LoanDepot

This is in response to Mr. [redacted] rebuttal received on March 17, 2018. Mr. [redacted] initial issue pertained to the reporting of his personal loan payoff to the credit bureaus. As of March 9, 2018, all bureaus have been updated accordingly. We reached out to Mr. [redacted] regarding his rebuttal, he was advised that the payoff was reported to all bureaus as of March 9, 2018 and correctly indicated that the last payment was made in December of 2017. Mr. [redacted] disagreed, stating that the bureaus were updated due to his request to them to do so, rather than by the request and accurate reporting of loanDepot. It was explained verbally to Mr. [redacted] that loanDepot had recently switched servicing departments for their personal loans and they had been backdated in reporting, however that this was resolved and all bureaus accurately reflected the correct payoff dates as of this month.   Mr. [redacted] disagreed that this was completed due to the request and reporting of loanDepot, and that this was his doing. Mr. [redacted] agreed that the overall issue has been resolved. If Mr. [redacted] has any additional comments, questions, or concerns, he is welcome to contact loanDepot’s Customer Care Team at 888-337-6888 ext. [redacted]. Customer Care is available Monday-Friday from 7AM-7PM PST. Tell us why here...

We appreciate the opportunity to respond to our customer’s concerns.  On March, 24, 2018, we received the customers contact information from a lead source, that they generated online.  We reached out with an outbound call, and had a consensual conversation with the customer. The call was...

recorded.  The call validated that the customer was looking to lower his payment.  We advised him of the purpose of the credit inquiry, and obtained his verbal consent. He then volunteered his date of birth, and his full social security number to the agent.  He was asked for his spouse’s information, however, he did not have it at the time of the call.  His wife’s credit was not pulled.  We obtained the minimum of 6 items of data from the customer, to be considered an “application” under the TRID (TILA-RESPA Integrated Disclosure rule).  The licensed lending officer was compliant in his conduct, and in the manner he obtained the information from the customer.  We have updated the customer’s contact information in our system, to the “Do Not Contact” list, as requested.

Mr. [redacted] loanDepot
Personal Loan was transferred from our old servicer, [redacted], to
our new servicer, Card Works Servicing. This transition took place on November
1, 2017. Mr. [redacted] made his final payment on his loanDepot Personal Loan in
December of 2017....


 
Due to the
transitioning of servicers for our Personal Loans, there was a delay in the
transfer of information causing reporting to be about one month behind.
loanDepot and Card Works plan to have all information transferred and updated
by the end of the March 2018 reporting cycle. Once reporting is caught up, it
will be backdated to reflect the original payoff date for Mr. [redacted] loan. In
doing so, any adverse effects should be resolved at the time of reporting.
 
As of March 09, 2018,
Equifax shows a $0.00 balance for Mr. [redacted] loanDepot Personal Loan as well
as his last payment being made on December 20, 2017. loanDepot apologizes for
the inconveniences that Mr. [redacted] endured during this transition. All reporting
should be up to date and backdated to reflect accurately as of this time.
Should Mr. [redacted] have any further questions or concerns, he is welcome to
contact loanDepot’s Customer Care Team at 888-337-6888 ext. [redacted]; our team is
available Monday-Friday 7am-7pm PST.

We understand that the satisfaction of our customer is essential to maintaining a successful business. Our core values compel us to do the right thing for our customers. loanDepot is a company that takes pride in the integrity of our processes.   After internal review in regarding the of the...

Property Taxes not paid, the customer will not have been able see the additional parcels due to field limitations. However, CoreLogic is tracking the additional payments. To ensure we are collecting for the additional parcels, We have updated the tax line amount to cover parcels [redacted]. We have updated the tax line amount to cover parcels [redacted]. On March 20, 2018, the payment was sent by FedEx overnight tracking number [redacted] and delivered to the Tax Authority off on March 21, 2018. On April 5, 2018, SE called Tax Authority and spoke to [redacted] who confirmed [redacted] are paid current and next installment is due May 2018. Our Servicing Dept. indicates that the tax line amounts were updated to reflect the five parcels associated with the property. The customer was notified of that additional parcels were paid on March 16, 2018. In regarding the customer not receiving return phone call as requested, loanDepot will address this matter internally.   [redacted] We apologize that Ms. [redacted] experience with loanDepot was anything less than satisfactory. Should the consumer wish to further discuss, they may reach out to (877)420-4526 Tell us why here...

We are committed to doing the right thing for our customers.  We understand that the customer has submitted a complaint regarding his concerns to the Revdex.com.  The customer called in on December 26, 2017, inquiring about making a payment for his January 2018 payment. ...

There was a communication breakdown on the part of our agent.  The agent inadvertently placed a stop on the ACH, and then told the customer to call in prior to December 29, 2017, and make a payment.  In order for the customer’s payment to effectively post, he needed to be instructed to make the payment first manually, and then call in to place a hold on the ACH draft.  The customer made his payment on the December 28, 2017, and it did not post to the account. The customer called in and inquired about the posting of the payment.  Additionally, in multiple calls, agents did not detect the stop on the account, in order to inform the customer correctly that the payment was not going to post.  The customer escalated the matter with a supervisor, and was advised how to correct the issue for next time.  The customer’s payment was successfully processed, however, backdating of the payment was not possible. However, we waived the fee for processing the payment with an agent. Due to the internal error, the customer was issued a reimbursement in the amount of $289.00, for the interest he calculated, in savings, for the 2017 year.  The customer confirmed receipt of the funds and was satisfied with the outcome.  We have addressed the matter internally with our agents to make sure that this does not happen going forward.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  When we applied for the mortgage loan application on 1/12/18, we reported our home value being 550,000-599,000, pending appraisal. The lender took it upon herself to round up and used the higher number. Please note, 550,000-599,000 does not give a LTV ratio of 75%. She then offered a credit, stating it was because we were returning customers; at no time did she say this was because of the LTV.  After the appraisal, the loan officer said the loan amount would need to be adjusted, but she did not state they were taking away the closing credit. We found out about this via an email from Mr. [redacted], telling us we needed to sign new disclosures. After being denied the closing credit, because there “was no margin” per the loan officer I sent a message to Loan Depot’s customer service which was not responded to. A pricing exception was requested, but was denied by executive management; not because they “could not” honor the original quote, but chose not to. Did they choose to take away the credit because holding the loan open while we exploring other options? I was told holding the loan open was “costing them money,” by Mr. [redacted]. They made this money up by revoking the closing credit we were originally quoted. The reason I said the loan was closed was due to three loans on our customer portal; the current loan we held and two loans pending for refi. The two pending loans had two distinct loan numbers and two distinct amounts (450,000 and 400,000).  By opening a new loan, they avoided the 3 day period where the closing disclosure could be adjusted. Any adjusts should have been made by January 30, 2018.  We were well outside that window. We did choose to move forward, as we needed to sign a mortgage. I did not want to start over the application process with another company, but I do want Loan Depot to honor the original quoted pricing. Regards, [redacted]

The customer applied for the loan on 1/11/2018. In the initial sales call with the lending officer, the customer was asked what she felt her home was worth in today’s market. The customer responded with a range of 550K to 665K. The loan officer asks the customer to make an estimate as she (the loan officer) is not an appraiser. The customer responded with a conservative value of 599,000.00. The loan officer then tells the customer that she will round it up to 600,000.00. The appraisal was done on 1/23/2018 and received by loanDepot on 1/25/2018. On 1/26/2018, the customer spoke with the loan processor regarding the appraised value of 500,000.00. During that conversation, the loan processor explained to the customer in detail that there was a pricing change (loss of the .25% credit) due to the loan to value increase from 75% to 80%. There was no “new loan” opened. The original loan application, loan number, and rate lock continued throughout the entire process leading up to the closing and funding of the loan.

As of March 8, 2018 the mortgage account is in good standing and the partial payments have been applied to the mortgage loan account accurately.  Servicing has confirmed that the late payments were waived.  As of March 19, 2018a request was submitted to the credit bureaus to remove the...

negative credit reporting, the customer will be sent a written notification once the process is complete.  As of March 21, 2018 the Servicing department confirmed the Mortgage Payment for March has not been paid.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[redacted]
Regards,
[redacted] The comsumer normally accepts being turned down hat isn’t the ptoblem they wetfrom it having the title in my name o having late payment when is a late payment a automatic reason for denial I sure that new all this before I wil never go alone with being [redacted]  thank y

San Diego Revdex.com Complaint #: [redacted]   Borrower Name: [redacted]                                 Complaint Date:...

 2/10/2018          Borrower’s Complaint Filed with the Revdex.com:   We are in the process of refinancing our hoome loan. We have multiple bids and we decided yo lock in an interest rate through loan depot. We had not signed any papers locking us in with them. They pproceeded to take the agree 10.00 from our account and then, without our authorization, took an additional 425.00 for an appraisal of our home. We knew if we went with them we would have to come up with this money, but they did not get authorization. I may file a legal claim, but at the very least, this is bad practice. Not okayo g it with us caused us to bounce many bills. We would have never authorized this be for the 15th.   Borrower’s Desired Resolution:   I want the appraisal fee credited back to my account and I want the overdraft fees paid by this company or I am goiing to look into legal recourse.    loanDepot Findings and Response:   We understand that the satisfaction of our customer is essential to maintaining a successful business. Our core values compel us to do the right thing for our customers. loanDepot is a company that takes pride in the integrity of our processes. Your concerns are valid to us, and we want to thank you for the opportunity to address them.   loanDepot received a lead source on January 25, 2018 for Mr. [redacted] primary residence at [redacted]. As such, loanDepot reached out to Mr. [redacted] on January 29, 2018 to discuss loan options. Mr. [redacted] expressed interest on a Conforming Fixed 30 year loan.   Mr. [redacted] was charged $10.00 fee for purpose of credit report and executed the Appraisal Deposit Agreement on February 08, 2018 authorizing loanDepot to charge $425 for the Appraisal Deposit.   We have issued a reimbursement of the appraisal deposit for the amount $425 due to services not rendered, after the customer decide not proceed with loan application. If the customers have any further questions or concerns, please feel free to contact me directly at (949) 595-7115.

We appreciate the opportunity to respond to our customers concerns. Our customer’s APR never changed from the agreed 5.375%.  It is recorded that our customer agreed to that percentage, and before this complaint to the Revdex.com, customer did not mention what she feels is a discrepancy with the...

APR.  The loan estimate and lock rate disclosure, show the percentage of 5.375% as agreed by the customer. We do have an executed Appraisal Deposit Agreement.  This document advises about the amount of the deposit, and that by executing this document, the customer consents to the appraisal deposit being debited from the card number they provided.   Our customer mentioned that she was already working with another lender, and decided to cancel the loan.  The Licensed Lending Officer did submit the cancellation, however, his request was inadvertently processed the business day after. Refunds take approximately 3 business days from cancellation to process.  We refunded the customer the appraisal deposit refund of $495.00.  As a gesture of good faith, and for the customer inconvenience, we also refunded the $10.00 credit bureau fee.  We did not hang up on the customer, and she was promptly called back the same day, as well as emailed that we were going to call her.  After a verbal conversation on the phone with the customer to advise of the refunds, customer indicated she was satisfied with the refunds we provided her.  She was asked if there were any other issues to address to which she responded no.  We respectfully deny the customer’s request for compensation, beyond the appraisal deposit and credit bureau fees we have refunded her already. We consider this matter resolved.

We appreciate the opportunity to address the concerns that the customer has provided to the Revdex.com in their complaint.  We are committed to working with complete transparency in all our functions, and are glad for the opportunity to provide clarity.  Customers are...

prequalified based on the verbal information they provide. If the customer does not disclose certain information that could adversely affect the loan, we will not be notified until we get the necessary documents.   Nor are we aware of the correct appraised value or how the title reads, at the initial call with the licensed lending officer.  After the value is completed by a licensed appraiser, and the title report is provided to us, then we are able to discover any issues that could arise with the loan.  In addition, late payments that are not provided by current lenders, to the credit bureaus, may not be determined until we get mortgage statements to validate any late payments, which may be detrimental to the loan.  The appraisal was completed with the executed consent from the borrower.  The borrower executed the Appraisal Deposit Agreement, which states the reasons in which a refund of the deposit, would be applicable.  Services were rendered and the funds in their entirety were used to pay the appraiser.  The customer received a copy of the invoice, and a copy of the appraisal report.  We respectfully deny the request for a refund of the appraisal deposit.  The customer was notified of this decision is a robust explanation of the reasons.

We appreciate the opportunity to respond to the concerns of our customers in this complaint.  Our customers are provided an initial estimate of the loan processing timeline.  Depending on the customer’s responsiveness, it can be a very smooth and timely process.  We are heavily...

dependent on the customer for a bulk of the documents needed, as we do not have access to obtain them ourselves.  We communicate with the customers to advise them on the documents that are needed.  Often, we do work with customers that are on unique schedules.  We make an effort to work with the schedules and their preference for contact.  Our customer worked a second shift, and was not able to communicate by telephone or email during her work time.  This made the process very challenging. We had many delays in waiting for the documents from the customer to continue the process.  During the process we had some rescheduling of staff assignments in order to make sure the customer had zero impact to the processing schedule. We got final approval, however, due to the difficulty in contacting the customer, we were unable to go over the final Closing Disclosure, and final loan terms. The rate lock expired. The customer executed the rate lock agreement and was aware of the dates of expiration.  Rate locks can be extended, however, there are costs involved, and no pricing exceptions were approved.  We work as a team with our sales and processing teams.  If a customer asks for a member of management, it may be a sales or processing manager.  They are all familiar with the loan, and are capable of assisting customers.  Attempts were made to contact the customer during business hours.  We understand that the customers work schedule presents many challenges for the customer to contact us, however, we are subject to business hour confines, and did our best to work with our customer.  We have reviewed the customer’s request for a refund of the appraisal deposit.  The services were rendered, and the funds in their entirety were used.  The customer received a copy of the appraisal. The customer executed an Appraisal Deposit Agreement, which specifically explains the reasons in which a refund would be applicable.  We respectfully deny the customer’s request for a refund as it is not warranted.

Hello,Please see attached response to complaint ID [redacted].Thank you,San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    7/30/2015Borrower’s Complaint Filed with the Revdex.com:Received an offer in the mail offering low interest rate on existing fha home...

loan. When I called they stated that itwas only for shorter term loans. My question at that point was how could the monthly payment be lower, which iswhat the mailing showed, if the loan was shorter. After the phone call they sent me an email with outrageous loanoffers with outrageous interest rates. I feel the whole advertisement is a fabrication to get you to call to offer loans,not even close to what the offer originally showed, false advertisement. I have scanned to email the originaldocument that came in the mail and copies of the emails following my phone call to the company.  Borrower’s Desired Resolution:That the business stops sending information out with false information on it, that they have no way ofhonoring.loanDepot’s Borrower Complaint Summary:1. Borrower claims that she received a notice for a refinance with false advertisement.2. Borrower claims she received an email with outrageous rates.  loanDepot Findings and Response:1. After a review of Ms. [redacted]’s loan application, the borrower was contacted regarding an FHABenefits Eligibility Notice preapproval.  The notice Ms. [redacted] received specified that she wasprequalified for a 3/1 ARM FHA Streamline refinance at a rate of 2.625 percent. Ms. [redacted] contactedloanDepot on July 13, 2015 regarding said notice. During her conversation with loanDepot Ms. [redacted]was informed by her assigned Licensed Senior Mortgage Banker that the interest rate within thenotice received was regarding and ARM loan product. The Senior Mortgage Banker further explainedthat the lower rates were specifically for the variable loan products offered at loanDepot. Afterreviewing Ms. [redacted]’s credit bureau information and discussing the possible options and loanproducts available Ms. [redacted] and the Senior Mortgage Banker agreed that an FHA loan productwould not be beneficial. At that time, the Senior Mortgage banker recommended looking intooptions available for a Conventional loan product, in which Ms. [redacted] agreed. After reviewing thepossible options for a Conventional loan product Ms. [redacted] and her Senior Mortgage Banker agreedthis option would not be beneficial for her financial situation.  Furthermore, after concluding that a Conventional loan product would not be beneficial, the SeniorMortgage Banker stated that she qualified for another product that loanDepot offered to possiblyassist with her financial situation. Ms. [redacted] stated that she was not at home and requested if shewould be able to contact the Senior Mortgage Banker at a later time to discuss the other productavailable. The Senior Mortgage Banker advised the borrower that he would email the information toMs. [redacted] for her review. No further communication was made with loanDepot after theseconversations.  2. The additional information emailed to Ms. [redacted] regarding the product available to assist with herfinancial situation referred to the personal loan options available to her specific needs. Our personalloan process begins with performing a soft credit inquiry to generate customized offers for eachapplicant. The soft credit inquiry does not impact the customer’s credit bureau scores. However, ifan offer is selected a hard credit inquiry is performed as a part of the underwriting process. Thishard credit inquiry will subsequently show as an ‘inquiry’ on the credit bureau reports. loanDepotdid not perform any further action in regards to the personal loan as Ms. [redacted] did not request tomove forward with the options provided.  3. In order to alleviate any frustration she may have, loanDepot has added Ms. [redacted]’s information toour Do Not Call and Do Not Solicit list to ensure she no longer receives any type of communications.    In conclusion, loanDepot sincerely apologizes that Ms. [redacted]’s experience with loanDepot was anythingless than satisfactory. We regret that we were unable to assist Ms. [redacted] with her goal of financialfreedom.Should Ms. [redacted] have any additional questions or concerns, she may contact the Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist her Monday throughFriday from 8am to 5pm, PST

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

On March 12, 2018, loanDepot reached out to Mr. [redacted] based off an online inquiry from Bills.com. Mr. [redacted] spoke briefly with a Licensed Lending Officer about mortgage options. Mr. [redacted] received the TILA-RESPA Integrated Disclosures (TRID) dated March 14, 2018. It is mandated by the Consumer...

Financial Protection Bureau as part of the Dodd- Frank Act that these disclosures are sent out to consumers when information, such as property address, estimated value, customer name, social security number, and income is given to the lender. The TRID Package is required to be sent to the consumer 3 days after the initial phone application takes place. If it is determined at the end of the phone application that there is no benefit to the consumer, the TRID Package will still generate as an application was taken. The TRID Package contains information such as interest rates, monthly payments and the cost to do the loan if the consumer chooses to proceed. Mr. [redacted] requested that we remove all information he provided to our Licensed Lending Officer from our database, however loanDepot holds all consumer information for up to seven (7) years for audit purposes. Mr. [redacted]’s information will not be released from loanDepot, with only certain employees able to gain access into the loan file for legal and compliance purposes. The file will remain inactive, and the loan team originally assigned to the file no longer has access. If Mr. [redacted] has any additional comments, questions, or concerns, he is welcome to reach out to loanDepot’s Customer Care Team at 888-337-6888 ext. 6789. Customer Care is available Monday – Friday from 7AM-7PM PST.

I am happy with that resolution. but I just found out another problem on 10/8/2015 that my home owners insurance was cancelled. my insurance agent said it was because home depot had bought my loan from [redacted] and the insurance was cancelled. now how did loan depot buy my loan from [redacted] and then say I can't get loan until I do repairs.  I had a insurance claim with my insurance company at that time and if has been closed because my insurance was cancelled then we will have another big problem.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

We are thankful for the opportunity to respond to our customer’s concerns. There are many aspects of the loan transaction. The process can be a complex, involving many factors important to completing the review for a decision.  At the initial intake of information from the customer, our staff...

is working behind the scenes to compile the necessary documents and conditions to move the process forward. The appraisal evaluation is required to validate the value of the property securing the mortgage. An appraisal inspection is scheduled soon after the initial conversation. We cannot proceed with the loan until the subject property has been inspected. The customer signed the Appraisal Deposit Agreement which explains the refund policy. The appraisal deposit, in its entirety, is paid to the appraisal management company.After the appraisal was conducted, the information that our customer provided was validated. However, more documentation was required at different times throughout the loan process. Upon receipt of these documents, additional information was revealed that needed to be verified and, as such, additional conditions to meet investor guidelines were needed.As we continued the loan review, the title company searched county records and compiled a report that shows ownership details for the subject property. The report showed an existing UCC lien for about $7000. This was an obstacle to getting the loan approved. The customer would have to pay off the lien to move forward with the loan. We have checked our records and we were unable to locate any exchanges where our customer is describing the lien with our staff.The customer expressed how they felt that there was a lack of communication. A review of our email and telephone communication records revealed updates were consistent and timely. We regret that the customer felt the service they received was not to their satisfaction. We do our best to make the process as smooth as possible for all our customers.Based on the foregoing information, we respectfully deny the refund request, as services were rendered and no oversight could be found on our part. We are grateful for an opportunity to respond to this complaint. If additional information is needed, please contact our Customer Care Team by phone at ###-###-####, Ext. 6789, Monday to Friday, 8:00AM to 5:00PM Pacific Time.We appreciate the opportunity to respond to the customer’s concerns.

loanDepot Findings and Response   The loan application took place on January 20, 2016. However, loanDepot did not receive the borrower’s intent to proceed until February 15, 2016. At this time, the loan was submitted to the Processing and Underwriting department.   On February 17, 2016,...

loanDepot received the Appraisal report with an appraised value of $385,000. The appraised value came in $46,000 lower causing the loan-to-value (LTV) ratio to increase over 80%, thus requiring for the loan to go through restructure. The loan came out of restructure on March 3, 2016 as the borrower agreed to bring in funds at closing. The loan was then re-submitted back to Underwriting for review.   On March 29, 2016, the Underwriter conditioned for the borrower’s K-1s for 2013 and 2014 for the 4 businesses listed on the Schedule E in order to use the business income to qualify. Underwriting also conditioned for the 2013 and 2014 tax returns if the borrower owned 25% of the business.   When these documents were requested from the borrower, it was determined that their CPA did not file for their business tax returns. In addition, the borrower sold the business loanDepot was originally using the income from in order to qualify. The borrower then provided the lease agreement. However since the business was sold and loanDepot was not informed, loanDepot was unable to utilize it for qualifying purposes.   Furthermore, the borrower executed the Appraisal Deposit Agreement on February 3, 2016 where the borrower acknowledged the following:   REFUNDABILITY: The Appraisal Deposit is refundable in certain circumstances    If no Appraisal Services have been completed on your property and you subsequently withdraw your application or your application is declined, your Appraisal Deposit will be refunded in full.     If Appraisal Services have been completed on your property and you subsequently withdraw your application or your application is declined you will be refunded the difference between the Appraisal Deposit and the amount of the value of the Appraisal Services performed. If your application is declined, even if the appraised value is not what you expected, you will only be refunded the difference between the Appraisal Deposit and the amount of the value of the Appraisal Services performed.   loanDepot did not profit from this loan application as we incurred expenses and losses on the borrower’s behalf that exceeded the $390 amount. We ordered an appraisal report, title reports, and were subject to additional costs on other services rendered. However, as a gesture of good faith to the borrower, loanDepot will issue a refund in the amount of $390.   loanDepot attempted to contact Mr. and Mrs. [redacted]  directly to address the concerns specified in the complaint, but was not successful. As stated above, without the business income, the debt to income ratio exceeded the maximum ratio for qualification purposes which in turn led to the delay and causing the loan to decline.   Tell us why here...

loanDepot sincerely regrets that you feel that there were
communication issues between the borrower and loanDepot in regards to the
refund of the appraisal deposit. Although the appraisal deposit is
non-refundable if an appraisal has been completed on the property, which was
completed on January...

25, 2016, the appraisal deposit of $390 has been refunded
back to the borrower’s [redacted] credit card ending in 5682 on February 24, 2016 as
a gesture of good faith. The transaction ID number is [redacted].
In regards to loanDepot pulling credit 3 times for this
borrower, loanDepot had to re-pull credit and do a rapid rescore to verify if
the disputes that were on the borrower’s credit were removed. In order to
proceed with the loan, the disputes had to be removed. Furthermore, the
borrower executed the Credit Inquiry Explanation letter on January 20, 2016
where she acknowledged the following:
“During the loan
application process, we continually monitor your credit activity and will
request an updated credit profile and/or pull a new credit report prior to
closing.”
In conclusion, loanDepot apologizes that the borrower’s
experience has been anything less than satisfactory. The borrower’s appraisal
deposit in the amount of $390 was refunded back to her on February 24, 2016.
Furthermore, loanDepot had to re-pull credit to verify the disputes that were
showing on the borrower’s credit have been removed in order to proceed.