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.
I firmly disagree with LoanDepot stating that the appraisal report is accurate and formally request that they send my report to an appraiser local to my area for review. Note, [redacted] is NOT local. The appraiser should be from [redacted] and have knowledge of the local market. The appraisal is inaccurate for several reasons with the most notable reason being that they used at least two PUD comps which are neighbourhoods that carry their own market value while my neighbourhood is not. My request is still a refund, but will settle with a desk review by a local appraiser, a new appraisal by a local appraiser or, at the very least, a partial refund.
Regards,
[redacted]

We were unable to respond to this consumer’s complaint. There is no active loan or prior record of any product under this consumer’s name. In conducting research using the property address provided in this complaint, we located a record; however, this consumer’s name was not on file or a written...

authorization to respond.To ensure that we provide the consumer with the best possible service, we request that they provide us with additional information that is essential in helping us locate their loan file. We need a loan number, third-party authorization, or any other pertinent information that would help us to be more effective in addressing their concerns.If additional information is needed, please contact our Customer Care Team by phone at ###-###-####, Ext. [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.

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

Name:                              [redacted] Loan                                         ...⇄ [redacted] Complaint Date:                               March 31, 2017   Borrower’s Complaint Filed with the Revdex.com:   My bank transmitted payments on two (2) mortgages electronically on Februaty 27, 2017 for the payment due in March, 2017. Loan documents weren't transmitted to the loanDepot offices handling these loans by loanDepot until March 8, 2017. Thus, the offices handling the loan payments were apparently unaware of the electronic transmittals. However, since then I have been harassed by numerous loanDepot employees threatening collection action if payment wasn't made. I have sent the proof of transmittals to three (3) different loanDepot employess, the last being faxed to [redacted] at FAX # ###-###-#### on 03/23/17. Rather than electronically transmitting the payments for April, I mailed them and just received a statement from loanDepot that the April payments were applied to March and that I still owe for April. These people just don't seem to want to get this matter cleared up, and I am tired of providing the information and no one looking into it on their end to prove my payments for March were received.   Borrower’s Desired Resolution:   I would like a person from management to contact me, NOT a telemarketer, who has the authority and the gumption to review the information and resolve the issue. I will provide that person with the loan numbers and the same proof of transmittals I provided from my bank. I'd also like a $200 credit on my account(s) for the harassment and extra time I've had to spend getting the issue resolved because of the incompetence by the loanDepot employees.   loanDepot Findings and Response   loanDepot regrets that Mr. [redacted]’s experience with loanDepot’s servicing department has been anything less than satisfactory. As with every customer of loanDepot, we do our best to accommodate the customer in paying their mortgage obligations. loanDepot funded Mr. [redacted]’s’ loan on January 23, 2017.  The customer was given a Payment Letter instructing the customer to send his first payment, due March 1, 2017 in check form to: loandepot.com. [redacted].   The customer choose to electronically remit payment on February 28, 2017 with an incorrect loan number.  loanDepot’s servicing department was not set up to accept an electronic payment, as the loan was not officially boarded until March 7, 2017.   The funds were rejected and returned to the customer.   loanDepot made attempts to collect the first payment due, at which time they learned of the electronic payment made. The account was not suppressed while servicing completed their research and a late fee was accessed.    The customer has been contacted by our servicing department, and has verified the correct loan number for remitting payments.  Due to the oversight, the $200 late fee will be credited to the customer via live check.   loanDepot apologizes that Mr. [redacted]’s first payment was not processed efficiently.  We hope to have cleared any future issues.  If he has any further questions or concerns, he may contact loanDepot’s Customer Care Analyst, [redacted] at ###-###-####. Tell us why here...

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

November 6, 2017                           Borrower’s Complaint Filed with the Revdex.com:   I paid off my personal loan with this company in September 2017 using my debit card on their online payment center. My account was debited and payment received. The company will currently not send me a paid in full letter nor an account statement showing the account balance is $0.00 and closed. I have called several times requesting this and I am told to keep waiting and never given an exact day or time when I will get it.   Complaint Background: Problem Occurred: 10/28/2017 Account Number: [redacted]   Borrower’s Desired Resolution:   I would like my paid in full letter and/or statement showing a $0.00 balance in my email as soon as possible!    loanDepot Findings and Response   We understand that the satisfaction of our customer is essential to maintaining a successful business. Our core values compel us to do the right thing for our customers. loanDepot is a company that takes pride in the integrity of our processes.   Our system indicate that the paid in full letter was generated and mailed to the customer on October 14, 2017. As a courtesy, loanDepot re-mailed the paid in full letter via [redacted] (Tracking Number [redacted]).   If the customers have any further questions or concerns, please feel free to contact me directly at ###-###-####.

Borrower’s Complaint Filed with the Revdex.com:
Was in the process of a refi with Loan Depot and was told I was well within the limits and should order an appraisal. I had to pay for the appraisal and later told I did not qualify for the loan. I had everything they needed for equity and income....

They just misread the information they printed and said I have a higher debt to income for the loan. They assured me that I would be approved and said I should order and pay for the appraisal. I am out the $450 for the appraisal and am seeking restitution.
Borrower’s Desired Resolution:
Return my appraisal fee.
loanDepot Findings and Response
loanDepot evaluates the borrower’s needs and determines if they have a loan product that will benefit the borrower. loanDepot conducts an extensive screening process with the borrower to collect data and find the product that best fits the borrower’s needs. The borrower is conditionally pre-approved based on the information the borrower provides.
The borrowers file was submitted to our Underwriting department on January 27, 2015. During this process, 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 approval. The borrower’s income was verified through a Written Verification of Employment. Upon reviewing the borrowers income it was determined that the borrower did not meet the residual income required for the loan to be approved.
The borrower executed the attached Appraisal Fee Agreement on December 15, 2014 where the borrower acknowledges the following:
"The appraisal fee of $325 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 the appraisal fee. If the 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 fee. The appraisal fee must be paid prior to submission of your loan to our processing department. "
Because the appraisal was completed and the Appraisal Fee Agreement was executed a refund of $325 is not warranted as the total cost of the appraisal service was $450. By signing and
returning the said agreement. The borrower acknowledged that they read; fully understood and agreed to the terms and conditions set thereof.
In summary, loanDepot sincerely apologizes to Mr. [redacted] for his experience and provided him an explanation as to why the fees would not be refunded. The borrower’s loan was pre-approved contingent upon verifying income. As mentioned above, the borrower’s income does not meet the residual income required for the loan to be approved. The Appraisal fee of $325 will not be refunded as the borrower signed the Appraisal Fee Agreement Form

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.
After all of this they still can't get my name right, it's [redacted] not [redacted]. Let me start by saying I was calling to get a better interest rate on my home loan, which was what the original mail offer showed. I am not in a desperate financial situation I can make my house payments. In there response it stated that the offer was "specifically for the variable loan products offered at loan depot", I reread the notice that was received by postal mail which was attached to this complaint on 8/31, and it does not state this anywhere. I still believe they are practicing false advertisement to get consumers to call in and then offer them high interest loans. If this is not the case then perhaps there is a way they can prove this isn't false advertisement by showing the Revdex.com where at least one of these loan offers actually generated a loan at the advertised rate. Otherwise I think when people look up loan depot on the Revdex.com website (which the banker that I spoke with told me to do because they have such a good rating) It should show that they make false claims so that consumers know what they are getting into prior to making arrangements with the loandepot.
Regards,
[redacted]

Attached are the Letter of Explanation and supporting documentation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    7/23/2015Borrower’s Complaint Filed with the Revdex.com:I received a call from a representative...

at Loan Depot stating that I had signed up to receive informationabout refinancing options. I do not recall submitting this request, but since I was already consideringcontacting a broker to discuss these options, I went ahead with call with Loan Depot. The representativewas very polite and seemed to be very knowledgeable which I appreciated. I informed him that myreason for refinancing was solely to eliminate my property mortgage insurance (PMI) as I have a greatinterest rate in my current loan. The representative used Loan Depot's home value calculation tool tohelp me decide if I had enough equity to eliminate the PMI and informed me that the estimated valuewas actually $10,000 over what my home needed to appraise for in order to eliminate PMI. Reliant uponthat information I went ahead and made a $395 deposit for an appraisal and was assured I would get itback at closing. They sent an appraiser over who had no knowledge of my area and significantlyundervalued my home ($36,000 less than Loan Depot's estimated value). I have appealed the appraisalthree times giving comps more appropriate for my area and pointing out discrepancies in the descriptionof my property. Unfortunately I am forced to go through Loan Depot to resolve the matter as I am notallowed to communicate with appraiser based upon some law. Loan Depot has now been very short andvague within their responses to me regarding the appraisal and I have requested a refund in full since Iordered the appraisal relying on their calculations in value, they sent an appraiser out that almostrefuses to consider my appeals and I am unable to request the refund from the appraisal companythemselves. I do not believe my appraisal was accurate by any means and I should not have to pay for anappraisal that does not even accurately describe my property. I have been denied a refund stating thatthe appraisal was done and therefore I cannot be refunded.Borrower’s Desired Resolution:I would like a full refund for my appraisal deposit in the amount of $395.loanDepot’s Borrower Complaint Summary:1. Borrower claims that she does not recall submitting a request online to receive information onrefinancing.  2. Borrower claims that the loanDepot representative used loanDepot’s home valuation calculationtool to determine the value of the property and that she went along with that information in regardsto the value of her property.  3. Borrower is upset with the appraisal report and claims that her property was undervalued andinaccurate.  4. Borrower is requesting a refund of her $395 appraisal deposit.   loanDepot Findings and Response:1. After a review of our systems, it appears that loanDepot reached out to Ms. [redacted] due to informationsubmitted through the lead source called [redacted] on June 13, 2015.   2. Contrary to what the borrower is stating above, the loanDepot licensed lending officer went on a“home value estimator” online to get an idea of the value of the subject property at the time ofapplication on June 13, 2015. The representative stated that the value came back around $151,000and soon after asks Ms. [redacted] if this is an accurate assessment. The borrower then rebuttals that thevalue of her property is more around $145,000. When the borrower’s application was taken, the$145,000 estimated value was used.   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 as to ensure thereis no bias or predetermined value or agenda. The impartial local/certified appraiser (valuationexpert) 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. The borrower has the best understanding of what her property is worth,and loanDepot went off of the borrower’s estimated value of $145,000 at the time of application.  4. 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 property program that will fit thecustomer’s needs. loanDepot then emails the customer information about moving forward on theloan. At the time of application, the borrower’s loan inquiry was conditionally pre-qualified based onthe information that was received with an estimated value of the property at $145,000. When theappraisal was received on June 25, 2015, the appraised value came back lower than expected at$115,000, thus increasing the total loan-to-value ratio (LTV) of the property.   Furthermore, the borrower executed the Appraisal Deposit Agreement on June 15, 2015 where itwas acknowledged:“The Appraisal Deposit of $395.00 is non-refundable if an appraisal has been completed on thesubject property…If your application is declined, even if the appraised value is not what youexpected, and an appraisal has been completed, you will not receive a refund of this appraisaldeposit.”Because the appraisal was completed and Ms. [redacted] executed the Appraisal Deposit Agreement, arefund of that $395 is not warranted. By signing and returning said agreement, the borroweracknowledged 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 sincerely apologizes that Ms. [redacted]’s experience with loanDepot was anythingless than satisfactory. loanDepot reached out to the borrower in regards to refinancing because of theinformation that was obtained through the lead source called [redacted]. Furthermore, loanDepothas no control over the appraisal process and has no reason to believe that the appraisal report isincorrect as it was done by a certified appraiser. A refund of that $395 is not warranted due to theappraisal being completed and the borrower executing the Appraisal Deposit Agreement. loanDepot didnot profit from this loan application as we incurred expenses and losses on the borrower’s behalf thatexceeded the $395 amount. We ordered an appraisal report, ran credit reports, title reports, and weresubject to additional costs on other services rendered.

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: November 28, 2016Borrower’s Complaint Filed with the Revdex.com:I refinanced my home (30 year fixed) through Loan Depot Mortgage Company roughly February, March, 2016. Around mid-October, I began work with Sales Rep [redacted]...

to refinance to a 15-year mortgage. During the refinance process, I was assured that all factors, credit, etc.., were good. The final determinant was the need for a home appraisal. I was told that the cost ($425) would be refunded to me at closing. My home did not appraise as high as Ms. [redacted] thought it might, thus, she explained that there was no need to refinance. I reminded Ms. [redacted] that I had paid $425 for an appraisal and that I had been assured by her that I would be refunded the fee at closing! I had relied on Ms. [redacted] particularly since Loan Depot had just refinanced my home 6 or 7 months earlier. Ms. [redacted] referred me to her manager [redacted], but I have not been able to reach him by telephone.Borrower’s Desired Resolution:Would like to be refunded the $425 that I paid for an appraisal as I believe I was misled by Sales Rep [redacted].loanDepot Findings and ResponseMr. [redacted] was charged $425.00 for purpose of an appraisal deposit. 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 property was inspected on November 02, 2016; loanDepot does not have any influence on the appraised value of the subject property. The appraisal report is conducted by a third party, in which a license appraiser is assigned to appraise the subject property. The loan ultimately was declined on November 18, 2016, due to low appraised value.After a review of our systems, the customer executed the Appraisal Deposit Agreement on October 27, 2016 where the customer acknowledged the following:REFUNDABILITY: The Appraisal Deposit is refundable in certain circumstancesIf 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 yourapplication is declined, even if the appraised value is not what you expected, you will only be refunded the difference between the Appraisal Deposit and the amount of the value of the Appraisal Services performed.loanDepot did not profit from this loan application as we incurred expenses and losses on the borrower’s behalf that exceeded the $425.00 amount. We ordered an appraisal report, title reports, and were subject to additional costs on other services rendered. Mr. Veal’s request to refund the appraisal deposit is regretfully denied.

We understand that the satisfaction of our customer is essential to maintaining a successful business. Our core values compel us to do the right thing for our customers. loanDepot is a company that takes pride in the integrity of our processes.   Mr. [redacted]’s was charged $300.00 for purpose...

of an appraisal deposit. 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 property was inspected on September 08, 2016 and ultimately declined on September 29, 2016 due to the income being insufficient for the amount requested.    After a review of our systems, the customer executed the Appraisal Deposit Agreement on August 18, 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 did not profit from this loan application as we incurred expenses and losses on the borrower’s behalf that exceeded the $300.00 amount. We ordered an appraisal report, title reports, and were subject to additional costs on other services rendered. Mr. [redacted]’s request to refund the appraisal deposit is regretfully denied.    If the customers have any further questions or concerns, please feel free to contact me directly at ###-###-####.

Attached is the Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

5/12/2015  Borrower’s Complaint Filed with the Revdex.com:  We refin...⇄

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]
I understand not having the appraisal refunded.  But, according to [redacted] I was NOT late for any mortgage payments.  I will check with them and credit reports I have access to.

loanDepot sincerely regrets that the customer felt unsatisfied with their experience with us. Our goal as a company is to provide complete transparency in all our transactions. We consider our associates experts in their field, which allows us to provide the highest level of service with a focus on...

accuracy. We have taken the necessary steps to conduct an internal investigation and will address any training opportunities internally.A check in the amount of $375.00 will be mailed to the customer within 7 business days. We apologize for any inconvenience the customer may have encountered. If additional information is required, please contact our Customer Care Department at [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.At the time of application, I told the loan officer that I had only been on title for six months. He said the great thing about working at headquarters is that you can speak with an underwriter directly. He put me on hold and came back and said that it would not be a problem. After weeks of ridiculous stress I asked to speak to our underwriter and she said they have to follow [redacted] and [redacted] guidelines and we do not meet it. Not only did I tell them, but had they ordered title work, they would have known sooner and we DID meet [redacted] and [redacted] guidlines because we went to [redacted] and they said we met that guideline and we are closing next week. Also, we have a copy of the appraisal and is says owner occupied, because it is. One last thing, as of October 1st, the lender is required to refund your appraisal money. Just another way they pull the wool over your eyes. I do not know a solution to this issue. I had a lot of sleepless nights worried about this loan, but I trusted them. They let me down in a big way. I understand being turned down for a loan, but this is unacceptable. 
Regards,
[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.
[The had told me (of which I have proof) that my loan had already passed on underwrting. IN ADDITION to that, that is not the same line of bt they gave me when I called and asked why, 2 different stories. I have also been talking to a lawyer daily about the situation and he said I 100% have grounds for a lawsuit which he is confident he WILL win based on all of the information and emails that I kept. ]
Regards,
[redacted]

I recently called LoanDepot and spoke to agent [redacted] to discuss the pending charge of $395, for an appraisal that hadn't yet occurred. He stated it was only a deposit and would not be charged to my account, until the appraisal was completed. Yesterday, I was contacted by the appraiser, in which I...

advised him that I did not want to go through with the transaction. I feel a sense of "steering" during my conversations with [redacted] and I no longer trust this corporation. I ask that you please assist me in securing a refund of $395 that was charged to my account. Please feel free to contact me with any questions or concerns that you may have. Thank you kindly.[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 was never communicated to myself or my wife that we were buying down to 4%. In fact when my wife talked to [redacted] supervisor, she listened to the recording of the conversations and found where we were approved for 4%. At no time during the closing did [redacted] state that we had bought down points to reach 4%. When [redacted] went over the accounts to be paid off and it was discovered that the [redacted] credit card was not included, [redacted] assured us that it was still going to be paid off because it was included in the Settlement Statement Payoff which he emailed us as proof. He also told [redacted] where to find it in the paperwork so she could show us that it was an account that was being paid off. So basically we were told it was an error on their part, we were shown where the account was still to be paid off and once they got our signatures they claimed there was some huge mix-up in the paperwork and were trying to figure out what went wrong. A week later they chose not to honor their agreement on the [redacted] card and came up with the buying down points scenario. And credit pulls don't need to be done in 3 consecutive weeks to ensure credit worthiness.
Regards,
[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.
Regards,
[redacted]

Our goal at loanDepot is to constantly find ways to surpass the expectations of our customers. We pride ourselves on working with the highest level of integrity and transparency. We know that communication between customers and their mortgage company is essential in maintaining a good...

relationship. Upon receipt of the customer’s complaint, we assigned a designated person to act as a direct contact for the customer. Our associate made an attempt to reach the customer by phone to address their concerns. The customer can be assured that derogatory information for March 2017 loan payment will be corrected. We sent a request on October 10, 2017, to the credit bureaus, to show this payment paid as agreed.loanDepot is apologetic for any inconvenience that the customer may have encountered. If additional information is needed, our Customer Care department can be reached at (888) 337-6888.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
When I submitted my complaint to the Revdex.com on July 17, 2015, I attached a chronicle of events that occurred 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.  The response from Loan Depot regarding my complaint is unsatisfactory and fails to address these issues.  I request a thorough investigation into the practices of Loan Depot and a full refund of the appraisal fee. Thank you. 
Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

5/18/2015  Borrower’s Complaint Filed with the Revdex.com:  This com...⇄