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@Anonymous wrote:thanks for sharing your story, it encouraged me. May I ask what was your debt to income ratio? (loan amount to income ratio? )
Whenever I ask major banks, they never want to tell me what is a good number to be at! they just keep repeating that it depends on many factor
I don't really know my DTI as I really haven't bothered to calculate it. My guess is since the house, cars, etc. are in my name, even with my salary it's close to 50% with my CC payments. This loan actually added some $$ since I paid down two of my wife's cards that wouldn't have been included in a DTI calc.
I recently refinanced my house (August 2015) and the subject never came up in talks with my loan officer. Just provided pay stubs/W-2's and things were fine.
Ok scratch that.
I was thinking about Net income, not Gross. If I use Gross salary (no bonus included, not sure if that is considered), it's probably along the lines of 30-35%.
Do they report to only experien or they report to all 3?? thx and congrats
Interesting that there are zero messages about SoFi's delay in funding on this site or other similar sites. Makes me think that the only posts come from employees of SoFi. I was told 7-10 days by their reps...everything was perfect on my end and fully approved and verified within 48 hours. Found out yesterday that they didn;t receive their institutional funding and now it will take 30 days. The amount of adjectives I could use to describe this are endless. You can't get more J.V. than this debacle. They are growing to fast and didn;t manage their growth. It's actually pretty pathetic and there should be a legal consequence....stating that you will get your funds via ACH "in a few days" on your website and then having numerous reps tel you 7-10 business days- only for it to be 30? Any attorneys out there who want to take my case? I'm serious...
@Anonymous wrote:Interesting that there are zero messages about SoFi's delay in funding on this site or other similar sites. Makes me think that the only posts come from employees of SoFi. I was told 7-10 days by their reps...everything was perfect on my end and fully approved and verified within 48 hours. Found out yesterday that they didn;t receive their institutional funding and now it will take 30 days. The amount of adjectives I could use to describe this are endless. You can't get more J.V. than this debacle. They are growing to fast and didn;t manage their growth. It's actually pretty pathetic and there should be a legal consequence....stating that you will get your funds via ACH "in a few days" on your website and then having numerous reps tel you 7-10 business days- only for it to be 30? Any attorneys out there who want to take my case? I'm serious...
There definitely aren't a lot of SoFi posts here. I spent a lot of time trying to find information about people who used SoFi before I applied. That's partially why I wrote up my experience.
30 days seems a lot. Was the amount of your loan large? Mine was $55K and it was only 6 biz days. Maybe they are getting a lot of loans and having trouble funding them, but we don't really have a lot of data points from people here.
I am really happy with my SoFi experience so far, sorry to hear yours is starting off poorly.
My one gripe is that my first payment was only about 20 days after I was funded. I kind of wish it had been at least 30. Luckily my major credit card payments were scheduled such that I didn't have to make them after payoff and could save them for the first loan payment.
I certainly don't think anything criminal has happened here although I understand the frustration with the process.
This is no where near as complex as a mortgage, but SoFi.com is the middleman putting together loan packages and selling them to the market of institutional investors (big banks, funds etc). Anything can alter the demand for these products and it sounds like currently institutional investors are/may not be buying.
SoFi.com is not P2P lending like LendingClub or Prosper where you can actually see the location of the many individual investors in your loan. Loans are not complete until funded. At SoFi.com there are investors, just bigger investors (institutional).
I will be interested to see how your situation plays out.
We are experiencing the delay as well. We signed documents on 3/10, waited the 7-10 days, then they changed it to 30 days. We contacted them several times to determine why this took place and there were no answers. Just circular conversations and really no additional info provided that was not already present on the account page on the site.
We asked if it could change again, say to 60 days.....one CS Rep said no and another said she did not know. Blah. Initial process was fairly smooth, but getting them to fund has been a waiting game.
If they had simply made contact with us and said "Hey, funding on our end is a bit tied up, it will take up to 30 days at this point, sorry for the inconvenience" we would have been totally fine. The fact that they simply changed it online, without any sort of notification, and then lead you in circles when you simply want an answer is what is leaving a bad taste in our mouths. Disrespectful to the customer in my opinion.