SoFi Mortgage Review
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8 Customer Comments & Reviews - see all comments
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SoFi is a leading provider of financial and lending services. The company specializes in assisting professionals with student loan refinancing as well as personal and home purchase loans. SoFi sets itself apart from traditional banks and lending services by taking a different approach when assessing their clients' creditworthiness.
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8 Customer Comments & Reviews
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I was initially lured to SoFi for the great rates, but once I got in, that is when the trouble started. They were uncommunicative and waited until the last minute to push stuff through. For example, they let me wait until the last minute to prove the funds were in my account for closing. Then we ran into issue and they would give me information only to come back later and tell me it was incorrect or something else needed to be done. Additionally, they stopped responding to the title company. They would not honor my proof of funds even though I provided them everything they asked for. I ultimately walked away from SoFi. Luckily I had a backup plan. If not, SoFi would have caused me to lose... Read More
Sofi loans been great! I’ve been with them for a year. Thanks to CreditMason also for boosting my credit score and clearing my debts when I needed it. I’ll implore anyone that needs to work on their credit to get help at
creditmason . net
Underwriting dept is awful. Provided all info requested and sofi has moved my closing date 3 times. More than 2 months and still have not closed even though I've provided all info. This was for a cash out refi. If you want a quick turn around go elsewhere. If you have time to wait and provide the same info more than once then sofi is for you (eyeroll). I don't even know why they do mort loans. There other loan dept that I have used from sofi are far superior to their mort dept.
The underwriting department is inept, the right hand doesn't know what the left hand is doing and the service level is non-existent. They make up ratios, don't share the basis of their income or debt service with the applicant and are not transparent. They will give you a pre-approval after running 3 credit reports, then renege, but after they order and you pay for an appraisal from their affiliated company. Truly an awful experience. Getting the loan elsewhere. Spare yourself. Run!
SoFi lending process is very hit or miss. I have excellent credit (800+), stable annual income, and can pay 15% down, but I got turned down. I think a big reason why was because 10 months ago I went to SoFi to see if I could get my student loans consolidated ($15K) but ended up not using because I found a better consolidation deal elsewhere. I think they used my previous information to examine debt-income ratio and disqualified me from a home loan. So in the end, I don't think I would not recommend SoFi to friends or prospective borrowers.
I didn't feel the application was user friendly. Have a Great credit score (800+) and make a nice annual income and l got turned down ? was just looking into refinancing. wouldn't ever recommend to anyone.
SoFi does not have their lending application process in order at all. They hard pull your credit information prior to completing the application process. If you decide not to complete the submission of documentation, your credit history still shows that you applied for credit. I opened the website, supplied the requested information and waited over three weeks before an email came back asking for three years of tax returns with all schedules, copies of W2 and 1099, proof of pension and social security benefits. This was not as advertised. Since I was only seeking a unsecured $20,000.00 loan, I felt the documents requested were excessive and ended the application. Had these requirements... Read More
Bad experience. Physician purchasing first new home. Request small loan. Annual income >300K. If I don't qualify for loan who does? All these companies just looking to make money off people who can't afford to make payments and keep those who can away.