LoanDepot.com LLC

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.

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.