How low can we go? 30 yr fixed at 3.75% with no fees...

NEW -> Contingent Buyer Assistance Program
serial refinancer said:
Can anyone comment on Loan Depot experience recently? I saw some people mention in the past of locking with them but nobody responded whether they actually closed or not.

I'm thinking about refinancing with them.  Are they sneaky with fees and who did they sell the loan to?

Thanks
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Sneaky? No
Slow? Yes

Who they sell to will vary greatly. I wouldn't hang my hat on. My jumbo loan last year, they serviced for few months and then sold to some party, Bank of Hope was servicing it.
 
Cornflakes said:
serial refinancer said:
Can anyone comment on Loan Depot experience recently? I saw some people mention in the past of locking with them but nobody responded whether they actually closed or not.

I'm thinking about refinancing with them.  Are they sneaky with fees and who did they sell the loan to?

Thanks
Click to expand...

Sneaky? No
Slow? Yes

Who they sell to will vary greatly. I wouldn't hang my hat on. My jumbo loan last year, they serviced for few months and then sold to some party, Bank of Hope was servicing it.
Click to expand...

Loan Depot will sell conforming government loans to Fannie, Freddie, or Ginnie.  Jumbos have a few non-agency buyers, mostly banks or hedge funds.

The servicing rights have intrinsic value as well, and they will be sold to the highest bidder, so there are tens if not hundreds of possible buyers that could purchase the servicing.  Many of those buyers then contract the servicing out to a bigger shop like Ocwen or Mr Cooper, but oversee the servicing of their owned book of loans via monthly reports from those bigger shops.
 
Hey there. I just locked with LoanDepot.

Home: $910k. Put down 20%.

2.65% 30 year fixed with $1500 lender credit.

Straight forward experience. Everything done through their website in terms of documents. Docusign. They made a few errors with inputting information on the documents but fixed it rather quickly.
 
Also recently closed with Lenderfi and was super easy. Took about 3 weeks and most of that was online. They always had someone to answer questions and very quick. They were usually waiting on me not me waiting on them.

2.625% 30 year fixed (seems to be a popular rate right now) and still with them for now as the servicer and Fannie as the owner.

Will be keeping an eye out in case things dip sub 2% in 2021/2 as we rebuild this country
 
Has anyone refied with Rocket mortgage? Do they matched quote from another lender? I got quoted .25% less and 2k more in lender?s credit with another company one week after I started my application with Rocket Mortgage.
 
teddybear said:
Has anyone refied with Rocket mortgage? Do they matched quote from another lender? I got quoted .25% less and 2k more in lender?s credit with another company one week after I started my application with Rocket Mortgage.
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If they have better pricing and the new lender will follow through just cancel Rocket Mortgage.  I had 2 apps going for a while Lenderfi and Owning and pitted them against each other and Owning eventually won my business. 
 
One of my clients locked a purchase rate of 2.50% with 0pts for a $765,600 loan with 74% LTV with his Loan Depot lender this afternoon.  Seems like Loan Depot has slightly better rates for jumbo/high-balance conforming rates versus regular conforming loans.
 
Yup, that was the rate Loan depot  gave me with about 50%ltv. I locked with both companies but want to see if Rocket mortgage will match because it has a shorter closing time. I haven?t informed Rocket mortgage yet and wonder if I should soon. Underwriting hasn?t sent a conditional approval yet.
 
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