| rev:text
| - I just closed with FFSi and wanted to share my experience. Sharing some details as when you're in the middle of a refi it's good to hear what others went through, even successful ones like ours are not hiccup-proof.....
Although it was a really busy time in my life I thought I just had to get the ball rolling before rates took off. Background, we have excellent credit and plenty of equity, we just wanted to refi our 30 year @ 4.375% to a 15 year at 3%
First off, I found FFSi through the Mortgage Professor web site and got a list of lenders he approves of as Certified Network Lenders. They were true to their lock and closed with the terms as promised. Shouldn't everyone do that? Well, of course, but they don't. As a friend of my posted on his FB page while I was getting my great rate: "BLANKn Loans managed to f*ck up. We aren't going to get the rate we had hoped for and now I have some dude from there trying to pressure me into an adjustable. B*llsh*t if you ask me. Should have known it was too good to be true. So now I have to pay $1500 in closing costs, plus $400 for an appraisal, just to get 4.375% instead of the 3.875% I thought I was going to be getting.We will still save a little money each month but this really feels like shady stuff going on to me. And now at this point rates have been creeping up I really have no choice than to go with what we locked in."
We didn't get any of that stuff with FFSi. We locked a 3% and they held true to the initial cost estimates.
I completed a form on the MP web site and their sales guy call me the same day. He did a short interview took all my info and got the ball rolling after me paying for the appraisal. After our phone call, I got an email from Clint with instructions on how to upload scans of a bunch of documentation.
Next was our appraisal, which is not their subcontractor as a previous poster said. Now a days (2013) mortgage lenders cannot pick the appraiser, they have no control over who gets the job. They took my cc number to pay them, but the appraiser is not a sub (new laws since the financial meltdown).
Anyway, the appraisal came in fine (over 50% equity) and we were off to the loan processor. The processor was very quick, she said she was new to FFSi, so maybe they heard the previous complaints. She was ALL OVER IT. If I emailed her, she replied almost instantly (I mean like "chat" speed). I got her all the docs she wanted and she very quickly sent our loan to underwriting.
They requested one or two more small items and then we were scheduled for closing. They did have to reschedule the date of the closing, loan processor said they were absolutely swamped with loans closing at the same time (it seemed I was not alone in getting off the procrastination bus). We did sign two days later than anticipated, but it was still within our lock period.
Now we were in the funding agent's hands. She emailed after the we closed to ask again for employment verification, which we provided. I asked if there was anything else she needed to please let me know because my husband was leaving on a 3 day trip, she didn't reply that she needed anything.
So, the loan did *not* fund 3 days after closing as it should have (well 4 because of Sunday), so I began to worry and call and email the funding agent asking if there was something wrong, she didn't reply. I had to go back to the processor and ask her to check. She found out they needed us to re-sign some document because we had signed one item in the wrong space. We resigned immediately and submitted. It was the day after that (the 18th) the the loan finally funded.
The only reason I gave 4 stars and not 5 is because the processor was quick but a bit cocky. I was instructed not to make my July mortgage payment because we would close on the July 15th and so long as that happened we were good. When she and I talked about this I expressed concern over late fees should it close on one day late, etc. she said "OH (first name), just go ahead and make the payment already." Wow, a little respect please!
I did make that July payment (she knew it and I emailed her confirmation) but she goofed and didn't change the HUD statement and showed me bringing a bunch extra (basically the July payment). I caught this and reminded her and she did change it.
So even though she ASSURED me it would fund on the 15th, it didn't. She also said *even if* it didn't fund on the 15th, so long as it funded that month, we were fine and I didn't need to make my July payment or worry about late fees from my lender. Wrong! When I talked with my lender, they said they *would* have charged the $70 late fee had the loan not been paid off by 2 pm on the 15th. Guess who would have paid *that*? Not miss "OH just pay it already", but ME!
So *overall* I am very happy with the process, it was all on-line and super quick. Delivered what was promised. Not 100% perfect, but who is?
|
![[RDF Data]](/fct/images/sw-rdf-blue.png)
![[cxml]](/fct/images/cxml_doc.png)
![[csv]](/fct/images/csv_doc.png)
![[text]](/fct/images/ntriples_doc.png)
![[turtle]](/fct/images/n3turtle_doc.png)
![[ld+json]](/fct/images/jsonld_doc.png)
![[rdf+json]](/fct/images/json_doc.png)
![[rdf+xml]](/fct/images/xml_doc.png)
![[atom+xml]](/fct/images/atom_doc.png)
![[html]](/fct/images/html_doc.png)