LoanDepot (NMLS #174457) is a direct lender that offers home loans, refinancing and other mortgage services. The company provides a completely digital mortgage experience, starting with an online application and free calculator tools. LoanDepot was founded in 2010 and has funded over $275 billion in consumer loans.
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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.
We started on 12/30/21 to re finance our home; paperwork was sent; then after a week a different loan officer takes over and has to start from scratch, after a week did not lock interest rate, than total for closing went from 11K to 19K. Stated previous person was fired for doing wrong loan paperwork. His boss was trying to fix this mess, to no avail. Company don't want to proceed even if it was their fault. Florida's attorney's office will receive all information. Hopefully Loan Depot will stop these practices. BE AWARE.
They said I had my loan 2 times, they wanted 2 appraisals because they strung me out for 9 mos! Retired, Paid all my payments, Was 3 months ahead! DON"T Fool with this people! No Worry! I am going to report Y'all! Discrimination!
I find the employees may not be too terribly bright, but at least the owner tried.
My gosh!! Consistently harassed by Loan Depot. They call and tell me I applied for a loan. I tell them I never applied. They tell me I did online. I ask them when did I apply? How did they gather my information? They told me never to contact them again. And they will file charges against me. I don’t know I was curious who was using my personal information? Seriously I was blamed.. Then they contact me by use of my deceased younger brother. As well as some guy who lives in Colorado. They refuse to stop.
We are not even a customer, but they won't leave us alone! If the company were a person, we could get an order of protection against them. We looked online 5 weeks ago for rates on a potential conventional loan refi. We ended up with a list of more than a dozen companies. Loan Depot was on the list, but used high points costs and fees to allow them to advertise a competitive interest rate.
They were calling within minutes of our inquiry, believing I guess that we would go with the first caller. We didn't answer their call then. Instead, we spoke with OUR top companies. About one hour later, we talked to Loan Depot. They could not match our deal of no points, a couple of hundred dollars in fees, and low interest rate. Not only was their monthly payment higher, they were multiple thousands of dollars higher in points and closing costs. We told them no and that we would call them if we changed our minds. While other more professional companies accepted our no, Loan Depot did not. It was the only one. It is mystifying why they think stalking someone is a good business practice. We hate that they get away with it.
We told them 3 more times "no"--in writing no less. Yet, they continued to call and email us. Sometimes as much as 8 times in a single day. We did not respond, beyond the multiple "nos" which included our statement that we did not ever consider ourselves their customer nor would we ever be. It is 5 weeks later, our refi with their competitor closed 2.5 weeks ago which they know because they emailed us that they knew it was closed. But, the harassment continues with multiple calls everyday that are not identified as Loan Depot. No message is left. I confronted them today, but they had no apology, nothing. They have also promised to make money by selling our information even after we have told them multiple times not to and we are on the Do Not Call and Do Not Mail lists. How do they get away with this? No ethics, no morals, no customer focus. This is a very bad company.
It started out great. At first gave them the first information and told her I was 1 month behind and she kept taking more info and send to underwriting and I would hear back. Well I did 3 different times for different papers and after 4 different extension dates and a total 3 month waiting told declined because of being behind and was told by voice mail over the phone. So not very happy with them. Also paid for an appraisal which never should have been done in the first place. Looking for a refund. "Sorry cannot give it because we already paid it to the appraiser." To top it off I get an email the other day saying, "Sorry for misunderstanding you." P/S I would not recommend them at all.
I had a fine time with LoanDepot at 1st. Then things went really south. The rep dropped the ball SO MANY TIMES. She kept claiming she had family engagements, that's nice but you're conducting business. I shouldn't of had to reach out on my own accord and keep doing her job. The biggest ball drop she has committed has been a year after closing. She MISCALCULATED MY PROPERTY TAXES!!! Not by a few hundred. By almost 2k! So now a year later after the loan has been acquired by a new company I am stuck paying the difference to get my balance fixed! She made 3500 off this sale and shouldn't of gotten a dime! That money should go into my escrow because now due to her failure to do her job I have to pay out 2200 a month for a house that is 53 years on on a 82k loan!!! I can't believe this company is still up and running!! Their employees are horrible!! The consumer is the one who suffers!!
Never use Loan Depot!!! I had a very bad experience with Loan Depot and I would not recommend it to others. In the beginning, I received a promotion call from them saying they can help with Refi, however, the entire call took me 30 minutes for asking all my information but it ended up nothing. Even worse, I realized that they even pull my credits for doing this. I was not even informed.
Unfortunately, I had a loan with Loan Depot for one of my investment properties. The loan was sold somehow and I could not find the portal to pay the loan for two months. Their management of that was so bad!!! It turned out that it was sold to another department within the Loan Depot. The thing is very messy there. When I realized that I was behind the schedule and paid all my dues, they still reported to the credit department, causing my score to drop by 130 points. I called them to kindly ask if they can revert it given my situation. And they said no and asked me to go to submit the dispute to Equifax... I never wrote a bad review in my life and this was the first time that I was so annoyed and gave them this bad review.
Where to start?? I did my first refinance with LoanDepot after being pointed in their direction from LendingTree. Process was not too bad. Real problem happened at the closing. The LD closing agent screwed up the tax payments that were NOT supposed to be paid. Their agent paid them which left me with less cashout. No one could or would fix it. I found the email of the CEO. Amazingly, I had a check within 24 hours.
I decided to check rates again since home values in my area had risen and I wanted to get out of the FHA PMI. I spoke with a guy named Julian C. Very slick and tried to brown nose me. I finally had to tell him that I work in finance and could we just stick to the information. Main issue was he was estimating my homeowner's insurance monthly escrow to be $45.
NO ONE has homeowner's insurance for $45/month. (Now remember that LD holds the original mortgage so the real premium is available to this moron.) I told him this several times (they record all calls so they know it). Loan estimate was wrong, but he kept brushing it off saying that it really wouldn't affect anything when I knew and said it would. Julian said it would all work out. I knew that we would have a problem. After the first 2 days of emails from Julian, suddenly he was nowhere to be found and would not respond to any call, email, text or messaging through LoanDepot's portal.
It gets sent to the next processor Vi. She actually was great to work with. Very responsive and helpful. I got (and always get for banks) the information she requested within 24 hours. Things were going along pretty well until...the homeowner's insurance monthly premium. Once she plugged in the real numbers, the refinance blew up. I had lost a 2nd job suddenly in 2020 (cancelled) so my income dipped and that along with the correct premium put my debt to income ratio out of range. Julian C knew it, but instead of being honest tried to blow smoke up my ** to get a loan application done (notice their commercials state they do more loan applications than anyone - there is a reason for that.). Thankfully the appraisal had not been performed yet although I had gotten a call to schedule it.
Needless to say I hit the roof of Julian's swindle. I left him a voice mail telling him exactly what I thought of him - mainly that you can chose to go through life doing the right thing and you reap what you sow, or you can do the wrong thing and reap what you sow. I then emailed the CEO again (do this people - this man is making millions of this crap of a company). A rep called me. I got my appraisal money back. They refused to refund me the credit report fee (they actually never responded to me about it) and I had to fight to get them to submit a form to get the ding removed from my credit report (that can be done - don't let LD tell you they can't do it.). You sign a letter they provide and then they forward it.
I told LD to never, ever call me again. Yes, you get discounts if you refinance or do a new mortgage with them, but I would rather lose those discounts than deal with these hustlers ever again. I did find out that my credit still had a ding on it and LD pretty much told me "oh, well. We have done all we can." I finally called the company that handles that with the 3 credit bureaus and they were VERY helpful on getting that last ding removed. Stay far, far, far away from LD. They will blow smoke and make all sorts of promises. I have dealt with them twice so I know how they work. My cousin is a real estate agent and dealt with them once and said he would never deal with them again. Stay away. You will be glad you did.
My husband filled out all the paper work, sent in all the information and they claimed that we would be going to closing soon and sent someone to do an appraisal on our home and we paid over $500 for the appraisal. Afterwards they were hard to reach and over a period of months they said we didn't qualify for the loan. With all the other reviews I have read about this company I can't help but wonder if they are a scam. Don't understand how they could have a 9.0 rating with so many negative reviews. Wish we could have seen the ratings before we wasted our time and money. I wouldn't recommend them to anyone. If they call you, I suggest you run! Don't waste your time or money.
Everything was smooth and fantastic. I had a great experience but a year later ——— Last year they gave me a rate that cost 400 a month lower than my last bank so I refinanced. Then a year later they raised my payment by 800 a month saying My taxes went up. But I checked, they are the same as on my last loan. So it’s now 400 more than my original loan with my 1st bank. They got me good because I can’t afford utilities and food now. I found this ** has an article on how a female employee alleged they were doing this. It says she was an employee and sued over it when she did not get a cut of the millions they made. I had closed right before Nov 2020. I’m not sure there is any help for me.
I was assured from the get-go that the refinancing process of my condo would be simple, especially because of my credit score (over 800), even though I was self-employed. I've had mortgages in the past (this was not my first home) and they just kept requiring more and more paperwork even though I was assured this would the last bit of information needed. In the end I was NOT approved, when I easily should have been, and I feel that this company is very deceiving and not forthcoming.
I was contacted by a Loan Depot rep who was in the customer retention department. I had just did a refi with this company 6 months earlier. He informed me that he could lower my payment to $2600. I laughed and said my payment is only $2400, and I don't need a refi. The next day I received a notice in the mail, June 15, 2021 that told me that in fact my payment had gone from $2400 to $3600, and said that amount was due in 15 days.
I called the rep back and told him he was right, my payment did go up and that his timing was incredible. I did not know at that time that this was part of the predatory lending practice, close a loan at a ridiculously low estimated tax escrow to keep the payment down, then call them in 6 months to refinance the loan once the escrow was adjusted to be able to charge another 12 to 16 thousand dollars in fees and costs to do another loan. One problem that happened was I had to take some time off work for some medical reasons. I told that rep on June 15th that I was on disability for as long as it would take to get my medical issues taken care of. He said no problem, he checked with his underwriters and they said no problem.
115 days later, and after they asked for the same documents several times, and all documents were given, and even after they racially profiled my wife and required that she provide proof of residency 3 times (my wife is a US citizen) they came back to tell me that the income would not suffice and that they could not verify my return to work date, which on June 15th 2021, 115 days earlier, I told them all of what they are now telling me is the disqualification. They ran my credit multiple times knowing every time that they would not do business with me. I'm fine with never doing business with this company ever again, I am shocked on how they can be in business with these types of business processes. They ruined my credit, after I told them not to run my credit unless they knew they could refi my home. They said no problem, they would do just that. They lied. I want those credit inquiries removed.
Told loan was going great. Last minute, long after appraisal I was told they couldn't help me. The loan officer Daniel found out I was looking elsewhere. Promised me all was done and ready to sign. Then told me he never said it. He meant it was ready to send to closing. Then I had to call them back to be told they couldn't do the loan. Be careful.
I received about fifteen different calls from LoanDepot after I did an online search through Lending Tree for a home equity loan. I finally got annoyed enough to call them back, at which point they tried to pull a bait-and-switch. They said they don't actually do any home equity loans, and tried to talk me into refinancing our entire mortgage (which has an unbelievably low interest rate). When I pointed out that they had been misleading in getting me on a call, the representative became rude, offensive, and condescending. I've been a homeowner for twenty years and this is the worst lender experience I've ever had.
The agent quickly understood my request and got me on the path to a IRRRL "EARL" refi loan dropping my interest rate over 1.5%, a very simple process. Works on all loans, but especially VA, no inspections, no appraisal, verify income and current debt.
We started the loan process two months ago. Upfront I asked what closing cost were to be and I was told it would be around 2500. They did not provide any of the financials until the day before we were to close. When we reviewed the documents we found the closing was 12,000. They were not transparent. They were pushy into locking in a rate. I will say I found Rocket Mortgage more transparent and upfront about the cost. When we brought this up, it was like you flipped a switch. Everyone that was nice turned. The initial call was recorded and we were told they did not discuss all the fees and that we were right. They did not try to rectify the issue. I would not recommend. There are too many other companies that I'm sure will treat their customers better.
This was a refinance offer. The loan officer seemed to know what he was doing at first. But things seemed to be moving very slowly, no one contacted us, when I finally reached out I was told bluntly that I didn't make enough money (ie 2020 tax return) I had to remind them that in my part of the country in 2020 there was a PANDEMIC. (They even advertise on their home page about helping people effected by covid, bla bla bla.) Loan officer #1 even tried some CYA by saying he was waiting for me to 'get back to him.' Yeah. No.
I had to reach out and call the 'processing manager' who let me know that the offer was about to expire. Then the condescension began, of course, because I'm of the fairer sex (big strong he men at Loan Depot). WARNING: if your loan says it's "in progress" (not "in process" but "in progress") you're done. They wasted an entire month of our time.
I have a renovation loan from LoanDepot and I had excess funds which loan depot put towards a payment on my mortgage and a little more on my principal. Months later they reversed the payment and put all the extra on my principal without my consent or knowledge and proceeded to send me default letters and robocalls. Tried calling but it was not straighten out, I now have to pay late charges and my credit score was ruined when they claimed I missed a payment when they actually reversed the payment and claimed I am behind 1 month when I was up to date until a payment was reversed. Terrible, wouldn't recommend.
Loan depot literally ruined my ability to buy a home for the next 2-3 years. This is the worst experience ever. I have 20 days to find a home for me and my children. I filled out an online preapproval application and was contacted by Yvonne **. She was very upbeat and positive and after I provided all of the requested information she contacted me to discuss my application. She reviewed my credit report with me over the phone and asked me why with no late payments and a strong length of credit did I have Experian boost on my report of 4 bills. I explained I added it when I downloaded the app because the app suggested it.
She told me that I should remove the 4 accounts because they were reducing the amount I could pay monthly on a mortgage. She also told me I should take out a new loan to pay off a personal loan on my credit because the personal loan payment was so high (1,100 but I only had 12 more payments and had chosen the high payment amount to pay it off quicker). She gave me a preapproval with desk underwriting and actually referred me to my agent who I got along well with.
We finally got an offer accepted and I paid the appraisal fee, etc. She said the loan was approved and already underwritten. That we were good to remove contingencies. She sent me closing disclosures and I waited for my signing date. As our closing date came and went she said that the loan was approved, underwriters were satisfied, but a “system issue” was preventing me from signing and that she had all the area managers working on it to figure it out.
My agent made an appointment with her manager to discuss the issue because the seller had begun charging us a daily fee for not closing. At that time he told her he didn’t know why I removed positive trade lines and paid off a two year old loan with perfect payment history for a new loan, but that had affected my credit dramatically and now the desk underwriting was kicking my loan out as high risk. She sent me an email with him saying the same. Luckily I had emails that showed Yvonne had actually told me to do this. He worked for a week trying to find a way to close the loan, but in the end I lost the house, my $8,000 earnest money deposit, and now have to go out and find someplace to rent with my credit literally in shambles. I can’t caution enough to be very careful using this company.
I reached out for an estimate but ultimately decided on another lender. I let them know I was no longer interested and then the unrelenting phone calls began. Each time I was told my name and number would be removed and yet the calls continued. The other lenders I reached out to respected my decision and stopped contacting me, but not these people.
LoanDepot gave me a prequalification letter in the middle of August 2021. We made an offer on a house, and closing was scheduled for April 30th. We were told that there would be no problems, with the loan. It was sent for review twice , and all was good. We had the home inspection done, and LoanDepot collected $525 for an appraisal. When April 30th came, we had to extend the closing date until May 15th. When May 15th came, the appraisal was not in. So, we extended to May 30th.
On May 29th LoanDepot told us that they could not approve us for a loan. So, we contacted another lender. We asked LoanDepot to transfer the FHA Case number to the new lender. They told us, that we had to pay another $225 for the appraisal to be released with the FHA Case. We refused to pay. LoanDepot waited 10 more business days, before transferring the Case. The appraisal didn't go with it. We contacted them to release it, and again, they said they would if we would pay the extra money. In my opinion, they are just trying to minimize their losses, by having us pay extra for that appraisal. DO NOT DO BUSINESS WITH THEM!!
Absolute crooks. Deserve zero star review. They failed to process a payment due to a system error on their behalf and reported us to the credit bureaus without notice. Now they’re refusing to correct the error. I am involving the Attorney General and Better Business Bureau as well as escalating with a private attorney. They are unethical. Avoid them!!!!
I recently decided to refi. with Loan Depot due to their favorable rates. I contacted their representative who offered me excellent terms which would have equated to a much lower monthly payment. FYI this was my only purpose. Did not take money out of my home. Here lies the beginning of a miserable experience. I posed a question as to whether I would be required to obtain an appraisal since I have so much equity, the original agent advised he could not answer that, would contact his manager and get back to me. 3 days went by, and I received an email from Loan Depot stating that if I contacted them they had a better offer than originally offered.
I made the call and was connected to agent who quoted me an additional 2300.00 in closing costs, 1.0 points higher than originally offered with the exact same payment I was originally quoted. When I called him out on his offer he claimed he was unable to see the original quote in his system. If that's the case Loan Depot needs to do something about it. At any rate he immediately backpedaled and offered me the original rate with 1.4 points down from his quote of 2.5. Unethical, you make the call. Right then and there I should have declined the offer, however with such a low rate, I pressed on.
I then was put in contact with a loan office who gave me the standard list of needed item, tax return, proof of income, home owners insurance policy and in my case Hurricane/Wind insurance required in Hawaii. Some days later I received the estimated closing costs form, signed and returned. When it came time for closing a notary was sent to my residents with a pile of doc's all in legalese, I went along signing my life away and unknowingly missed a very important detail, They had totally botched the costs for monthly home owners and hazard insurance. When the final closing paperwork was returned to me with a request to sign and return asap, I looked closer only to find that they were not only collecting monthly for my home owners insurance and my original hazard policy, they had added an additional hazard policy at 660.00 dollars a year.
Remember I was only doing this to lower my payment. I'm retired live on SS and a pension. So I contacted the loan officer who said she would look into it and get back to me. I received a call the next day and she advised that Loan Depot had neglected to figure in either one of the hazard policies on my monthly mortgage. They removed the one hazard policy. End result what I thought was going to be about 220.00 plus savings per month ended up being less that 100.00. Yes I could have backed out, but I didn't. Be forewarned, you do business by voice mail, sometimes days for them to return your calls. Be vigilant with all documentation, don't assume they have it all together they don't, finally don't be surprised if you directed to multiple agents and if so, be ready for the bait and switch.
Find this lender to regularly be available for personal communication and answers to my questions. Their digital platform is very user friendly. They keep me informed of changes in the mortgage industry. I receive sufficient notice on changes to my account. They keep me informed of their latest financial products. Their mortgage approval process was very smooth and timely.
They were timely and didn't add increases to our closing costs. I do have to say, I kept all paperworks and had to ask about points twice, but in the end the points were reduced to original quote. I am happy with the end result.
This company could care less about closing on your home after they got your appraisal $. This company should be called APPRAISAL DEPOT! This is what they are truly after. You will have an inside appraisal forced upon you. It doesn't matter if you just had one done by your past lender or you want to go with the appraiser you know & trust. This lender will state that it is required by law to have a new one done even if your appraisal is current and acceptable by law. Once you cave to their demands & buy their over-priced appraisal notice how slow and not important that you have become. This is also considered Billing Abuse.
If you are in too far and have to remain then you should record every conversation that you have with this company (They are also recording you). I knew something was odd right away when I could not be involved with the appraisal and nothing would proceed forward with the loan unless I were to pay the company of their choice (Their HOOKUP!) to do the job for more. I felt pressured and I felt the red-flags going off. If this happens to you contact the CFPB so it can be investigated. (CONSUMER FINANCIAL PROTECTION BOARD).
I had to do this review after I was connected with this company. I hope this review will save a person from falling into this trap. *Please do not think they will do your closing for free. It will always be rolled into the cost of your loan. I also do not understand why this company is rated 4 stars when I cannot find enough positive reviews for the math to show 4 stars. If this company is a paid advertiser then I think it is only correct & creditable to say that somewhere in the fine print. Good luck with your home. I hope this personal review remains here online.
I started my refi process 5 months ago and it still hasn't completed. It started out like many other times I've refinanced over the years - asking for standard information, etc. But then it dragged out and when I would ask what the time frame would be, they just said it was a busy time. So I didn't say anything for a while, but after weeks and weeks, I'd check in again and not get a response. Worrisome, so I'd send another email or call and then I'd get a request for more information for the underwriters, but it would be information I already sent. My "guy" said several times over the months how embarrassed he was and that he would fast track it. Nothing happened. When I went above him, I at first thought this guy would definitely help out, but he was all talk and no action. When I confronted him with my feelings about how I was being treated, he was arrogant and just rude. I can't believe how this has all gone down.
I put a deposit down for an appraisal which is supposed to be refunded when I close, and he reminded me of that when I said that I will look elsewhere for this loan. He held that over me in a gloating way. I honestly don't know what to do with them. Don't even start with them! And by the way, I completely qualify for this small refi - that's never been the issue. They just seem to be incompetent and prefer to blame the customer....
I was contacted in August 2020 to refinance my condo. The initial contact was pleasant and easy to deal with- with settlement in 60 days. Once I was turned over to the person handling the refinance my problems started:
- Documentation had to be sent via email several times.
- It was requested that I sign inaccurate or false documents.
- I had to pay "upfront" for the appraisal - even though my neighbor who refinanced with Loan Depot 30 days before me never had to put up any money- I was told that this was a requirement and everyone had to do this.
- Twice I received correspondence that my loan was approved with "conditions" - finding out the conditions took weeks.
- Settlement finally happened 90 days after the initial go ahead.
- I was instructed to got to a local UPS store to have them notarize all the documents - I refused because of past experience - I hired a traveling notary to come to my home for settlement.
- They failed to notify my insurance company that they were now responsible for the homeowners insurance.
- After settlement Loan Depot is insisting that I need Special Flood Hazard Insurance for my 3rd floor condo. A simple search on FEMA flood zone maps would tell them that I am not required to have this insurance - but to get them to look for this has taken 2 months.
So if you are trying to decide on a mortgage company - try anyone else.
I have a lot of experience with Mortgages. As a landlord and homeowner I have finance and refinanced many times. A mortgage is a mortgage, so let’s find the best deal and go through the process. All those Mortgage providers are the same. Wrong. How wrong I was. There are some that are really bad. And LoanDepot win in this category. They have absolutely no professionalism, have zero respect of their customers, and will not recognize their mistakes. So please do yourself a favor, stay away from them. There are so many to choose from, it’s not with the risk.
Getting a Mortgage has always been stressful for me. They are asking for so many documents. They want to know everything about your and your wife life. They dig and find all kind of information, which is offer erroneously, and ask your to prove it. The process takes forever, it is a long torture. So it is important to be able to trust the mortgage company with all this very private information. And it is very important for the mortgage company to communicate clearly, listen carefully, be as accurate and diligent as possible, and move as fast as possible.
This is exactly the opposite of LoanDepot. They keep making mistakes, they do not communicate and take 24 hours to respond to status inquiry, making sure to tell you that you are a pain slowing them down in their process. They tell you to just sit and wait. You tell them about the mistake you noticed and they tell you that there are no mistakes. Or that they will fix it and a few weeks later you see it still has nothing been fixed.
Of course they force sell an appraisal on you at the early stages. "You have to provide your credit card and we will charge you $500 for an appraisal as the condition to lock the rate." There is absolutely no reason for this. Getting an appraisal is just one of the conditions to get a loan, and there is absolutely no reason for asking this money upfront for locking a rate. I have to say this practice of asking money from the customer to lock the rate is very common, and it is anti-competitive. It’s not unique to LoanDepot, but it’s is one more reason to be very careful who you are doing business with.
So after 5 months of no progress at all, and still the same mistakes in the paperwork they created. After so many emails and phone calls. And still no visible end to the nightmare I had enough of this. They claimed that it’s because of Covid. I went ballistic, I did lost trust in them, I did provide all the documents they needed in time. I always told I was qualified. I was told I was in final approval. For 5 months? I just could not stand this anymore. It was pure torture. I need this to stop. Just recognize you failed, please give me my money back and let me go.
This is when finally the manager gets involved. Rob **. And he is not here to help you. He recognized the file was a mess. But he took pleasure in telling me I was out of luck because they had me sign legal document that said they can do whatever they want, take how long they want, and not give me the money back. I say he enjoyed it because he literally was laughing on the phone when I told him I won’t be letting this go and I will get my money back. I am not making this up, he really enjoy this. So I do not know if I will ever get my money back. It is true that they spent the money into getting an appraisal, but every business has a cost, and as a customer I am not responsible to pay for their salary, or rent or anything else. They failed to provide a Mortgage, so why am I responsible for any of their expenses?
I did qualify BTW. In fact I have finalized the exact same refinance with a different mortgage company in less than 3 weeks total! So I feel much better, but I am really pissed I have been abused by LoanDepot. Please learn from my mistake. Do not use LoanDepot. They have no respect for customers. They still haven’t apologized for messing up. They don’t care, they make sure they are legally covered and as a customer you have to serve them, provide every document they ask for how long they decide.
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