Frequently Asked Questions (FAQs)

If you have questions about your loan with LenderFi and would like to speak to someone, please give us a call at (855) 824-1513. Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.


Escrow

What is the difference between a shortage vs. a deficiency in my escrow account?

A shortage means an amount by which a current escrow account balance falls short of the target balance at the time of escrow analysis. If your escrow account analysis discloses a shortage of less than one month's escrow account payment, then we may require you to repay the shortag8 amount within 30 days. If your escrow account analysis discloses a shortage that is greater than or equal to one month's escrow account payment, then we may require you to repay the shortage in equal monthly payments over at least a 12-month period. A deficiency is the amount of a negative balance in an escrow account. If your escrow account analysis confirms a deficiency, then we may require you to pay additional monthly deposits to your account to eliminate the deficiency. If the deficiency is less than one month's escrow account payment, then we may require you to repay the deficiency within 30 days. If the deficiency is greater than or equal to one month's escrow payment, we may require you to repay the deficiency in two or more equal monthly payments. Please see your Escrow Analysis Statement for further details.

What payment methods can I use to I repay my escrow shortage or deficiency?

You may pay the shortage in your escrow account by phone 855-824-1513 (a processing fee may apply) or by mailing it to the address below. LenderFi ATTN: Escrow 500 South Broad St. Ste 100A Meriden, CT 06450 If you are mailing your payment, be sure to include your Escrow Account Shortage Payment Coupon (found on your Escrow Analysis Statement) and/or specify your intent to apply the payment to your escrow shortage. If you are current on payments, you may also pay online. Click here to sign into to your account. If the shortage causes a financial hardship and you feel that you cannot afford the increased payment amount, please call our Customer Care Department at 855-824-1513 right away, and we’ll be happy to discuss options that are available to you.

What if I want to pay my escrow shortage in full?

The repayment option allowing for payment over 12 months for shortages that are greater than or equal to one month's escrow account payment is derived from federal regulations governing escrow shortages and deficiencies. Although a lump sum payment is not a required option, LENDERFI will allow for it upon customer request. If you would like to repay your shortage in a lump sum, you may do so using one of the payment options above.

What if I want to pay my escrow shortage in less than 12 months?

The repayment option allowing for payment over 12 months for shortages that are greater than or equal to one month's escrow account payment is derived from federal regulations governing escrow shortages and deficiencies. Although paying in less than 12 months is not a required option, LENDERFI will allow for it upon customer request. If you would like to repay your shortage in less than a 12-month period, please contact our Customer Care Center at 855-824-1513