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DRB sending out "Sorry" checks for slow refinance processing?

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  • DRB sending out "Sorry" checks for slow refinance processing?

    I'm a current resident and refinanced my loans with DRB (now Laurel Road) in 2015. I started the process in June 2015 and once everything was all said and done, I was refinanced and finally started making payments in January 2016 - the whole process took about 6-7 months (the long wait time was one of the biggest critiques of refinancers back then). While this was a little frustrating at the time, I have been very happy with them since then.

    Yesterday, I received an unsolicited check from DBR in the mail for $447.52 (18 months after my refi was completed) with a letter explaining this is the amount I would have saved had they closed the loan faster. This "token of their appreciation" almost seemed too good to be true (not so much so that I didn't cash it  :P ). The idealist in me has had a little faith restored in the financial services industry. The cynic is me is wondering whether or not they are losing business to other banks and this is merely an attempt to keep current customers happy.

    Anyone else have this experience with DRB/Laurel Road or a different refi company?

     

     

  • #2


    Anyone else have this experience with DRB/Laurel Road or a different refi company?
    Click to expand...


    No. SoFi took <48 hours to refinance my student loans last time.

    You should cash the check though!!

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    • #3
      I had a buddy post a picture of his "sorry" check for $0.88. Yep, eighty-eight cents. Then refi'd with SoFi a couple weeks later and bagged the $300 refi bonus.

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      • #4
        I just got one from DRB for $652. I refinanced in the 2nd half of 2015 as well. I'll take it. I don't know why someone would complain about free money. I got a great variable rate (unfortunately it has adjusted a bunch over the past two years) from them and I am still saving $600 a month in interest.

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        • #5
          Wow!  Surprising indeed.

          They definitely didn't give these out a few years ago.  My refi with them took forever.

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          • #6
            While I'm sure you all want to do the right thing and report these rebates on your 2017 Form 1040, I would consider them to be a refund of interest paid = nontaxable offset against interest you haven't been able to deduct.
            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #7




              While I’m sure you all want to do the right thing and report these rebates on your 2017 Form 1040, I would consider them to be a refund of interest paid = nontaxable offset against interest you haven’t been able to deduct.
              Click to expand...


              Wonder if they'll send out 1099s...  

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              • #8
                .

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                • #9
                  I got a check for $34 dollars and change the other day.  I recently refinanced from DRB to lendkey for a lower vairiable rate and $500 bonus.  I do think it was very respectful of DRB and would recomend them in the future.

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                  • #10
                    No check here but I just requested today that they debit the rest of what I owe. I'll be done with them by Wednesday.    In one email I was able to set up my final payment and request my checking account to be immediately closed once my loan was paid in full...so not nearly as hard as setting it all up.

                    Now just need to get the rest of the wife's loans paid off with sofi and we'll be set.

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                    • #11
                      My fiancee got a check for $12.50 a couple weeks ago from DRB.

                       

                      My refinance with them took forever as well, and their rate wasn't as good as I could get with Common bond, so I refinanced a second time 6 months after refinancing with DRB.

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