you an estimate 3 days out and final numbers 24 hours out.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 23, 2020 2:58 pm

jharkin wrote:
Thu Jul 23, 2020 2:44 pm
anon_investor wrote:
Thu Jul 23, 2020 12:55 pm

Yikes. I am closing with LenderFi on Monday, but I do have an escrow, so hopefully there are no issues. Are they supposed to send something 24 hours before? Did they give you the wiring instructions before the closing date?
I got on the phone with them the day before and got the details. Due to Covid they are waiving the usual restrictions and take a personal cehck up to $5k at the closing table.

Without the taxes, my cash to close was only a few hundred $$ for prepaid interest.

Yes, unless you signed the release they need to send you an estimate 3 days out and final numbers 24 hours out.
Interesting, did you use Amrock? So the estimate you received 3 days out was correct, but the numbers at the closing were wrong?
Cobra Commander wrote:
Thu Jul 23, 2020 2:24 pm
Did you guys use the LenderFi recommended title company, Amrock? Title fees were about $1,000 which is a little less than I paid on my 2016. I shopped a few places but not many, just wondering if it's worth shopping around.
I am going to use Amrock, I didn't want to rock the boat and slow things down, espcially since all the costs are covered by lender's credits.

User avatar
Cobra Commander
Posts: 270
Joined: Tue Mar 14, 2017 11:09 am

Re: My LenderFi refinance is going well

Post by Cobra Commander » Thu Jul 23, 2020 3:00 pm

anon_investor wrote:
Thu Jul 23, 2020 2:58 pm
jharkin wrote:
Thu Jul 23, 2020 2:44 pm
anon_investor wrote:
Thu Jul 23, 2020 12:55 pm

Yikes. I am closing with LenderFi on Monday, but I do have an escrow, so hopefully there are no issues. Are they supposed to send something 24 hours before? Did they give you the wiring instructions before the closing date?
I got on the phone with them the day before and got the details. Due to Covid they are waiving the usual restrictions and take a personal cehck up to $5k at the closing table.

Without the taxes, my cash to close was only a few hundred $$ for prepaid interest.

Yes, unless you signed the release they need to send you an estimate 3 days out and final numbers 24 hours out.
Interesting, did you use Amrock? So the estimate you received 3 days out was correct, but the numbers at the closing were wrong?
Cobra Commander wrote:
Thu Jul 23, 2020 2:24 pm
Did you guys use the LenderFi recommended title company, Amrock? Title fees were about $1,000 which is a little less than I paid on my 2016. I shopped a few places but not many, just wondering if it's worth shopping around.
I am going to use Amrock, I didn't want to rock the boat and slow things down, espcially since all the costs are covered by lender's credits.
That's a good point and one I was thinking about. I will probably just use them since lender credits cover everything.

Ed_Sandwich
Posts: 160
Joined: Mon Mar 20, 2017 12:47 pm

Re: My LenderFi refinance is going well

Post by Ed_Sandwich » Thu Jul 23, 2020 3:03 pm

I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.

User avatar
anon_investor
Posts: 2805
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 23, 2020 3:07 pm

Ed_Sandwich wrote:
Thu Jul 23, 2020 3:03 pm
I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
Do you have to go through the entire application process again? FYI current prevailing rates my have dropped more than 0.5% since February.

Wyodoc
Posts: 113
Joined: Sat Oct 27, 2018 9:32 am

Re: My LenderFi refinance is going well

Post by Wyodoc » Thu Jul 23, 2020 4:59 pm

Ed_Sandwich wrote:
Thu Jul 23, 2020 3:03 pm
I closed a refi with them in February (12 days from app to close) and they recently called me out of the blue to ask if I wanted to do it again. Will be dropping my rate another .5%. Pretty cool, since I had seen that they were not taking new refis.
I’ve been in talks with them. This is a service they offer their clients. I believe if your rate drops a certain percentage they will automatically call you for a no cost refi.

rage_phish
Posts: 165
Joined: Thu Jan 31, 2019 4:27 pm

Re: My LenderFi refinance is going well

Post by rage_phish » Thu Jul 23, 2020 5:12 pm

What’s the sig ing process like these days? Still have to do in person with a notary?

Or in the covid world can I sign electronically?

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

Re: My LenderFi refinance is going well

Post by BrandonBogle » Thu Jul 23, 2020 5:15 pm

rage_phish wrote:
Thu Jul 23, 2020 5:12 pm
What’s the sig ing process like these days? Still have to do in person with a notary?

Or in the covid world can I sign electronically?
Varies by state or even locale.

Post Reply