My LenderFi refinance is going well

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Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

Just closed today and my disbersment should be on Wednesday. Overall it took about 45 days. I received no payment coupons at the closing, is this normal? Have you been receiving a welcome packet in the mail?
Jonezez
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Re: My LenderFi refinance is going well

Post by Jonezez »

Any experience with removing escrow account with LenderFi? Looks like most loans are transferred to a new servicer anyway so I’m guessing will probably have to wait for that to occur before attempting.

Just closed 11/13. total time from initial quote (9/21) to close was about 7 weeks with 1 week delay on my end while rate shopping.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Silk McCue wrote: Thu Nov 12, 2020 5:29 pm
iceman68 wrote: Thu Nov 12, 2020 5:15 pm I notice that when I input my home value, requested loan amount, etc., on LenderFi's website in order to get a quote for a refinance, the fees in their quote include owner's title coverage under "Other Fees." I already have an owner's title policy that I purchased when I bought my home years ago. Does LenderFi really make you buy a new policy? That seems completely unnecessary, and at $1,679, not cheap. (Note that I am NOT talking about their fee for lender's title coverage, which I would expect to pay with any refinance.)
They do not require you to purchase owner's title coverage.

Cheers
+1. I closed in July and did not have to buy owners title insurance (I also have it from my initial purchase).
Marinermoose241 wrote: Sat Nov 14, 2020 5:24 pm Just closed today and my disbersment should be on Wednesday. Overall it took about 45 days. I received no payment coupons at the closing, is this normal? Have you been receiving a welcome packet in the mail?
I closed in July and did get coupons at closing, but my loan servicing was transfered to Wells Fargo about 2 weeks after closing before any payment was due, first payment went to Wells Fargo.
vasaver
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Re: My LenderFi refinance is going well

Post by vasaver »

anon_investor wrote: Sun Nov 15, 2020 11:34 am
Silk McCue wrote: Thu Nov 12, 2020 5:29 pm
iceman68 wrote: Thu Nov 12, 2020 5:15 pm I notice that when I input my home value, requested loan amount, etc., on LenderFi's website in order to get a quote for a refinance, the fees in their quote include owner's title coverage under "Other Fees." I already have an owner's title policy that I purchased when I bought my home years ago. Does LenderFi really make you buy a new policy? That seems completely unnecessary, and at $1,679, not cheap. (Note that I am NOT talking about their fee for lender's title coverage, which I would expect to pay with any refinance.)
They do not require you to purchase owner's title coverage.

Cheers
+1. I closed in July and did not have to buy owners title insurance (I also have it from my initial purchase).
Marinermoose241 wrote: Sat Nov 14, 2020 5:24 pm Just closed today and my disbersment should be on Wednesday. Overall it took about 45 days. I received no payment coupons at the closing, is this normal? Have you been receiving a welcome packet in the mail?
I closed in July and did get coupons at closing, but my loan servicing was transfered to Wells Fargo about 2 weeks after closing before any payment was due, first payment went to Wells Fargo.
I closed in August and didn't get coupons as well. They eventually provided access to the online portal so I ended up making electronic payments.
Can't Wait
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Re: My LenderFi refinance is going well

Post by Can't Wait »

Jonezez wrote: Sun Nov 15, 2020 11:29 am Any experience with removing escrow account with LenderFi? Looks like most loans are transferred to a new servicer anyway so I’m guessing will probably have to wait for that to occur before attempting.

Just closed 11/13. total time from initial quote (9/21) to close was about 7 weeks with 1 week delay on my end while rate shopping.

I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.
Silk McCue
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Re: My LenderFi refinance is going well

Post by Silk McCue »

Can't Wait wrote: Mon Nov 16, 2020 9:05 am I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.
I wouldn't wait. Just ask them if it can be done without impacting the loan details or delaying the process.

Cheers
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

intendi wrote: Sat Nov 07, 2020 11:53 am ^same

I just tried to call to find out when the November payment would post to the new system. Gave up after a long wait time. I'm sure it will update in a few days. The new interface is a big improvement.
My balance is updated now and I was able to set up recurring monthly payments starting on 12/1.

The new interface is definitely a bit slicker!
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Silk McCue wrote: Mon Nov 16, 2020 9:13 am
Can't Wait wrote: Mon Nov 16, 2020 9:05 am I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.
I wouldn't wait. Just ask them if it can be done without impacting the loan details or delaying the process.

Cheers
+1. Worst case they say there is an impact to the rate and you just deal with escrow. When I did my Lenderfi refi in July, no escrow cost and extra $500 or so, so I just went with escrow.
feehater
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Re: My LenderFi refinance is going well

Post by feehater »

anon_investor wrote: Mon Nov 16, 2020 9:38 am
Silk McCue wrote: Mon Nov 16, 2020 9:13 am
Can't Wait wrote: Mon Nov 16, 2020 9:05 am I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.
I wouldn't wait. Just ask them if it can be done without impacting the loan details or delaying the process.

Cheers
+1. Worst case they say there is an impact to the rate and you just deal with escrow. When I did my Lenderfi refi in July, no escrow cost and extra $500 or so, so I just went with escrow.
Yes, i was also told that getting a loan without escrow would be a significant cost increase (I think more than $1k on my loan.) I am hopeful that after a year or two they will be willing to waive it.
Can't Wait
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Re: My LenderFi refinance is going well

Post by Can't Wait »

feehater wrote: Mon Nov 16, 2020 12:13 pm
anon_investor wrote: Mon Nov 16, 2020 9:38 am
Silk McCue wrote: Mon Nov 16, 2020 9:13 am
Can't Wait wrote: Mon Nov 16, 2020 9:05 am I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.
I wouldn't wait. Just ask them if it can be done without impacting the loan details or delaying the process.

Cheers
+1. Worst case they say there is an impact to the rate and you just deal with escrow. When I did my Lenderfi refi in July, no escrow cost and extra $500 or so, so I just went with escrow.
Yes, i was also told that getting a loan without escrow would be a significant cost increase (I think more than $1k on my loan.) I am hopeful that after a year or two they will be willing to waive it.
I emailed and asked. They said I would have to pay a fee of 0.25%, which is roughly $900 for me. What would stop me from just going with escrow now to avoid the fee and then canceling escrow after closing?
rene
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Re: My LenderFi refinance is going well

Post by rene »

simplesimon wrote: Mon Nov 16, 2020 9:22 am
intendi wrote: Sat Nov 07, 2020 11:53 am ^same

I just tried to call to find out when the November payment would post to the new system. Gave up after a long wait time. I'm sure it will update in a few days. The new interface is a big improvement.
My balance is updated now and I was able to set up recurring monthly payments starting on 12/1.

The new interface is definitely a bit slicker!
Yes, my loan portal was updated as well. Setting up recurring payment was a breeze. Nice!
PharmerBrown
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Re: My LenderFi refinance is going well

Post by PharmerBrown »

I was able to register for the new payment portal, but I keep getting an "invalid routing number" when trying to enter an account for payment. I tried multiple banks and I'm sure the routing numbers are correct. Did anyone else have this issue?
jharkin
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Re: My LenderFi refinance is going well

Post by jharkin »

Can't Wait wrote: Mon Nov 16, 2020 9:05 am
Jonezez wrote: Sun Nov 15, 2020 11:29 am Any experience with removing escrow account with LenderFi? Looks like most loans are transferred to a new servicer anyway so I’m guessing will probably have to wait for that to occur before attempting.

Just closed 11/13. total time from initial quote (9/21) to close was about 7 weeks with 1 week delay on my end while rate shopping.

I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.

When I closed my LenderFi refi in the spring I asked about waiving escrow after applying and they where able to do it. It cant hurt to ask.
getco
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Re: My LenderFi refinance is going well

Post by getco »

Update: My loan was funded on Friday (11/13) and my existing loan was paid off on 11/17. About ~47 days from start (Oct 2) to finish. Overall, the process was smooth, but I do see how some folks who require a bit more 'touch' would be put off by the process. Generally speaking, between steps in the process there is radio silence, and many of my emails checking to make sure they weren't waiting on something from me were ignored.

Everyone I interacted with was very friendly, the process was pretty quick, and I'm very happy with my rate (2.625% on 30y) -- especially with no cost.

-g
jwfails
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Re: My LenderFi refinance is going well

Post by jwfails »

My daughter is starting her first home buying experience. I am helping her with the lending process. I saw this post on Lenderfi, I looked at there site and it is quoting 3% with $3240 in fees on a 30 year fixed conventional loan. Does this sound about right? I haven’t had a home loan in over 15 years so not up to date on rates and fees. Thanks for help.
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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 »

jwfails wrote: Wed Nov 18, 2020 9:32 am My daughter is starting her first home buying experience. I am helping her with the lending process. I saw this post on Lenderfi, I looked at there site and it is quoting 3% with $3240 in fees on a 30 year fixed conventional loan. Does this sound about right? I haven’t had a home loan in over 15 years so not up to date on rates and fees. Thanks for help.
A couple points:

1) The actual offer you get from lenderfi after applying can often be better than what's listed on their site. You'd have to start an application to actually get firmer numbers. That said it isn't too much work, it's answering a few questions online and then waiting for someone to reach out to you.

2) A few months ago I tried to do a purchase through them and was told they're only doing refis right now. Not sure if that's changed or not, but just be prepared.
Can't Wait
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Re: My LenderFi refinance is going well

Post by Can't Wait »

jharkin wrote: Wed Nov 18, 2020 8:18 am
Can't Wait wrote: Mon Nov 16, 2020 9:05 am
Jonezez wrote: Sun Nov 15, 2020 11:29 am Any experience with removing escrow account with LenderFi? Looks like most loans are transferred to a new servicer anyway so I’m guessing will probably have to wait for that to occur before attempting.

Just closed 11/13. total time from initial quote (9/21) to close was about 7 weeks with 1 week delay on my end while rate shopping.

I'm interested in this as well. My refinance with LenderFi is still in process, but I neglected to waive escrow when I was applying for the loan. I'm a little terrified to email them and ask if it's a big deal to get rid of escrow prior to closing because I don't want to change the rate or loan estimate in any way. I figured I could just get rid of it after closing.

When I closed my LenderFi refi in the spring I asked about waiving escrow after applying and they where able to do it. It cant hurt to ask.
Yeah, they are able to do it, but I'd have to pay 0.25% fee to do so. Which is $900 or so for me. I'm wondering if I can just close the loan with the escrow and then cancel it later. In an attempt to avoid the fee.
jwfails
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Re: My LenderFi refinance is going well

Post by jwfails »

rocket354 wrote: Wed Nov 18, 2020 10:08 am
jwfails wrote: Wed Nov 18, 2020 9:32 am My daughter is starting her first home buying experience. I am helping her with the lending process. I saw this post on Lenderfi, I looked at there site and it is quoting 3% with $3240 in fees on a 30 year fixed conventional loan. Does this sound about right? I haven’t had a home loan in over 15 years so not up to date on rates and fees. Thanks for help.
A couple points:

1) The actual offer you get from lenderfi after applying can often be better than what's listed on their site. You'd have to start an application to actually get firmer numbers. That said it isn't too much work, it's answering a few questions online and then waiting for someone to reach out to you.

2) A few months ago I tried to do a purchase through them and was told they're only doing refis right now. Not sure if that's changed or not, but just be prepared.
Thanks for the reply. She has good credit, so she has options. She is also eligible for USAA, that’s who I have used in the past. We are going to check with them as well.
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hand
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Re: My LenderFi refinance is going well

Post by hand »

Jonezez wrote: Sun Nov 15, 2020 11:29 am Any experience with removing escrow account with LenderFi? Looks like most loans are transferred to a new servicer anyway so I’m guessing will probably have to wait for that to occur before attempting.

Just closed 11/13. total time from initial quote (9/21) to close was about 7 weeks with 1 week delay on my end while rate shopping.
I was told over the phone I could request escrow removal after two months of on time loan payments by requesting in writing; when I did so, I received a form letter back denying my request because (from memory) I didn't have 24 months of on-time loan payments. YMMV, and I suppose new servicer could have different standards.
Marinermoose241
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Re: My LenderFi refinance is going well

Post by Marinermoose241 »

Today is supposed to be my loan disbursement. Did you receive email confirmation of this happening? If not, can someone post the steps to check/verify this has taken place?
3of10
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Re: My LenderFi refinance is going well

Post by 3of10 »

JAZZISCOOL wrote: Wed Oct 28, 2020 6:06 pm
bluebolt wrote: Wed Oct 28, 2020 5:55 pm
BrandonBogle wrote: Wed Oct 28, 2020 5:35 pm
mgk2010 wrote: Wed Oct 28, 2020 11:35 am
arsenalfan wrote: Wed Oct 28, 2020 11:22 am Ok, so after 4 months waiting for Suntrust Refi, am initiating with LenderFi.
2.125% 15-year, 38% LTV, $2k in closing costs.
Starting the clock tomorrow 10/28/20.
I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
Be careful. In the past, some lenders have outright refused to work on subordinations right now and I think LenderFi has been one of them. I would be sure to mention it to the loan officer quickly if you proceed with LenderFi, as they might tell you that you must close the HELOC to work with them.
I had to close my HELOC before my LenderFi refi. I was planning on doing it anyway, so it wasn't a big deal, but they required that I do it.
I'm working with Better.com on a refi and they are subordinating my HELOC. It is taking longer than normal due to the extra documents and process. They never pressured me to close the HELOC FWIW. So far, I find their customer service excellent and responsive unlike my early contact with LenderFi. If needed, I would close the HELOC. YMMV. :happy
+1. The HELOC subordination is a huge task to overcome for a refi, and it can take a couple of weeks to complete. I didn't know why it was taking so long for my Credit Union to process it, so I contacted them about it. They sent me a document listing the requirements for it. I was surprised to see that my CU charges $300 to furnish it.

It gave me more appreciation for Better, with them absorbing the charge for it. LenderFi wouldn't touch a refi with a HELOC subordination, unless the HELOC was first closed. Not all HELOCs can be easily closed.
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

UPDATE

10/29: Contacted LenderFI
11/2: Locked 2.125% 15-year fixed on 690k, $2400 closing costs
11/13: Appraiser visit.
11/20: Appraisal Done - property value ok for loan.

My expectation is to close in 35 days as they said - so end of December.
Eurookat
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Re: My LenderFi refinance is going well

Post by Eurookat »

Marinermoose241 wrote: Wed Nov 18, 2020 4:20 pm Today is supposed to be my loan disbursement. Did you receive email confirmation of this happening? If not, can someone post the steps to check/verify this has taken place?

I believe an email does get sent. make sure you check with your original lender. I watched my account everyday after the dispbursement email came through. at least for my lender, they needed a heads up stating that the payment is a payoff payment. I noticed I had a balance after the funds were transferred to them. ryan got on the phone with the lender and squared it away. if I recall my original loan was paid off within 7 business days.
JVT
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Re: My LenderFi refinance is going well

Post by JVT »

Contacted LenderFi 11/4
Locked 11/5
Closing 11/21
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

JVT wrote: Fri Nov 20, 2020 9:12 pm Contacted LenderFi 11/4
Locked 11/5
Closing 11/21
Wow they finally caught up
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JAZZISCOOL
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Re: My LenderFi refinance is going well

Post by JAZZISCOOL »

3of10 wrote: Fri Nov 20, 2020 2:29 pm
JAZZISCOOL wrote: Wed Oct 28, 2020 6:06 pm
bluebolt wrote: Wed Oct 28, 2020 5:55 pm
BrandonBogle wrote: Wed Oct 28, 2020 5:35 pm
mgk2010 wrote: Wed Oct 28, 2020 11:35 am

I have a similar situation, in fact worse.

a. 1 refi attempt in Jun: rate lock timed out, due to HELOC subordination delays

b. 2nd refi attempt: with another lender. the lender now says that closure will take 2-3 more mos (it was supposed to be end of Oct). This is through a loan agent. The agent is unable to provide any guaranteed closure date. According to the agent the lender is over whelmed with refi, and all refi's in our area (SF Bay area) are taking 4 mos to close.

Few questions:

a. Should i wait for this 2nd lender OR
b. Look for other options including LenderFi. I have not explored them before. How much time does LenderFi take end to end (application to closure?)
c. Will initiating yet another refi and hence credit check negatively impact my credit score?
Be careful. In the past, some lenders have outright refused to work on subordinations right now and I think LenderFi has been one of them. I would be sure to mention it to the loan officer quickly if you proceed with LenderFi, as they might tell you that you must close the HELOC to work with them.
I had to close my HELOC before my LenderFi refi. I was planning on doing it anyway, so it wasn't a big deal, but they required that I do it.
I'm working with Better.com on a refi and they are subordinating my HELOC. It is taking longer than normal due to the extra documents and process. They never pressured me to close the HELOC FWIW. So far, I find their customer service excellent and responsive unlike my early contact with LenderFi. If needed, I would close the HELOC. YMMV. :happy
+1. The HELOC subordination is a huge task to overcome for a refi, and it can take a couple of weeks to complete. I didn't know why it was taking so long for my Credit Union to process it, so I contacted them about it. They sent me a document listing the requirements for it. I was surprised to see that my CU charges $300 to furnish it.

It gave me more appreciation for Better, with them absorbing the charge for it. LenderFi wouldn't touch a refi with a HELOC subordination, unless the HELOC was first closed. Not all HELOCs can be easily closed.
Update: I just closed my refi (with HELOC subordination) with Better yesterday. They used a mobile notary (with mask who waited in her car). It took ~5.5 weeks from application to closing. I also appreciated the fact they didn't add a fee for the HELOC process.

I thought the customer service was good and people were responsive with any questions. Their website portal is easy to use.

They did not need to do an appraisal so removed the $550 appraisal fee on the early loan estimate.

As I noted above, my early correspondence with LenderFi was not very responsive and their costs and rate were not quite as good as than Better. I didn't know that re: LF not subordinating a HELOC so I am happy with my decision to go with Better. This was the easiest refi I've ever done. 2.5% fixed.

Takeaway: for anyone wanting to subordinate their HELOC, I would suggest Better.

Thanks to other BH's who mentioned Better on this forum. That's how I discovered them. Bankrate also rates them highly.

:happy
arsenalfan
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Re: My LenderFi refinance is going well

Post by arsenalfan »

Yes sounds like they definitely caught up.

10/29: Contacted LenderFI
11/2: Locked 2.125% 15-year fixed on 690k, $2400 closing costs
11/13: Appraiser visit.
11/20: Appraisal Done - property value ok for loan.
11/24: Silk travelling notary coming to my house to close at 8pm.

If payoff/interface/prepayments go well, this is amazing, compared to SunTrust/Truist which after 4 months was still in underwriting on 2.875% 15-year.

Throughout the process it was very easy to get a live person on the phone, who knew what they were doing.
They said they updated their portal software - which resulted in my having to re-upload some financial documents. But not a big deal.
Z3roCool
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Re: My LenderFi refinance is going well

Post by Z3roCool »

I just closed on my lenderfi refi this past week. The payoff to our original mortgage just went through. The two payment coupons the Silk notary gave us is for January and February. There's no December. For anyone who closed recently, is this what you got as well? I know we paid some interest in the loan disclosure/closing but it's only from the paid loan (11/20) until the end of November.
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

Z3roCool wrote: Sat Nov 21, 2020 3:39 pm I just closed on my lenderfi refi this past week. The payoff to our original mortgage just went through. The two payment coupons the Silk notary gave us is for January and February. There's no December. For anyone who closed recently, is this what you got as well? I know we paid some interest in the loan disclosure/closing but it's only from the paid loan (11/20) until the end of November.
For mortgages, interest is paid in arrears. So your December interest gets paid with your January payment. That's expected.
ossipago
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Re: My LenderFi refinance is going well

Post by ossipago »

I know Lenderfi has a clawback provision, but I swear I didn't sign on. Which packet of documents has that, so I can check?

If I did, does the 6 months matter if they already sold my loan?
bluebolt
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Re: My LenderFi refinance is going well

Post by bluebolt »

ossipago wrote: Sun Nov 22, 2020 2:46 pm I know Lenderfi has a clawback provision, but I swear I didn't sign on. Which packet of documents has that, so I can check?

If I did, does the 6 months matter if they already sold my loan?
It was in the initial set of documents/disclosures. Yes, doesn't matter whether the loan is sold or retained by them. That said, I've not seen anyone actually say that they've clawed it back.
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rocket354
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Re: My LenderFi refinance is going well

Post by rocket354 »

I'm going through another refi with LenderFi. I completed my application on Nov 17. Just got scheduled with the notary to close on Nov 30.

No appraisal fee, $270k loan amount, 80% LTV, 2.625% 30y fixed. Credit to cover most but not all of closing costs. I could have accepted 2.75 and they'd cover everything but that's looking like $660, which has < 2 year payback. We'll see if that was the right decision or not.

One thing I noted this time around is their title company seems to use smartasset to calculate property taxes. This is problematic because that site gives an average for the county, even though that average might not actually apply to any single property. For example, where I live the effective tax rate is 0.55%. In the nearest city, that rate is 0.87%. But average across the county is 0.76% which is what that site reports for anyone in the county, and the exact number that came in on my final LE. So they were trying to collect from me almost 40% more in taxes than I owed up front for escrow, and have me pay 40% more per month for escrow, telling me "it would get corrected during the next escrow audit next year." Um....

So I was able to cancel escrow and keep my loan parameters the same. So I now have to come up with $3000 less for closing prepaids, and I have a significantly lower monthly payment, all so I can pay my (correct) taxes on time rather than a year ahead of time. Not sure why I ever escrowed.

Anyways, overall a very positive experience again with LenderFi (so far). Other lenders just disappeared when I told them my offer from LenderFi, so I don't feel like I've left much on the table. Better came in 0.25% higher and with more fees and Loan Depot came in a little lower on the rate but with insane fees--over $11k in points and whatnot for a rate I could have gotten from lenderfi for about a third that amount. And just like last time, the experience was quicker and easier than any other lender I've worked with.
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