LoanDepot Reviews

I was working with Jack **, trying to get a loan for a purchase in Aurora, CO. I wanted to have an initial call to understand what kind of loan I should apply for - Conventional, FHA, CHFA. I am not an expert so I had lots of questions. After asking my initial question about what benefits an FHA loan would provide, he immediately became enraged and very rude. I'm not sure why he was so upset. It may have been something unrelated to the call, and he was just taking it out on a customer. But this was very unprofessional. Do not go with LoanDepot or work with Jack. TLDR: Don't work with LoanDepot, particularly if your agent is Jack **

Angela ** told me I needed to have the contractors "work for me." 5o get the renovations done before an appraisal so it would pass. Did that. After running my credit scores multiple times, now it's lowered and they don't want to do my refi and cash out loan. She also told me, they never take any upfront fees, THEN later tells me they do. Now I've been ghosted. That just don't seem right or fair at all. Maybe it's who you're dealing with, because I wouldn't recommend Loan Depot to anyone.

We started a refi the 1st wk. of March. The appraiser had to get 6 calls before getting over. Did about a 20 minute appraisal and it came in $60,000.00 less than what it appraised for 8 mths. ago. He was clearly mad about having to be called repeatedly and now he's holding up the process again asking for more photos. He claimed no updates in the last 15 yrs. In the 5 yrs we have owned the property we have put in new kitchen cabinets and counter tops, steel fence to close in front yard and replaced the oil tank, before we bought it the owners put in a laundry room and replaced kitchen appl. and it had new washer and dryer. So he LIED and now we are being told if we try and dispute it our refi will take even longer. I would not recommend doing anything with this co. Our turnover time is now up to about 6/7 wks. for a refi. NOT COOL.

They are fee predators. No matter how many times you make an on time payment, if you ever miss, they will not waive a late fee. I have never had a lender have a no fee waiver policy. I have had a loan with them for four years.

This company came through a lending website that I was looking at for current mortgage rates. That was 2 months ago and since then, their harassment through email, text, and calls was the reason I didn't even consider this company as they are like vultures and clearly are desperate for sales. I don't know how to stop the calls from them even though they are blocked, they still show as blocked calls. LITERALLY every day, multiple times. Sometimes they sneak in under a different number or sometimes I call them and tell them off, but they still keep at it and won't remove me from their system. I recommend ANYONE thinking of working with them DO NOT! I feel someone this desperate cannot be good and will screw you in the end to make a buck. STAY AWAY!

Loan Depot told me that I was approved and got me to send them all my financial details. Now they are saying they can’t approve my loan. They mislead people and collect all your financial details just to reject your application.

I've had a loan with LoanDepot for just under 4 years. I've never been late with a payment until last month, where my payment was 2 days late. They have charged $48 in late fees and have refused to waive them, even though this is the first late payment. This has not been my experience with other lenders.

Zeena ** and Stephanie ** were the people I was stuck with during this process. Back in the late Spring I had applied for a home equity loan for about .05% of my net worth. I was immediately pushed into some FHA loan that I now find out was to make them more fees. I had to pay for an application. Then I had to pay for three separate inspections. When all of that was said and done, they dragged their feet for so long that the purpose of my loan was over, PLUS they had check my credit score multiple times and lowered it by over 150 points. I had to get my attorney involved to get my first fees returned, and now we are going to small claims court in January to get the other $1400 in fake fees returned. Don't do it. Use a legitimate lender.

They were good in the beginning but they wasted my time and locked up my HELOC for over a month and a half because they didn't do their full job and made sure that my property qualify to their own criteria. And this is after I had many other loan companies contacting me to offer a loan. I would not recommend this loan institution at all.

If you're interested in obtaining a loan it is best to go with a company that covers the appraisal cost. Don't allow their fast talking agents to convince you to pay $500 only to be turned down. Avoid.

When I applied for a refinance they assured me that they would be no escrow required. I live in Texas and there is no escrow required on a non-governmental loan. But they tacked on escrow for taxes and insurance so that my 545 dollar monthly payment ballooned to 1406 monthly payment. I am disabled and on a fixed income and can no longer afford my mortgage. When I asked repeatedly for them to remove the escrow, they gave me some nonsense about my loan being a higher priced mortgage loan and that escrow was required for 5 years. I am currently refinancing with Rocket mortgage with no escrow. Loan Depot has been making interest off my escrowed taxes and insurance for 3 years now. Stay away from them at all costs.

If you want to deal with entitlement, unprofessionalism, and to be harassed? I strongly recommend this company to you. Not only was Dominic mostly petulant in most of my dealing with him. He had once called my real estate agent and cursed him out because we hadn't got back with him accepting his company's loan offer. I obviously went with another vendor for my financing needs. 9/15/24 is date I sent a reply to one of his many text telling him not to contact me again.

BEWARE TOTAL MISREPRESENTATION!! Of course they tacked on the loan costs after the Anthony, the agent said there were absolutely zero costs upfront or tacked on. He didn’t even have the courtesy to email me back when asking did he receive all documents. I feel so deceived and usually don’t fall for these things. I should have known when he kept saying, “I don’t need the business”. When I kept asking, "How are you absorbing the costs," his response, “I can write it up that way”, I can do what I want when asking ZERO COSTS? I knew about the per diem for the few days, which was a few hundred. I get so many inquiries from loan companies, and never accept. Good con job, I’m the one at fault, I let my guard down. Warning to others. Don‘t believe what they say because the written loan is completely different.

They call 3-8× in a row (If I silence a call or set my dnd, I'm busy.), they call from a new # each time, & they call at all hrs of the day/night! My business will go to a less desperately rude place!

Rob was totally promising, wasted three days sending him all the documents. In my opinion this company is totally awful, unreliable. Just gave so many promises that in hopes I definitely would recommend this company for a lending institution, from start to finish was Terrible. I don’t understand why people will lie to you and deceive you to make yourself look important as I say. I definitely would not recommend Rob and his company for any financial dealings.

The salesman on the phone insisted that I accept the offered loan. When I told him I wanted to wait and decide later, he kept pressuring me to take the offer, which was a red flag. I was also annoyed that he tried to "push" me into a decision I wasn't ready to make.

Loan Depot called me this morning based on some information I filled out on lending tree. The call transpired as such: cold caller asked me about type of load I was looking for, and all of the basic details (how much, value of property, any deficiencies, etc..) then gets the “loan officer” (more like salesman) on the phone. This guy proceeds to ask me the same questions as the first guy. What’s the damn point of talking to the first guy? Wasting my time. After explaining my inquiry, AGAIN, the gentleman then tries to sell me a refinance mortgage (an easy search of my property would tell you I bought 3 years ago when rates were Pennies on the dollar) which I had already explained to the First Gentleman, was not anything I would be interested in. He then went on to tell me I’ve never done this and I therefore have no idea what I was talking about and I should listen to him. Well that was it for me. I let the salesman know I wouldn’t speak with him if he was going to be demeaning, he said god bless your heart and hung up.

Mistakes were made, my escrow changed and I didn't change my bill pay at the bank (because they can't seem to turn mine on). So they cash my check, use my money, then mail me a check from them to pay me back my short pay and then tell me to send them another check for new amount and pay them 93 dollars for paying them late. When I called them, because this happened last time they changed escrow, now I'm told that they changed their policy and can't waive that. They were good enough to not of course let me know that till it was too late. They are unapologetic, do not care, and customer service just tries to put you on hold until you give up, then if you ask for a boss, they talk in circles till you give up.

My husband and I were thinking of refinancing our home. On 03/04/2024 We spoke to a Mr. **. After an hour or so he stated we had to pay 25.00 to lock in the rate, and 495.00 for appraisal. We paid the 25.00 with debit card and he would take out the 495.00 on 03/10/2024. After my husband and I discussed it further we decided refinancing wasn't the way to go at this time.

I just received a letter from Loan Depot stating my data was possibly breached. A week and a half ago, I received a phone call at 8:00 AM from criminals telling me that they could lower my credit card interest rate. I DON'T HAVE A CREDIT CARD. I got into it with them and they told me my name, address, DOB, and SS number! I'm so infuriated! I've spent a lifetime of working hard and protecting my credit only to have thieves with my SS number. I'll have to worry about this the rest of my life. And fat chance to get your SSN changed. Companies have been encrypting data since the 1980's, but Loan Depot is too RETARDED AND IRRESPONSIBLE TO ENCRYPT DATA! SENIOR MANAGEMENT AND THE IT DEPARTMENT NEED TO BE PUT IN PRISON FOR LIFE!!!

I went past my 16 day grace period, which is completely my legal right, and to pay a late fee. Loan Depot has harassed me numerous times, including to my personal email address. Their corporate executive management in California, is poor, and lacks proper oversight, that I have unfortunately discovered. I do not recommend them to anyone.

I applied for an owner occupied cash out refinance VA mortgage at 2.75 in December 2022. Today I learned that they misrepresented the reason for not funding the loan and in the process libeled my good name. I called LoanDepot in 2022 and stated that I needed cash out for several reasons including paying for nursing for my daughter. I owned two homes and asked the loan officer to help me determine which I should apply under. I was asked to explain my residency situation and did so in detail via signed email and submitted this via the processor. I could have refinanced either property…I was honest and stated that I would be moving to the other home on a specific date in the near future. This was well within the timeframe allowed by VA Underwriting Guidelines.

I was going to refinance my home. Everything was going good with Loan Depot. The loan officer kept adding more than what I wanted so I decided to withdraw my application however loandepot still took $495.00 out of my account for the appraisal fee after I withdrew the application. Now, no one is responding to my emails or text to reimburse me my money. Go to a more reputable company to purchase or refinance. Don’t go to loandepot!

This company has been harassing my Family for months over a mistake made by them. Sending me several "paid" notices and then transferring my loan to another company, (informing us over the phone that we don't owe them anything) all the while still sending multiple payment notices to us. They will not leave us alone and are now falsely reporting negative information to the credit agencies. Do not trust them!

We were called by our original mortgage broker and told about their new heloc program. We had been looking into it already, and decided to go with LoanDepot since our mortgage was currently there. We were misinformed from the get go. Told the process would take a week and it’s already been 6 now. Now we are under signed/notarized contract with them and have not received funding, even though with our contract it was due last Friday. They are dodging our calls, texts, and emails. It’s unprofessional and in breach of a legal contract.

We have been waiting over 90 days for our refund of our escrow account. You can't escalate to anyone. To speak to a Manager you have to send a letter in the mail. They keep your money to make money off of you.

Loan Depot is the worst! After several weeks of sending documentation they still haven't approved my loan. Why? Cause they will wait till the last minute so that they can charge you more money after the lock in rate date. So I decided to go with another lender and to my suprise they refuse to transfer my appraisal to the new lender because they stated I did not pay for the appraisal. Morons I have the email receipt you sent me after payment! Then they say that I would have to pay an additional $25 on an outstanding invoice for the difference on the appraisal that was already paid. What a joke this company is. Avoid the waste of time, headaches and frustration and stay away from Loan Depot!!!

The following explains my experience with this company. On January 19th, I spoke with Mr. **, who conducted the initial in-take of my loan. We were on the phone for about 2 hours. I explained to him thoroughly that I was an expatriate who lives and works abroad and I come home to the US periodically throughout the year. He assured me that this would not be an issue and that he will make sure to keep me in the loop. Within a few weeks, I heard from Alexis ** via email. She requested information from me and never responded to any of my inquiries about the status of my loan. (The month of March) Two months passed after the above inquiry and I received an email from Alexis stating that LoanDepot would need to do a rate lock extension. I immediately tried to reach out to her and Mr. **.

I was very happy at first working with loanDepot and we were in underwriting. They told me I needed a co-signer. My Mother signed on and all seemed great. As it turned out at the last minute I found out that I really needed a co-borrower which meant I would have to add her name to our deed, which was unacceptable for a variety of reasons. I put on the brakes and cancelled the deal after which I received several letters saying they declined me when I actually declined their offer. Needless to say we were disappointed since it was going so smooth. Go with National Debt Relief!!

Home was refinanced, escrow account set up. Once we needed home repairs due to a snow storm, Loan Depot wrote that we had no home owners insurance and said that we would need to pay out of pocket for repairs. We looked at our contract which included our payment for home insurance. Regardless, LoanDepot had failed to send State Farm the premium. We had the repairs made at a cost of about $10.000. After sending them all the information they requested, including a copy of our contract with them, they stonewalled our request for reimbursement. Instead, they ran us through the gamut of numerous phone calls, requests for information which they already had received, and still have had no resolution 16 months later. Extremely frustrating experience.

Slowest lender I have ever seen. Took them over a week to review survey, blew past contracted closing date. We ended up having to find another house. Calls to management go unanswered. They charge $22 to check your credit, other lenders do not. Their rates were higher than other lenders. They actually wanted to charge me $2k to buy down to the rate all other lenders were at with no fees. They say they might approve recasting after a long period and $30k min down. This is also way above the expectations of other lenders. Really can't come up with one good reason to get involved with loanDepot except to maybe short their stock.

Processed a recast. Told it would process in 30 days and after payment of 30k min down payment (I did more) and a $250 fee. I am still waiting 60 days into the process. I get excuses but no action. The frontline soldiers are well trained in the excuse exercise and are doing their job. The rear army support and leadership is counting dollars and customers and provide service at their leisure.

I was contacted by phone (I am on nat do not call registry). The caller stated he was going to connect me to a LoanDepot loan officer. He knew more than I was comfortable but when he ask me to disclose information related to my Credit! No these are not ethical business practices and a huge RED Flag for me!

Disgusting company!!! Please do not refinance with them! You will be highly disappointed. As many people have stated, they will get you to pay the appraisal feel, but either refuse to refinance your home or take forever to close. This company claims to give good customer service but that's just to bait you in. The loan officer we used, Andrew **, was nice at first and stated that we can call him if we need anything. He pressured us into paying the $500 non-refundable deposit for the appraisal and the appraisal was completely botched! We had to do an appraisal appeal and that's when their communication stopped. They are not transparent at all. After multiple attempts to reach Andrew, he would not email or call us back.

Refinanced mortgage. Took over 6 months while the rates went up. Refinanced again and went better. Had three different websites to log into account status. Changed loan servicer address. Lost payment. Constantly have issues with proof of insurance. Never dealt with a loan company so bad in that area.

I decided to refinance my home due to having to complete major repairs in my home. The original loan officer I expressed the reason why I was refinancing. Then the loan was given to a processor name Molly who did not verbally inform me that there was a $89,000 lien on my home. I knew about that but was under the impression that the lien was to be paid off at the time that I sold my home. Since I was not selling my home I did not know I had to pay off the $89,000 in loanDepot. Never informed me of this. If I had known I would have pulled out of the application process.

After a prolonged process where I was told they had everything they needed they would require more. My loan officer Mike ** disappeared completely after paying their $495 fee to start the process. He literally stopped answering any emails, text, etc. Now, 4 days before loan closure they have told me it will require another $4412 out of pocket to rewrite and file the deed. These are state fees they said and there is nothing they can do about it. I contacted the state office and was told the fee is $120 for the first page and $1 for additional pages, usually around 40 total, about $160. The state agent advised I push back. Seems like extortion to me.

After months and multiple phone calls, changes of information I was told I could not refinance with them even though I had a loan already with them. My PMI is 600. Have made 16 payments on time. They were asking me to get documents from the company even though they work for the company. Just very poor overall!!!

Awful process. Account manager took weeks each time to ask for documentation even after they said they had everything they needed. Loan officer agreed on an interest rate, but they did not disclose they were using origination points to obtain that competing interest rate. As the process dragged on, without explicitly telling me, they would switch out the Loan estimate for one with higher and higher origination points. They also blamed me for how long it was taking saying they had to keep increasing the origination costs because I was "dragging my heels" with the documents.

Borrower Beware! I had a horrible experience with Loan Depot. Don't be fooled by their TV commercials. Thank God I cancelled my application! Here's some of my experience-- The first clue: they charged me an upfront appraisal charge of $495. No other company does that. By the way when I finally cancelled it took a couple of weeks for Loan Depot to refund my money. Next, my loan officer was either incompetent or dishonest. He kept changing the loan costs and the final Loan Estimate was simply unsatisfactory. When I cancelled he had a fit and his supervisor wasn't any better. They seemed desperate. They reminded me of used car salesmen. After I cancelled someone keep calling and calling. They wouldn't leave me alone. I could go on and on but I think you get the idea. I finally chose a local lender and am very pleased with the face to face service.