My LenderFi refinance is going well

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tarheel
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Re: My LenderFi refinance is going well

Post by tarheel » Mon Jul 27, 2020 6:59 pm

Got a real nice estimate today (I think!) - 250K mortgage/400K value. I currently have a 3.25% FRM and LenderFi offered a 2.75% with virtually no points ($275) and total A ($275) + B ($696) + C ($1,262) = $2233. Seems like a great deal to me here in NC and will try to move on it. These numbers are WAY better than what I got from better.com and Loan Depot.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Mon Jul 27, 2020 7:18 pm

tarheel wrote:
Mon Jul 27, 2020 6:59 pm
Got a real nice estimate today (I think!) - 250K mortgage/400K value. I currently have a 3.25% FRM and LenderFi offered a 2.75% with virtually no points ($275) and total A ($275) + B ($696) + C ($1,262) = $2233. Seems like a great deal to me here in NC and will try to move on it. These numbers are WAY better than what I got from better.com and Loan Depot.
Curious if rates have gone up. Multiple people reported getting 2.75% 30yr fixed with no costs (large enough lender's credit to cover all costs) recently.

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tarheel
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Re: My LenderFi refinance is going well

Post by tarheel » Mon Jul 27, 2020 7:23 pm

anon_investor wrote:
Mon Jul 27, 2020 7:18 pm
tarheel wrote:
Mon Jul 27, 2020 6:59 pm
Got a real nice estimate today (I think!) - 250K mortgage/400K value. I currently have a 3.25% FRM and LenderFi offered a 2.75% with virtually no points ($275) and total A ($275) + B ($696) + C ($1,262) = $2233. Seems like a great deal to me here in NC and will try to move on it. These numbers are WAY better than what I got from better.com and Loan Depot.
Curious if rates have gone up. Multiple people reported getting 2.75% 30yr fixed with no costs (large enough lender's credit to cover all costs) recently.
That's what they said over in the Refinance Mega Thread because volumes are so high. Oh well, can't let perfect be the enemy of the good and I am happy with those numbers.

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AerialWombat
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Re: My LenderFi refinance is going well

Post by AerialWombat » Mon Jul 27, 2020 7:33 pm

I've decided to go with another lender, but here is what LenderFI offered to lock me on today just as a data point for the thread:

$252k loan, 80% LTV, 740+ FICO, appraisal required. 2.875%, 20 year term. A+B+C exactly equal to lender credit ($1820), so a true no-cost refi.

nepats
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Re: My LenderFi refinance is going well

Post by nepats » Mon Jul 27, 2020 8:01 pm

I closed today. I had to email them today for the closing info and to confirm since I didn’t have any info until few hours before the closing. However, they were very quick to respond to emails in the morning.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 28, 2020 10:47 am

I closed yesterday, no issues. Closing costs were pulled from my account today via ACH by Amrock. Now just waiting for loan funding and servicing instructions (fingers cross no issues).

vasaver
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Re: My LenderFi refinance is going well

Post by vasaver » Tue Jul 28, 2020 7:52 pm

Another nice estimate from LenderFi this evening.

- 505k 2.5% 20 year (APR 2.515%)
- A ($0) + B ($201),+ C ($1,025) = A+B+C = $1,226

They say they will close quickly < 30 Days.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Tue Jul 28, 2020 8:16 pm

vasaver wrote:
Tue Jul 28, 2020 7:52 pm
Another nice estimate from LenderFi this evening.

- 505k 2.5% 20 year (APR 2.515%)
- A ($0) + B ($201),+ C ($1,025) = A+B+C = $1,226

They say they will close quickly < 30 Days.
I closed with them yesterday in less than 3 weeks from initial app.

orklc
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Re: My LenderFi refinance is going well

Post by orklc » Wed Jul 29, 2020 7:58 am

I can post a more complete timeline now.

June 11: applied. locked (15 yr @ 2.0% with total fees of $7.25k on a ~470k loan. Appraisal waived. Making a further round of refinancing unlikely was key to getting DW to agree to refinance away from our local CU, hence not aiming for the no-cost route). Received a FNMA lock confirmation late that evening (not sure I was supposed to receive this -- shows the remittance types, servicer fees, and 7/27 delivery date for a best-effort delivery to FNMA, but interesting to see). Uploaded w2's and related docs.
June 15: received lenderfi disclosure listing rate locked through 7/10.
June 17: my insurance agent let me know they updated the lender on the policy.
June 18: Amrock said they completed the title search. Lenderfi asked for a payoff statement. That evening received a pre-closing disclosure listing a closing date of 6/22.
June 23: lenderfi said underwriting wasn't complete yet.
June 29: Amrock scheduled closing for June 30.
June 30: closed.
July 6: funded.
July 7: old loan payoff posted.
July 17: MERS lookup says loan delivered to FNMA.
July 23: sent note asking about first payment (attempting to register an account failed up to here). No response.
July 26: account registration attempt succeeded. Scheduled first payment. Escrow deposit not set up yet.
July 28: escrow deposit posted.

Overall I would certainly recommend, though not to someone doing their first mortgage ever.

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 29, 2020 8:22 am

orklc wrote:
Wed Jul 29, 2020 7:58 am
I can post a more complete timeline now.

June 11: applied. locked (15 yr @ 2.0% with total fees of $7.25k on a ~470k loan. Appraisal waived. Making a further round of refinancing unlikely was key to getting DW to agree to refinance away from our local CU, hence not aiming for the no-cost route). Received a FNMA lock confirmation late that evening (not sure I was supposed to receive this -- shows the remittance types, servicer fees, and 7/27 delivery date for a best-effort delivery to FNMA, but interesting to see). Uploaded w2's and related docs.
June 15: received lenderfi disclosure listing rate locked through 7/10.
June 17: my insurance agent let me know they updated the lender on the policy.
June 18: Amrock said they completed the title search. Lenderfi asked for a payoff statement. That evening received a pre-closing disclosure listing a closing date of 6/22.
June 23: lenderfi said underwriting wasn't complete yet.
June 29: Amrock scheduled closing for June 30.
June 30: closed.
July 6: funded.
July 7: old loan payoff posted.
July 17: MERS lookup says loan delivered to FNMA.
July 23: sent note asking about first payment (attempting to register an account failed up to here). No response.
July 26: account registration attempt succeeded. Scheduled first payment. Escrow deposit not set up yet.
July 28: escrow deposit posted.

Overall I would certainly recommend, though not to someone doing their first mortgage ever.
Thank you for the details, especially the post closing info. I am very interested, as I just closed on Monday.

Did you get a letter from Fannie Mae confirming they bought the loan? Did LenderFi ever send you an email or letter about servicing?

orklc
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Re: My LenderFi refinance is going well

Post by orklc » Wed Jul 29, 2020 8:31 am

anon_investor wrote:
Wed Jul 29, 2020 8:22 am
orklc wrote:
Wed Jul 29, 2020 7:58 am
I can post a more complete timeline now.

June 11: applied. locked (15 yr @ 2.0% with total fees of $7.25k on a ~470k loan. Appraisal waived. Making a further round of refinancing unlikely was key to getting DW to agree to refinance away from our local CU, hence not aiming for the no-cost route). Received a FNMA lock confirmation late that evening (not sure I was supposed to receive this -- shows the remittance types, servicer fees, and 7/27 delivery date for a best-effort delivery to FNMA, but interesting to see). Uploaded w2's and related docs.
June 15: received lenderfi disclosure listing rate locked through 7/10.
June 17: my insurance agent let me know they updated the lender on the policy.
June 18: Amrock said they completed the title search. Lenderfi asked for a payoff statement. That evening received a pre-closing disclosure listing a closing date of 6/22.
June 23: lenderfi said underwriting wasn't complete yet.
June 29: Amrock scheduled closing for June 30.
June 30: closed.
July 6: funded.
July 7: old loan payoff posted.
July 17: MERS lookup says loan delivered to FNMA.
July 23: sent note asking about first payment (attempting to register an account failed up to here). No response.
July 26: account registration attempt succeeded. Scheduled first payment. Escrow deposit not set up yet.
July 28: escrow deposit posted.

Overall I would certainly recommend, though not to someone doing their first mortgage ever.
Thank you for the details, especially the post closing info. I am very interested, as I just closed on Monday.

Did you get a letter from Fannie Mae confirming they bought the loan? Did LenderFi ever send you an email or letter about servicing?
Yes, I did get a letter from Fannie Mae confirming that they bought the loan a couple days ago. The content was mostly a warning not to attempt to send payments to Fannie Mae.

There was an email from LenderFi on funding day (or day after?) saying to expect to hear more about the first payment in about 30 days. Given my calendar I didn't have 30 days until the first payment was due. I do see that there's a notification posted in the servicing portal now (wasn't there when registration first succeeded) with details about payment options. I wonder if a copy of that will arrive in paper mail soon.

soobaerodude
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Re: My LenderFi refinance is going well

Post by soobaerodude » Wed Jul 29, 2020 12:18 pm

Any other links to submit an application? An earlier posted link

https://www.lenderfi.com/apply-online/

does not work anymore

rascott
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Re: My LenderFi refinance is going well

Post by rascott » Wed Jul 29, 2020 12:28 pm

soobaerodude wrote:
Wed Jul 29, 2020 12:18 pm
Any other links to submit an application? An earlier posted link

https://www.lenderfi.com/apply-online/

does not work anymore
I just did one today from another link I found on here. Filled out the app and got a call and then a LE within 2 hours!

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Wed Jul 29, 2020 12:49 pm

soobaerodude wrote:
Wed Jul 29, 2020 12:18 pm
Any other links to submit an application? An earlier posted link

https://www.lenderfi.com/apply-online/

does not work anymore
Try this one:

https://app.lenderfi.com/

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Thu Jul 30, 2020 12:15 pm

I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
~Brantley

ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp » Thu Jul 30, 2020 12:27 pm

For those refinancing with Lendersfi. Which company is the loan transferred to?

I see that it shows on my docs that Lendersfi will transfer the loan. Is it one of the big banks, like Chase, Bank of America, Wells Fargo, etc?

xerxes101
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Re: My LenderFi refinance is going well

Post by xerxes101 » Thu Jul 30, 2020 12:37 pm

Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?

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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon » Thu Jul 30, 2020 12:39 pm

xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
I'm not Brantley, but I got a quote from LenderFi for 2.5% (with about $1500 in fees) without talking to anyone. I just applied online and this is what they gave me. I'm actually trying to strong arm Loan Depot to see if they can beat it.

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Thu Jul 30, 2020 12:45 pm

xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
~Brantley

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 30, 2020 12:56 pm

Brantley wrote:
Thu Jul 30, 2020 12:45 pm
xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
I just closed this week on the same rate, and it was just their offered rate to me. Took just under 3 weeks from initial app to close.

xerxes101
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Re: My LenderFi refinance is going well

Post by xerxes101 » Thu Jul 30, 2020 1:20 pm

Brantley wrote:
Thu Jul 30, 2020 12:45 pm
xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
That's great, sounds like a great deal :sharebeer . Also when you guys say "no cost", do they pay for the appraisal too? Please define what you mean by no cost. Do you mean they give you enough credit to cover all the costs?

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Brantley
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Re: My LenderFi refinance is going well

Post by Brantley » Thu Jul 30, 2020 1:24 pm

xerxes101 wrote:
Thu Jul 30, 2020 1:20 pm
Brantley wrote:
Thu Jul 30, 2020 12:45 pm
xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
That's great, sounds like a great deal :sharebeer . Also when you guys say "no cost", do they pay for the appraisal too? Please define what you mean by no cost. Do you mean they give you enough credit to cover all the costs?
Appraisal waived. Lender credit covered costs except for prepaids and escrow.
~Brantley

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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor » Thu Jul 30, 2020 1:33 pm

Brantley wrote:
Thu Jul 30, 2020 1:24 pm
xerxes101 wrote:
Thu Jul 30, 2020 1:20 pm
Brantley wrote:
Thu Jul 30, 2020 12:45 pm
xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm
Brantley wrote:
Thu Jul 30, 2020 12:15 pm
I am locked @ 2.75% 30 yr fixed zero cost. My lock expires the end of next week - they seem to be cutting it close. I have been e-mailing daily and had to stick my nose in a few times to push Amrock along - took over a week and a half for my title to come back as it was sitting on a local law firm to handle who I called and they took care of it immediately. I have my fingers crossed that my lock does not expire.
Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
That's great, sounds like a great deal :sharebeer . Also when you guys say "no cost", do they pay for the appraisal too? Please define what you mean by no cost. Do you mean they give you enough credit to cover all the costs?
Appraisal waived. Lender credit covered costs except for prepaids and escrow.
Same for me. The Lender's credit actually ended up covering some of my prepaids, so I made about $90.

topcatin
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Re: My LenderFi refinance is going well

Post by topcatin » Thu Jul 30, 2020 1:39 pm

The loan is gone to underwriting to "close" and the appraisal came higher than what is mentioned on the application.
Does this mean the interest rate can be better since the LTV has changed from 59% to 55%?

xerxes101
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Re: My LenderFi refinance is going well

Post by xerxes101 » Thu Jul 30, 2020 1:40 pm

anon_investor wrote:
Thu Jul 30, 2020 1:33 pm
Brantley wrote:
Thu Jul 30, 2020 1:24 pm
xerxes101 wrote:
Thu Jul 30, 2020 1:20 pm
Brantley wrote:
Thu Jul 30, 2020 12:45 pm
xerxes101 wrote:
Thu Jul 30, 2020 12:37 pm


Brantley, I am curious did LenderFi just give you that rate or did you have to strong arm them by providing quotes from other lenders?
They gave me the rate.
That's great, sounds like a great deal :sharebeer . Also when you guys say "no cost", do they pay for the appraisal too? Please define what you mean by no cost. Do you mean they give you enough credit to cover all the costs?
Appraisal waived. Lender credit covered costs except for prepaids and escrow.
Same for me. The Lender's credit actually ended up covering some of my prepaids, so I made about $90.
OK, thanks for your help guys...I am taking the plunge 8-)
Last edited by xerxes101 on Fri Jul 31, 2020 7:09 am, edited 1 time in total.

ChiKid24
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Re: My LenderFi refinance is going well

Post by ChiKid24 » Thu Jul 30, 2020 1:43 pm

topcatin wrote:
Thu Jul 30, 2020 1:39 pm
The loan is gone to underwriting to "close" and the appraisal came higher than what is mentioned on the application.
Does this mean the interest rate can be better since the LTV has changed from 59% to 55%?
All lenders are different, but with Lenderfi there was no improvement once I got to 75% LTV.

soobaerodude
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Re: My LenderFi refinance is going well

Post by soobaerodude » Thu Jul 30, 2020 5:47 pm

Applied yesterday for 760K 30-year FRM in CA. They offered 2.625% with enough lender credits to cover ABC fees, however it required escrow. They also wanted 8 months of escrow due at signing, whereas I have LEs from other lenders at 2.75%, no fees and no escrows. Decided to hold off

xerxes101
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Re: My LenderFi refinance is going well

Post by xerxes101 » Fri Jul 31, 2020 9:16 pm

soobaerodude wrote:
Thu Jul 30, 2020 5:47 pm
Applied yesterday for 760K 30-year FRM in CA. They offered 2.625% with enough lender credits to cover ABC fees, however it required escrow. They also wanted 8 months of escrow due at signing, whereas I have LEs from other lenders at 2.75%, no fees and no escrows. Decided to hold off
On a balance of 525K, I was quoted 2.625% also but ABC fees of $1475 + required escrow. I intend to counter them 2.75% no fees and no escrow. I believe that to be the going rate and term. If they say no, I am planning to hold off for as well.
Last edited by xerxes101 on Sat Aug 01, 2020 9:22 am, edited 1 time in total.

mesaverde
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Re: My LenderFi refinance is going well

Post by mesaverde » Sat Aug 01, 2020 7:25 am

Thank you for the updates on your dealings w/ Lenderfi, this is helpful.

In February I refinanced to a 30 year fixed, 55% LTV no cost @ 3.5% with Lenderfi. They said that after 6 months if the rate dropped more than .5% they would adjust the rate down for free. So later this month I plan on taking them up on that. Apparently this is their standard practice. Has anyone done this?
"Learn from the past, live in the present, plan for the future"

soobaerodude
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Re: My LenderFi refinance is going well

Post by soobaerodude » Sat Aug 01, 2020 2:38 pm

xerxes101 wrote:
Fri Jul 31, 2020 9:16 pm
soobaerodude wrote:
Thu Jul 30, 2020 5:47 pm
Applied yesterday for 760K 30-year FRM in CA. They offered 2.625% with enough lender credits to cover ABC fees, however it required escrow. They also wanted 8 months of escrow due at signing, whereas I have LEs from other lenders at 2.75%, no fees and no escrows. Decided to hold off
On a balance of 525K, I was quoted 2.625% also but ABC fees of $1475 + required escrow. I intend to counter them 2.75% no fees and no escrow. I believe that to be the going rate and term. If they say no, I am planning to hold off for as well.
LenderFI called back yesterday, saying they could offer 2.625% without escrow. However, I'm already proceeding with Better.com at 2.75% no fees or escrow + $2500 AMEX statement credit. I figure I could refinance again in a few months if rates fall, which seems like they are.

xerxes101
Posts: 301
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Re: My LenderFi refinance is going well

Post by xerxes101 » Sat Aug 01, 2020 6:08 pm

soobaerodude wrote:
Sat Aug 01, 2020 2:38 pm
xerxes101 wrote:
Fri Jul 31, 2020 9:16 pm
soobaerodude wrote:
Thu Jul 30, 2020 5:47 pm
Applied yesterday for 760K 30-year FRM in CA. They offered 2.625% with enough lender credits to cover ABC fees, however it required escrow. They also wanted 8 months of escrow due at signing, whereas I have LEs from other lenders at 2.75%, no fees and no escrows. Decided to hold off
On a balance of 525K, I was quoted 2.625% also but ABC fees of $1475 + required escrow. I intend to counter them 2.75% no fees and no escrow. I believe that to be the going rate and term. If they say no, I am planning to hold off for as well.
LenderFI called back yesterday, saying they could offer 2.625% without escrow. However, I'm already proceeding with Better.com at 2.75% no fees or escrow + $2500 AMEX statement credit. I figure I could refinance again in a few months if rates fall, which seems like they are.
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle » Sat Aug 01, 2020 6:49 pm

xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.

xerxes101
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Re: My LenderFi refinance is going well

Post by xerxes101 » Sat Aug 01, 2020 8:07 pm

BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm
xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer

avidracer
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Re: My LenderFi refinance is going well

Post by avidracer » Sat Aug 01, 2020 8:15 pm

soobaerodude wrote:
Sat Aug 01, 2020 2:38 pm
LenderFI called back yesterday, saying they could offer 2.625% without escrow. However, I'm already proceeding with Better.com at 2.75% no fees or escrow + $2500 AMEX statement credit. I figure I could refinance again in a few months if rates fall, which seems like they are.
looks like the rates have gone down further - Is there any specific duration to wait before doing a refi?

User avatar
Brantley
Posts: 360
Joined: Mon Dec 03, 2012 1:02 am

Re: My LenderFi refinance is going well

Post by Brantley » Sat Aug 01, 2020 8:55 pm

xerxes101 wrote:
Sat Aug 01, 2020 8:07 pm
BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm
xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer
Xerxes - it is doubtful that Lenderfi will negotiate with you on rates. They typically will give you the lowest rate possible for them. That being said, they can offer you various options if you prefer to pay more or less at closing which will result in a higher or lower interest rate. I would just get Ryan on the phone (CEO) and talk through the options that are available, and compare that to similar lenders discussed in this thread.

They are a no nonsense business which I appreciate.
~Brantley

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Brantley
Posts: 360
Joined: Mon Dec 03, 2012 1:02 am

Re: My LenderFi refinance is going well

Post by Brantley » Sat Aug 01, 2020 8:57 pm

avidracer wrote:
Sat Aug 01, 2020 8:15 pm
soobaerodude wrote:
Sat Aug 01, 2020 2:38 pm
LenderFI called back yesterday, saying they could offer 2.625% without escrow. However, I'm already proceeding with Better.com at 2.75% no fees or escrow + $2500 AMEX statement credit. I figure I could refinance again in a few months if rates fall, which seems like they are.
looks like the rates have gone down further - Is there any specific duration to wait before doing a refi?
If you do not have any restrictions from your current lender (such as the Lenderfi 6 month wait period), you can refinance whenever you want.
~Brantley

xerxes101
Posts: 301
Joined: Sat Oct 14, 2017 11:25 am

Re: My LenderFi refinance is going well

Post by xerxes101 » Sat Aug 01, 2020 10:50 pm

Brantley wrote:
Sat Aug 01, 2020 8:55 pm
xerxes101 wrote:
Sat Aug 01, 2020 8:07 pm
BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm
xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer
Xerxes - it is doubtful that Lenderfi will negotiate with you on rates. They typically will give you the lowest rate possible for them. That being said, they can offer you various options if you prefer to pay more or less at closing which will result in a higher or lower interest rate. I would just get Ryan on the phone (CEO) and talk through the options that are available, and compare that to similar lenders discussed in this thread.

They are a no nonsense business which I appreciate.
Brantley, appreciate your feedback. I have been quite impressed with LenderFi so far as far as the online refi process they have created...very fast and efficient in my experience as well. I will follow your advice and will report back :beer

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

Re: My LenderFi refinance is going well

Post by anon_investor » Sun Aug 02, 2020 7:23 am

Brantley wrote:
Sat Aug 01, 2020 8:57 pm
avidracer wrote:
Sat Aug 01, 2020 8:15 pm
soobaerodude wrote:
Sat Aug 01, 2020 2:38 pm
LenderFI called back yesterday, saying they could offer 2.625% without escrow. However, I'm already proceeding with Better.com at 2.75% no fees or escrow + $2500 AMEX statement credit. I figure I could refinance again in a few months if rates fall, which seems like they are.
looks like the rates have gone down further - Is there any specific duration to wait before doing a refi?
If you do not have any restrictions from your current lender (such as the Lenderfi 6 month wait period), you can refinance whenever you want.
+1. Less than 2 months between my Ally refi and the LenderFi refi I just closed.

Pessimist55
Posts: 63
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 » Sun Aug 02, 2020 11:14 am

I loan processor also is Ryan. I don't think I ever managed to talk to him. I got a quote from someone who picked up the phone two weeks then as I applied, I get a significantly higher rate. All his peers who pick up the phone is like we'll have him return your call w a better quote. Nothing from him. Either that or send us a competing LE we'll see what we can do



Brantley wrote:
Sat Aug 01, 2020 8:55 pm
xerxes101 wrote:
Sat Aug 01, 2020 8:07 pm
BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm
xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer
Xerxes - it is doubtful that Lenderfi will negotiate with you on rates. They typically will give you the lowest rate possible for them. That being said, they can offer you various options if you prefer to pay more or less at closing which will result in a higher or lower interest rate. I would just get Ryan on the phone (CEO) and talk through the options that are available, and compare that to similar lenders discussed in this thread.

They are a no nonsense business which I appreciate.

xerxes101
Posts: 301
Joined: Sat Oct 14, 2017 11:25 am

Re: My LenderFi refinance is going well

Post by xerxes101 » Sun Aug 02, 2020 11:26 am

Pessimist55 wrote:
Sun Aug 02, 2020 11:14 am
I loan processor also is Ryan. I don't think I ever managed to talk to him. I got a quote from someone who picked up the phone two weeks then as I applied, I get a significantly higher rate. All his peers who pick up the phone is like we'll have him return your call w a better quote. Nothing from him. Either that or send us a competing LE we'll see what we can do
If they asked you to send in a competing quote, it makes me think that they do "negotiate"...someone else noted above that they do not negotiate at all....but they are also obviously operating in a backdrop of falling interest rates.

User avatar
Brantley
Posts: 360
Joined: Mon Dec 03, 2012 1:02 am

Re: My LenderFi refinance is going well

Post by Brantley » Sun Aug 02, 2020 12:00 pm

Pessimist55 wrote:
Sun Aug 02, 2020 11:14 am
I loan processor also is Ryan. I don't think I ever managed to talk to him. I got a quote from someone who picked up the phone two weeks then as I applied, I get a significantly higher rate. All his peers who pick up the phone is like we'll have him return your call w a better quote. Nothing from him. Either that or send us a competing LE we'll see what we can do



Brantley wrote:
Sat Aug 01, 2020 8:55 pm
xerxes101 wrote:
Sat Aug 01, 2020 8:07 pm
BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm
xerxes101 wrote:
Sat Aug 01, 2020 6:08 pm
I think you are in a good position. I may have to switch from LenderFi to Better.com if they do not accept my counter-offer...but I have to apply for AMEX...boy, I hope all these hard credit pulls don't ding my credit score :oops:
The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer
Xerxes - it is doubtful that Lenderfi will negotiate with you on rates. They typically will give you the lowest rate possible for them. That being said, they can offer you various options if you prefer to pay more or less at closing which will result in a higher or lower interest rate. I would just get Ryan on the phone (CEO) and talk through the options that are available, and compare that to similar lenders discussed in this thread.

They are a no nonsense business which I appreciate.
Ryan’s email is ryan@lenderfi.com and direct line is 310-448-1006. He’ll get back to you - just reach out. I’ve also had luck calling in and asking for him.
~Brantley

prettybogle
Posts: 296
Joined: Sun Mar 01, 2015 10:44 am

Re: My LenderFi refinance is going well

Post by prettybogle » Mon Aug 03, 2020 8:55 am

I am trying to enroll for account access in loanweb portal. It is showing error - invalid account number attempt. I entered loan number found in Lenderfi. Is anyone able to enroll ? How to go about getting this fixed ?

bonfireofthevanities
Posts: 5
Joined: Mon Jun 08, 2020 12:05 pm

Re: My LenderFi refinance is going well

Post by bonfireofthevanities » Mon Aug 03, 2020 9:14 am

prettybogle wrote:
Mon Aug 03, 2020 8:55 am
I am trying to enroll for account access in loanweb portal. It is showing error - invalid account number attempt. I entered loan number found in Lenderfi. Is anyone able to enroll ? How to go about getting this fixed ?
I'm in the same boat--closed 7/13 but still getting the invalid account number on the portal. I called the LenderFi servicing department and they have no records relating to my loan (even though my closing documents list LenderFi as the servicer). My first payment is due Sept. 1, so I have a bit of time and figure they are backed up. Based on the post-closing timeline someone listed above, I think I have about a week or two longer before the online portal will work for me, so I guess I'll have to keep checking.

Badger97
Posts: 51
Joined: Sun Jul 26, 2020 7:32 pm

Re: My LenderFi refinance is going well

Post by Badger97 » Mon Aug 03, 2020 10:51 am

Tried Lenderfi but they won't do any cash-out refi's right now. Bummer.

User avatar
anon_investor
Posts: 2656
Joined: Mon Jun 03, 2019 1:43 pm

Re: My LenderFi refinance is going well

Post by anon_investor » Mon Aug 03, 2020 11:57 am

bonfireofthevanities wrote:
Mon Aug 03, 2020 9:14 am
prettybogle wrote:
Mon Aug 03, 2020 8:55 am
I am trying to enroll for account access in loanweb portal. It is showing error - invalid account number attempt. I entered loan number found in Lenderfi. Is anyone able to enroll ? How to go about getting this fixed ?
I'm in the same boat--closed 7/13 but still getting the invalid account number on the portal. I called the LenderFi servicing department and they have no records relating to my loan (even though my closing documents list LenderFi as the servicer). My first payment is due Sept. 1, so I have a bit of time and figure they are backed up. Based on the post-closing timeline someone listed above, I think I have about a week or two longer before the online portal will work for me, so I guess I'll have to keep checking.
Interested to know how it turns out for you, hopefully it ges resolved without issue. I am basically in the same boat, I closed 7/26 (loan funding 7/31, LenderFi listed as the servicer on closing docs as well), and my first payment is also 9/1 (I have not checked if I can set up an account yet).

orklc
Posts: 16
Joined: Sun Mar 24, 2013 10:35 am

Re: My LenderFi refinance is going well

Post by orklc » Mon Aug 03, 2020 3:36 pm

orklc wrote:
Wed Jul 29, 2020 8:31 am
anon_investor wrote:
Wed Jul 29, 2020 8:22 am
orklc wrote:
Wed Jul 29, 2020 7:58 am
I can post a more complete timeline now.

June 11: applied. locked (15 yr @ 2.0% with total fees of $7.25k on a ~470k loan. Appraisal waived. Making a further round of refinancing unlikely was key to getting DW to agree to refinance away from our local CU, hence not aiming for the no-cost route). Received a FNMA lock confirmation late that evening (not sure I was supposed to receive this -- shows the remittance types, servicer fees, and 7/27 delivery date for a best-effort delivery to FNMA, but interesting to see). Uploaded w2's and related docs.
June 15: received lenderfi disclosure listing rate locked through 7/10.
June 17: my insurance agent let me know they updated the lender on the policy.
June 18: Amrock said they completed the title search. Lenderfi asked for a payoff statement. That evening received a pre-closing disclosure listing a closing date of 6/22.
June 23: lenderfi said underwriting wasn't complete yet.
June 29: Amrock scheduled closing for June 30.
June 30: closed.
July 6: funded.
July 7: old loan payoff posted.
July 17: MERS lookup says loan delivered to FNMA.
July 23: sent note asking about first payment (attempting to register an account failed up to here). No response.
July 26: account registration attempt succeeded. Scheduled first payment. Escrow deposit not set up yet.
July 28: escrow deposit posted.

Overall I would certainly recommend, though not to someone doing their first mortgage ever.
Thank you for the details, especially the post closing info. I am very interested, as I just closed on Monday.

Did you get a letter from Fannie Mae confirming they bought the loan? Did LenderFi ever send you an email or letter about servicing?
Yes, I did get a letter from Fannie Mae confirming that they bought the loan a couple days ago. The content was mostly a warning not to attempt to send payments to Fannie Mae.

There was an email from LenderFi on funding day (or day after?) saying to expect to hear more about the first payment in about 30 days. Given my calendar I didn't have 30 days until the first payment was due. I do see that there's a notification posted in the servicing portal now (wasn't there when registration first succeeded) with details about payment options. I wonder if a copy of that will arrive in paper mail soon.
The paper mailed servicing letter arrived today 8/3. So not early enough to meet the nominal due date, but in time when taking the grace period into account.

Pessimist55
Posts: 63
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 » Mon Aug 03, 2020 3:39 pm

i have not gotten replies from ryan, his minions Eddie and another guy is manning calls. I'd send them my competing LE, and it goes down to a black hole. they all sound super polite on the phone but it's been screeching halt. WM and LC are much more responsive. If i dont hear back from them til tmw, i'll probably move on w what i got

Brantley wrote:
Sun Aug 02, 2020 12:00 pm
Pessimist55 wrote:
Sun Aug 02, 2020 11:14 am
I loan processor also is Ryan. I don't think I ever managed to talk to him. I got a quote from someone who picked up the phone two weeks then as I applied, I get a significantly higher rate. All his peers who pick up the phone is like we'll have him return your call w a better quote. Nothing from him. Either that or send us a competing LE we'll see what we can do



Brantley wrote:
Sat Aug 01, 2020 8:55 pm
xerxes101 wrote:
Sat Aug 01, 2020 8:07 pm
BrandonBogle wrote:
Sat Aug 01, 2020 6:49 pm


The Better Amex promo has ended. Unless you started an app via the promo already and just didn’t have the card, you won’t be able to get the promo.
BrandonBogle, thanks for the info. By the way, I am using the strategy you outlined in one of your posts to get the best rate. :sharebeer
Xerxes - it is doubtful that Lenderfi will negotiate with you on rates. They typically will give you the lowest rate possible for them. That being said, they can offer you various options if you prefer to pay more or less at closing which will result in a higher or lower interest rate. I would just get Ryan on the phone (CEO) and talk through the options that are available, and compare that to similar lenders discussed in this thread.

They are a no nonsense business which I appreciate.
Ryan’s email is ryan@lenderfi.com and direct line is 310-448-1006. He’ll get back to you - just reach out. I’ve also had luck calling in and asking for him.

Topic Author
abyan
Posts: 580
Joined: Mon Jun 23, 2014 8:51 pm

Re: My LenderFi refinance is going well

Post by abyan » Mon Aug 03, 2020 3:50 pm

Update on my Refi: We had a little hiccup with the underwriter who wasn't thrilled that I was self-employed. But apparently my current income sufficed, and they approved me. So now on to pre-closing. It's taking a while, with intermittent silence, but it's still proceeding.

Topic Author
abyan
Posts: 580
Joined: Mon Jun 23, 2014 8:51 pm

Re: My LenderFi refinance is going well

Post by abyan » Mon Aug 03, 2020 3:53 pm

bonfireofthevanities wrote:
Mon Aug 03, 2020 9:14 am
prettybogle wrote:
Mon Aug 03, 2020 8:55 am
I am trying to enroll for account access in loanweb portal. It is showing error - invalid account number attempt. I entered loan number found in Lenderfi. Is anyone able to enroll ? How to go about getting this fixed ?
I'm in the same boat--closed 7/13 but still getting the invalid account number on the portal. I called the LenderFi servicing department and they have no records relating to my loan (even though my closing documents list LenderFi as the servicer). My first payment is due Sept. 1, so I have a bit of time and figure they are backed up. Based on the post-closing timeline someone listed above, I think I have about a week or two longer before the online portal will work for me, so I guess I'll have to keep checking.
I think you guys are too worried, if you have until Sept 1. My earlier refi, which Citizens Home Loans bought, had its first payment March 1, and Citizens didn't get its act together until AFTER March 1. It took into February before I got my welcome letter, and then they messed up the escrow and didn't straight it out until the first week of March (but told me I had until the 15th or so, so I shouldn't sweat it). I did sweat it. But you've got a good month still, so I wouldn't get too worried about it... yet.

VSPD1
Posts: 6
Joined: Mon Aug 03, 2020 3:37 pm

Re: My LenderFi refinance is going well

Post by VSPD1 » Mon Aug 03, 2020 3:57 pm

We closed refinance with lenderfi on July 10. with no closing costs, lender credits is $1600. So we closed for 2.87% 30 year. . home value is 525k, current loan is 290k. No appraisal.

But i have a question Lenderfi asked us to sign a document which says we should not refinance until 6 months, in case if we refinance we have to pay lender credits back, and in case if interest rates are lower after 6 months they will refinance free of cost. Did any body signed this document.? Lenderfi told me there is lock in period of 6 months when i spoke to with ryan and informed me in advance as well. .. did anybody on this forum signed this?

Iam happy with the rate we got and it is superfast closing (13days) and zero closing costs and credit on closing document. they sent me check in 3 business days.
still not able to set up account on their website.
Last edited by VSPD1 on Mon Aug 03, 2020 4:22 pm, edited 1 time in total.

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