Home Buying in 92126>Question Details

Naggingina, Home Buyer in 92126

Has anyone worked with Lenderfi.com? I tried looking for reviews on it but could not find much. They have an A standing with BBB.

Asked by Naggingina, 92126 Tue Feb 28, 2012

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Rebel6500’s answer
Miss Kitty,

Sorry for your unfortunate experience with Lenderfi but at the same time I am happy to see somebody else willing to step up and expose Lenderfi for what they really are 'SCAMMERS'.

They most definitely are fleecing their potential clients just like you had mentioned, they will milk (screw you) you for all they can and then keep you on the hook for months. No communication from them at all since I called Schoeler on the carpet about it and now nobody will return my calls when I am trying to inquire on where my loan is in their process. It makes me really angry.

I am not going to get into exactly how the 'SCREWING' is taking place because it a case by case basis but it is most definitely happening and it will cost you money you are not able to get back.

BEWARE, STAY AWAY FROM LENDERFI IN VALENCIA CALIFORNIA!!!!!
RYAN SCHOELER is the President of this 'LETS SCREW AMERICANS AS MUCH AS WE CAN WHILE THEY ARE VULNERABLE' Company.

Rebel
1 vote Thank Flag Link Mon May 14, 2012
I Worked with lenderfi and had a great experience with them. I have had them do 3 refinances for me and a purchase and every transaction has been smooth. Everything always went as promised. I have referred about 8 friends and family to them and they all have been very happy with Lenderfi.com. Rates and fees have always been the lowest on the internet and the customer service has always been amazing. I always closed all of my loans in 30 days or less. I asked them to do a refi loan in New Jersey but they aren't licensed in that state and couldn't do it so I don't know how anybody with a property in NJ could even start a loan with them. Just say'n!
Flag Wed May 23, 2012
If you are concerned, trust your gut. If something seems wrong, it probably is... The great part about being in San Diego, there are some of the Top mortgage originators in the Country right in our back yard. There's no reason to use a rookie or company you've never heard of...

Mr. Credit
Web Reference: http://www.MrCredit.org
1 vote Thank Flag Link Thu May 23, 2013
Mr. Credit. I agree you should always trust your gut. However, LenderFi.com does things by the book and has a low rate a fee guarantee and is closing purchase loans in as little as 14 days. Good company to be associated with.
Flag Wed Sep 4, 2013
Worst experience I've ever had getting a home loan and I've gotten many. They approved the loan, subject to our providing a few documents which we provided immediately. Two weeks later, when I hadn't heard anything, I sent an email to my loan officer asking about the status. I specifically asked if there was a problem with the loan or if the delay was press of business. She said press of business. Another week went by. I inquired again. This time I got a call from a guy who said they didn't like the appraisal and insisted on the house being appraised again. The second appraisal came in lower. They then offered me a loan on different (worse terms). I wasn't told about their issue with the first appraisal (which I believe was just fine) until five weeks after they received it, after they approved the loan, and after I had to inquire twice over a two week span about the loan. I said no thanks to them and went to another lender.
1 vote Thank Flag Link Wed May 22, 2013
They did a very good job for me and on short notice, Valerie was working on the weekend and everything was done in time.
1 vote Thank Flag Link Wed Apr 10, 2013
Here is my letter cancelling my application:
"I am officially cancelling this loan application."

I only received one GFE when I should have received two. However, it doesn't matter because the GFE is not what you quoted. Also you specifically told me at least three times that Loan1 was not Fannie Mae or Freddie Mac and was not eligible for the HARP program, unfortunately for you I have documentation that it *is* Freddie Mac and it *does* qualify for the program. Also, three hours after I asked you to hold off until I had the GFEs and could review them, you billed our VISA for two appraisals. Also, I spoke to the loan officer and she said that my 2nd loan would be available online but in a different account; however, I could not access that loan in any way. Overall, the reason that I am cancelling is that my trust in your organization is gone.
1 vote Thank Flag Link Wed Mar 6, 2013
I just found this thread and can’t tie your loan application to my company. What confuses me is that our website issues you your Good Faith Estimate and Federal disclosures upon completion of your online loan application which contradicts your comments. Regarding your loan being eligible for HARP and my company not offering it to you, what kind of loan were we trying to sell you in its place? It appears you are purchasing a home based on your comments above which would not qualify for HARP. My mortgage bankers are not incentivized by upselling any particular loan program so I am at a loss on this. Regarding your Visa being charged twice, if your card got charged incorrectly we would return your funds immediately as they go to a trust account that can only be used to pay the appraiser, not fund our business. Based on the fact that it states you are a home buyer which would not qualify for a HARP loan and that our website gives you disclosures upfront I am a bit skeptical of the validity of this complaint, but am happy to help if you have any unresolved issues. I wish you luck in your new home.
Flag Wed Sep 4, 2013
All lenders are not created equal. Myself and other real estate agents have a lot of experience with many different lenders and loan officers. The good and the bad. One quality I look for in a lender is their ability to spot check an initial loan application and alert myself and my clients to any potential underwriting issues that could arise down the road in escrow. Nothing is worse than receiving a loan denial 3.5 weeks into escrow on an issue a loan officer should have recognized up front. Look for experienced loan officers, not order order takers.

Lenderfi.com cold be great, just be cautious and make an informed decision. Your lender will make or break your home purchase or refi. Choose and choose wisely.
Web Reference: http://www.wesleyguest.com
1 vote Thank Flag Link Mon Feb 4, 2013
I am so sorry to hear about your terrible experience, you'd be amazed how many horror stories I hear about poor customer service and companies given consumers the run around. Sometimes there is a cost for going with a company simply because they quote the lowest rates and fees. Most of these companies are able to service some of the people some of the time, but I not all of the people all of the time. If you haven't been beaten up to badly and you still would like to pursue a home loan, please feel free to contact me. I would be happy to give you a straight to the point yes or no and for how much.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Sat Feb 2, 2013
The Valencia branch is terrible. I lost hundreds and hundreds of out of pocket costs on lies told to me by the staff. I never got my loan but they promised for 3 months I would. I will be filing a complaint to get my money back.
1 vote Thank Flag Link Fri Feb 1, 2013
I am sorry you did not have a good experience. Could you please reach out to me and let me know what went wrong. I want to help people, not hurt them, that is what LenderFi.com is all about. I can’t tell by your user name whom you are to find you in our data base. I just found this thread today, otherwise I would have responded sooner. I hope to hear from you.
Flag Wed Sep 4, 2013
I recommend Lenderfi.com

I’m located in Austin Texas. I love the fact that I can search the rates and fees anonymously. I liked that the good faith estimate matched the rates and fees for the loan program I desired. I noticed that they had the best rates advertised for the lowest fees. I contacted them and they efficiently processed my loan in the time promised (30 days) without any surprises and delivered on everything they promised me. There was no bait and switch and the staff was very pleasant and responsive. I doubt I’ll ever need to refinance again because my rate is so low, but if for whatever reason I need a mortgage for a purchase I will use them again. I would recommend them.
1 vote Thank Flag Link Tue Jul 3, 2012
I have refinanced with this company 6 times over the last 4 years and they have had consistently the lowest mortgage rates and fees I could find anywhere. I have never had any issues and have found this company to be extremely upfront, honest and a pleasure to work with.

Additionally, I work in aerospace and I have several colleagues that also use them and have nothing but great things to say about them!
1 vote Thank Flag Link Tue Jul 3, 2012
BEWARE, STAY AWAY FROM LENDERFI IN VALENCIA CALIFORNIA!!!!! They will do stuff on the last minute and make your life miserable. Their people are unprofessional and will YELL at you.
1 vote Thank Flag Link Fri Jun 22, 2012
I have gotten my last two loans from Lenderfi with minor and resolvable issues on the first, and sterling service on the second loan completed last September. They were better than the service I received from Absolute Mortgage on my loan previous loan to these.

I spoke with Ryan directly and he delivered on promises. In fact I am about to refinance again and will probably use them.
1 vote Thank Flag Link Thu Jun 14, 2012
Agree with Rebel6500 on this one! STAY AWAY!
We have been trying to obtain a mortgage from them for 4 months.....they keep coming up with a new way to screw us. I have to think there is something going on when search results turn up nothing on reviews for this lender, good or bad. Do yourself a favor and find financing elsewhere.
1 vote Thank Flag Link Mon May 14, 2012
I Worked with lenderfi and had a great experience with them. I have had them do 3 refinances for me and a purchase and every transaction has been smooth. Everything always went as promised. I have referred about 8 friends and family to them and they all have been very happy with Lenderfi.com. Rates and fees have always been the lowest on the internet and the customer service has always been amazing. I always closed all of my loans in 30 days or less. I asked them to do a refi loan in New Jersey but they aren't licensed in that state and couldn't do it so I don't know how anybody with a property in NJ could even start a loan with them. Just say'n!
Flag Wed May 23, 2012
STAY AWAY FROM LENDERFI!!

In short that is all I can say. I have a HARP2 refi story that will make the hair on the back of your neck stand up and I don't believe I am alone on this one when it comes to Lenderfi and Ryan Schoeler the president of the company.
1 vote Thank Flag Link Thu May 3, 2012
I have never worked with or heard of lenderfi.com
I will say this.
It is my opinion not to trust the BBB at all for anything it is in my opinion a sham.
I have heard time and time again that the bbb is given money to give a rating and I have seen terrible businesses with great ratings.


Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomebuying.org
http://www.socalhomebuying.org
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Thu Mar 1, 2012
Naggingina,

The BBB rating is nice, but do yourself a favor and connect with a lender with whom you can communicate and understand. It may take a little time find this person, but you're already on the right path by asking questions here on Trulia. Also ask your friends, co-workers and those you respect for a referral --- that's a helpful start too.

Some will tell you direct lender, bank, broker, local, internet, etc. None of that matters. What counts is that when you call your lender he/she calls back. And that when they do, you understand clearly what they say. Lenders who do this ALWAYS have high customer satisfaction ratings.

If you think I can help, give me a call. My Linked In profile is below and you can see my recommendations there.

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote Thank Flag Link Tue Feb 28, 2012
Hi There,

The most important thing when choosing a lender is one that can close escrow. Anyone can get you into escrow, but they all won't do the pre-approvals necessary to be sure you can safely close. The first week you have two expensive out-of-pocket fees, the inspection and appraisal, adding up to around $800 or more. I can send you my do-to lenders I depend on, one a local direct lender right here in San Diego, with in-house underwriting, which is huge. let me know by phone or email if you'd like me to send them to you.

Warm regards,
Cory La Scala, REALTOR
Independence Realty
619-825-6421
1 vote Thank Flag Link Tue Feb 28, 2012
Be careful. I haven't used them but as a Listing Agent, I make sure that prequalifcations are done by recognized DIRECT Lenders. My go to lender for over 25 years has been Robert Geiler at Rancho Financial 858 414--6900 - robert@ranchofinancial.com. Two other good local Direct lenders are Ed Woolery with BofA 858-678-1529 and Jim Markham with Chase 619-722-6733 -
As a homebuyer, you might be interested in my Free Seminar this Saturday at UTC (La Jolla). Check out the details at http://garykentteam.com/seminars27.htm
1 vote Thank Flag Link Tue Feb 28, 2012
Gary...you are an idiot for referring your clients to these overpriced lenders. Use a local broker if you care about the pricing your clients are receiving. You've been sipping to much of the "Direct Lender" kool aid.
Flag Thu Apr 10, 2014
I obtained permanent financing from LenderFi in October 2013 to pay off the construction loan for my newly constructed home. I worked with Nick Asmar out of the Valencia CA office, and I was completely satisfied with my experience. It's important to know yourself and whether you understand the process, the documents and verifications that are required to obtain a mortgage. Also, since all the loan documentation is accumulated through a secure web portal, you must have enough computer skills to be able to scan your documents and upload them. If you aren't financially savvy and need extra assistance or alot of hand-holding, you may be better off with a local mortgage company. But if you are knowledgable of the process and want a low-cost loan, I found LenderFi to have the best rates and lowest fees, either online or with local banks and mortgage brokers. My husband is self employed, so at times, we were frustrated with the requests to verify his income, but I iunderstood why that information is needed because our loan was going to be sold into the secondary market. I would use LenderFi agan and would recommend them to my friends who are not financial novices.
0 votes Thank Flag Link Tue Apr 15, 2014
This is the worst encounter I have had in my 15 years of dealings with the mortgage industry, one of those nightmares that you don't wish even to your enemy. They over-promised, got me order appraisals on two properties we tried to refinance with them, and after 4 months of going back and forth with an insane amount of conditions and documents, they came back with higher mortgage points (worth several thousand dollars in addition to the original lock-in). These people will lure you in with a promise of better terms and then if the rates go up in the meantime they will make sure the original lock-in terms expire (on some technicality) so they can collect higher fees. The amount of scrutiny we went through with these people is unbelievable. My "favorite" form that we were asked to provide was a verification of employment on my verification of employment! Every month I had to provide new banks and payroll statements because the previous ones would get old according to their underwriters, all while the mortgage points climbed up. This experience cost me several thousand of both actually paid and forgone dollars. If you are looking for a loan, do yourself a favor and get it somewhere else—getting ulcers does not have to be a part of the experience!
0 votes Thank Flag Link Mon Jan 20, 2014
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