My LenderFi refinance is going well

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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

VCC wrote: Wed Aug 12, 2020 12:44 pm
Burningmustard wrote: Wed Aug 12, 2020 11:15 am Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Thanks!
If the HELOC was used to help purchase the residence (piggyback loan), then you qualify for a rate & term refi. If the HELOC was taken out afterwards, then it's considered a cash out refi.
My understanding was that such a distinction would be on our end when filing taxes and determining whether the interest is deductible. Are you saying the lender must get involved to determine how the HELOC was used (even if just asking us via a questionnaire) in how to classify the refi?
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abyan
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Re: My LenderFi refinance is going well

Post by abyan »

Cobra Commander wrote: Wed Aug 12, 2020 12:11 pm I am scheduled to close this afternoon. The closing process wasn't great as I did not receive my closing docs for review until this morning after multiple requests. That said, I'm getting a good rate so I can deal with it.

Did anyone have any luck using the Amrock ACH feature? I am paying down about $25k to get my loan below $510K and the ACH feature on Amrock's site will process my request but there is nothing to indicate that the payment went through. Alternatively, should I just eat the fees and do a wire transfer?
Yes, I used it this morning, I'm assuming it went fine. I guess I'll know later today, or tomorrow, when the money leaves my account.
VCC
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Re: My LenderFi refinance is going well

Post by VCC »

BrandonBogle wrote: Wed Aug 12, 2020 2:07 pm
VCC wrote: Wed Aug 12, 2020 12:44 pm
Burningmustard wrote: Wed Aug 12, 2020 11:15 am Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Thanks!
If the HELOC was used to help purchase the residence (piggyback loan), then you qualify for a rate & term refi. If the HELOC was taken out afterwards, then it's considered a cash out refi.
My understanding was that such a distinction would be on our end when filing taxes and determining whether the interest is deductible. Are you saying the lender must get involved to determine how the HELOC was used (even if just asking us via a questionnaire) in how to classify the refi?
When I apply for loans, the lenders ask me if my HELOC was taken out for home purchase or not. Then they tell me whether the refi would be considered cash out or not.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

VCC wrote: Wed Aug 12, 2020 3:47 pm
BrandonBogle wrote: Wed Aug 12, 2020 2:07 pm
VCC wrote: Wed Aug 12, 2020 12:44 pm
Burningmustard wrote: Wed Aug 12, 2020 11:15 am Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Thanks!
If the HELOC was used to help purchase the residence (piggyback loan), then you qualify for a rate & term refi. If the HELOC was taken out afterwards, then it's considered a cash out refi.
My understanding was that such a distinction would be on our end when filing taxes and determining whether the interest is deductible. Are you saying the lender must get involved to determine how the HELOC was used (even if just asking us via a questionnaire) in how to classify the refi?
When I apply for loans, the lenders ask me if my HELOC was taken out for home purchase or not. Then they tell me whether the refi would be considered cash out or not.
Gotcha, thanks. Sounds like they are having a questionnaire provided the necessary attestation. When I had a HELOC, it was used for renovations, so that must have been why it didn’t matter to my lender. I wasn’t explicitly told I was in a rate-and-term refi or cash-out (that I recall), so I filed it away mentally as a cash-out. :oops:
mbasherp
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Re: My LenderFi refinance is going well

Post by mbasherp »

anon_investor wrote: Wed Aug 12, 2020 10:59 am
mbasherp wrote: Wed Aug 12, 2020 10:37 am
topcatin wrote: Wed Aug 12, 2020 9:23 am Since this was your 2nd refinance, did they call on their own after 6 months and offered you this rate?
No, I reached out at 5 months to my original contact and asked how soon we could refi. He said the first week of August, so at 8 am that Monday I emailed, and we had locked a new refi by 5pm.

I closed end of February at 3.5%. New loan is 2.875%.
Was LenderFi still the loan servicer, or had that been transfered to someone else?
My 3.5% loan was transferred to Citizens One within the first month.
wordsmith11
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Joined: Mon Mar 27, 2017 10:18 pm

Re: My LenderFi refinance is going well

Post by wordsmith11 »

mbasherp wrote: Thu Aug 06, 2020 8:35 am
Just to elaborate on this, mine says the following:
I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/xWe are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
aquadez
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Re: My LenderFi refinance is going well

Post by aquadez »

wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm
mbasherp wrote: Thu Aug 06, 2020 8:35 am
Just to elaborate on this, mine says the following:
I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/xWe are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

aquadez wrote: Wed Aug 12, 2020 7:42 pm
wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm
mbasherp wrote: Thu Aug 06, 2020 8:35 am
Just to elaborate on this, mine says the following:
I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/xWe are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

anon_investor wrote: Wed Aug 12, 2020 8:17 pm
aquadez wrote: Wed Aug 12, 2020 7:42 pm
wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm
mbasherp wrote: Thu Aug 06, 2020 8:35 am
Just to elaborate on this, mine says the following:
I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/xWe are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
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hansp
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Re: My LenderFi refinance is going well

Post by hansp »

TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Went back and double checked and was not in the LE disclosures we signed to rate lock. Waiting on closing docs for a place in CA now.
wordsmith11
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Re: My LenderFi refinance is going well

Post by wordsmith11 »

TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm
aquadez wrote: Wed Aug 12, 2020 7:42 pm
wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm
mbasherp wrote: Thu Aug 06, 2020 8:35 am
Just to elaborate on this, mine says the following:

I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Very careful reader here. It was NOT included in any of my document packages.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

hansp wrote: Thu Aug 13, 2020 1:27 am
TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Went back and double checked and was not in the LE disclosures we signed to rate lock. Waiting on closing docs for a place in CA now.
Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

wordsmith11 wrote: Thu Aug 13, 2020 7:55 am
TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm
aquadez wrote: Wed Aug 12, 2020 7:42 pm
wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm

I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Very careful reader here. It was NOT included in any of my document packages.
I started my app in early/mid July. It was in my initial disclosures one of the last pages (the earliest set of documents received in their portal), and it was required to be e-signed to proceed with the rate lock:

Intent to Retain Mortgage
No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been
completely forthright and upfront regarding my/our current intentions. I/We are acknowledging
by signing this form that we have no intent to sell and/or refinance our property within the next
6 months (180 days).
I/We fully understand that any false or misleading statements on my/our parts could be
construed as misrepresentation of my/our true intent and could therefore be considered
mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail
time and/or monetary penalties.
I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we
may be held responsible for paying back any credit given to us by LenderFi, Inc. during the
course of this transaction.
I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to
participate in LenderFi, Inc’s Rate Insurance program.
jjhk121
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Joined: Thu Jul 23, 2020 1:09 am

Re: My LenderFi refinance is going well

Post by jjhk121 »

There's no way to see the documents you've uploaded on their portal, right?

Their document upload is portal is weird when you have to upload more than one of something. They asked for the last 2 pay stubs for me and my wife, so 4 pay stubs in total. I'll probably just end up faxing everything just to be safe.
dave8228
Posts: 20
Joined: Thu May 28, 2020 8:09 am

Re: My LenderFi refinance is going well

Post by dave8228 »

anon_investor wrote: Thu Aug 13, 2020 7:57 am
hansp wrote: Thu Aug 13, 2020 1:27 am
TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Went back and double checked and was not in the LE disclosures we signed to rate lock. Waiting on closing docs for a place in CA now.
Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
ryman554
Posts: 1349
Joined: Sun Jan 12, 2014 9:44 pm

Re: My LenderFi refinance is going well

Post by ryman554 »

jjhk121 wrote: Thu Aug 13, 2020 8:38 am There's no way to see the documents you've uploaded on their portal, right?

Their document upload is portal is weird when you have to upload more than one of something. They asked for the last 2 pay stubs for me and my wife, so 4 pay stubs in total. I'll probably just end up faxing everything just to be safe.
Yeah, I had same concern.

Just keep uploading one at a time. They all get there. Don't worry about it.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

dave8228 wrote: Thu Aug 13, 2020 8:40 am
anon_investor wrote: Thu Aug 13, 2020 7:57 am Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
Most certainly pass all costs onto the borrower.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

simplesimon wrote: Thu Aug 13, 2020 8:51 am
dave8228 wrote: Thu Aug 13, 2020 8:40 am
anon_investor wrote: Thu Aug 13, 2020 7:57 am Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
Most certainly pass all costs onto the borrower.
The free ride is over...
User avatar
anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

jjhk121 wrote: Thu Aug 13, 2020 8:38 am There's no way to see the documents you've uploaded on their portal, right?

Their document upload is portal is weird when you have to upload more than one of something. They asked for the last 2 pay stubs for me and my wife, so 4 pay stubs in total. I'll probably just end up faxing everything just to be safe.
I am paranoid, so I just created a PDF with all the pay stubs in 1 file, same with the bank statements and uploaded that (instead of 1 by 1). I had no issues clearing underwriting and later closing.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

anon_investor wrote: Thu Aug 13, 2020 9:02 am
simplesimon wrote: Thu Aug 13, 2020 8:51 am
dave8228 wrote: Thu Aug 13, 2020 8:40 am
anon_investor wrote: Thu Aug 13, 2020 7:57 am Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
Most certainly pass all costs onto the borrower.
The free ride is over...
I was told I was approved and have a lock until 8/28. I am curious to see what happens. I'm just waiting for title to clear to close.
jjhk121
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Joined: Thu Jul 23, 2020 1:09 am

Re: My LenderFi refinance is going well

Post by jjhk121 »

anon_investor wrote: Thu Aug 13, 2020 9:03 am
jjhk121 wrote: Thu Aug 13, 2020 8:38 am There's no way to see the documents you've uploaded on their portal, right?

Their document upload is portal is weird when you have to upload more than one of something. They asked for the last 2 pay stubs for me and my wife, so 4 pay stubs in total. I'll probably just end up faxing everything just to be safe.
I am paranoid, so I just created a PDF with all the pay stubs in 1 file, same with the bank statements and uploaded that (instead of 1 by 1). I had no issues clearing underwriting and later closing.
I'm the same way. As soon as I uploaded everything I thought to myself that I should have combined documents into single files.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

anon_investor wrote: Thu Aug 13, 2020 9:02 am
simplesimon wrote: Thu Aug 13, 2020 8:51 am
dave8228 wrote: Thu Aug 13, 2020 8:40 am
anon_investor wrote: Thu Aug 13, 2020 7:57 am Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
Most certainly pass all costs onto the borrower.
The free ride is over...
Can they sell it to one of these agencies immediately after closing or do they have to wait a payment?
powerhouse
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Re: My LenderFi refinance is going well

Post by powerhouse »

Are you supposed to just create an account via the backdoor link and wait for somebody to call you or proceed with providing all the information? Will that be a hard pull?
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MilleniumBuc
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Re: My LenderFi refinance is going well

Post by MilleniumBuc »

powerhouse wrote: Thu Aug 13, 2020 9:43 am Are you supposed to just create an account via the backdoor link and wait for somebody to call you or proceed with providing all the information? Will that be a hard pull?
That is what I did on 8/3 around midnight east coast, and received a call the following day at noon, 9 am their time, with an offer that was better than selected the night before. There was a hard pull shown on my credit on 8/4, but not sure if it was immediate or after the call.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Goal33 wrote: Thu Aug 13, 2020 9:30 am
anon_investor wrote: Thu Aug 13, 2020 9:02 am
simplesimon wrote: Thu Aug 13, 2020 8:51 am
dave8228 wrote: Thu Aug 13, 2020 8:40 am
anon_investor wrote: Thu Aug 13, 2020 7:57 am Looks like the refi free lunch may be over, making the clawback or no clawback a moot point:
https://finance.yahoo.com/news/fannie-f ... 01924.html
Ahhh that sucks! I'm curious to see how lenders will handle it...absorb the cost, split it with the buyer, or pass it on to the buyer completely.
Most certainly pass all costs onto the borrower.
The free ride is over...
Can they sell it to one of these agencies immediately after closing or do they have to wait a payment?
Lenders can sell immediately. I closed on a refi with Ally in May, and my loan was sold to Fannie Mae before the first payment. I closed on a refi with LenderFi in July, and my loan was sold to Wells Fargo before the first payment.
bonfireofthevanities
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Joined: Mon Jun 08, 2020 12:05 pm

Re: My LenderFi refinance is going well

Post by bonfireofthevanities »

Q for anyone who has had their loan with Wells Fargo before: any idea on their criteria for removing an escrow account requirement? I found an old BH post where someone said you have to have 12 months of on time payments first. I will check with WF, but just wondering if anyone happens to know.
calabel
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Joined: Fri Sep 15, 2017 4:14 pm

Re: My LenderFi refinance is going well

Post by calabel »

wordsmith11 wrote: Thu Aug 13, 2020 7:55 am
TropikThunder wrote: Thu Aug 13, 2020 1:04 am
anon_investor wrote: Wed Aug 12, 2020 8:17 pm
aquadez wrote: Wed Aug 12, 2020 7:42 pm
wordsmith11 wrote: Wed Aug 12, 2020 7:35 pm

I did not have any "Intent to Retain Mortgage" document in any of my disclosures. Waiting on closing docs but assuming it wouldn't be in there. Perhaps this tactic isn't legal in my state or they have stopped this?
I didn't have it in disclosures and just closed on Monday and didn't have "Intent to Retain Mortgage" in closing docs.
I am CA.
For me and others it was in the initial disclosures that came with the initial LE that had to be e-signed in order to rate lock.
I’m betting most people blew past it and signed without reading it. Maybe they were blinded by the low rate. :P
Very careful reader here. It was NOT included in any of my document packages.
Same, nothing about a clawback was in my initial packet or the subsequent packet signed at the time of rate lock. I'm still in process so unsure if they'll try to slide something in at the time of the closing disclosures, but I'd be surprised if they did given the lack of anything to this point and how that would be a fairly clear bait and switch.
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

calabel wrote: Thu Aug 13, 2020 12:14 pm Same, nothing about a clawback was in my initial packet or the subsequent packet signed at the time of rate lock. I'm still in process so unsure if they'll try to slide something in at the time of the closing disclosures, but I'd be surprised if they did given the lack of anything to this point and how that would be a fairly clear bait and switch.
What makes you feel that such a clawback being in your closing docs be bait and switch?
calabel
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Joined: Fri Sep 15, 2017 4:14 pm

Re: My LenderFi refinance is going well

Post by calabel »

BrandonBogle wrote: Thu Aug 13, 2020 12:17 pm
calabel wrote: Thu Aug 13, 2020 12:14 pm Same, nothing about a clawback was in my initial packet or the subsequent packet signed at the time of rate lock. I'm still in process so unsure if they'll try to slide something in at the time of the closing disclosures, but I'd be surprised if they did given the lack of anything to this point and how that would be a fairly clear bait and switch.
What makes you feel that such a clawback being in your closing docs be bait and switch?
I'll admit that I'm not intimately aware of what may or may not be modified after receiving a LE showing the rate is locked, but we've already negotiated the terms of the deal and I've given them my intent to proceed under those terms. If they wanted to include a stipulation about the terms of the lender credit they've offered, they were certainly free to do so, but jamming it in at the last second changes the overall balance of the deal and isn't on the up and up.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

Pessimist55 wrote: Thu Aug 13, 2020 12:15 pm LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
check your disclosure and/or re-disclosure documents.

if after 10 days, you don't have them, i assume its not locked, they made a mistake, and they're embarrassed to follow up with you.

Maybe a quick plea to them for help... if they can't lock you at your rate from 10 days ago, could they please lock you into the best rate available now?
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Pessimist55 wrote: Thu Aug 13, 2020 12:15 pm LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
When I did my refi with LenderFi in July, after I locked over the phone, it took them 6 days before they sent me an updated LE that indicated the rate lock. I sent them 2 emails after I did not get anything for a couple of days, and after the 2nd email they sent me the updated LE (that showed the rate lock) and assigned me a loan processor, who was much more responsive.
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BrandonBogle
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Re: My LenderFi refinance is going well

Post by BrandonBogle »

calabel wrote: Thu Aug 13, 2020 12:30 pm
BrandonBogle wrote: Thu Aug 13, 2020 12:17 pm
calabel wrote: Thu Aug 13, 2020 12:14 pm Same, nothing about a clawback was in my initial packet or the subsequent packet signed at the time of rate lock. I'm still in process so unsure if they'll try to slide something in at the time of the closing disclosures, but I'd be surprised if they did given the lack of anything to this point and how that would be a fairly clear bait and switch.
What makes you feel that such a clawback being in your closing docs be bait and switch?
I'll admit that I'm not intimately aware of what may or may not be modified after receiving a LE showing the rate is locked, but we've already negotiated the terms of the deal and I've given them my intent to proceed under those terms. If they wanted to include a stipulation about the terms of the lender credit they've offered, they were certainly free to do so, but jamming it in at the last second changes the overall balance of the deal and isn't on the up and up.
I hear you, but this disclosure makes no material difference in getting the loan you locked in on. It doesn't change the cost, it doesn't change the rate, and it technically is not a prepayment penalty (though one could view it as a short-term one). It's one of those gray areas that you are unlikely to really come out ahead if you pull out that card. That said, they are unlikely to enforce it in the first place vs. pushing the issue. They are likely to just let it go and say goodbye to you as a customer permanently. One of those things that its would also cost them more to deal with it and just move on. :)

Take a look at it differently. Your initial disclosures don't include how much of a late penalty is charged if when your monthly payment is beyond the grace period. Let's just say everyone is doing 4% and they put in your closing disclosures that it is a 5% penalty. That isn't a bait-and-switch since you are seeing it before you are stuck with the loan (you could still walk away even after the closing table). Now this is a crazy example, but one that is more like the issue above vs. dislike.
calabel
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Joined: Fri Sep 15, 2017 4:14 pm

Re: My LenderFi refinance is going well

Post by calabel »

BrandonBogle wrote: Thu Aug 13, 2020 1:01 pm
calabel wrote: Thu Aug 13, 2020 12:30 pm
BrandonBogle wrote: Thu Aug 13, 2020 12:17 pm
calabel wrote: Thu Aug 13, 2020 12:14 pm Same, nothing about a clawback was in my initial packet or the subsequent packet signed at the time of rate lock. I'm still in process so unsure if they'll try to slide something in at the time of the closing disclosures, but I'd be surprised if they did given the lack of anything to this point and how that would be a fairly clear bait and switch.
What makes you feel that such a clawback being in your closing docs be bait and switch?
I'll admit that I'm not intimately aware of what may or may not be modified after receiving a LE showing the rate is locked, but we've already negotiated the terms of the deal and I've given them my intent to proceed under those terms. If they wanted to include a stipulation about the terms of the lender credit they've offered, they were certainly free to do so, but jamming it in at the last second changes the overall balance of the deal and isn't on the up and up.
I hear you, but this disclosure makes no material difference in getting the loan you locked in on. It doesn't change the cost, it doesn't change the rate, and it technically is not a prepayment penalty (though one could view it as a short-term one). It's one of those gray areas that you are unlikely to really come out ahead if you pull out that card. That said, they are unlikely to enforce it in the first place vs. pushing the issue. They are likely to just let it go and say goodbye to you as a customer permanently. One of those things that its would also cost them more to deal with it and just move on. :)

Take a look at it differently. Your initial disclosures don't include how much of a late penalty is charged if when your monthly payment is beyond the grace period. Let's just say everyone is doing 4% and they put in your closing disclosures that it is a 5% penalty. That isn't a bait-and-switch since you are seeing it before you are stuck with the loan (you could still walk away even after the closing table). Now this is a crazy example, but one that is more like the issue above vs. dislike.
I agree, they're incredibly unlikely to try and enforce it anyway. If they actually care and don't simply view the inclusion of the doc as essentially a deterrent (similarly to the classic overboard boilerplate waivers used in certain spaces), the no effort solution of firing the customer is much more likely than trying to chase you down for a small amount of money that they'd struggle to collect and is almost certainly not worth their time.

If they actually have a clawback provision I have no desire to test any of it, and I probably would have simply accepted it as part of the terms up front. Really all I'm saying is I'd be surprised to see it show up at the last minute in the closing docs since the whole purpose of having initial disclosures is to prevent any last minute surprises from being sprung onto consumers, but I'll concede that not every little detail you agree to at closing is disclosed initially.
Pessimist55
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

I am screwed then. They never sent me another doc indicating that it was locked
They are ignoring me. I pushed them to initiate hoa certification for my condo. They also kept on ignoring me. After a few calls Eddie verbally said to go ahead without sending me the updated LE.

anon_investor wrote: Thu Aug 13, 2020 12:40 pm
Pessimist55 wrote: Thu Aug 13, 2020 12:15 pm LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
When I did my refi with LenderFi in July, after I locked over the phone, it took them 6 days before they sent me an updated LE that indicated the rate lock. I sent them 2 emails after I did not get anything for a couple of days, and after the 2nd email they sent me the updated LE (that showed the rate lock) and assigned me a loan processor, who was much more responsive.
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anon_investor
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Re: My LenderFi refinance is going well

Post by anon_investor »

Pessimist55 wrote: Thu Aug 13, 2020 2:06 pm I am screwed then. They never sent me another doc indicating that it was locked
They are ignoring me. I pushed them to initiate hoa certification for my condo. They also kept on ignoring me. After a few calls Eddie verbally said to go ahead without sending me the updated LE.

anon_investor wrote: Thu Aug 13, 2020 12:40 pm
Pessimist55 wrote: Thu Aug 13, 2020 12:15 pm LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
When I did my refi with LenderFi in July, after I locked over the phone, it took them 6 days before they sent me an updated LE that indicated the rate lock. I sent them 2 emails after I did not get anything for a couple of days, and after the 2nd email they sent me the updated LE (that showed the rate lock) and assigned me a loan processor, who was much more responsive.
I would push them again for the updated LE with the lock. They are likely super swamped.
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

For the record, I reached out to LenderFi to ask how the 180 "no refinance" clause is counted. I was told it's 180 days from when the loan is sold so actually about 190 days from closing.
Bandit390
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Re: My LenderFi refinance is going well

Post by Bandit390 »

e5116 wrote: Thu Aug 13, 2020 2:54 pm For the record, I reached out to LenderFi to ask how the 180 "no refinance" clause is counted. I was told it's 180 days from when the loan is sold so actually about 190 days from closing.
Any proof they will follow through? How will they charge it? Send a bill?
TropikThunder
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Re: My LenderFi refinance is going well

Post by TropikThunder »

How long has it taken for the payoff to reach your current servicer? I closed July 27th but there were some issues with the notary (long story) so I didn’t get the “your loan has funded” email until this past Saturday Aug 8th. Still waiting for the payoff to hit my current servicer (Chase).
e5116
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Re: My LenderFi refinance is going well

Post by e5116 »

Bandit390 wrote: Thu Aug 13, 2020 2:56 pm
e5116 wrote: Thu Aug 13, 2020 2:54 pm For the record, I reached out to LenderFi to ask how the 180 "no refinance" clause is counted. I was told it's 180 days from when the loan is sold so actually about 190 days from closing.
Any proof they will follow through? How will they charge it? Send a bill?
Dunno, I didn't ask those things.
Pessimist55
Posts: 115
Joined: Thu May 14, 2015 12:16 am

Re: My LenderFi refinance is going well

Post by Pessimist55 »

Yea. I gave Eddie an earful. He tried to get Ryan for me but was on a call w fannie. I Don't blame him. Ryan shortly confirms it was locked and sends a long complaint all in caps of the situation. I need to get Eddie to send me an updated LE that's shows it was indeed locked and a close date. Ryan went silent after I asked him about getting this done asap. Probably busy from the fallout. Sigh
anon_investor wrote: Thu Aug 13, 2020 2:25 pm
Pessimist55 wrote: Thu Aug 13, 2020 2:06 pm I am screwed then. They never sent me another doc indicating that it was locked
They are ignoring me. I pushed them to initiate hoa certification for my condo. They also kept on ignoring me. After a few calls Eddie verbally said to go ahead without sending me the updated LE.

anon_investor wrote: Thu Aug 13, 2020 12:40 pm
Pessimist55 wrote: Thu Aug 13, 2020 12:15 pm LF is now ignoring me. How do you tell if your rate is locked. I instructed them to do so over 10 days ago and never got confirmation.
Ryan never answers. Always Eddie.
Have a bad feeling w them.
When I did my refi with LenderFi in July, after I locked over the phone, it took them 6 days before they sent me an updated LE that indicated the rate lock. I sent them 2 emails after I did not get anything for a couple of days, and after the 2nd email they sent me the updated LE (that showed the rate lock) and assigned me a loan processor, who was much more responsive.
I would push them again for the updated LE with the lock. They are likely super swamped.
TanyTrojan
Posts: 9
Joined: Wed Aug 05, 2020 3:39 pm

Re: My LenderFi refinance is going well

Post by TanyTrojan »

I locked my rate yesterday @ 3.30 pm PST with LenderFI (Ryan). They said it will take 2-3 days to get LE. I don't know when the announcement was made about 0.5% fee. Do you guys think LenderFI will honor my lock rate with no closing costs? I am hoping so as they (Ryan) didn't mention anything about these fees while locking and gave me a verbal confirmation of the rate with no closing costs. Thanks!
Pessimist55
Posts: 115
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Re: My LenderFi refinance is going well

Post by Pessimist55 »

So I had another follow up w Eddie. he doesn't have access to my files and will put in a request to another team to get me an LE that shows the locked rate. kinda feel bad for him cuz he sounds sincere. Claims he just a messenger. Some things are beyond his control. Hopefully they can close this out w what was agreed upon... TBD.
nearyneary
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Joined: Fri Aug 14, 2020 9:58 am

Re: My LenderFi refinance is going well

Post by nearyneary »

How long is it taking people to close with LenderFi these days? I applied on 8/3 (thanks to all who posted backdoor links!), got written confirmation of lock on 8/11, homeowner's insurance notified me of change to include LenderFi on my policy 8/12. I'm worried about possible job loss in the next couple of weeks and just want to get this closed.

And since everyone asks: 2.625%, 0 points, lender credit somewhere near $636 I think. $244k loan in OH. Not completely no cost, but only a few hundred dollars (plus escrow/ prepaids). I was told I could get 2.5%, but would have to pay to get that.
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simplesimon
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Re: My LenderFi refinance is going well

Post by simplesimon »

nearyneary wrote: Fri Aug 14, 2020 10:07 am How long is it taking people to close with LenderFi these days? I applied on 8/3 (thanks to all who posted backdoor links!), got written confirmation of lock on 8/11, homeowner's insurance notified me of change to include LenderFi on my policy 8/12. I'm worried about possible job loss in the next couple of weeks and just want to get this closed.

And since everyone asks: 2.625%, 0 points, lender credit somewhere near $636 I think. $244k loan in OH. Not completely no cost, but only a few hundred dollars (plus escrow/ prepaids). I was told I could get 2.5%, but would have to pay to get that.
I signed the lock on 8/4, was told I was approved on 8/6, signed closing disclosures on 8/7 and am now waiting to hear back about a close date (I'm locked until 8/28).
calabel
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Re: My LenderFi refinance is going well

Post by calabel »

simplesimon wrote: Fri Aug 14, 2020 10:41 am I signed the lock on 8/4, was told I was approved on 8/6, signed closing disclosures on 8/7 and am now waiting to hear back about a close date (I'm locked until 8/28).
WOW that is fast! I signed the lock on 8/4 and am still waiting to be told we're out of underwriting. They did ask for supplemental docs twice, which was annoying since it is all stuff I tried to upload initially but since there's no dashboard that shows what you've uploaded it is impossible to confirm that when you select multiple files for a given line-item that they were actually uploaded, but that likely imposed a bit of a delay.
Goal33
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Re: My LenderFi refinance is going well

Post by Goal33 »

calabel wrote: Fri Aug 14, 2020 10:56 am
simplesimon wrote: Fri Aug 14, 2020 10:41 am I signed the lock on 8/4, was told I was approved on 8/6, signed closing disclosures on 8/7 and am now waiting to hear back about a close date (I'm locked until 8/28).
WOW that is fast! I signed the lock on 8/4 and am still waiting to be told we're out of underwriting. They did ask for supplemental docs twice, which was annoying since it is all stuff I tried to upload initially but since there's no dashboard that shows what you've uploaded it is impossible to confirm that when you select multiple files for a given line-item that they were actually uploaded, but that likely imposed a bit of a delay.
I signed the lock on 8/5 and I’m not in underwriting yet.
akuseimark
Posts: 33
Joined: Wed Aug 05, 2020 6:58 pm

Re: My LenderFi refinance is going well

Post by akuseimark »

Goal33 wrote: Fri Aug 14, 2020 1:09 pm
calabel wrote: Fri Aug 14, 2020 10:56 am
simplesimon wrote: Fri Aug 14, 2020 10:41 am I signed the lock on 8/4, was told I was approved on 8/6, signed closing disclosures on 8/7 and am now waiting to hear back about a close date (I'm locked until 8/28).
WOW that is fast! I signed the lock on 8/4 and am still waiting to be told we're out of underwriting. They did ask for supplemental docs twice, which was annoying since it is all stuff I tried to upload initially but since there's no dashboard that shows what you've uploaded it is impossible to confirm that when you select multiple files for a given line-item that they were actually uploaded, but that likely imposed a bit of a delay.
I signed the lock on 8/5 and I’m not in underwriting yet.
I signed the lock on 7/17 and was sent to underwriting right away with everything uploaded. Signed pre-closing disclosure on 7/27 and closed on 8/11. Closing was held up due to final underwriting backlog, but was smooth sailing otherwise.
mesaverde
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Re: My LenderFi refinance is going well

Post by mesaverde »

I refinanced with Lenderfi in February this year... 30 year fixed at 3.5%, LTV ratio of 50%.

This week I contacted Lenderfi about lowering the rate (6 months had passed). They said I could do a no cost refinance at 3% with my LTV ratio & the closing costs in my state.
I agreed and e-signed the documents. Now all that's necesary is meeting with a mobile notary to sign closing docs in 3-4 weeks.
The loan term will go from 355 months to 360, but it's still a savings because I plan on staying in the home for many years.
The new .5% Fannie Mae/Freddie Mac fee was not shown in the docs I signed.
"Learn from the past, live in the present, plan for the future"
foo.c
Posts: 111
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Re: My LenderFi refinance is going well

Post by foo.c »

I applied on 7/16
Locked on 7/22 expires tomorrow 8/15

Supposedly I will be closing next week, but no appointment yet. I hope they don't jerk me around with a higher rate after my lock expires as I will walk and start over.
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