LoanDepot

We appreciate the opportunity to revisit our customer’s concerns. The measure of our success as a business is based heavily on the feedback and experience of our customers. We make it our goal to surpass the expectation level of service with each customer.Our staff is committed to help our customers realize their financial goals. We review various programs, and do everything within our scope to find the perfect program for our customers. Many factors can influence the loan process. Often, it can change the pricing and terms of the original program. We do not endorse coercion at any level, and the customer is given ample time to review the options we have presented to them. The customer always has the choice to cancel, if they do not agree with the terms.Appraisals are completed by a licensed appraiser, chosen from an unaffiliated appraisal management company. Mortgage lending laws prohibit the lender from selecting an appraiser. We regret to hear that the customer did not agree with the appraisal.The surplus in the escrow account for the previous loanDepot loan was applied to the payoff. The netting of escrow funds towards the payoff balance is allowable when refinancing with the same lender.We trust the foregoing information as well as our prior response, effectively addresses the customer’s concerns.

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.loan...

depot send me a refund of $185. Thank you for your intervention.
Regards,
[redacted]

loanDepot sincerely apologizes and regrets that the
borrower felt that there were communication issues between him and loanDepot.
This will be researched and addressed internally with management.
Mr. [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. At this time, the borrower
is conditionally pre-qualified based on the information that is received from
the customer. loanDepot then emails the customer information about moving
forward with the loan.
The borrower executed the Appraisal Deposit Agreement on July
30, 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.”
On August 31, 2015, the borrower’s loan was respectfully
declined as their debt-to-income (DTI) was discovered to be too high for
loanDepot to lend upon. 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 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. Attached are the Appraisal Deposit Agreement and Appraisal Report.
In conclusion, loanDepot sincerely
apologizes that Mr. [redacted]’ experience with loanDepot has been anything less
than satisfactory and that he felt that there were communication issues. In
regards to the $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.

San Diego Revdex.com Complaint #: [redacted]     Borrower Name: [redacted]                                Complaint Date: October 10,...

2016                             Borrower’s Complaint Filed with the Revdex.com:On May 19th, 2016 I called them to get a quote to refinance my house. In the conversation they said, I needed to put a deposit down of $425 for the appraisal, that I would receive back, if my loan was denied for any reason. I spent the next 4.5 months, sending things they needed back and forth. On September 29th, 2016 I received an email, that my loan had been denied. On Oct 10th, 2016 I called them and asked to talk to someone about getting my deposit back and they said it was nonrefundable and there wasn't anything they could do. I had, also emailed the couple of loan guys that were working on my loan, which they never replied to me. This is the worse company to work with, due to their lies and the extremely slow pace at which they move. I would advise everyone to stay far away from them. I wish I would looked at their previous complaints, cause there are a lot of unhappy people with them. Borrower’s Desired Resolution:I would like the deposit for my appraisal, back since they told me it would be refunded if my loan was denied and now they say its non refundable. loanDepot Findings and Response Mr. [redacted]’s loan process for a 30 year rate and term refinance started with loanDepot on May 19, 2016. The property is located in the state of [redacted], where there can be delays up to 90 days to obtain the Title report.  On September 26, 2016, loanDepot received the Title report, in which it was discovered that there was a 2nd lien on the property that required to be paid off in order to proceed with the refinance. Unless the lien was disclosed at the time of origination, this would not have been discovered until the Title report was received.  Unfortunately, by the time it was discovered that there was a lien on Title; we were unable to change the loan terms to cash out as the appraisal value came in low, not allowing loanDepot to increase the loan amount.  Furthermore, the borrower executed the Appraisal Deposit Agreement on May 19, 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 customer’s behalf that exceeded the $425 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 Mr. [redacted], loanDepot will issue a refund in the amount of $425.

Mr. [redacted] began the refinance process with loanDepot on March 10, 2016 on two properties that he owned. Mr. [redacted] was recommended to open a Personal Loan to apply towards the current mortgage, to lower the balance and gain additional equity. He complied and obtained a Personal Loan with loanDepot...

on March 28, 2016, in the amount of $20,000.   It was revealed during the underwriting process, that one of the mortgages was no longer omitted, causing the debt to income ratio to increase by over 60%. Due to this, the loan was declined on May 10, 2016.   After further evaluation, it has been discovered that the mortgage should not have been omitted. Mr. [redacted] was improperly advised that the loan was declined due a new car debt. We have addressed this matter internally and will utilize this as a training opportunity.    loanDepot sincerely apologizes that Mr. [redacted]’s experience with loanDepot has been anything less than satisfactory. Due to loanDepot’s oversight, Mr. [redacted] will be reimbursed $420 of appraisal fees, $920 to cover origination fees of the Personal Loan, totaling $1,340.

Attached is the Letter of Explanation regarding this complaint. Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:     10/23/2015Borrower’s Complaint Filed with the Revdex.com:began a re-fi transaction on present dwelling with...

Loan Depot on April 15. Paid $200 and $10to begin process and order appraisal. Received conditional approval on 6/4/2015 with a listof items to be submitted for final approval; These items were submitted in full the next day.On 6/16 received notice of ready to submit for final but missing info needed from daughterabout her house that we do not pay on but are co-signer. Daughter had sent info on 4/24 asrequested but processor could not open so they requested her to send the info again. Nowthe lock on interest was up and a new GFE with higher interest was revised as of the 19thw/30day lock. On 6/30 file submitted again to underwriting for final. On 7/7/15 wasinformed that there were debt to income issues. We were given new loan processor on7/8/2015 and on 7/17 at 5:19pm requests for some other info which had been submittedpreviously and was up to date had loan closed in June as previous correspondence hadintimated. The request for info on the 17th did not allow time to get requested info into loanprocessor before the 19th of July the interest lock date and have the loan close without theprobability of the interest changing again. It seems that Loan Depot did not do theirhomework on our file and kept stringing us along so that a transaction was not going to bepossible. I have contacted them on numerous occasions thru [redacted] mortgage bankerasking for a refund of the appraisal. Mr. [redacted] sent email telling me he requested a refundand then that he could not request it but rather a manager needed to request it. I asked tobe contacted by a vice president to discuss matter and was assured a return call no laterthan noon the next day but to no avail. We would like our deposit for appraisal back since itseems that Loan Depot was not willing or able to transact our loan.Borrower’s Desired Resolution:We would like our appraisal deposit of $200 returned asap.  loanDepot Findings and Response:loanDepot sincerely apologizes that Mr. [redacted]’s experience with loanDepot was anything less thansatisfactory and regarding the communication between Mr. [redacted] and loanDepot. His concerns have beenresearched and will be addressed internally as well as be utilized as a training opportunity with our staff. AtloanDepot, we take pride in ensuring our customer’s satisfaction. It is very important to us that we meet ourown expectations of excellent customer service, and it is essential that we be aware of our company’sperformance to ensure that every customer we serve is a happy customer. Here at loanDepot, we areconstantly looking for ways to improve our internal processes.  As a customer service concession, a refund of the $200 has been issued in the form of a check. Mr. [redacted]should receive this check early next week. Should he have any further questions or concerns, he may reachout to loanDepot’s Customer Care Department at [redacted] ext. [redacted]. Representatives are available toassist Monday through Friday 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.
Please reopen this complaint. We are STILL dissatisfied with Loan Depot's answer. We seek refund for the “appraisal fee” of $390.00, and when it needs to be closed out, it should be classified as Customer Still Not Satisfied With Company. The appraisal was NEVER performed in good faith, or intending to reflect a fair property value, as we were led to believe. Below is the explanation of why this conclusion was reached.We were PRE-CHARGED for the “appraisal” way before the appraiser ever showed up at our door. We didn't know who and had no way to know we would be assigned an incompetent appraiser. He either had no idea how to utilize comparable properties in a refinance appraisal, or was more likely instructed by Loan Depot to pick THE LOWEST VALUE properties for comparison to be sure the home loan had inflated interest rates when the "appraisal" came back. It's quite obvious now they never intended to get a fair market valuation of our property for the loan.The appraiser didn't make ANY ATTEMPT to find homes that were close to matching the specifications of the home we were refinancing. There were several to choose from in our immediate area that had sold with at least as much acreage, as many bedrooms, and baths, and at least as much square footage as our home. No shock to Loan Depot when our property value came in at much less than it's real worth, ($100,000 less that is!) It's evident the “appraisal” was a setup to make sure our house was devalued.After the holiday, we thought once we presented the appraisal "mistakes" to Loan Depot that they would make it right and redo the comparable home list on the report to reflect a more accurate picture of our home's worth for a refinancing loan. Instead our complaint was purposely and summarily ignored at least twice, possibly three times. This included the ultimate insult of being ignored by their manager [redacted] when he returned our call from the voice mail we left over the holidays, that included the appraisal complaint. Our emails to the loan office detailing the appraisal complaint were also conveniently ignored. The whole closing process had ground to a crawl. We thought maybe the complaint wasn't followed up on with us because they were getting a new, accurate comparables report from their appraiser or a different appraiser. We gave them some time to get it together because we thought they needed the time to get the report re-done and entered for the loan consideration amount.We were instead informed that because the appraisal came in at that ridiculously unrealistic low amount that the loan was now "a little tight" and they needed more sources of income from us. They knew from the start we didn't have any more income to add. They jacked up our interest rates and our monthly payments. More than once during this whole "process" (read: scam,) we were quoted one set of numbers over the phone by [redacted] or [redacted], and then when the paperwork to sign would arrive, the payments, interest, etc. would be a higher amount. When Loan Depot did not even deign to acknowledge our dissatisfaction with their incompetent appraiser, (until the Revdex.com complaint was filed,) doing nothing to finally get a fair and accurate appraisal amount for the loan, we felt like we were being railroaded into a higher interest loan than we were presented with. We would save maybe a whopping $50 a month on our mortgage, instead of the $350 we were told from the start. That was the last straw.All of these "coincidences" combined gave us a terrible, uneasy feeling we were being : played for all Loan Depot could steal out from under us, by a blatant scam of bait and switch by them. Loan Depot gives their customers only two unacceptable choices. Pay inflated interest rates and higher monthly payments, or cancel the loans so they could then steal our “appraisal fee” of $390.00. It's extortion pure and simple.We couldn't afford any inflated interest rates or higher monthly payments. We had to cancel the refinance loan after all of Loan Depot's lying to set us up for failure to start with. We found out they couldn't be trusted at all! After we canceled, we got angry, harassing calls from Loan Depot saying that we were going to lose thousands of dollars and we need to go through with the refinance loan anyway.We finally had to email Loan Depot and tell them to quit calling to harass us, we weren't going to change our mind. Loan Depot's "appraisal" was part of their scam for higher interest rates and monthly payments. As you can see, when given the facts, the whole deception picture becomes crystal clear. It has become completely evident that Loan Depot DID NOT EVER PLAN TO ACT IN GOOD FAITH, not even from the beginning. We deserve our "appraisal fee” of $390 refunded by Loan Depot. Regardless of which city the appraiser is based, they never had any intention of contracting for a fair market value assessed on our home by any appraiser on their payroll. Please get our money back from these money-sucking leeches.Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    8/28/2015Borrower’s Complaint Filed with the Revdex.com:First, I would like to compliment Loan Depot on their exceptional...

customer service skills. It was a pleasureworking with [redacted]. The whole process was very professional until the disbursement date whichwas 08262015. When I called to inquire about the disbursement I was told they had 24-48 hours todisburse the funds to the borrower. I was told to expect the funds in my account (direct deposit) on08312015. Which is actually five days after disbursement. I called a local title company and theyexplained disbursement should occur on the disbursement date 08262015. I am extremely disappoint. If Iwould have known disbursement was going to be delayed for no apparent reason I would have used alocal lender. Bad ending to a great start.Borrower’s Desired Resolution:An explanation of why the disbursement funds are held by the lender/title company after thedisbursement date.loanDepot Findings and Response:loanDepot would like to thank Mr. and Mrs. [redacted] for their business and appreciate their feedback. Aftera review of our systems, the borrowers’ loan successfully funded and closed on August 26, 2015, and thedisbursement of funds appeared to occur within the appropriate timeline that is consistent withloanDepot. The funds were wired from loanDepot to the title company, [redacted], who would then beresponsible for the proper disbursement of monies to the 3 separate creditors that were to be paid offfrom the refinance in addition to the 2 mortgages. Once those monies were disbursed, then the cashremaining was issued directly to the borrower. In regards to the local title company that the borrowerreached out to, we cannot speak on behalf of an expectation from an outside vendor that loanDepotdoes not use. However, the timeline that transpired on this file is in line with loanDepot’s normalprotocol.  loanDepot sincerely apologizes for any miscommunication that occurred in regards to thedisbursements. Here at loanDepot, we have established responsible lending and customer service as ourcore values. Should Mr. and Mrs. [redacted] have any more concerns, they may contact loanDepot’sCustomer Care Department at [redacted] ext. [redacted]. Representatives are available to assist Mondaythrough Friday from 8am to 5pm, PST.

loanDepot’s Borrower Complaint Summary:
lfo1">1.       The borrower claimed that there was communication
issues regarding the timeframe of the loan as well as whether or not he needed
an appraisal completed on his property.
2.       The borrower claimed that loanDepot was stalling
his loan and had no intention of getting his loan done.
3.       The borrower claimed that loanDepot cancelled the
application without him requesting to do so.
4.       The borrower claimed that loanDepot would make
him whole again if he refinanced by paying any application fees and difference
in rate.
5.       The borrower claimed that loanDepot did not send
all of his documents back to him. He also claimed that we sent documentation
for another customer that is not him.
6.       The borrower claimed that he was lied to.
 
loanDepot Findings and
Response
1.       loanDepot sincerely regrets that the borrower
felt there were communication issues between him and loanDepot, especially in
regards to the timeframe of when the loan would close. At the time of application,
the loan was priced with the understanding that both borrowers would live in
the property thus making the borrowers eligible for a property inspection
waiver. However, while the loan was in process, it was discovered that the
co-borrower does not live in the subject property which affected the pricing of
the loan due to the occupancy and made the property no longer eligible for a
property inspection waiver. This required loanDepot to request an appraisal on
the subject property.
 
2.       loanDepot apologizes that the borrower felt
loanDepot was stalling on his loan and that we had no intention to get this
loan done. However, that is never the case as we are in the business to close
and fund loans.
On
October 12, 2015, the loan was originated by his Sales team. His team worked
with him to get the initial documentation needed to send the loan to
processing, and once said documentation was received, the loan was sent to processing
on October 28, 2015. The Sr. Account Manager assigned to the loan then reached
out to the borrower on November 2, 2015 via phone and email to introduce
herself, and soon after, sent the loan to Underwriting on November 10, 2015
which received a conditional approval on November 13, 2015. loanDepot sent the
customer a list of the conditions that needed to be satisfied to obtain final
approval on the loan, but once the IRS tax transcripts were received and
reviewed, it was determined that the overall debt-to-income (DTI) was too high
for loanDepot to lend upon, thus prompting the loan to go into the Restructure
queue to see if we could overcome this hurdle. In an attempt to address the DTI
issue, more income documentation was requested from the borrowers. Over the
next few weeks, the borrowers were piece sending documentation into loanDepot, but
the documentation provided would still not satisfy the DTI issue. The loan
never received a final approval, and on January 27, 2016, the loan was
officially declined due to DTI.
 
3.       Based off a review of loanDepot’s systems,
loanDepot reached out to the borrower multiple times before declining the loan,
but we were unsuccessful in getting him on the phone. The borrower did not
cancel the loan application, and he has no say when his loan gets declined
which is the case here. As stated earlier, loanDepot declined the borrower due to
DTI issues as we were having trouble obtaining pertinent documentation for the
co-borrower regarding his income as well as documentation regarding the
occupancy of the subject property. In process, it was discovered on the
co-borrower’s personal tax returns that he is involved in multiple partnerships.
loanDepot requested the business returns for any partnership the co-borrower
has 25% or more ownership in and K1s for any partnership that he has 25% or
less ownership in. However, the requested documentation was not provided in a
timely manner to loanDepot. Furthermore, the primary borrower’s tax returns
reflected numerous write-offs in which loanDepot had to take into account when
calculating the income. This, too, contributed to the DTI issues.
 
4.       After a review of loanDepot’s systems, there is
no evidence that supports the borrower’s statement in that loanDepot will pay
any application fees and difference in rate when he refinances with another
lender. This was the borrower’s demands due to his dissatisfaction with
loanDepot, and we never said we would do this.
 
5.       loanDepot sent all documents related to this
transaction back to the borrower. In regards to sending another customer’s
documents to him, loanDepot found no evidence of this. However, we inquired
with the borrower who the customer was that he claimed we sent the
documentation to him in error, but he would not disclose this information to
us.  
 
6.       loanDepot regrets that Mr. [redacted] felt lied to,
but loanDepot has been as transparent as possible to him in relation to this loan
transaction.
 
 
In summary, loanDepot sincerely regrets
and apologizes to Mr. [redacted] in that his experience with loanDepot was anything
less than satisfactory and that he felt lied to. At the time of application,
the loan was set up with the subject property being the primary residence for
both borrowers which qualified for a property inspection waiver. However, in
process, it was discovered that the co-borrower does not live in the subject
property thus making the loan application ineligible for a property inspection
waiver. Furthermore, loanDepot declined the file due to DTI issues as we could
not get the requested documentation from the borrower in a timely manner in
order to support the stated income. It was also discovered that there were a
lot of write-offs on the primary borrower’s tax returns that contributed to the
DTI issues. loanDepot returned all documentation in relation to this loan
transaction back to the borrower, and could not find any evidence that
documents for another customer were sent to the borrower. When questioned, the
borrower refused to provide the customer information in which he claimed was
sent to him in error. Please know that loanDepot exhausted all resources to try
and approve this loan, but was ultimately unsuccessful.

Borrower’s Complaint Filed with the Revdex.com: I received a letter in the mail saying we have received the mortgage inquiry you placed in March 2016. Your mortgage info has gone under automatic review. Included in this letter was an offer code number and a automatic review file number. I called them...

asking how they received an inquiry because I had not made one. They said they needed my phone number because the offer code number and review of file number did not give them any info. I Ended up giving them my tele number and they said there was no inquiry under my name address or phone number and I had been searching online in 2014. Which I had. Borrower’s Desired Resolution: This company is sending out letters with blatant lies. I was very upset because I thought I was hacked somewhere and someone was trying to use my information. This is not how someone that is accredited by the Revdex.com should be conducting business. loanDepot Findings and Response: loanDepot is committed to the complete satisfaction of our customers. Our goal is to provide complete transparency in all our transactions. We have dedicated prompt attention to the concerns noted in the complaint and appreciate the opportunity to clarify any misunderstandings. In an effort to assist homeowners with mortgage refinance options we periodically send direct marketing offers. We sincerely regret that the promotional letter from loanDepot may have caused concern. Our automatic review of mortgage information was conducted based on a previous inquiry and public sources. Information is also derived from internet website referrals that may have been generated when a consumer reviews mortgage refinance offers online. We comply with the laws governing advertising and marketing. loanDepot understands the concerns regarding consumer data being compromised. We take the security and protection of consumer information very seriously. We have thoroughly reviewed our internal records to confirm that no official credit inquiry was made, and there is no loan pending or completed with loanDepot under the consumer’s information. To ensure that future solicitations will cease, the consumer’s contact information was added to our Do Not Call and Do Not Mail registry on April 13, 2016 this process may take up to 90 days to complete. loanDepot is sincerely apologetic for any inconvenience the consumer experienced. If additional information is needed, please contact our Customer Care Department at [redacted], Ext. [redacted].

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.
It is irrelevant how the loan estimates changed after the appraisal.  I think I am due reimbursement because I paid the appraisal deposit based on false information received over the phone from Loan Depot, and it was paid before receiving the first loan estimate document.  The first and all subsequent loan estimates showed costs that were thousands of dollars greater than what we agreed to over the phone when I paid the appraisal deposit.  I first noticed the discrepancy prior the the appraisal service, and when I contacted Loan Depot, I was again given false information that Loan Depot would cover the closing costs displayed in the loan estimate.  Rather than cancel the appraisal, I chose to proceed with the process based on this information.  Although the appraisal service that I paid for was received, it was Loan Depot that required this service, not myself, and I agreed to pay for the appraisal based on false information.
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]

I just found a email that I got from [redacted] stating that there would be no fees for me doing this loan.  I am quoting from the email. " I just wanted follow up to my email explaining the no cost loan we were offering. We're not charging you fees to do this loan."    If they were not charging me any fees and it is a no cost loan then why am I out almost $6000.00?   I need to have an explanation as to why I was lied to.  If you would like a copy of this email, please let me know.  I will be glad to see that you get one.thanks.[redacted]

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

Date:                               January 8, 2017 loanDot File:                                      [redacted]   Borrower’s Complaint Filed with the Revdex.com:   I applied for a cash out refi and everything started good, no issues and really responsive. got the appraisal done came back no issues. I even got a final closing disclosure, things were moving. this is when the story goes down hill; this company would ask for redundant information that was already submitted several times. I was told one week that we are setting up for close and the next week they would need some new paperwork that was already submitted or isn't available in my county. any request I would send info over immediately. they said that the UW needed a rebuild letter due to the new zoning where the property was located. Ok, the only thing is my county doesn't provide that, because its already built into the zoning laws. They are not responsive at all, I would try every avenue of communication to get an update, just to make sure that I wasn't missing anything and if they need any more info from me (see above something new every week, if they even return calls). the final straw was them asking if I lived in the home. I said yes, at the same address on the application. I told them I would be doing some renovations before the appraisal and would temporally be staying someplace else until it was complete; they said of course no problem. why would it, I have a small child and with a home getting renovated do you think that's a good environment? so they canceled my loan stating that they couldn't prove if I was living in the home or not. they came to that conclusion based upon the pictures taken at appraisal, the same pictures that were taken when we just got finished doing the work in the home and the new carpet was left. why would I move my things back in and than put the new carpet down, makes no sense. furthermore, on the loan application it says that the property must be occupied within 60days of closing, which it was plus we never had a firm closing date. this company will pull a bait/switch rate , not return any communication, and lie. they are unethical   Borrower’s Desired Resolution:   None   LoanDepot Response:   loanDepot originated a loan for Mr. [redacted] on October 11, 2016.  Prior to moving forward, loanDepot evaluates the customer’s needs and determines 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 qualified for an FHA cash out, with a rate of 4.25%.  The property was an inheritance and not encumber by a lien, therefore pricing was dependent on the property appraising at $100,000 or higher.  The appraisal report was received on December 3, 2016, valued at $140,000, listed as vacant, subject to repairs, in order to be FHA compliant.    The file was submitted to our Underwriting department on November 3, 2016.  During this time, there can be a need for additional documentation and/or verification that can affect the outcome of the approval.  We are unable to predict circumstances that can negatively impact the loan approval.  The customer was conditioned to show proof of occupancy by providing a utility statement or an equivalent document.  Unfortunately, the customer was unable to provide the necessary documentation, and photos provided by the Appraiser confirmed the occupancy type.  As such, the loan was denied.   At loanDepot, we take pride in ensuring our customer’s satisfaction.  It is very important to us that we meet our own expectations of excellent customer service and apologize if you received anything less.  In respect to your accusation that employees did not provide you with the substantial customer service, loanDepot will be completing a thorough investigation for each individual named.  If any deficiencies are found we will address those internally.   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 [redacted] ext. [redacted]. Representatives are available to assist Monday through Friday 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 was told verbally several times that my money would be refunded if the loan did not go through.  More importantly, they are being deceitful about the appraiser, who clearly DOES work for them, as he has a loandepot.com email address.  Review all the other complaints and notice how conveniently everyone's appraisal comes in $20,000 too low to qualify for the loan, and they lost their money.  Obviously LoanDepot IS MAKING A PROFIT or else they would be out of business by now, judging from the amount of complaints they have.  I work with attorneys, and I will be reviewing this with them to see if there is more action that can be taken.
Regards,
[redacted]

We understand that the loan process can be complex, and there are exchanges of large amounts of pertinent information at various times. This can be very overwhelming for our customers, however, very necessary in our efforts to work in an environment of transparency in all transactions. We understand...

that communication comes in various forms, and information can be misunderstood easy by our customers. Our constant goal is to assist the customer in making this a smooth process.Our Licensed Loan Officers are committed to finding the best rates and programs for our customers. We do not profit from the loan until it closes, this is the same for the Licensed Loan Officers. We estimate mortgage pricing by entering details we receive from the customer verbally. The figures provided at the beginning of the loan, are estimated figures. Factors that can impact numbers are low value appraisal values, or debt to income calculations.  We spoke with our customers and informed them that the costs currently were actually lower than when they started the loan. The customer agreed to continue the loan process. However, there seemed to be a communication breakdown, which led to a misunderstanding regarding the costs involved. loanDepot provided a discount toward the points to reduce the amount.  In clarifying the issue with the customer on various calls, they thought it was a credit towards loan costs. When this “credit” was not on the Loan Estimate, they became upset. Our goal is for our customers to feel comfortable with understanding the numbers and calculations of their loan process. Regretfully, the customers did not want to proceed, and stated they would contact the local authorities. After an exhaustive review of the exchanges with our staff, audit of the pricing and costs, it was determined there was no misconduct, or miscalculations on our part. Services were rendered, and the customer was provided with a copy of their appraisal report. We respectfully deny their request for refund of the appraisal deposit. They have signed the Appraisal Deposit Agreement, in understanding, of the reasons in which a refund would be applicable.We appreciate the opportunity to respond to our customers concerns. 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 are grateful for the opportunity to respond to our customers concerns regarding their loan process. Lenders are not allowed to influence nor do their own appraisals.  All lenders must contract a licensed appraisal company to perform this task.  Customers, who do not agree with the...

results of their appraisal report, do have the opportunity to appeal their results.  Customers are asked to collect the data of 3 to 5 comparable properties, in their proximity, to validate their dispute for value.  We are unable to perform this on behalf of the customer, due to the perimeters of the laws.  The laws prohibit any influence or intervention by the Lender who is reviewing the loan. We submitted the information, which the customer provided, to the appraisal company for their evaluation.  We received notification that the appraisal appeal was completed, and our customer’s value was changed to $330,000.00.  This was based on reconsideration of the comparable sales provided by our customer.  Despite the value change, it was not enough to assist in meeting the loan to value required by the FHA program.  Our customer was advised to continue with the program, he would have to bring cash to close.  Our customer communicated that this was not an option for him. Services were rendered for the appraisal, and the customer signed an Appraisal Deposit Agreement.  The Appraisal Deposit Agreement states the specific reasons in which a refund would be applicable.  Our customer executed this document on October 11, 2017. The refund is not warranted, and we notified our customer that we respectfully denied his request on December 13, 2017.

We appreciate the opportunity to respond to our customers concerns regarding the removal of the PMI payment on the loan. We work in an environment of complete transparency, with a high standard of integrity. We apologize for any inconvenience the customer may have encountered.   According to...

our records, we received the executed documentation to remove the PMI coverage on April 10, 2017.  A correction letter was sent on April 25, 2017, informing the customer that the PMI has been removed and that the new effective date of the changes will be on May, 1, 2017.  A refund in the amount of $554.80 was also sent to the customer on April 25, 2017 for the PMI payment made in April.   We trust our response full addresses the customer’s concerns. Thank you for allowing us to respond to our customers inquiries.   If additional information is needed, contact our 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] E [redacted]Complaint Date: March 13, 2017Borrower’s Complaint Filed with the Revdex.com:Two issues exist, the authorizing of services, and the changing costs of services. We attempted a homeloan with Loan Depot. As is common, an appraisal was called for,...

and performed on 4Mar17. Instructionshad been given that an appraisal was to be done as the absolute last step once all of the other possiblecauses for not issuing a product had been exhausted. This was demonstrated by turning one appraiseraway at the doorstep, and the numerous times products were reviewed by the company to pass a meanstest. The loan ultimately failed on a means test, based upon an issue of a solar lease on the property,which the company was well aware of, and provided a copy of that lease well before they ordered anappraisal. So either instructions were disregarded, or the means testing was not done properly prior toordering the appraisal, and we are stuck out of pocket. The second issue regards the shifting cost of thatappraisal. We were recorded verbally at a cost of $375. We agreed on paper that it should not exceed$425. End cost was $465. We do not understand why the price shifted either.Borrower’s Desired Resolution:We desire a refund. It was an unneeded service based on the desire to close instead of completing as perinstructed. The company ordered the service, and we had no problem delaying to ensure properprocessing.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. Their concerns are valid to us, and we want to thank you for theopportunity to address them.There is no substantial evidence to support the customer’s allegation that they disclosed the SolarPanels Lease Agreement at the time oforigination. The customer was conditionally pre-qualified basedon the information that was received at the time of application. A pre-qualification is not a commitmentto lend and is subject to change based upon receipt of information that may alter it. The finalcommitment would require satisfaction of all underwriting conditions. Based on the information anddocuments received while the loan was in process, the loan was ultimately Decline on March 06,2017The document titled “Appraisal Deposit Agreement” was executed on February 03, 2017 whichauthorizes loanDepot to collect an Appraisal Deposit of $425. As disclosed in the agreement, refunds areissued if appraisal services were not rendered. Our records show that the property inspection wascompleted on March 02, 2017, and a copy of the appraisal report was sent via email on March 06, 2017respectfully deny the request for a refund of the appraisal deposit.After an internal review of the call recordings between Ms. [redacted] and the Licensed Lending Officer,there is substantial evidence in which the Licensed Lending Officer stated that the appraisal depositwould be $375.00. As such, we have issued a reimbursement of the a credit of $50.We sincerely apologize that the customer felt their experience with us was anything less thansatisfactory .Here at loanDepot, we are committed to the highest standards of integrity in all ourbusiness practices, and regret that we could not help them achieve their financial goals.

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 cannot accept this response for two reasons: 1. The company has called several times stating that the purpose of the call was to collect a debt. i.e. no indication the our case was researched and no offer mention. 2. We spoke to a Mr. [redacted] (i hope I got it right) who  finally said he understood our problem and would research the issue further and let us know. This certainly sounds like a resonable response and would like to wait for the results. The company is acting as if there is no problem. They sends us bills as if we have a new loan with them which has grown to double the initial amount they stated we owed. No mention from them about any problem. They have even determined a new payment amount.
Regards,
[redacted]