My LenderFi refinance is going well

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dropdx
Posts: 111
Joined: Thu Jun 06, 2019 9:01 pm

Re: My LenderFi refinance is going well

Post by dropdx »

Goal33 wrote: Tue Sep 15, 2020 8:53 pm
Cobra Commander wrote: Tue Sep 15, 2020 8:43 pm
Goal33 wrote: Tue Sep 15, 2020 8:02 pm If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
I called Amrock to get mine. You should have been e-mailed a closing contact or you can just call the main number and give them your loan number and they can pull up your file.
How far in advance did they have it? Hopefully at least the day before. I sign on Thursday. I’ll call them tomorrow.
I emailed the person from Amrock who I worked with about a month after closing and they overnighted me a signed copy.
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.

Was yours from SERVICE FIR? Can't be from anyone else as I intentionally held off on any inquiries til funding

It only hit my TU no EX.
MrJedi wrote: Tue Sep 15, 2020 5:53 pm
Pessimist55 wrote: Tue Sep 15, 2020 5:41 pm My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.

Was yours from SERVICE FIR? Can't be from anyone else as I intentionally held off on any inquiries til funding

It only hit my TU no EX.
MrJedi wrote: Tue Sep 15, 2020 5:53 pm
Pessimist55 wrote: Tue Sep 15, 2020 5:41 pm My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
Yes according to Credit Karma it was from Service Firs on TU but not EQ. Interestingly TU doesn't show a hard inquiry on TU when I initially applied. I do have the initial hard inquiry on EQ.
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Cobra Commander
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Re: My LenderFi refinance is going well

Post by Cobra Commander »

Goal33 wrote: Tue Sep 15, 2020 8:53 pm
Cobra Commander wrote: Tue Sep 15, 2020 8:43 pm
Goal33 wrote: Tue Sep 15, 2020 8:02 pm If I want a copy of the packet I’m going to be signing should I email LenderFi or Amrock?
I called Amrock to get mine. You should have been e-mailed a closing contact or you can just call the main number and give them your loan number and they can pull up your file.
How far in advance did they have it? Hopefully at least the day before. I sign on Thursday. I’ll call them tomorrow.
I asked for it when I scheduled the closing and it wasn't ready and I asked them to send it when it was. I called them the night before closing asking to send it and it still wasn't ready. I called again the morning of closing and received it around 9:00 a.m. and closing was scheduled for noon. Caught a lucky break that there weren't any errors.
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

Regarding rate insurance:

What's the soonest (measured in months/weeks post-close and/or post-first payment) that someone has reached out and gotten engagement from their loan officer?
Pessimist55
Posts: 94
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 »

So an Amber from their compliance team called me. Said they would only do a hard if there was scrutiny on your app. They'd get charged $$ if it was a hard. They already got my cfpb complaint thus they were very responsive. It's in their interest to not to do a hard. It's listed in the regular inquiry section of my TU report.
Regardless it needs to be removed.


MrJedi wrote: Wed Sep 16, 2020 5:37 am
Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.

Was yours from SERVICE FIR? Can't be from anyone else as I intentionally held off on any inquiries til funding

It only hit my TU no EX.
MrJedi wrote: Tue Sep 15, 2020 5:53 pm
Pessimist55 wrote: Tue Sep 15, 2020 5:41 pm My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
Yes according to Credit Karma it was from Service Firs on TU but not EQ. Interestingly TU doesn't show a hard inquiry on TU when I initially applied. I do have the initial hard inquiry on EQ.
foo.c
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Re: My LenderFi refinance is going well

Post by foo.c »

Closed on 8/20/2020

I got notice today from Wells Fargo that they bought my loan.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Signing/Closing on Friday 9/18

Disbursement on Wednesday 9/23

On the "CALIFORNIA PER DIEM INTEREST CHARGE DISCLOSURE" there is an option to check or not check a box that says "I request loan disbursement occur on a Monday or a day immediately following a bank holiday. As such, interest will commence to accrue on the business day immediately preceding the day of disbursement."

My goal is to have my previous loan paid off as fast as possible, even if at the expense of more days interest. I do not want any delays in their funding of this loan. Should I check, or not check this box. I do not understand it... appreciate any clarity.
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

Goal33 wrote: Wed Sep 16, 2020 5:14 pm Signing/Closing on Friday 9/18

Disbursement on Wednesday 9/23

On the "CALIFORNIA PER DIEM INTEREST CHARGE DISCLOSURE" there is an option to check or not check a box that says "I request loan disbursement occur on a Monday or a day immediately following a bank holiday. As such, interest will commence to accrue on the business day immediately preceding the day of disbursement."

My goal is to have my previous loan paid off as fast as possible, even if at the expense of more days interest. I do not want any delays in their funding of this loan. Should I check, or not check this box. I do not understand it... appreciate any clarity.

Check if you want earliest possible funding. It is saying you are ok if funds are released on a Friday or before a holiday and accrue additional interest before settling on the next business day (Monday or after holiday), in effect getting charged extra interest before paying off the old loan.

The wording is confusing since it is legal speak. You are not saying it MUST occur on a Monday, just that you still allow it to occur on a Monday if that's the way everything flushes out at the expense of extra interest.
Ignis
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Re: My LenderFi refinance is going well

Post by Ignis »

Pessimist55 wrote: Wed Sep 16, 2020 1:14 pm So an Amber from their compliance team called me. Said they would only do a hard if there was scrutiny on your app. They'd get charged $$ if it was a hard. They already got my cfpb complaint thus they were very responsive. It's in their interest to not to do a hard. It's listed in the regular inquiry section of my TU report.
Regardless it needs to be removed.


MrJedi wrote: Wed Sep 16, 2020 5:37 am
Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.

Was yours from SERVICE FIR? Can't be from anyone else as I intentionally held off on any inquiries til funding

It only hit my TU no EX.
MrJedi wrote: Tue Sep 15, 2020 5:53 pm
Pessimist55 wrote: Tue Sep 15, 2020 5:41 pm My loan took a little over a month. Got a request to confirm that my recent hard inquiries were due to shopping Around (from a months go) than for new credit on the day of funding. It seems it was a hard inquiry despite loan officer claiming it was a soft inquiry.
I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
Yes according to Credit Karma it was from Service Firs on TU but not EQ. Interestingly TU doesn't show a hard inquiry on TU when I initially applied. I do have the initial hard inquiry on EQ.
I got the same hard inquiry 4 days after closing. I was wondering the same and I guess I need to give Ryan a call and/or submit a complaint as well.
ciscovp
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Re: My LenderFi refinance is going well

Post by ciscovp »

Does anyone know what goes into who ends up servicing the loan. I see that certain loans are sold off to Well Fargo but some remain at LenderFi. Is LenderFi keeping those that will make them more money? Or some different criteria?
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

ciscovp wrote: Wed Sep 16, 2020 10:23 pm Does anyone know what goes into who ends up servicing the loan. I see that certain loans are sold off to Well Fargo but some remain at LenderFi. Is LenderFi keeping those that will make them more money? Or some different criteria?
I don't know how they operate but I assume they want these loans and servicing off their books ASAP. In terms of selling them to one bank or another, they're probably packaged with loans of a similar profile and goes to the highest bidder, I assume. I hope mine ends up at Wells.
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

Go email amber@lenderfi.com
She will get in touch w a leslie from servicefir who will then try to fix this for you.

Amber will insist it was a soft inquiry and make you call TU To confirm it wasn't a soft inquiry (jump through hoops) I even recorded my call w TU as evidence that LF was smoking. it was a lot of arm twisting and no admitting they f'd up.

She did say they reserve the right to pull a hard even after funding if you were part of those under 'QC'

Ignis wrote: Wed Sep 16, 2020 9:02 pm
Pessimist55 wrote: Wed Sep 16, 2020 1:14 pm So an Amber from their compliance team called me. Said they would only do a hard if there was scrutiny on your app. They'd get charged $$ if it was a hard. They already got my cfpb complaint thus they were very responsive. It's in their interest to not to do a hard. It's listed in the regular inquiry section of my TU report.
Regardless it needs to be removed.


MrJedi wrote: Wed Sep 16, 2020 5:37 am
Pessimist55 wrote: Wed Sep 16, 2020 12:16 am I just filed a cfpb complaint. In the meantime going to get Ryan or whoever is responsible to reverse this as I have an email from my loan processor stating it is supposed to be a soft inquiry.

Was yours from SERVICE FIR? Can't be from anyone else as I intentionally held off on any inquiries til funding

It only hit my TU no EX.
MrJedi wrote: Tue Sep 15, 2020 5:53 pm

I got hit with a second hard inquiry as well when they did their last credit check before funding. Not sure if that is normal or if a soft inquiry is expected there.
Yes according to Credit Karma it was from Service Firs on TU but not EQ. Interestingly TU doesn't show a hard inquiry on TU when I initially applied. I do have the initial hard inquiry on EQ.
I got the same hard inquiry 4 days after closing. I was wondering the same and I guess I need to give Ryan a call and/or submit a complaint as well.
aerosurfer
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Re: My LenderFi refinance is going well

Post by aerosurfer »

Woke up this morning to my updated loan documents needing a signature with my rate lock letter.

Took a full week to get that, but so far smooth sailing
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

ciscovp wrote: Wed Sep 16, 2020 10:23 pm Does anyone know what goes into who ends up servicing the loan. I see that certain loans are sold off to Well Fargo but some remain at LenderFi. Is LenderFi keeping those that will make them more money? Or some different criteria?
This is just my speculation, but I would think they don't want to hold onto any loans or servicing. They might hold for a short term to try and get a price they want but I wouldn't be surprised if they've never owned a loan or its servicing for more than a few months.

I doubt they have deep enough pockets to have a ton of cash lent out like a major bank, so they would try to recoup those funds and focus on originating more loans to once again sell off for a commission.
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

Closed on Fri, prior mortgage was funded and closed yesterday. Final stretch took a bit longer, but they honored rate lock almost two weeks after it expired which was nice. Prior to loan funding yesterday, they asked me about inquiries on my credit report - which was rate shopping in July. I know they couldn't have pulled a new report as all are frozen. Perhaps they tried, and then just took the inquiries from the report they pulled back in July.

When looking back at the LD paperwork from the end of Aug, they had the funding date as 16Sep, so looked like they were right on with their timeline from a few weeks ago.
newbiead
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Re: My LenderFi refinance is going well

Post by newbiead »

MrJedi wrote: Thu Sep 17, 2020 8:53 am
ciscovp wrote: Wed Sep 16, 2020 10:23 pm Does anyone know what goes into who ends up servicing the loan. I see that certain loans are sold off to Well Fargo but some remain at LenderFi. Is LenderFi keeping those that will make them more money? Or some different criteria?
This is just my speculation, but I would think they don't want to hold onto any loans or servicing. They might hold for a short term to try and get a price they want but I wouldn't be surprised if they've never owned a loan or its servicing for more than a few months.

I doubt they have deep enough pockets to have a ton of cash lent out like a major bank, so they would try to recoup those funds and focus on originating more loans to once again sell off for a commission.
So nobody here has had their loan with LenderFi for more than a few months???
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

For those who have already closed, how soon after receiving the pre-closing CD were you contacted to schedule closing? I received and signed my pre-closing CD on Tuesday (9/15), but have had no communication with the settlement firm or LF since then. I've seen several posts about not receiving final CDs and/or closing packet until the night before or even hours before closing, but right now I'm trying to figure out when to expect initial contact and when to hit the panic button if I still haven't heard from anyone. A few hours ago I emailed the contact listed on my preliminary CD, but no response yet.
wilshuer
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Re: My LenderFi refinance is going well

Post by wilshuer »

thatsabingo wrote: Thu Sep 17, 2020 11:04 am For those who have already closed, how soon after receiving the pre-closing CD were you contacted to schedule closing? I received and signed my pre-closing CD on Tuesday (9/15), but have had no communication with the settlement firm or LF since then. I've seen several posts about not receiving final CDs and/or closing packet until the night before or even hours before closing, but right now I'm trying to figure out when to expect initial contact and when to hit the panic button if I still haven't heard from anyone. A few hours ago I emailed the contact listed on my preliminary CD, but no response yet.
I was given the CD on 4-Sep Friday with a planned closing to be on 9-Sep and was told it was scheduled and I would hear from the notary. Title would call me the day before with the final amount for me to have wired. Heard nothing until about 10 mins before got an email from LenderFi saying closing would not happen on Weds, pushed to Fri. Then Thurs I had a call from Title and was given wiring instructions, and to expect to hear from notary before my Fri 3p appointment. Didn't hear from notary until about 20 mins before confirming she was on the way.

It was a bit 'on-the-fly' those last few days, luckily in the WFH environment didn't cause me too many issues, but had to be a bit flexible.
akuseimark
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Re: My LenderFi refinance is going well

Post by akuseimark »

wilshuer wrote: Thu Sep 17, 2020 11:12 am
thatsabingo wrote: Thu Sep 17, 2020 11:04 am For those who have already closed, how soon after receiving the pre-closing CD were you contacted to schedule closing? I received and signed my pre-closing CD on Tuesday (9/15), but have had no communication with the settlement firm or LF since then. I've seen several posts about not receiving final CDs and/or closing packet until the night before or even hours before closing, but right now I'm trying to figure out when to expect initial contact and when to hit the panic button if I still haven't heard from anyone. A few hours ago I emailed the contact listed on my preliminary CD, but no response yet.
I was given the CD on 4-Sep Friday with a planned closing to be on 9-Sep and was told it was scheduled and I would hear from the notary. Title would call me the day before with the final amount for me to have wired. Heard nothing until about 10 mins before got an email from LenderFi saying closing would not happen on Weds, pushed to Fri. Then Thurs I had a call from Title and was given wiring instructions, and to expect to hear from notary before my Fri 3p appointment. Didn't hear from notary until about 20 mins before confirming she was on the way.

It was a bit 'on-the-fly' those last few days, luckily in the WFH environment didn't cause me too many issues, but had to be a bit flexible.
I received my pre-closing disclosure about 2 weeks before closing with a long silence in communication just like you’re going through. I’m about 95% sure that my file was still in underwriting at the time and they kicked these documents over to me with a little wishful thinking that underwriting would be complete soon after. I think I heard about 9 days after receiving them about my closing date.
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

akuseimark wrote: Thu Sep 17, 2020 11:16 am
wilshuer wrote: Thu Sep 17, 2020 11:12 am
thatsabingo wrote: Thu Sep 17, 2020 11:04 am For those who have already closed, how soon after receiving the pre-closing CD were you contacted to schedule closing? I received and signed my pre-closing CD on Tuesday (9/15), but have had no communication with the settlement firm or LF since then. I've seen several posts about not receiving final CDs and/or closing packet until the night before or even hours before closing, but right now I'm trying to figure out when to expect initial contact and when to hit the panic button if I still haven't heard from anyone. A few hours ago I emailed the contact listed on my preliminary CD, but no response yet.
I was given the CD on 4-Sep Friday with a planned closing to be on 9-Sep and was told it was scheduled and I would hear from the notary. Title would call me the day before with the final amount for me to have wired. Heard nothing until about 10 mins before got an email from LenderFi saying closing would not happen on Weds, pushed to Fri. Then Thurs I had a call from Title and was given wiring instructions, and to expect to hear from notary before my Fri 3p appointment. Didn't hear from notary until about 20 mins before confirming she was on the way.

It was a bit 'on-the-fly' those last few days, luckily in the WFH environment didn't cause me too many issues, but had to be a bit flexible.
I received my pre-closing disclosure about 2 weeks before closing with a long silence in communication just like you’re going through. I’m about 95% sure that my file was still in underwriting at the time and they kicked these documents over to me with a little wishful thinking that underwriting would be complete soon after. I think I heard about 9 days after receiving them about my closing date.
Thanks for these data points. Did either of you reach out to either LF or the title company to get an update on status at some point before closing (e.g., to review the closing packet in advance)? Or did you just let the process work itself out?
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

RE: BSI and the earlier posts expressing concern based on terrible online reviews.

I asked LenderFi and they said they (LF) technically are the servicer of the loan, but simply use BSI's platform for servicing functions. Not sure if that changes anything.

I have my fingers crossed....

Are there people out there using LenderFi's online interface/servicing? Any impressions on that? I assume that means it's actually BSI's backend doing things? Not sure...I wish my loan was getting sold/serviced by a big bank like it did last time around. Perhaps it still can be, I don't know.
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

As a follow up. Service first came back and said it was an issue w TU. TU will work to fix all that were impacted over the next few days.
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

e5116 wrote: Thu Sep 17, 2020 12:47 pm RE: BSI and the earlier posts expressing concern based on terrible online reviews.

I asked LenderFi and they said they (LF) technically are the servicer of the loan, but simply use BSI's platform for servicing functions. Not sure if that changes anything.

I have my fingers crossed....

Are there people out there using LenderFi's online interface/servicing? Any impressions on that? I assume that means it's actually BSI's backend doing things? Not sure...I wish my loan was getting sold/serviced by a big bank like it did last time around. Perhaps it still can be, I don't know.
If you've had Wells Fargo or a larger servicer, then you will definitely not be impressed by BSI. The customer service is pretty terrible. I've sent multiple messages through their online message system and have not once received a reply.

When I click to see the Escrow payee information, it's all just blank. I've called and complained about this and they say they will let their IT department know, but it's still never been fixed.

It's super bare bones, and probably the most disappointing part of the whole process.

Here's where you will login: https://myloanweb.com/lenderfi/Login.aspx
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

dropdx wrote: Thu Sep 17, 2020 1:28 pm
e5116 wrote: Thu Sep 17, 2020 12:47 pm RE: BSI and the earlier posts expressing concern based on terrible online reviews.

I asked LenderFi and they said they (LF) technically are the servicer of the loan, but simply use BSI's platform for servicing functions. Not sure if that changes anything.

I have my fingers crossed....

Are there people out there using LenderFi's online interface/servicing? Any impressions on that? I assume that means it's actually BSI's backend doing things? Not sure...I wish my loan was getting sold/serviced by a big bank like it did last time around. Perhaps it still can be, I don't know.
If you've had Wells Fargo or a larger servicer, then you will definitely not be impressed by BSI. The customer service is pretty terrible. I've sent multiple messages through their online message system and have not once received a reply.

When I click to see the Escrow payee information, it's all just blank. I've called and complained about this and they say they will let their IT department know, but it's still never been fixed.

It's super bare bones, and probably the most disappointing part of the whole process.

Here's where you will login: https://myloanweb.com/lenderfi/Login.aspx
Thanks for the insight. Yeah, a bit of a bummer, but I guess don't need it for much. As long as I can set up autopay, they correctly pay things through escrow and send me correct tax reporting materials, should be okay. Although is nice to see things in plain view (escrow balance, statements, etc.). I think I've contacted Wells Fargo three times in six years but perhaps that's because all the information is at your fingertips already...I suppose it's worth saving 10s of thousands for though.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

I’m honestly surprised over the last few months how many people set up autopay with the servicer. If one does that, I can see the process for it being set up (and assurance it will go through) is of importance.
elvistcb
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Re: My LenderFi refinance is going well

Post by elvistcb »

All these servicing stories and concerns are why I refuse to escrow. I've only had one P&I screw up over the last 5 years but otherwise smooth when you don't have to worry about them doing something odd to your escrow. Surprised to see all the talk of auto pay as that is a lot of trust. Bill pay at most banks or credit unions should allow an auto payment you can control and push the payment to the servicer.

Good to hear CPFB stories, I am for sure filing one for them pulling my credit and never giving me a LE. Still waiting to hear from Ryan, it's been 45 days since my 4th request for a LE. I am still ghosted by him, not going with them anyway but he should respond since it is the law!?
MrJedi
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Re: My LenderFi refinance is going well

Post by MrJedi »

I prefer putting mortgage on auto pay over bill pay from my checking. Less chance for the servicer to screw up on how to apply payments.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Does your previous loan usually get paid off on the disbursement date or 1 day later?
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

Goal33 wrote: Thu Sep 17, 2020 6:40 pm Does your previous loan usually get paid off on the disbursement date or 1 day later?
Both are quite common. It just depend on variables such as when the new lender sends the wire to the settlement agent, when the settlement agent chooses to process verification of receiving those funds and then sending the payoff, and when the old lender accepts the payoff.

For instance, a possible scenario is that on disbursement date, the person keying it into the system gets a flat tire on the way into the office and can't send the funds until 11 am. Meanwhile, while many banks will send wires instantaneously, not all do (Ally is such an example). The lender may be using such a bank. So the wire goes out at noon. Now, at the settlement office, those folks have gone to lunch and at 1 pm they get to the office, but they have multiple loans to process and yours is not at the top. So they get to your loan, verify they got the funds, and at 2 pm are keying in the payoff. This time, let's assume their bank is instantaneous vs. waiting some time. Now your old lender just so happens to have a 2 pm cutoff for accepting a payoff without charging another day's interest. So now, you effectively have taken an extra day to pay off the loan.

Yes, I'm stringing together many things, but it is NOT at all uncommon for the payoff to be the day after the funding date, just as it is also NOT uncommon for it to be the same day. These are the reasons why the new lender often includes about a week's worth of extra interest in the payoff in case of hiccups along the way.
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peseta
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Re: My LenderFi refinance is going well

Post by peseta »

Closed today. 29 days from initial application to closing. Will post again here if there is a problem with the disbursement/payoff.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

BrandonBogle wrote: Thu Sep 17, 2020 7:55 pm
Goal33 wrote: Thu Sep 17, 2020 6:40 pm Does your previous loan usually get paid off on the disbursement date or 1 day later?
Both are quite common. It just depend on variables such as when the new lender sends the wire to the settlement agent, when the settlement agent chooses to process verification of receiving those funds and then sending the payoff, and when the old lender accepts the payoff.

For instance, a possible scenario is that on disbursement date, the person keying it into the system gets a flat tire on the way into the office and can't send the funds until 11 am. Meanwhile, while many banks will send wires instantaneously, not all do (Ally is such an example). The lender may be using such a bank. So the wire goes out at noon. Now, at the settlement office, those folks have gone to lunch and at 1 pm they get to the office, but they have multiple loans to process and yours is not at the top. So they get to your loan, verify they got the funds, and at 2 pm are keying in the payoff. This time, let's assume their bank is instantaneous vs. waiting some time. Now your old lender just so happens to have a 2 pm cutoff for accepting a payoff without charging another day's interest. So now, you effectively have taken an extra day to pay off the loan.

Yes, I'm stringing together many things, but it is NOT at all uncommon for the payoff to be the day after the funding date, just as it is also NOT uncommon for it to be the same day. These are the reasons why the new lender often includes about a week's worth of extra interest in the payoff in case of hiccups along the way.
That makes sense. Thank you!
Monsterflockster
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Re: My LenderFi refinance is going well

Post by Monsterflockster »

peseta wrote: Thu Sep 17, 2020 8:47 pm Closed today. 29 days from initial application to closing. Will post again here if there is a problem with the disbursement/payoff.
How long From submitting the documents did it take to go to underwriting?
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peseta
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Re: My LenderFi refinance is going well

Post by peseta »

Monsterflockster wrote: Thu Sep 17, 2020 11:26 pm How long From submitting the documents did it take to go to underwriting?
Less than a week.
Monsterflockster
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Re: My LenderFi refinance is going well

Post by Monsterflockster »

peseta wrote: Fri Sep 18, 2020 6:03 am
Monsterflockster wrote: Thu Sep 17, 2020 11:26 pm How long From submitting the documents did it take to go to underwriting?
Less than a week.
Hmmm... we are 3 weeks in and still in the queue.
gazelle1991
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Re: My LenderFi refinance is going well

Post by gazelle1991 »

I locked on 9/4, scheduled to close 9/22. So far great experience. Hopefully this will continue past the closing date.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Monsterflockster wrote: Sun Sep 20, 2020 12:58 am
peseta wrote: Fri Sep 18, 2020 6:03 am
Monsterflockster wrote: Thu Sep 17, 2020 11:26 pm How long From submitting the documents did it take to go to underwriting?
Less than a week.
Hmmm... we are 3 weeks in and still in the queue.
It seems like they have two pipelines. One that’s fast and one that crawls. I was in the one that crawls. My friend was in the one was fast. We had different processors.
thatsabingo
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Re: My LenderFi refinance is going well

Post by thatsabingo »

I locked on 8/17 and received initial CD 9/15, which showed a closing date of 9/18. Didn't hear anything for a few days after the initial CD. Got a call from my processor on 9/18 asking if I could close 9/23, which I agreed to. Got the final CD yesterday (9/19) from my closer which shows the updated closing and disbursement dates. Not exactly light speed (I did go past my rate lock), but assuming there are no more delays I'm pretty content with the timeline all things considered.

As an FYI, I asked my closer this morning if the new loan amount could be adjusted to match the principal balance on my current loan. She said it could be done, but all of the paperwork had already been printed and sent to title, and if we were to go ahead with the adjustment I probably wouldn't close before the end of the month. I had debated asking about it when I received the initial CD, as it's not a substantial difference (just over $1K, which I can easily cover as an extra principal payment with refund from the current lender). But if it was a larger issue, I'd probably be kicking myself for not addressing it as soon as I got the initial CD.
Sunrise
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Re: My LenderFi refinance is going well

Post by Sunrise »

For those that have refinanced with LenderFi recently, did you find their initial offer (Loan Estimate) competitive/acceptable? Or was there additional negotiation needed, etc.? Thanks.
presto987
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Re: My LenderFi refinance is going well

Post by presto987 »

Sunrise wrote: Sun Sep 20, 2020 9:15 pm For those that have refinanced with LenderFi recently, did you find their initial offer (Loan Estimate) competitive/acceptable? Or was there additional negotiation needed, etc.? Thanks.
I refinanced last month and shopped around extensively. With the exception of Loan Cabin who had exceptional pricing but took a month to get back to me, LenderFi gave me the best initial offer (no cost 2.5% on a 30-year).
Sunrise
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Re: My LenderFi refinance is going well

Post by Sunrise »

Thanks presto. Sent you a PM.
dropdx
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Re: My LenderFi refinance is going well

Post by dropdx »

If you have LenderFi / BSI Financial as your servicer and use Mint, then you should login to Mint and request that they add LenderFi as an account option!

When logged into Mint:
  • Click "Add Accounts" at the top
  • For the bank name enter LenderFi
  • Then click "Still can't find you bank"
  • And then click Request
Who knows if it will work, but I really hate not having my mortgage shown in Mint!
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Pessimist55 wrote: Thu Sep 17, 2020 1:09 pm As a follow up. Service first came back and said it was an issue w TU. TU will work to fix all that were impacted over the next few days.
Just had same thing happen here. Not worth the trouble to me to call them but thought it was interesting that it happened on Sunday when I’m not funding until Tuesday.

Was yours that early too?
Eurookat
Posts: 285
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Re: My LenderFi refinance is going well

Post by Eurookat »

my first time refinancing and I applied via lenderfi. my current balance is 283k, why would my new refi balance show 291k? I sent the LO a msg so hoping to hear back when their office is open
bluebolt
Posts: 1233
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Re: My LenderFi refinance is going well

Post by bluebolt »

Eurookat wrote: Mon Sep 21, 2020 7:39 am my first time refinancing and I applied via lenderfi. my current balance is 283k, why would my new refi balance show 291k? I sent the LO a msg so hoping to hear back when their office is open
They could be rolling some or all of your closing costs into the principal.
Eurookat
Posts: 285
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Re: My LenderFi refinance is going well

Post by Eurookat »

I take it I can pay that out of pocket? what's the consensus on doing that? assuming one can pay out of pocket and plans on living in the house forever.
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hornet96
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Re: My LenderFi refinance is going well

Post by hornet96 »

Eurookat wrote: Mon Sep 21, 2020 8:08 am I take it I can pay that out of pocket? what's the consensus on doing that? assuming one can pay out of pocket and plans on living in the house forever.
Yes, you can just pay it out of pocket. I'd ask, though - Are you going to have an escrow account? A lot of that amount being capitalized into your loan balance may be related to the initial escrow funding. Once you get a refund of your existing escrow balance from your current lender, you can turn around and make a one-time payment on your new loan. That is generally what I do. It will cost you a little bit of interest during the ~1 month while you wait for the refund of your existing escrow, but I view it as a bit of convenience charge I guess.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

hornet96 wrote: Mon Sep 21, 2020 8:31 am
Eurookat wrote: Mon Sep 21, 2020 8:08 am I take it I can pay that out of pocket? what's the consensus on doing that? assuming one can pay out of pocket and plans on living in the house forever.
Yes, you can just pay it out of pocket. I'd ask, though - Are you going to have an escrow account? A lot of that amount being capitalized into your loan balance may be related to the initial escrow funding. Once you get a refund of your existing escrow balance from your current lender, you can turn around and make a one-time payment on your new loan. That is generally what I do. It will cost you a little bit of interest during the ~1 month while you wait for the refund of your existing escrow, but I view it as a bit of convenience charge I guess.
yes I pay towards escrow each month. looks like my current escrow balance is roughly 1300.
feehater
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Re: My LenderFi refinance is going well

Post by feehater »

You can pay closing costs out of pocket, but it looks like they only take cashier's check or wire, unlike some lenders who take personal checks for small amounts like funding escrow.
Eurookat
Posts: 285
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Re: My LenderFi refinance is going well

Post by Eurookat »

Started my application today. Rep says we should be able to close within 30 days. Here's hoping that's true. Wow I can't believe the interest I save by going to a 20yr at 2.75
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