SoFi Home Loans Reviews

Additionally, when I asked Sofi whether they could beat the excellent points and closing costs offered by Better, I heard crickets for over 24 hours! Then, when I brought this up with the supervisor, she simply stated she should have responded when she saw it. Uhh...aren’t you in the customer service business, lady? Moreover, the hapless woman who originally stated that Sofi would cover the appraisal cost rolled into the loan accused me of attempting to give Sofi the runaround when I was following up on that statement. She evidently didn’t realize I was on the email chain, as she tried to recall the message (any Sofi employees reading this, the recall only works for INTERNAL communications). The accusations and tone toward a customer were so poor that they assigned me a new loan officer, but to no avail.

Ultimately, with lots of family in the real-estate business doing very well at it, there are just some banks that attempt to overprotect their collateral by shadily devaluing it with a lowball appraisal, which additionally guarantees lots of extra PMI (sweet, sweet $100 a month, baby, big money!) for young professional mortgages with 10 percent down, as my original mortgage is. This is a shady entity that doesn’t respect the customer further than they can monetize him or her, and I recommend you stay far away. Stay honest, my friends.

After receiving documents where it said title would be held as “husband and wife” because I’d mentioned I was married (though I’d marked Sole owner), I said that was incorrect and it should be “wife and wife” or preferably “with spouse”, so I was not forced to out myself, if I was holding title with her. After conversing over this, and indicating “domestic partners” was not an equal equivalent he was in every further call dismissive and unprofessional. He literally answered phone calls from me, “*long pause*, * deep, long, heavy sigh*, What?” After waiting for a while with what seemed like no progress, despite me having returned every requested deliverable within the same day requested, I asked for an update and was dismissed then my file was transferred to another handler with little explanation.

Tangelia was pleasant and professional, but I feel like she was handed the file at the point where the promised closing date had become impossible. My closing date was repeatedly delayed, even to the point where I had notaries calling to confirm scheduling, only to be canceled by SoFi because they were not actually ready. It was incredibly frustrating.

After missing several closing dates and having my rate lock extended without me explicitly agreeing, I asked if there was any wiggle room to renegotiate a better rate, since I knew Fed rates had dropped since I’d started the process. No one called or discussed this with me, or said this was still the best they could do. Instead, they finally sent closing documents which suddenly included points I never agreed to pay, and included several new fees never previously disclosed. The cash out was nearly $1000 less than any previous disclosure documents. But they created a new disclosure document at the same time as closing documents to pretend the comparison matched up.

I repeatedly attempted to contact Tangelia, both by phone and email, to explain these discrepancies, and was completely ignored. By now I’d waited almost a month and a half to close a loan I could have had funded weeks earlier if I’d stuck with the first company and not bought Mike’s bait and switch lie. Do NOT believe their offer. Do not trust their promises. They WILL screw you in the end, when you are too exhausted, and desperate to be done, to fight back. You will think they will give you a great deal, but don’t be fooled! It’s a sham to get you to go with them. They will jerk you around and cheat you by the time they are done.

My battle is just beginning with the mortgage company and, from the looks of it, I will be just one voice in a sea of collateral damage. That said: I would not be going through this right now had I not chosen SoFi in the first place. I understand SoFi is trying to disrupt the loan industry. Their principals about transparency and my interactions with them were well despite workload delays.

Where the sense of betrayal comes in begins with their selling my loan off to Shellpoint Mortgage. It is not much different than, say, hiring a housekeeper and then finding out months later she duplicated your housekey and gave it to a gang of burglars. These are my finances, my credit history, and now they are being mistreated by a company I certainly would have avoided had I done a quick search of. I will revise this feedback if anything changes, but for the time being, I stand by this statement: SoFi offers support to financially reliable people and then sells their loans off to predatory, corrupt organizations.

Below is a breakdown of our credit worthiness at the time of denial: 1) Credit Score over 750 and will be over 800 again once the LAST account shows a zero balance from the refinance on the home. 2) Very good income with debt to income below 30%. 3) Same job for 15+ years. 4) Perfect pay history with SOFI and every other creditor. 5) We only have one mortgage payment and two car payments on our credit now. Again, DTI below 30%.

I would rate our first experience with SOFI as FIVE STARS. Our second experience for the time being until they take a second look at our application is ONE STAR because we are a very good credit risk and should not have been declined for a second loan. I was really liking SOFI until one hour ago. I like having a go to lender for quick loans. I remodel and flip homes while my wife works the 8-5. We will go back to our other bank who we have used before for a quick personal loan. They also do them and have the money in your account in 2 days. That would be BBVA Compass Bank everyone. Cheers SOFI. My wife and I were just looking into being investors with SOFI as well ;) [insert angry face emoji here].

I called the mortgage specialist (person #2) who told me that someone in-house will review my application and get back to me, but all the mortgage specialists were gone for the weekend. (Really? On Thursday afternoon? Gone for the weekend??) Person #2 said I would receive a call back early the next week with regard to my loan application. Monday and Tuesday came and went and no call.

On Wednesday Aug 15th, I called SoFi again and spoke with person #3. Person #3 found my information in their system, but could not give me an explanation why my application had not been processed yet. Person #3 then mentioned that he flagged my application to be expedited to be reviewed by another mortgage specialist (person #4) and that I can expect to receive a call back within 48hrs. At the time of this writing it is after business hours on Friday, well past the 48hr mark, and I have not received ANY feedback as to the status of my application for pre-approval.

Incidentally, SoFi is the third bank I've contacted regarding a mortgage. The first two banks had me pre-approved within 48 hours of the initial call and had sent me a pre-approval email so could pass along to my real estate agent. It's been over a week now with SoFi and I've heard nothing from them. This bank is a JOKE. In the last 3 years, I've contacted 6 different banks regarding a mortgage loan and to get pre-approved. SoFi is by far the most unprofessional experience I've had with a financial institution with regard to a mortgage loan.

Lastly, to the customer review agent from SoFi who might be reading this review. Be advised that my wife works for a large tech company which currently refers SoFi to their new hires and employees. As a result of the experience we've had with this bank, my wife will be submitting a requesting to her company that SoFi be removed from the list of reputable financial lenders for the employees of her company.