First off, it took 1.5 months to fund my loan due to their finance department being backed up. Secondly, this company does not have the "capabilites" to apply additional payments to the principal portion. Some servicers make you allocate but this servicer doesn't even allow you to. I have found no help from customer service.
I wasn't able to get a loan through traditional banking channels as I'm not a US citizen. This platform helped me secure a loan from my personal network and well beyond my own network. The legal agreements and endorsements on the campaign assures the 3rd party individual lenders of my crediworthyness.
We've uploaded about a dozen documents. Every time we submit what they say they need on the application, or what they say they need in an email, the document gets rejected. My paystub got rejected; we needed to upload my wife's paystubs to show household income. We uploaded that, then that we rejected. Now they needed 1040. Next they needed proof of my wife's residence and were told to upload her DL. We did that, but then that wasn't good enough, we had to upload her voting id or utility bill. Still waiting on that one.
Meanwhile, by 19 year old son uploaded his DL (govt issued id as requested on the application). That was reject, they emailed us a form and he has to go to a notary public.
This has been the biggest runaround and so timeconsuming.
They need to give everything up front that you need to apply rather than this back and forth game.
We found one person that thinks it's a mess and had vowed to straighten it all out and help us. She thinks we've given more than enough information they need. We will see what she is able to do.
These underwriters are extremely too cautious and lost a potential customer with a credit score over 800. I initially was given a 5.17% rate, but after submitting my w-2, two pay checks wanted my employment contract, which I doubt they would even understand if I sent it. I had to physically circle on my undergraduate transcript where it said I had graduated and earned a degree because the first time they missed it and asked for me to resubmit. As for the contract, It's a complex proprietary formula and could lose my job for disclosing it. They didn't seem to care and raised my interest rate to 7%. Needless to say it defeats the purpose of the refi. Before you waste a hit on your credit, think twice and a try a more straightforward company like sofi.
I have a credit score well over 700 and graduated with a job out of college paying $65,000. That said, the DRB team couldn't get their s*** together AND TOOK OVER SEVEN MONTHS TO REVIEW AND PROCESS MY REFINANCE.
Yes, over SEVEN MONTHS. I applied in November and called in multiple times every month, getting the same scripted response "the application is currently in review and we don't have an expected time of completion yet." It's currently JUNE and my funds were just disbursed.
And what was the offer? A whopping 6% refinance on a 10 year loan. FAR BELOW their advertised rates, considering I have high job stability and a credit score in the high 700's.
But it doesn't end there. The user interface of DRB's website is absolute garbage. Finding the monthly payment and detailed information on the loan is extremely difficult. This was hands down the single worst experience I have EVER had with a bank and I will look forward to refinancing with another bank next year.
Don't trust them. I signed up for a fixed rate but they kept increasing the interest rate without my knowledge or consent. Even worse, I found out that some of the money I was paying for the loan wasn't even contributing to the loan. AVOID THEM.
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