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CD 5-year Account from Cf Bank, National Association with 0.50% APY and $10,000 minimum deposit

CF Bank showed good promise as a lender. They have a nice site with a swift intake and origination process. My originator, Dylan, was knowledgeable and a pleasure to work with. I unfortunately can’t give CF Bank much credit other than that. I began a refi process with them in June of 2020 and have just cancelled my application with them in September. Their back-office process is lacking in transparency and their underwriting department appears to be disorganized and inefficient. The appraisal that was done for my property was delivered to CF Bank around June 26th and I was notified on September 8th that they were pending an updated appraisal because of their “risk” review. I’ve submitted documentation as requested. For a documented refi, with excellent credit, and under 80% LTV it is ridiculous to take 90+ days to wrap up the loan. I cancelled my application with them and have gone back to my time tested and proven lenders who I know can close a loan. YMMV – but take this as a word of caution – you’ll likely have an extended closing, if you can wait that long.

Loren was extremely unpleasant through initial communications and would only communicate via email (wouldn’t answer the phone but then email you back). Loren then sold a deal that sounded good so we moved forward because business is business but then could not close without an additional $16,000.00 at closing. Beware, Loren will sell you a deal to get you away from his competitors and then you will pay his appraisal company $500 and all of a sudden the deal will change.

Applied for a simple refi. My income is the same, my credit score went up from 700 to 780 and my outside debt level dropped significantly all since I obtained my original mortgage. Should have been simple refi process. Underwriting didn't understand that my income consists of salary and commission so denied refi. Now they won't give me a detailed explanation of why they denied refi. They don't seem to have qualified underwriters to do there job. Best to go with a large bank or mortgage company.