LoanDepot

We are appreciative of the opportunity to address our customer’s concerns.  When a check by phone payment is processed, there is a computer-generated letter that goes out advising the customer about a $5.00 fee. This letter is generated regardless if the fee has been waived.  We have...

verified that the $5.00 check by phone fee, was never accessed to the customer’s account.  The Servicing department called the customer, and advised them that due to their forbearance plan, the fees was waived. We also reiterated to the customer, that the letter sent is a form letter sent to all customers, when a check by phone is completed. We have no record of the multiple calls, and emails the customer said they sent.  The customer was advised about the fee waiver on 12/12/2017, and 1/10/2018, when he was told again the fee was waived.

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.
Regards,
[redacted]
Loan Depot has had my credit report since the first day of this transaction.  Why was this not 'noticed' at that time instead of two months later.  I have also spoken to [redacted] and they have said that I was never more than 30 days late for my mortgage payments.

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.
[Provide details of why you are not satisfied with this resolution. Please respond in this space ONLY]
Regards,
[redacted]
Absolutely criminal that Loan Depot can use the excuse to state they needed to pay for Appraisal and forget about my time spent, I really hope Revdex.com take note - I cannot believe I am the only one this has happened to. Obviously we are dealing with very LOW people on the food chain - President of Loan Depot should be made aware of their incompitant people that he or she has working for them and just want to cover their as when wrong. Thank you Revdex.com for your help - PLEASE watch this Company. [redacted]

Well, just as I stated earlier, escrow and how that would play into the "bottom line" was never discussed over the phone with me.  All I can tell you is that once the loan papers were received by me I went directly to the page with all the figures.  Absolutely nothing was as I was told on the phone.  And most definitely was there ANY out of pocket expenses mentioned other than the apprasial fee, which was to be $395.  Actually, that is the only fee that matched what I was told on the phone.   As I mentioned earlier I just received a new packet from loan depot saying the loan was denied because they had insufficient credit info.  That is simply not true and the first packet with all the loan paperwork included the credit info I had provided.  The loan was stopped because I STOPPED IT.  This company has numerous complaints and it is easy to see why.  I will be satisfied when I receive a written formal apology and a guarantee that I will never be contacted by them again.

Please see the attached Letter of Explanation and supporting documentation regarding this complaint.Thank You. San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

4/17/2015  Borrower’s Complaint Filed with the Revdex.com:  I starte...⇄ Borrower claims that there were communications issues between him and ...⇄ Borrower claims that he was never informed that he was going to be ...⇄ Borrower is requesting for a refund of $395.   loanDepot Findings an...⇄ loanDepot sincerely apologizes if the borrower felt that there was mis...⇄ Mr. [redacted] was charged $395 for the purpose of an appraisal depos...⇄

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

                                        ...⇄ [redacted] Complaint Date:                               June 21, 2017   Borrower’s Complaint Filed with the Revdex.com:   I sent in money monthly, early, to make my mortgage payments ahead of time. I started sending the payments, 1/2 every two weeks for 2 months before they notified me that I could not do that. I have gone back to paying the full monthly payments and have tried to get some of the money back that I overpaid to them and I keep being told something different every time. I have asked for an audit of my account so that they can see that I have paid in $510 more than I owed which I am not being credited for. I have called weekly for 2 months and cannot get this straightened up. There is no help there to turn to and their accounting is terrible. The sent me a check which I deposited and then they refused to pay on the check they sent me. This cost me overdraft fees and charges. They recently drew money out of my account and sent me a letter dated the same day they drew it out and they did not have my "verbal permission" as the letter stated. I need help and can't get it and I don't want to give them another dime until this is straightened out.   Borrower’s Desired Resolution:   I want the money that Loan Depot just drew out of my account returned to me, I want them to refund any and all late fees and bank fees I was charged and add the $510 of my money that they still owe me to the June payment as promised by their manager.   loanDepot Findings and Response   We are currently reviewing the customer’s account and working to find a resolution.   If Ms. [redacted] has any further questions or concerns, she may contact our Customer Care Analyst, [redacted], at [redacted] ext. [redacted]. Tell us why here...

loanDepot regrets if Mr. [redacted]’ experience with loanDepot was anything less than satisfactory. As with every customer of loanDepot, we do our best to be as accurate with the information gathered and the disbursement of funds. After a thorough investigation, our servicing department found the...

insurance payment made at funding did not pay the entire policy.   An additional amount of $1119.68 was due and payable to keep the policy in good standing.   At the close of escrow, December 27, 2016, loanDepot received an invoice from Allstate Insurance of $141.14 to pay the balance of the policy premium from October 2, 2016 to October 2, 2017.   A check was mailed from title in the amount of $141.14 to Allstate Insurance Company, Lender Relations, PO Box 660649, Dallas TX, 75266.   On March 7, 2017, the customer contacted our servicing department stating an invoice needed to be paid for his homeowners insurance.   It was then, our servicing department found the customer was on a monthly installment plan and the invoice received by loanDepot was for one month not payment in full for the entire $1675.70 policy.  Servicing disbursed a payment on March 9, 2017 for $1,119.62 for payment in full on his current policy to October 2, 2017.   The current escrow account is now short by $1119.66 and can be replenished in full to avoid increased monthly payments or the customer may make arrangements to pay the balance over a 12 to 24 month time frame. loanDepot apologizes for Mr. [redacted] experience with our servicing department.  If he has any further questions or concerns, he may contact loanDepot’s Customer Care Department at ###-###-####. Representatives are available to assist Monday through Friday from 8am to 5pm, PST.

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: January 03, 2017Borrower’s Complaint Filed with the Revdex.com:At no time was I told to make any payments..... In fact....I was told " there is no need to make thepayments because the creditors will receive payment before it is due"Borrower’s Desired Resolution:loanDepot Findings and ResponseWe 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 takespride in the integrity of our processes.As stated on the previous response on December 30, 2016, there is no evidence supporting thecustomer’s allegation regarding not to continue making monthly payments. It’s is the responsibility ofthe customer to continue making their monthly payments until the account has been paid in full. Alsoour Sr. Account Manager, [redacted], communicated to the customer, that all creditors would receive alive check through United State Postal Services and to continue making the monthly payments.In conclusion, loanDepot sincerely apologizes that Mr. [redacted]’s experience with loanDepot wasanything less than satisfactory.

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.
RE: OMB #[redacted]I would like to point out to Mr [redacted] the attorney representing Loan Depot that his generic answer to my complaint covers a scenario where a property is refused a loan on the basis the real property did not appraise which is not the case in my complaint. My complaint is different because of the fact that after Loan Depot approved my loan they demanded I cancel four of my five credit cards and that I increase my hazard insurance policy coverage as the only conditions for them to draw up loan closing documents. After demanding these credit card cancellations that negatively affected my FICO credit score as well as costing me additional money Loan Depot actively followed up demanding written proof from the credit card companies that I had cancelled these credit cards. This was all done after my loan was approved by Loan Depot's real estate broker/mortgage loan underwriter. After completion of all that was asked of me and with assurances I had a loan that would be funded within a short time I proceeded with improvement plans including ordering kitchen appliances and scheduling carpet and vinyl flooring installation dates. I wish to express that shortly after these demands which included cancelling credit cards that could not be reopened were met Loan Depot began a protracted five weeks plus stone walling of my repeated requests for information on a closing date all the while not giving me any reason for their delay. After this unexplained holdup their loan processor told me they were not going to make the loan that had been previously approved. The loan processor in fact stated she was amazed because all she was waiting for were the loan documents package so that we could close. This is why I am making a complaint, the loan was approved by Loan Depot's licensed real estate broker/underwriter then after I cancelled the four credit cards the underwriter demanded I cancel in order to fund my then approved loan Loan Depot damaged me by canceling my real estate loan approval. This cancellation caused me to be damaged on several levels including my FICO score being negatively affected because the lender required me to cancel credit cards as the only condition of final loan approval. In addition Loan Depot required me to rewrite at additional cost my hazard insurance policy with additional conditions and coverage.The resolution to my complaint is simple, I am requesting Loan Depot fund the approved loan which they have a fiduciary obligation to close after their real estate broker/ loan underwriter approved it.Sincerely,[redacted]
Regards,
[redacted]

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

Complaint Date:                               12/27/2016 loanDepot File:                                [redacted]   Borrower’s Complaint Filed with the Revdex.com: This complaint is towards Loan Depot for the negligence and apathy towards me during the loan process. This problem spans six months. Over and over again they told me the loan was going through, over and over again their procrastination cost me the loan. They approved me in June and I provided everything needed. I was completely upfront about the use and condition of the house. After a problem with the inspector hired everything was to close mid Aug when they returned saying the house wasnt occupied. I had clearly stated that at the start. said it had to be a second home. During this time I bought a house to fix and flip They re did the loan and ran my credit. End of august denied because of my corporations standing with the state. Didnt know why that matter since this was a personal loan, but I corrected the problem that day. Mid Sept nothing, just a response of soon. Mid Oct they ask for my 2015 returns because I had extended. I provided immediately but because of difference in income they denied the loan. If they had done their job in July august and sept that should have been an issue. Reorganize the loan, run my credit again. They say a couple weeks. Mid November get a call from [redacted] saying my loan was denied due to negligence on my first officers mistake ([redacted]) for not certifying the loan. I say this needs to happen, what has to happen. [redacted] then says "Oh I guess we can do it" 2 weeks Then they ask about the house I have for sale. I explain it. They say 12/9 for close. 12/9 comes and goes without a word from them. I have to reach out. I hear from [redacted], Just a couple more days. Couple days later I am denied for fraud for having another house. Loan Depot strung me along. They constantly asked for information provided, constantly delayed to cause more issues and 4 times denied my loan, 3 of the times reversing. I own both house outright, 1 is on the market. There's no fraud. I was forced to take on a high interest loan. Complaint Background: Product/Service: Refinance loan Purchase Date: 6/15/2016 Problem Occurred: 7/21/2016 Borrower’s Desired Resolution:   I would like the $500 spent on the inspector back in July. I also feel entitled to 1500 a month for the time they wasted and the bind they put me in because of false promises. $9000. They're lack of due diligence should not be my emergency but it seems to be. I am completely at a loss for their lack of empathy and the fact that they cannot see that they have a responsibility to not take on someone as a customer if they can't provide in a timely matter. If this loan had gone through when it was promised, I would have not had the other house and I would not have the high interest loan, I would not have had to submit the new tax return, and I would not have had to have my credit run 4 times. All of which have knocked my credit to the point where I cant get a refi now. LoanDepot Response:   loanDepot began the loan process for Mr. [redacted] on June 23, 2016 for their property located at [redacted]. loanDepot evaluates the customer’s needs and determines if they have a loan product that benefits the customer.  loanDepot conducts an extensive screening process on the phone with the customer to collect data and find a loan program that will fit the customer’s needs.    At the time of origination, the customer was offered a conventional rate and term loan, at 3.75% which was locked in for 45 days as a primary residence. During the process of the loan, loanDepot discovered that, Mr. [redacted] purchased the at [redacted] which recorded on 8/1/2016. As such, loanDepot restructured the loan as a second home per the customers’ request with the same 3.75% rate.  After further review, there was not enough substantial evidence to support the property as their second home.  Due to this, the loan was restructured as an investment property with a rate of 4.5%. Regretfully, the loan was declined on December 21, 2016, as the customer no longer qualified.   loanDepot did not profit from this loan application as we incurred expenses and losses on the borrower’s behalf that exceeded the $425 amount. We ordered an appraisal report, title reports, and were subject to additional costs on other services rendered.  We respectfully decline Mr. [redacted] compensation of that $425.   Furthermore, the customer executed the Appraisal Deposit Agreement on June 23, 2016 where the customer 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 strives to complete all business in a timely and efficient manner.  It was unfortunate we were not able to complete the refinance for the customer.  loanDepot does is not obligated to compensate the customer for the length of time the loan was in process.  We respectfully decline Mr. [redacted]’s compensation of $9,000.   The customer signed the Authorization to Release Information on June 23, 2016.  The customers’ signed document gives the lender blanket authorization to request the information needed to obtain the customer’s creditworthiness.   Authorizing the lender to order a consumer credit report and verify other credit information, including past and present mortgage information and landlord references.  loanDepot reserves the right to run credit throughout the loan process.     loanDepot apologizes for Mr. [redacted]’s experience and regret that we were unable to assist him with his financial needs. If he has any further questions or concerns, he may contact loanDepot’s Customer Care Department at ###-###-####. Representatives are available to assist Monday through Friday from 8am to 5pm, PST. Tell us why here...

loanDepot Initial Response:We are thankful for the opportunity to address the concerns noted in the complaint from our customer.  We have performed a review of the loan process for this customer. On 12/12/16, an email was sent to the customer to inform her that we received final approval from...

the Underwriter. The mobile notary was scheduled for 12/15/16. This signing was to occur during the hours of 8am-8pm. On 12/13/16, we informed the customer that the Notary signing was rescheduled for 12/16/17.On the prior day, an email communication was sent to the customer. The email was to notify the customer that the notary would arrive at her home to complete the closing. The notary’s contact information was provided. The customer concerns have been escalated to our Vendor Management Team. Any notary scheduling conflict will be addressed internally with the Notary Service Company.  We understand that the borrower had reservations about the new loan program offered. The loan program initially offered was based on information received verbally. Documentation must be sent to validate the stated information. After receiving the documentation and appraisal report, we were required to make necessary changes in the loan program to satisfy investor guidelines. Many factors contribute to determine loan programs. Credit worthiness is one of the main factors.  Additional qualifiers include property type, and how the home was built. The property type that secured this loan was an investment property. The appraised value of the home came in lower than originally estimated. For these reasons, the loan program terms changed. The LTV was changed to 80%, and PMI was a requirement. This outcome made it necessary to impound for escrows. According to the call recording on 12/15/16, the Sales Manager explained the reasons for the changes, and wanted to ensure that the customer was on board, and did not feel misled. The borrower said she would go forward with the new loan program offered, and stated that she can write-off PMI as a business expense.On 12/19/16, the processing manager communicated to the customer the options to remove PMI. The borrower was informed that the LTV needed to be 80% or less to have PMI removed. This could be done as a principal reduction, with the loan servicing payment department, after the loan funded. The borrower inquired about paying down the LTV at closing, and it was advised that the loan documents would need to be redone. In addition, the file would have to go through the Underwriting review process again. loanDepot must adhere to all guidelines set forth by the government and investors of the loan. It is industry standard that a file must go through the audit process when a customer requests to make changes to the loan. All feedback that we receive from our customers is used as a training opportunity to enhance our customer’s experience. In regards to the breakdown in communication by the management team, this matter is taken very seriously, we have taken the necessary steps to further our investigation and will address internally.If additional information is needed, contact our CEO Customer Care Team at (888) 337-6888, Ext. [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.

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

Date:                               11/3/2015
Borrower’s Complaint Filed
with the Revdex.com:
On 8/8/15 a Loan Depot Representative contacted me
regarding refinancing my home. I initially declined, but after some discussion,
I agreed to the refinance because I was told that my home would be sure to make
appraisal. I was charged $395.00 to have my home appraised. The appraisal came
back a couple thousand dollars less than what was needed for the refinance
package I had been quoted. The appraisal report had errors and Loan Depot
refused to correct them, instead they offered another refinance package which
carried a higher interest rate and higher fees. I attempted to dispute this
with Loan Depot and asked that they review the recorded conversations between
the lender and I, but they never returned my calls. I disputed the amount with
my credit card, but they told me that the fee was "non-returnable."
In the end, I am out $395 because I refused their higher rate packages which
were offered to me after the appraisal. I believe Loan Depot pulled the classic
"bait and switch" scheme to lure me into a more complicated loan. I
am seeking to be reimbursed the $395.
Borrower’s Desired Resolution:
I want to be
reimbursed the $395.00 appraisal fee. 
loanDepot’s Borrower Complaint Summary:
1.       Ms. [redacted] states that she agreed to refinance
because she was assured that her property would make the required appraised
value.  However, when the appraisal
report came in, the value came back lower than expected. The borrower states
that there were errors on the appraisal report, and loanDepot refused to
correct the errors.
2.       Ms. [redacted] states that loanDepot offered her
another refinance package which carried a higher interest rate and higher fees.
3.       Ms. [redacted] states that there were communication issues
between her and loanDepot.
4.       Ms. [redacted] is requesting a refund of $395 as she
claims she was a victim of “bait and switch.”
loanDepot Findings and
Response:
1.       After a review of loanDepot’s systems, there
appears to be no viable evidence to support the borrower’s claim in that
loanDepot assured her that the property would make the required appraised value
to do the loan. loanDepot has no control over the appraisal process and cannot
choose which appraiser to conduct the inspection. The appraisal process and
inspection must be done independently as to ensure there is no bias or
predetermined value or agenda. The impartial local/certified appraiser
(valuation expert) completes the appraisal based on the most similar and best
data available in the market. loanDepot has no reason to believe that an
appraisal completed by an unbiased, impartial local, licensed expert is
incorrect. If the borrower feels that there were errors on the appraisal
report, she has the right to dispute the value of the appraisal, and she can
initiate the process with her loan originations team.
2.       Ms. [redacted] came to loanDepot on August 5, 2015.
A program was identified, and her loan was locked into a Conforming Fixed 20
year loan on this same day. At the time of application, it was agreed upon
between the borrower and her Licensed Lending Officer that the appraised value
of her property was $248,000 with a loan-to-value ratio (LTV) of 84.879%. With
this estimated value of her property, loanDepot would be able to do the loan
for Ms. [redacted] that contained the initial terms and pricing quoted to Ms.
[redacted] at the time of application. However, when loanDepot received the
appraisal report on August 18, 2015, which was completed by an impartial
local/certified appraiser that loanDepot has no control over the appraisal
process as stated above, the value of Ms. [redacted]’s home came back at $211,000.
This caused her overall LTV to increase in where she no longer qualified for
the initial program and terms offered to her.
In attempt to still help Ms. [redacted] financially,
loanDepot informed her that a new program was identified with taking into
account the $211,000 appraised value. The program did contain a higher rate and
increased fees than what was initially quoted at the time of application; however,
this was because this new loan program was based off the actual appraised value
of $211,000. She expressed that she did not want to move forward with the new
loan program offered to her, and as such, loanDepot respectfully declined her
file on August 25, 2015 due to low property value.  
3.       loanDepot sincerely apologizes to Ms. [redacted] in
regards to the communication issues between her and loanDepot staff. This will
be researched and addressed internally with management.
4.       loanDepot regrets that the borrower feels as she
was a victim of “bait and switch,” but no evidence was found to support this
claim. Ms. [redacted] was charged $395 for the purpose of an appraisal deposit collected
by credit card. Prior to collecting this fee, loanDepot evaluates the customer’s
needs and determines if they have a loan product that will help the customer.
The company conducts an extensive screening process on the phone with the
customer to collect data and find the property program that will fit the
customer’s needs. loanDepot then emails the customer information about moving
forward with the loan.
The borrower executed the Appraisal Deposit
Agreement on August 6, 2015 where it was acknowledged:
“The Appraisal Deposit of $395.00 is
non-refundable if an appraisal has been completed on the subject property. If
an appraisal has been completed on the subject property and you cancel your
application, you will not receive a refund of this appraisal deposit. If your
application is declined, even if the appraised value is not what you expected,
and an appraisal has been completed, you will not receive a refund of this
appraisal deposit.”
Because the appraisal was completed
and the Appraisal Deposit Agreement was executed, a refund of that $395 is not
warranted. By signing and returning said agreement, the borrower acknowledged
that she read, fully understood and agreed to the terms and conditions set
thereof. The appraisal alone totaled $425 in where loanDepot had to cover the
remaining balance.      
   
In conclusion, loanDepot apologizes that Ms.
[redacted]’s experience with loanDepot was anything less than satisfactory. The
appraised value of the property came back lower than expected, thus increasing
the over LTV of the property, which in turn caused the pricing of the loan to
change. The borrower has the best understanding of what the property is worth,
and at the time of application, it was estimated that the value of the property
was $248,000. However, the actual value came back at $211,000. We attempted to
still help Ms. [redacted] with another loan program, but she decided she did not
want to move forward with the new loan program. As such, the loan had to be
respectfully declined because Ms. [redacted] no longer qualified for the initial
terms presented to her at the time of application. In regards to that $395
refund, it is not warranted due to the appraisal being completed and the
borrower executing the Appraisal Deposit Agreement. loanDepot did not profit
from this loan application as we incurred expenses and losses on the borrower’s
behalf that exceeded the $395 amount. We ordered an appraisal report, ran
credit reports, title reports, and were subject to additional costs on other
services rendered.

loanDepot is committed to working with the highest level of integrity and transparency. Our goal is always to surpass the level of expectation of service for our customers. We have conducted a review of the circumstances of the complaint, and we are grateful for the time to clarify any...

misunderstanding.In an effort to assist homeowners with mortgage refinance options, loanDepot periodically contacts consumers using telephone numbers and mailing addresses we receive through website referrals. Consumer contact information is obtained through public sources or voluntary information entered using a lead aggregator.Oftentimes, consumers are unaware of the process when entering personal information into an aggregator website, to obtain quotes for refinancing. Most mortgage lead aggregators disperse information to various lenders to contact the consumer and offer their services. At loanDepot, we do take pride in upholding the laws governing solicitation and marketing practices. We will conduct an internal investigation and address any excessive calls that are discovered.We have taken the necessary steps to cease the calls to the customer. loanDepot sincerely regrets any inconvenience the customer may have encountered. We have added the customer’s contact information to our Do Not Solicit registry to prevent future marketing efforts.loanDepot takes all customer concerns seriously and we utilize feedback as an opportunity to enhance the experience for our customers. We hope that this one time unfortunate experience does not hinder the customer from reaching out to us in the future for financial assistance.If additional information is needed, our Customer Care Team can be reached directly at (888) 337-6888, ext. [redacted].

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Rebuttal- Complaint Date: 9/28/2015Borrower’s Complaint Filed with the Revdex.com:When I submitted my complaint to the Revdex.com on July 17, 2015, I attached a chronicle of events thatoccurred between Loan Depot and I. The events enumerated in the attached describes the deception,misinformation, poorly trained staff and the lack of accountability displayed by Loan Depot staff. Theresponse from Loan Depot regarding my complaint is unsatisfactory and fails to address these issues. Irequest a thorough investigation into the practices of Loan Depot and a full refund of the appraisal fee.Borrower’s Desired Resolution:I'd like to be refunded for the appraisal fee.loanDepot’s Borrower Complaint Summary:1. Borrower is dissatisfied with loanDepot’s initial response and has submitted a rebuttal. They arerequesting a refund of the appraisal fee deposit.loanDepot Findings and Response:1. loanDepot apologizes for the dissatisfaction in service received and the communication issuesbetween him and loanDepot. This will be researched and addressed internally.2. loanDepot collected $395 from Mr. [redacted] during the origination stage of the loan process forthe purpose of an appraisal fee. Said fee was collected on his visa card ending in 1578 on February20, 2015. Mr. [redacted] was fully aware and authorized loanDepot to collect said fee.Furthermore, Mr. [redacted] executed the Appraisal Fee Agreement on February 2, 2015 where heacknowledged:“The Appraisal Fee of $395.00 is non-refundable if an appraisal has been completed on the subjectproperty. If an appraisal has been completed on the subject property and you cancel yourapplication, you will not receive a refund of this appraisal fee.”An appraisal inspection on his property took place on February 21, 2015. The report was received byloanDepot on February 23, 2015 and a copy was immediately sent to him for his records.loanDepot attempted to assist Mr. [redacted] his loan request, but ultimately, the loan was declined dueto Delinquent Past or Present Credit Obligations. Mid-process [redacted]’s (co-borrower) Fico scoredeclined to 523. This negatively affected the loan approval. Based off of this and according to the termsexecuted on the attached Appraisal Fee Agreement, a refund of $395 is not warranted. loanDepot did not profit in any way on this transaction, as Mr. [redacted]’s appraisal cost was $425.Thiscost exceeded the amount of deposit collected. A copy of the appraisal report and invice is alsoenclosed.Unfortunately, loanDepot is unable to honor Mr. [redacted]’s request as our stance remains the same.He is not eligible for a refund of the appraisal fee.Should Mr. [redacted] have any additional questions or concerns, he 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 have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I have  not been told that the loan is closing yet. Until I hear  that I'm  not satisfied. 
Regards,
[redacted]

loanDeopt apologizes we were unable to accommodate a quick closing for the borrowers refinance.  loanDepot works hard to complete a loan refinance in a timely manner, but needs to make sure the entire loan package is completed correctly.  In this case, the borrowers did not supply loan...

documents in a timely manner, and also incurred new debt during the loan refinance causing loanDepot to complete additional due diligence.  loanDepot requests new clients to make a deposit towards the fees charged for outside services.  The borrowers sign and agree to these services, as well as, acknowledge these funds are nonrefundable once services are rendered.  In addition, the borrowers confirm all appraisal appointments directly with the third party hired, and have ample time to cancel the services prior to the home visit.     In summary, loanDepot sincerely regrets that Mr. [redacted] feels we did not complete the loan process in a timely manner.   Additionally, loanDepot regrets we are unable to refund the monies the borrower has on deposit as services were rendered. Tell us why here...

loanDepot Response: Our goal at loanDepot is to constantly find ways to surpass the expectations of our customers. Customer satisfaction is the core of our business. Please find attached below a copy of our correspondence sent to the customer via U.S. Mail on December 9, 2016. If additional...

information is needed, contact our Customer Care Team at (888) 337-6888, Ext. 6789, Monday to Friday, 8:00AM to 5:00PM Pacific Time.   Dear [redacted], We appreciate the opportunity to review your concerns. Customer feedback is important to us. We strive to always surpass the level of service expectation of our customers. The loan process can sometimes be very complex; however, our dedication to service the financial needs of our customers is a priority. We regret that you felt the service you received did not meet your expectation. loanDepot is committed to working with our customers to make their loan process a very smooth transaction. There can be many factors that can create challenges. However, we are constantly working behind the scenes to keep the process moving. Time constraints can affect rate locks; however, we did provide extensions to accommodate some of the necessary steps that had to be completed. When the rate unlocked again, we escalated this issue on your behalf, and got a concession that you were notified about. Lock periods are disclosed verbally and in writing for your understanding. We understand there are opportunities to focus improvement on, and we have addressed these with our staff. We always do our best to work with each customer’s situation. In reflection, it may have been better for our licensed lending officer to wait to submit an application because your home was newly purchased. For this reason, we refunded your appraisal deposit, as well as we absorbed costs that came from processing the loan. We did offer options, along with transparency of the pricing involved. We apologize that you felt the rate of contact was not sufficient. We found that all calls were returned within 24 hours of when messages were recorded. Communication is important to us, and we provided the status when we had concrete information. During that time, we are working behind the scenes to expedite in any area of processing that we can.  Our upper level management reached out to you as well to offer additional options. We are always willing to take that extra step to find a resolution, when our customers feel that they are not getting the service they deserve. Thank you for your candor, and moving forward, we will continue to focus on providing the best customer experience possible. Sincerely, [redacted] Customer Care Analyst [redacted]
[redacted] M[redacted]@loanDepot.com

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.
Lenders in general ask customers when they are going to pull credit from consumers as credit reports are usually good for at least 90 days, sometimes as long as 120 days. A hard inquiry affect customers credit scores.Every lender I had contact with (besides LoanDepot) asked me for authorization.I had a online application, in which the LoanDepot got a full copy of my report immediately, also in which I respond to a bunch of questions.The long conversation the day after was the normal process of the loan officer verifying my answers and getting more details.Getting another unauthorized full copy of the report in a matter of 24 hours has absolutely no reason for it. As a lender, you know that reports dont update on a daily basis (and that's why they are good for 3 or 4 months time)The inquiry letter LoanDepot attached was created by LoanDepot itself to verify if I had acquired credit with any other lenders I was doing quotes with.It is not constructed as authorizing as many credit inquiries you the lender wants. Since LoanDepot's inquiry was under [redacted], I had no idea on who was behind it until recently when I looked my profile on [redacted].That letter list entries from other Lenders, and all of the other lenders got my approval to run my credit.The fact that you pulled my credit several times is illegal.This just comes to proof how careless LoanDepot is with the current Laws, and treating customers.Last night I got the follow up letter I was expecting from the Consumer Financial Protection Bureau. I will also include this on the laundry lists of things LoanDepot has made me go thru the last few months. (Credit Discrimination, Closing Funds Delay, Lack of Feedback to Department of Business Oversight, etc....)
Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    9/17/2015Borrower’s Complaint Filed with the Revdex.com:Tired of the constant calls. I am registered with the Do Not Call...

list and have been for some time.Receiving 3-5 calls a day. Deployed, so that's costing me some money. Asked them not to call withoutsuccess. Have never done business with that company. incoming calls from [redacted], ask you toreturn calls to [redacted]. Same complaint also filed with the Do Not Call registry.Borrower’s Desired Resolution:stop the harassment and robocalls.  loanDepot Findings and Response:loanDepot apologizes that Mr. [redacted] feels that he has been harassed by the phone calls from loanDepot.According to the information that loanDepot is able to review, Mr. [redacted] filled out an online applicationon August 26, 2015 through Lower My Bills that contained his phone number of [redacted]. Phonecalls were made out to that number in hopes to refinance the property that was provided on that lead.loanDepot received this Revdex.com complaint on Wednesday, September 16, 2015, and on this same day,loanDepot successfully added Mr. [redacted] phone number of [redacted] to loanDepot’s Do-Not-Call Listso that Mr. [redacted] will not receive any more solicitation calls from loanDepot on that telephone number.This Revdex.com complaint was the first of loanDepot hearing from Mr. [redacted] that he wanted to be placed onloanDepot’s Do-Not-Call List.  Should Mr. [redacted] have further questions or concerns, he may contact loanDepot’s Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist Monday through Fridayfrom 8am to 5pm, PST.

Attached is the Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    10/21/2015Borrower’s Complaint Filed with the Revdex.com:I was told I could refinance my house with them after a credit check,...

I then paid for aappraisal and now I am being told they could not approve, I believe they weremisleading and now I paid 395.00 and they can not get my refinance done.I explainedmy credit issues and they had my report before appraisal.  Borrower’s Desired Resolution:I would like my money refunded ($395)loanDepot’s Borrower Complaint Summary:1. The borrower feels that loanDepot was misleading.  2. The borrower is requesting a refund of $395.  loanDepot Findings and Response:1. loanDepot sincerely regrets that Mr. [redacted] felt that he was misled, but loanDepot attempted toassist and help the borrower as much as we could with his mortgage refinances goals. WhenloanDepot pulled Mr. [redacted]’s credit at the time of application, there was a disputed trade linethat needed to be taken out of dispute. loanDepot informed the borrower that we could not do theloan unless that trade line was taken out of dispute in order to get an accurate credit score. Theborrower ultimately agreed to this, and when loanDepot received the updated credit, the scorecame back lower than the qualifying score at the time of application. Soon after, the appraised valuecame back lower than expected. It was estimated that the property was $300,000, but the actualvalue came back at $290,000. At this point, with the accurate, qualifying credit score and the actualappraised value taken into consideration, loanDepot could no longer qualify this borrower.  2. The borrower was charged $395 for the purpose of an appraisal deposit collected by credit card.Prior to collecting this fee, loanDepot evaluates the customer’s needs and determines if they have aloan product that will help the customer. The company conducts an extensive screening process onthe phone with the customer to collect data and find the proper program that will fit the customer’sneeds. loanDepot then emails the customer information about moving forward on the loan. At thetime of application, the borrower’s loan was conditionally pre-qualified based on the informationthat was received and disclosed by the borrower. However, while the loan was in process, theborrower’s credit score dropped and the appraised value came back lower than expected.  Furthermore, the borrower executed the Appraisal Deposit Agreement on September 18, 2015where it was acknowledged:“The Appraisal Deposit of $395.00 is non-refundable if an appraisal has been completed on thesubject property.”Because the appraisal was completed and Mr. [redacted] executed the Appraisal Deposit Agreement,a refund of that $395 is not warranted. By signing and returning said agreement, the borroweracknowledged that he read, fully understood and agreed to the terms and conditions set thereof.The appraisal alone totaled $425 in where loanDepot had to cover the remaining balance.In conclusion, loanDepot sincerely apologizes that Mr. [redacted]’s experience with loandepot wasanything less than satisfactory and that he felt misled. loanDepot could not qualify the borrower afterloanDepot received the updated credit score which was lower than the score at the time of applicationas well as the appraised value coming back lower than expected. Furthermore, a refund of that $395 isnot warranted due to the appraisal being completed and the borrower executing the Appraisal DepositAgreement. loanDepot did not profit from this loan application as we incurred expenses and losses onthe borrower’s behalf that exceeded the $395 amount. We ordered an appraisal report, ran creditreports, title reports, and were subject to additional costs on other services rendered.