LoanDepot

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.
Loandepot deny my request to refund me.
Regards,
[redacted]

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.

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.

loanDepot sincerely apologizes and regrets that Ms. [redacted]’s experience with loanDepot was anything less than satisfactory.   As stated in the initial response, 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.   Furthermore, the Appraisal Deposit that the borrower executed on May 5, 2016 states the following:    By signing the agreement, the borrower acknowledged that her card was going to be charged.   In regards to loanDepot lying to the borrower, there is no viable evidence that supports this. The borrower is correct in that the appraiser is not an employee of loanDepot as it had to be done by an independent party to make sure the value is unbiased. If the borrower can provide the appraiser’s email address that reflects the loanDepot name, then we will review this further.   In conclusion, our stance remains the same in that a refund of that $390 is not warranted. 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.

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]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
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 understand that our customer has submitted a rebuttal to our previous response.  We are grateful for an opportunity to revisit this matter, and reply to the Revdex.com.  After completing a secondary review as requested by our customer, we would like to share our findings. Our previous decision remains unchanged.  In our previous response, we recounted how the recordings did not substantiate what the customer stated. The customer was told on several occasions as evident, in many call recordings, that the lender credit for the appraisal would be applied at the closing of the loan.  The customer executed an Appraisal Disclosure Agreement.  This agreement outlines the only reasons in which a refund would be applicable. We understand that not reaching financial goals can be disappointing; however, we stand by our transparency regarding the costs involved with a refinance application. We respectfully deny the customer’s request for a refund. Services were rendered, and customer was provided a copy of their appraisal.

loanDepot is committed to doing the right thing for our customers. There are events that can occur that cause delays, and we make the effort to expedite where we can. However, some delays are beyond our control. We diligently work behind the scenes to keep the costs down for the customer. We...

understand that the loan process can be arduous and frustrating to the customer. However, our intent is to make it a smooth journey towards reaching their financial goals.We care deeply about our customers, and the loan team put forth all the efforts to get the pricing exceptions to keep the costs in line with the customer’s original objectives. We regret that our customer felt that there was a lapse in communication. We were working to provide the customer with a decision about the exceptions. We are glad that we were able to meet the customer’s expectations, and the issues were resolved, including scheduling the date to sign final documents.  We are glad that we were able to assist our customer and providing an explanation regarding their concerns.

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: January 02, 2017Borrower’s Complaint Filed with the Revdex.com:I feel strongly that Loan Depot misled me in this transaction, particularly since they had just refinancedmy home six months prior. Loan Depot knewthe appraised value of my home at the beginning of the second refinance process.and thus, I believe,that Loan Depot could have been more truthfuland upfront . Instead, Representative [redacted] gave me the impression that there was reallynothing to be concerned about.Borrower’s Desired Resolution:What is more, I am really disappointed in Loan Depot's attitude about this process that has cost me$425.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.The customer’s request to refund the appraisal deposit is respectfully denied. After an internal review ofthe recordings, there is no viable evidence to support the customer’s allegation that they were misled bythe Licensed Lending Officer, which the funds would be refunded if the loan is cancelled or denied.Furthermore, the customer executed the Appraisal Deposit Agreement, which states, that fees are nonrefundableonce services are rendered. Also the customer initially stated in their previous complaint thatthey were told the funds would be refunded at closing, since the closing did not take place, it is notrefundable.loanDepot does not have any influence on the appraised value of the subject property. The appraisalreport is conducted by a third party, in which a license appraiser is assigned to appraise the subjectproperty. The loan ultimately was declined on November 18, 2016, due to low appraised value.Thank you for allowing us the opportunity to revisit the customer’s complaint. As stated in our initialresponse, the appraisal fee is nonrefundable.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and and the issue has been resolved.  Although loanDepot consistently lied throughout the process, I finally received a check for $200.00 and am satisfied.  Please seen attached file.
Regards,
[redacted]

loanDepot would like to apologize to Mr. [redacted] for any frustration or inconvenience this situation has caused him.   After loanDepot reviewed Mr. [redacted]’s financial paperwork submitted in March, it determined that it was missing his 2013 business tax returns. On May 20, 2016, [redacted] in...

Customer Care received proof that Mr. [redacted] sent his business tax returns to the original Loan Officer, [redacted], on March 3, 2016. Unfortunately, it appears Mr. [redacted] did not forward that documentation to Processing, per standard procedure. loanDepot is unable to discuss this with Mr. [redacted] because he has left the company. Since the Processing Department believed they did not have the 2013 tax return, they made attempts to contact Mr. [redacted] to request the document. Those call attempts were made on April 7, 2016 and April 14, 2016. On April 19, 2016, Mr. [redacted] advised that he had already sent the 2013 tax returns and did not wish to send them again. loanDepot was unable to locate that document so it cancelled the existing loan application on April 21, 2016. Subsequent to declining the original loan application, loanDepot was able to locate the document. loanDepot apologizes for these errors and the inconvenience they caused Mr. [redacted]. On April 22, 2016 the lead was assigned to a new Loan Officer, [redacted]. loanDepot confirmed that Mr. [redacted] was charged for a second credit pull fee in the amount of $10.00. loanDepot will be reimbursing Mr. [redacted] for that fee as it was charged in error. With that said, loanDepot also confirmed that Mr. [redacted] was not charged for a second appraisal deposit, which would normally be charged for a new application.   After a review of the phone calls between Mr. [redacted] and Mr. [redacted], loanDepot acknowledges that Mr. [redacted] did not set correct expectations for the time it would take to submit the loan to the Underwriting Department. Mr. [redacted] admitted this to Mr. [redacted] during a conversation on May 5, 2016 and this was reiterated by Mr. [redacted]’s manager, [redacted] that same day. Mr. [redacted] advised that before the file could be submitted to the Underwriting Department, it needed an updated appraisal. It is noted that Mr. [redacted] advised Mr. [redacted] on May 5th that the updated appraisal report we received is the same one previously provided in March.   Based off the review of the borrower’s concerns regarding the appraisal, the Appraisal Management Company was able to speak to the appraiser, and the appraised advised that he did in fact inspect the interior of the home. He does take his son along to inspections as he is in training to become an appraiser. The appraiser advised he was at the property 3 times and his son was there each time. Also, the appraiser signed a certification (page 5 of the appraisal) stating that he has personally inspected the interior of the home as part of the assignment. This is #2 in the Appraiser’s Certification:   2. “I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property.”   In regards to adding 7% to the loan amount, this was the property taxes that needed to be paid. The borrower did not want to pay for them out of his own pocket and did not want to add this amount to the loan amount, and as such, the loan was cancelled as the borrower did not want to move forward with the terms presented. Also, loanDepot issued multiple pricing exceptions to this borrower for his loan including a refund of his appraisal deposit which is usually not refundable if an appraisal was completed for the property.   loanDepot sincerely apologizes that Mr. [redacted] felt he was lied to and felt deceived. His concerns will be utilized as a training opportunity to further better our staff.

loanDepot is committed to assisting customers realize their financial goals. We appreciate the time the customer took to provide their feedback regarding their experience with us. We work with the highest regard for transparency in all our functions. We are thankful for the opportunity to address...

any misunderstandings.We consider our associates to be subject matter experts in their respective fields and we hold them to a very high standard of conduct. Any variance from our required standards of conduct will not be tolerated. We understand that customer service is an integral factor in the success of our company, and surpassing the expectations of our customers is priority. We pride ourselves on partnering with the customers to make sure they are fully aware of all the facets of their loan process. This includes the pricing and terms of their loans. After a careful review of the exchanges with our associate and the customer, it was determined that there was no evidence of misconduct. We have exhausted all options in trying to assist the customer in achieving the right program for their needs. The customer was advised of the $10.00 that would be collected in advance for the credit report. In addition, the customer electronically acknowledged the collection of the fee, as well as what it was intended for. The loan officer informed the customer that he would have the underwriter exam the application, and he would contact her with a decision. At the time, the customer indicated that she was at the market and requested to be called back.The loan officer contacted the customer as promised to discuss the underwriter’s conditions for approval. The customer voiced her agreement with the preliminary terms, and successfully executed the needed disclosures.  This action was completed via our secure online portal. Our associate informed the customer of the documents required to move the file forward to processing.We understand that the borrower contacted loanDepot afterwards to cancel the application. We have no control over her card carrier’s processing schedule for transactions. We have confirmed that the loan application was cancelled on August 16, 2017. All documents that loanDepot receives from the customer are retained digitally within our loan origination system and access to these records is limited to management. We are required by federal law to retain records of loan transactions for seven years. The customers contact information has been added to our Do Not Call and Do Not Solicit registry to ensure that the customer is not contacted by us.  We take pride on doing the right thing for the customer. In our continued efforts to provide excellent customer care, we have decided to provide a refund for the credit report fee. This was completed on August 28, 2017, in the amount of $10.00.

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted]  Complaint Date: 11/13/2017  Borrower’s Complaint Filed with the Revdex.com:I withdrew my Loan application no. [redacted] requested a refund in the amount of $385.00 for the following reasons: On September 4, 2017, I...

spoke for the first time with [redacted] about applying for a consolidation loan. On September 10, 2017, $10.00 was deducted from my bank account to pay for a copy of my credit report and on September 13, 2017, $375.00 was deducted from my bank account to pay for a property appraisal. After several contentious phone calls, on September 20, 2017, $375.00 was credited back to my bank account - the cost of the appraisal only. On that same day, September 20, 2017, I received a phone call and an email from Ms. [redacted], stating that my loan was approved. I advised her that the appraisal fee had been refunded, to which she was unaware. On Oct. 5, 2017, $385.00 was again deducted from my account - which means I paid for a copy of my credit report twice. I made several follow up phone calls attempting to get information. When I finally got ahold of Ms. [redacted], I advised her about the credit report double charge and she said she would take care of it. Again, after several follow up calls made by me, the appraisal was finally done on October 14 and I received a copy of the appraisal report on October 24, 2017. The report had several misstatements and inaccuracies which I listed in an email to Mr. [redacted] and Mr. [redacted] on November 1, 2017. Loan Depot directed my home owner insurance company to remove my current mortgage holder from the policy and replace it with Loan Depot. I have a copy of the document received by [redacted] from Loan Depot if a copy is needed. Based on the extreme lack of customer service, an appraisal that contains several untruths and inaccuracies, and the illegal transaction made by Loan Depot in altering my homeowner insurance policy, I withdrew my loan application and demanded a refund in the amount of $385.00, which Loan Depot has refused to give.Borrower’s Desired Resolution:Refund of $385.00, the $375.00 cost for the incorrect appraisal and $10, the double payment for a copy of my credit report. 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 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 themMs. [redacted]’s was charged $385.00 for purpose of an appraisal deposit and credit report fee. Prior to collecting this fee, 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 the property program that will fit the customer’s needs.The appraisal was inspected on October 14, 2017 and withdrawn on November 13, 2017 pursuant to customer’s request.After a review of our systems, the customer executed the Appraisal Deposit Agreement on September 29, 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.With respect to the customer stating that homeowner insurance mortgagee clause was change to loanDepot. The homeowner insurance mortgagee clause has been change back to current lender name.We sincerely apologize that Mr. [redacted]’s experience with us was anything less than satisfactory .Here at loanDepot, we are committed to the highest standards of integrity in all our business practices, and regret that we could not help him achieve his financial goals.  In an on going effort to continue superior customer service, we have issued a reimbursement of the appraisal deposit for the amount $385.

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

Date:                               3/26/2016Borrower’s Complaint Filed
with the Revdex.com:My Escrow account has an error that was created by the
lender and has not been corrected. I have contacted the company numerous times
by phone, and by mail. This has caused my mortgage payment to go up by
$350/month. The tax and escrow department does not take incoming calls. All
correspondence is done through customer service reps that cannot make
corrections to the account. 2/26/2016 Loan Depot tax and escrow departments, On
4/7/2015 you wired $918.16 to [redacted] Township for our city taxes. On 4/8/2015 you
wired another $918.16 to [redacted] Township for our city taxes. The township
recognized the error and mailed us a refund check of $918.16. My wife assumed
that the money was due from an escrow surplus or over payment due to our
recent, (at that time) switch from [redacted] to Loan Depot, and cashed the
check. This caused your dept to review our escrow account, and rebudget the
loan for the previous and pending shortfall in the account. I have included 2
checks. One for $1803.74 for our mortgage, and escrow account, and one for
$918.16 for the escrow shortfall that you created. Those checks should
straighten out the account. We are also shopping for another home owners
insurance policy, and expect to save some money there as well. On 2/23/16 the
[redacted] Tax office faxed over a copy of the property taxes for this year, which
state no change in fees for this year. My wife and I have spent well over 3
hours on the phone trying to correct this issue. We opened a work order with
[redacted], (at ext [redacted]) on 2/26/16. I was informed that it will not be reviewed
or corrected until 3/25/16 by the tax dept. I’m sure that you can understand
our frustration as we spend hours and hours to sort out our $350/month increase
in the mortgage payment, and work our way through rude people at your company,
before getting to [redacted], who helped us find the error. For these reasons, I am
requesting that we be released from the escrow requirements of our mortgage.Borrower’s Desired Resolution:I want my escrow account corrected and my mortgage
payment adjustedloanDepot Findings and
Response:loanDepot sincerely apologizes that Mr. [redacted]’s experience
with loanDepot regarding the servicing of his loan has been anything less than
satisfactory and the inconvenience this has caused him. At loanDepot, we take
pride in ensuring our customer’s satisfaction, and it is very important to us
that we meet our own expectations of excellent customer service.
Mr. [redacted]’s concerns were escalated to our management team
and will be utilized as a training opportunity with our staff. Furthermore, his
escrow account has been corrected and his mortgage payment has been adjusted.
loanDepot worked directly with Mr. [redacted] to resolve this issue as well as to
help achieve his desired resolution specified above.

San Diego Revdex.com Complaint #:        [redacted]   Borrower Name:                              [redacted]   Complaint Date:                               08/31/2016 response   Borrower’s additional information to the Complaint Filed with the Revdex.com:   Five days after rejecting their offer a packet was delivered to the wrong address. This wrong address was brought to their attention again five days before. Failing to correct the address and sending the packet  to the wrong address put my personal information at risk. Their reply assumes no responsibility on their part, nor does it propose a solution to their problem. One can not expect in my opinion professionalism from a company that does not act in a professional manner.       loanDepot Findings and Response   IoanDepot sincerely apologizes and regrets sending Mr. [redacted]’s loan application to the wrong address.     loanDepot has corrected the address on file and would like to provide the borrower with a year of [redacted] for his protection if he chooses.  If he wishes to accept this offer, he may contact me directly at [redacted].   Again, loanDepot apologizes for Mr. [redacted]s’ experience. If he has any further questions or concerns, he may contact loanDepot’s Customer Care Department at [redacted] ext. [redacted]. Representatives are available to assist Monday through Friday from 8am to 5pm, PST. Tell us why here...

loanDepot Initial Response: The loan process is complex and can be very frustrating. We understand that a lot of documentation is required by the customer, and third-party vendors. The government and investor guidelines continually become stringent in their requirements to substantiate verbal...

figures provided. VA loans require a great deal of documentation and conditions to be met; which includes an eligibility review. We try our best to make it a smooth transaction and facilitate the process for our customers. We never encourage customers to stop making payments to their previous lenders. There can be many unforeseen delays that often occur with the loan process. Also, the customer is still contractually obligated to repay the Promissory Note to the previous lender until a complete payoff is received. They are told to maintain their timely payments to avoid any late payments. We let them know that if an overpayment occurs they will receive a refund if applicable. We do not consider this as skipping a payment; our licensed lending officers let them know that if the loan closes and funds at a certain time, the payment will be due at the first of the following month. They are not skipping a payment; the payment is still due, however there may be an extended time period for the next payment cycle if the loan funds at the beginning of one month to the other. We reviewed the recorded exchanges with our customer and our loan team, the customer had already expressed that he was having difficulties making his payments with his previous lender. We found no communication exchanges where our staff told the customer that he should stop making monthly loan payments to the previous lender. The customer’s assertion that we delayed the process to make him not get the loan is incorrect. We do not make a profit until the loan closes and funds. We are a success business with a long-standing commitment to compliance in our transactions. We would not purposely sabotage the loan process for a customer – we do not tolerate unethical conduct. We work in complete transparency, with an emphasis on customer service and integrity. Many of the delays are not within our scope to influence; such as unforeseen delays in the processing of a VA Appraisal and other conditions. We truly value the service our veteran customer has given to our country. We appreciate their interest in loanDepot. We regret that at this time we were unable to meet their refinancing goals. If additional information is needed, contact our Customer Care Team at ###-###-####, Ext. 6789, Monday to Friday, 8:00AM to 5:00PM Pacific Time.

Since privacy laws protect the buyer of his property, certain details and situations cannot be addressed in this response.The purchase contract called for a closing date of “on or before 9/27/17”, and the Hurricane being referred to was Irma, which made landfall 9/11/17. This seller had a...

misconception that our borrower (the buyer) should insure the home before Hurricane Irma struck, and before the transaction closed. The buyers insurance carrier had already stopped writing coverage before the Hurricane, and it would be improbable that the buyer would insure a property that they did not yet own.There was an appraisal issue that required an additional review and a post disaster inspection was required as well. The seller agreed to the contract extension which was provided for on the contract in the event of a storm. There was an additional 1 day delay due to the inability of the Title Company to accommodate closing the day before. Since the seller had a simultaneous closing on a property he was purchasing, loanDepot reimbursed him $363.53 to cover hotel and dinner for one night. The transaction was concluded successfully on 10/5/2017.As it relates to the Sellers September payment, when the transaction we were involved with closed, the Seller’s loan was paid off and included the interest and any other amounts due for September. That would have been the case no matter what date the loan was paid off. If Mr. [redacted] paid the September payment outside of the payoff, then the payoff would have been reduced accordingly and been less. Consequently, there was basically a net zero loss.

We regret that our customer did not agree with the appraisal report. All lenders must use outside licensed appraisers to conduct the appraisals. We understand that there is extreme pride in home ownership. We can see how frustrating it would be to receive a report that does not reflect the...

expectation of value our customer had in mind. The customer was prequalified when initiating the loan; we have no way of telling what the actual value of the home is. We are going by verbal estimates until we send out the appraiser.The appraised value can change from one year to the next. There are many factors that can influence home values. We do not profit from any of the appraisal deposit funds. The funds in their entirety are used to pay for the service provided by the appraiser. The success of loanDepot, and its reputation is motivated by our strict adherence to the laws that govern the lending process.  Documentation is essential to substantiating the customer information. Investor and governmental guidelines, may often require a lot of documentation, this is a cause frustration.  We do everything we can to make it a smooth process for our customers. However, there are documents that we do not have access to and we must rely on our customer to provide them. These documents are time sensitive, and if any delays occur, we may need updated copies. We are sorry to hear our customer felt our representatives were unwilling to assist him. We did file an appeal on their behalf with AMC. We have to wait for their processing time to review and provide a decision. They have to contact the appraiser, and wait for their response. This does take time, and we did communicate with the customer to provide updates. On May, 17, 2017, we received notice that the appraiser completed his response, and was sending his findings to AMC. We received the final response on the appeal, and there was no change to the report.  As a gesture of goodwill towards the customer, we decided to refund a total of $435.00 in fees.  We hope that this will show our customer that we do care about their opinion of our service, and look forward to working with them in the possible future.If additional information is needed, please contact our Customer Care Team by phone at (888) 337-6888, Ext. 6789, Monday to Friday, 8:00AM to 5:00PM Pacific Time.

loanDepot conditionally pre-qualifies a borrower based on
the information that is received from the borrower at the time of application.
At this time, loanDepot was able to do the loan for Mr. Humphrey’s based off
the information he gave loanDepot. Once the loan was in processing, loanDepot
could not support the stated income that the borrower disclosed at the time of
application, and therefore, the loan had to be declined due to excessive
debt-to-income (DTI).
Based off of the above explanation, an appraisal being done
on the property, and the borrower executing the Appraisal Deposit Agreement,
our stance remains the same in that a refund in the amount of $395 is not
warranted. As stated in the initial response, loanDepot did not profit from
this loan application as we incurred expenses and losses on the borrower’s behalf
that exceeded the $395 amount with the appraisal alone totaling $425.
loanDepot sincerely apologizes that the borrower’s
experience with loanDepot was anything less than satisfactory, and we regret we
could not help him achieve his refinance goals.

Hello,Please see attached response for complaint ID [redacted].Thanks,San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    10/30/2015Borrower’s Complaint Filed with the Revdex.com:On or about August 15, 2015, I was contacted by Loan Depot in...

reference to refinancing my home. I spoke with loanofficer [redacted] who stated after doing a quick check of my credit and other info that I would qualify for arefinance loan. Loan document were immediately overnighted to me by [redacted]. Document were signed and sentback the next day and other requested docs faxed to loan ddepot. I also received in e-mails, contact info, welcomeletter, conditional approval letter with list of additional items needed. All items were faxed to his satisfaction. ON8/21/15 Another e-mail received empower notification with receipt #[redacted]. Several phone call received fromloan processors for the next two weeks insuring me that the loan is being approved. 0n 8/31/15 I was contacted byan appraiser to do an appraisal of property which at that time I was lead to believe the loan was approved. Alsofrompast experiences with mortgage company an appraisal is not done until the loan is approved. Loan Depotcharged my bank a count $395.00 for an appraisal which was done on 9/2/15. On 9/09/15 I received a letter frontLoan Depot along with a copy of appraisal stating the loan was declined on 9/4/15 due to value or type of collateralnot sufficient for loandepot. To lend upon. The loan amount being sort for was $128,000 with. An outstandingpayoff of mortgage of $125,000 with no cash out. The appraisal came in at $140,000. The company y made surethey pointed out that the appraisal fee was non refundable. This company is running a scam on customers. Theappraisers they use are employed by loandepot not to mention they ordered the appraisal. I am a retired womanliving on a fixed income and to get scammed out of $395.00 is causing me a great financial hardship. Leading me tobelieve the loan was going to be approved was one thing, but their underwriters should have checked everythingout thoroughly before an appraisal was ordered and my input on the appraiser.  Borrower’s Desired Resolution:I would like my $395.00 returned to me. Company mislead me, lied to me and their reason for the decline of loanwas bogus. This company has over 200 complaints for doing the same thing to other customers and should befurther investigated for scamming customers out of money or prosecuted for theft. Why would a customer need anappraisal of a property if a loan is not going to be approved. Even if you go to another company for a loan, in mostcases they won't use the appraisal, so loandepot is just ripping their customers off by ordering Appraisers and thendecline the loans.loanDepot’s Borrower Complaint Summary:1. Borrower claims that the loan was approved prior to the completion of the appraisal.2. Borrower requesting a refund of the appraisal deposit fee.  3. Borrower claims the appraiser used is employed by loanDepot.loanDepot Findings and Response:1. After a review of Ms. [redacted]’s loan, the borrower was initially locked into a Conforming Fixed 30Year loan program on loan on August 17, 2015. At that time, Ms. [redacted]’s loan inquiry wasconditionally pre-qualified based on the information that was received at the time of application. Apre-qualification is not a commitment to lend and is subject to change based upon receipt ofinformation that may alter it. The final commitment would require satisfaction of all underwritingconditions. Prior to underwriter review, an appraisal is completed to confirm the market value forthe property. Upon the completion of Ms. [redacted]’s property appraisal, it was discovered that theloan to value ratio increased above acceptable limits due to the appraised value coming in lowerthan what was estimated at the time of application. The borrower has the best understanding ofwhat their house is valued at, and loanDepot went off that stated value from the borrower. Basedon this information, Ms. [redacted]’s loan was ultimately declined on September 04, 2015 due to valueor type of collateral not sufficient for loanDepot to lend upon.2. Ms. [redacted] was charged $395 for the purpose of an appraisal fee which is 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 fee was utilized to cover the cost of appraisal servicesrendered on your property by an unaffiliated third party appraisal management company.  OnAugust 18, 2015, Ms. [redacted] executed the Appraisal Deposit Agreement that states the following:“The Appraisal Deposit of $395.00 is non-refundable if an appraisal has been completed on thesubject property.”Because the appraisal was completed and Ms. [redacted] executed the Appraisal Deposit Agreement, arefund of that $395.00 is not warranted. By signing and returning said agreement Ms. [redacted]acknowledged that she read, fully understood and agreed to the terms and conditions set thereof.   3. loanDepot has no control over the appraisal process and cannot choose which appraiser to conductthe inspection. The appraisal process and inspection must be done independently to ensure there isno 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. loanDepothas no reason to believe that an appraisal completed by an unbiased, impartial local, licensed expertis incorrect.In conclusion, loanDepot sincerely apologizes that Ms. [redacted]’s experience with loanDepot was anythingless than satisfactory. We attempted to help Ms. [redacted] with her loan request as much as possible, butultimately, we were unable to assist with her financial needs.  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