LoanDepot.com LLC

Even though the initial experience on both loans was not great, because of the potential for savings and the representation that I would have to do/provide very little or nothing, as the documents from my previous year's loans could be used, I first tried a refinance for my primary home. And that one went as represented - I spent less than half an hour on the whole process and it was complete in 30 days. Based on this experience and the representations of the sales agent, I opted to go forward with the refinance on the second home. I have spent 5-10 hours responding to duplicative requests, providing them with documentation they necessarily already have from last years loan, requesting status updates and now, posting negative reviews in hopes that the business plan to make promises upfront with no follow through will reap this company the results it ought to. I am at 50 days for a process that I was told would take 30, and just yesterday, received a request for additional documentation that had been received from the underwriter the week before and was asked to provide documents that had been provided a week and a half before. Previous correspondence from this person had included an IRS form that was not completely filled in. When I expressed reservation to sign it, as the form itself advised against, I was told that "they weren't actually going to use it to request the information, they just needed it for the file." These people have been so frustratingly incompetent in this process, but now at 50 days in, I am loath to start the process over with a different lender. I am so angry that I subjected myself to this again.

From the loan underwriting process to current I have issues with the quality of service from Loan Depot. I had to complete several hundred pages to get the loan refinanced ... Loan Depot made numerous errors requiring steps be re-performed. I was promised that the loan could be refinanced if interest rates dropped .... when I attempted to refinance, I was told it had to be beyond 60 days of the origination date. Subsequent to getting the loan approved and funded I had a water leak in my kitchen. My Insurance Carrier told me they would cover the damages caused by the water leak and we settled on an amount. The kitchen and house were not safe for my two young children and I was not getting responses from General Contractors to get the work completed. I got the work done by using several Independent Contractors before I received the insurance funds. The Insurance company wrote the check to me and Loan Depot. Loan Depot decided they would "Monitor" the repair. I explained the work was completed and requested they proceed to having an inspection performed in order to expedite the distribution of funds. I was instructed that they would need signed quotes, W-9, invoices, receipts, and lien waivers from everyone that worked on the house. Because I had completed almost all the work prior to getting the insurance check it was very difficult for me to retroactively complete Loan Depot's required paperwork. I requested to speak to a Manager and was told one was not available and that I would get a call back within 24 - 48 hours. I never received a call back or voicemail. Furthermore, Loan Depot will only communicate by phone, fax, or mail; they will not use e-mail. I submitted the paperwork they requested multiple times, only to have them state they are missing paperwork and will not proceed until I resubmit. I have paid for and completed all the repairs to the kitchen and paid for repairs out of pocket. Loan Depot is unable to process paperwork sufficiently, and will not exercise reasonable judgment and simply send out an Inspector to see the Kitchen repair is completed. Furthermore, their instructions, communication, follow-up and customer service has been poor throughout my entire experience with this mortgage lender.

They said the loan should sign off at the end of February. At the end of February they said it would close March 12th. I heard nothing back. On March 12th we took the day off to meet the notary to close the loan and nobody arrived. A week later they said they needed another field review of the appraisals. We heard nothing back so it escalated to the manager of the sales department. We heard nothing back. It escalated to the manager of the processing department. She seemed to know what she was doing but asked for more documentation. Over the next few days I received 8 different variations of good faith estimates and hud closing settlement statements all varying by thousands of dollars. My interest rate lock expired on the 20th of March. On the 27th I received the final version of the closing statements showing I would need a check for $1774.72. The next day the notary arrived and the amount of the money and closing statements were different again. I spoke to the manager again who said she would sort out the numbers. She went on holiday and her assistant couldn't get me any additional information for a week. Finally on April 9th They confirmed I would get a refund for $270.00. I emailed 11 days later because I didn't get any check. Two days later they emailed back and said they would look into it. The following day the checks arrived and I deposited them. I got an email saying don't deposit the checks they have been stopped. I will be charged by my bank for depositing bad checks. The manager then emailed me and told me the reason for the delay was because they sent all the information and and the checks to my tenants violating confidentiality and sending personal information to the people renting our houses. I have asked for the name and contact for the CEO several occasions and no one will provide it. I still don't know if the checks will clear or not.

Overall I would say that in 30 years of owning, financing and refinancing homes I have never worked with as uncoordinated and unprofessional company. It is most necessary to watch what they do each step of the way. The company's representatives made several representations and quotations for services that later proved unsustainable, and the final documents provided for closing were incomplete and inaccurate. Several times they quoted me such important matters as cash needed to close incorrectly, and it was only due to the fact that the final deal was still very competitive that we weathered their incompetency and are completing the transaction. If you choose to work with these people be sure to be wary each step of the way and do not believe their initial assertions of low out-of-pocket costs until you see them in writing. At a few times during the transaction I thought I was dealing with characters from the movie "Boiler Room" or even worse, "Wall Street," who wanted to make the sale at all costs and couldn't care less about business ethics, accuracy or integrity.

Contacted LoanDepot regarding refinancing an out of state property in New Mexico, was informed the they have a loan officer licensed to contact me as a follow-up. Marshall Collins (Senior Loan Officer) from their Scottdale AZ office call me the following day and we initiated the process. After providing general statistics of the property, income, interested loan amount, approximate loan to value ratios, credit scores,...etc, Marshall provided several options regarding the loan fees and interest rates. Initially he was very paticient to discuss all the possibitlities and what was required. This was not the first time I have dealt with LoanDepot therefore I felt comfortable in proceeding. I was satisfied with the past transaction. Once the authorization was given to charge our credit card the lock-in fees($495) was provided there was a shift in responsiveness for the loan agent. The process took a turn: Marshall would outright lie about following up on the process and would not return calls. Many followup calls were place and messages left, including messages to his superior. It was a nightmare dealing with these so call loan agent or sharks. To this day, my file remains open-end without resolutions, without any followup or update. Avoid LOAN DEPOT and their low-priced gimmicks and promises. ..not worth your agony and sorrow in dealing with these low life. Stick to the bricks and mortars for your fianancial transactions.

I had requested a quote from several lenders. Loan Depot was the one that appeared the most efficient. The loan banker told me that my loan would be closed in 3 weeks and it would be the easiest experience ever. After getting my guaranteed interest rate I was told that I would have to pay an extra 1/2% because this was a jumbo loan which they knew from the start. I agreed to continue with the process. Then I was told by the loan banker that my appraisal came in low so I would have to make up the difference or my rate would be higher. I agreed to get the moneys from my retirement account and was rushed to get this done quickly so my loan would close on time. With the holidays coming up I got a call and was told that my loan may not close on time and my rate was only guaranteed for three weeks. I was very unhappy with Loan Depot by now as I did everything asked of as quickly as possible. A supervisor then called me and stated he could extend my quaranteed rate for another two weeks which I was very happy with. Two days before closing I got another call from their representative stating I needed to come up with more money. I complained to the representative and stated I am only allowed to withdraw moneys once per year and I am not able to get any more money. At that time I was told that they could not proceed with the loan and my $500 dollars would be used in costs. Approx 3 days later I got a call from the supervisor stating we could still proceed with the original interest amount and original costs. At this time I refused to speak with anyone from Loan Depot. I feel like I was not given the true information and they just wanted to see how much money they could get from me.