LoanDepot

Attached is the Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]  Complaint Date:    8/19/2015Borrower’s Complaint Filed with the Revdex.com:I recently was refinancing my home thru an fha loan...

which loan depot pre approved mefor. After an fha inspector came out and made me paint my garage and reside it,spending thousands of dollars to do so, and working 14 hoyr days all summer to get itdone, by myself, since I spent every dollar I had on tools and materials necessary to dothe work, the inspector came back and said it was good. Well, after spending mofe andmore time sending documents to them, the lady I was working with was 100% useless. Iexplained to her and another guy from the get go my situation, and they said yeah noproblem, thats fine. Fast forwards a few weeks, I get an email saying im approved. I sendin the rest of the documents, then last week I get a rate lock form to sign. I signed it, sentit back and a couple days later, right before we were supposed to close I was declined.Even tho it already went thru underwriting and they said I was APPROVED, which I haveevery phone call and email documented, they changed their mind. A little while ago itdawned on me why I was declined, the form they sent was confusing, and they tried toget me to check the adjustable rate mortgage instead of the fixes rate whi h we AGREEDAND SIGNED ON previously. This awful company screwed me out of thousands of dollars,and hours upin hours of my summer, which I could have been working overtime butnope, had to fix DUMB unimportand [redacted] on my hoyse to get this loan done. Thanks tothem my kids got screwed out of a vacation and I got screwed out of time offBorrower’s Desired Resolution:I am seeking compensation for the materials that I had to buy and my labor for fixing thehouse $6,000, it is stuff I wouldnt have bothered with otherwise, and also for 3 monthsof insurance I had to have and due to their incompetance I have to pay for. They lied tome and [redacted] my family out of all the money we had, this is nothing less than FRAUD,which I can 100% proveloanDepot’s Borrower Complaint Summary:1. The borrower made repairs on the property for a loan he ultimately did not receive.  2. The borrower received an email informing him that he was approved.3. The borrower stated that right before he was supposed to close his loan, he was declined. He isunder the impression that the reason why he was declined was in regards to a confusing form inwhich he claims loanDepot requested him to accept an “adjustable rate mortgage” as opposed tothe fixed rate loan for which he had originally applied.  4. The borrower is requesting compensation for loanDepot’s errors and is claiming fraud.  loanDepot Findings and Response1. As will be discussed further in #2 below, the approval that was communicated to the borrowerwas a conditional one. One of the conditions was the repairs on the borrower’s propertyrequired for the type of loan for which the borrower was conditionally approved. It wasultimately the borrower’s decision to proceed and make the necessary repairs on the propertypursuant to this conditional approval. The repairs on the borrower’s property would have beenneeded for any lender doing an FHA loan for him, and would not have been solely a loanDepotrequirement. Although loanDepot was not able to approve his loan, the borrower does continueto get the benefit of having a repaired property while he resides there and ultimately this shouldbenefit him should he decide to pursue a refinance in the future.  2. The borrower received a conditional approval email. What this means is that the loan’s “finalapproval” was contingent on the conditions specified by loanDepot’s underwriting department.The repairs on the property along were among the conditions listed in the conditional approval,and satisfaction of these conditions was needed to get final approval on the loan. Until a loanhas received a final approval, loanDepot cannot guarantee that the borrower will get the loan. Itwas never communicated to the borrower that his loan was final approved.  3. Based off a review of loanDepot’s systems, loanDepot did not decline the borrower’s loan due toits status as an adjustable rate mortgage or a fixed rate mortgage. According to loanDepot’sreview, it did not request or steer the borrower to select an adjustable rate mortgage. Theborrower’s loan was never priced as an adjustable rate mortgage, and has always been listed asa fixed rate mortgage. Federal disclosures were also sent out to the borrower that reflects afixed rate.  loanDepot has made many attempts to find a mortgage for which Mr. [redacted] might obtain finalapproval. Initially, it was communicated to the borrower that loanDepot could not do the loanbecause Mr. [redacted] was not the party making payments to the mortgage as his great-grandmother was the one making the mortgage payments. Due to this loanDepot was unable toproceed with a “cash-out” refinance as Mr. [redacted] had requested.  However, loanDepot has researched whether a “rate and term” refinance was acceptable forthis loan. The fact that Mr. [redacted] was not making the mortgage payments from his own accountcould have been overcome in a rate and term refinance. After further research, loanDepot wasunable to do a rate and term refinance for Mr. [redacted] as he needed cash-out from thetransaction in order to pay approximately $15,000 in unpaid taxes. If the back taxes did notexist, Mr. [redacted] may have qualified for a rate and term refinance. Although the borrower didbring up the $15,000 in unpaid taxes towards the beginning of the application process, hecommunicated that this amount would not be present at closing as he claimed that he waspaying for the taxes. It appears that what Mr. [redacted] meant was that he was taking over futuretax payments. It wasn’t until later in the process that the borrower informed loanDepot that theapproximately $15,000 reflecting on the existing mortgage Loan Statement was in fact backtaxes that his great-grandmother never paid on the property prior to him taking over the taxpayments.  4. loanDepot regrets that the borrower feels he was a victim of “fraud,” but loanDepot attemptedto assist and help the borrower as much as we could with his mortgage refinance goals and werebasing qualification on the information supplied and communicated to us by the borrower. As acustomer service concession to the borrower, which normally would not be warranted sinceservices were rendered and the appraisal was completed, a full refund of the borrower’sappraisal deposit in the amount of $395 was successfully processed on August 28, 2015 to the[redacted] ending in [redacted]. The transaction ID number is [redacted]. In terms ofcompensation for the repairs on the property, this is not warranted as the borrower is gettingthe benefit of the repairs, these repairs would have been needed on any loan for which theborrower applied, and the approval communicated to the borrower was a conditional one.   In summary, loanDepot sincerely apologizes to Mr. [redacted] in that his experience with loanDepot wasanything less than satisfactory in regards to the miscommunication between him and loanDepot. Theborrower’s loan was never final approved, and final approval was contingent (among other reasons) onthe repairs on the property which the borrower ultimately chose to complete. As mentioned above,these repairs would have been required for any lender with which the borrower chose to pursue arefinance. After further review, loanDepot could not do a loan for the borrower due to a combination ofthe borrower not making the mortgage payments on the property and the approximately $15,000 inback taxes. loanDepot exhausted all resources to try and approve this loan, but was unsuccessful. As acustomer service concession, a full refund of $395 was issued to the borrower.

loanDepot Findings and Response:loanDepot is committed to the complete satisfaction of our customers. The concerns of our customers are taken very seriously. Surpassing their level of service expectations is priority. We pride ourselves on working with the highest level of integrity and transparency...

in all facets of our processes. We have dedicated prompt attention to the concerns noted in the customer’s complaint and appreciate the opportunity to clarify any misunderstandings.We deeply regret that the customer felt unsatisfied with the loan process and the outcome of their loan application. We want to partner with all our customers in realizing their financial goals. We understand that the refinance process can be arduous. We do our best to make it a smooth process for our customers. We exhaust all efforts to get their loan approved. However, there are times that a loan decision will not be favorable for the customer due to circumstances that are out of our control. loanDepot is held responsible to adhere to strict government, and investor guidelines. Initially, the Loan Officer will discuss potential rates, and loan programs that may be available. Preliminary underwriting approval may be given, and is based on stated facts provided by the customer. The factors involved in the decision process are numerous. The customer must provide documentation to substantiate data. Information is also collected from credit reporting agencies and the title company. Upon receipt of all required information, the file is sent to underwriting.During the underwriting review, information reported to the credit bureaus did not coincide with documentation provided by the customer. We received a letter from the previous lender stating a settlement was agreed upon. The letter also stated the second mortgage lien would be released. However, the credit reporting agencies reported the second mortgage as a charge-off. Therefore, we were unable to get the loan approved for this particular loan program.In our ongoing effort to continue superior customer service, we have issued a reimbursement of the appraisal deposit. We hope that the customer can reach out to us in a future opportunity to meet their financial goals.If additional information is needed, please contact Customer Care at [redacted], Extension [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.Sincerely,[redacted]Customer Care Analyst

Attached is the Letter of Explanation and supporting documentation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted] Ann [redacted]Complaint Date:    6/10/2015Borrower’s Rebuttal Filed with the Revdex.com:Loan Depot has had my credit report since the first day of this transaction.  Why was this not'noticed' at that time instead of two months later.  I have also spoken to [redacted] and theyhave said that I was never more than 30 days late for my mortgage payments.loanDepot Findings and Response:Ms. [redacted] is correct in stating that we had her credit report since the first day of the transaction whichis dated for March 27, 2015. However, on that credit report, there were no 30 day late payments, andMs. [redacted] was able to qualify for the refinance. When we pulled a credit supplement to update themortgage rating while the loan was in process after the March 27, 2015 date, it reflected a 30 day latepayment for the month of April. As stated in the initial response, it is the borrower’s responsibility tostay current with their monthly financial obligations. loanDepot’s stance remains the same in that arefund of Ms. [redacted]’s deposit of $395 is not warranted. Attached is the Credit Supplement that reflectsthe 30 day late payment for the month of April.

Please see attached response to complaint # [redacted].San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

6/4/2015  Borrower’s Complaint Filed with the Revdex.com:  I had be...⇄ Borrower requesting a refund of the appraisal deposit fee.   2. Borrower concerned with the lack of communication from LD reps.   lo...⇄ loanDepot apologizes that Mr. [redacted] felt like there were communica...⇄ After a review of Mr. [redacted]’s loan, the borrower was initially�...⇄ Mr. [redacted] provided a settlement agreement on May 17, 2015 regardi...⇄ Contrary to what the borrower stated above in being charged $400, he�...⇄

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

6/1/2015  Borrower’s Complaint Filed with the Revdex.com:  I went t...⇄ Borrower states that she did not qualify for a conventional loan, and...⇄ Borrower claims that the Sr. Account Manager informed them that everyt...⇄ Borrower is requesting a refund of the $495 appraisal deposit.   loa...⇄ Ms. [redacted] came to loanDepot on March 27, 2015 to refinance her ...⇄ /> [redacted] ** [redacted]. A program was identified, and she initially ...⇄ In process, everything was looking good until it was discovered that ...⇄ Contrary to what Ms. [redacted] is stating, she was only charged $395...⇄

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]

It is with great concern and regret that we received this complaint about the appraisal transfer and lack of communication. loanDepot takes these matters very seriously. We appreciate the time the customer took to alert us regarding their concerns. Our core values compel us to constantly reach for...

the highest level of customer service possible. Our records show that the appraisal report was transferred, and a Supervisor reached out to the customer on May 17, 2017. In addition, we have taken steps to conduct an investigation regarding the breakdown in communication and will address any training opportunities internally.We are grateful for the opportunity to respond to this complaint. If additional information is needed, please call our Customer Care Team at (888) 337-6888, ext. [redacted], 8 a.m. to 5 p.m. Pacific Time, Monday through Friday.

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

1/17/2018                           Borrower’s Complaint Filed with the Revdex.com:   [redacted] from Loan Depot called me to offer a quote on a home loan. During the conversation, he asked me some information he needed to run my credit report but never asked me if he had my permission to run my credit report at that time. Then, he abruptly put me on hold and ran my credit without my permission. I was only asking for a quote, not going through the application process and never granted him permission to run my credit during that call.   Borrower’s Desired Resolution:   I would like the Loan Depot to inform all the credit reporting bureaus that [redacted] made an inquiry into my credit without permission and those inquiries need to be removed.    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.   loanDepot received a lead source on January  17, 2018 for Mr. [redacted]’s primary residence at [redacted]. As such, loanDepot reached out to Mr. [redacted] on January 17, 2018 to discuss loan options.   After a review of the call that took place with loanDepot’s Licensed Lending Officer, we have determined that it was not a proper verbal authorization was obtained from Mr. [redacted] to run their credit in order to verify their credit worthiness to qualify. As such, the credit inquiry is not valid and will be removed.    If the customers have any further questions or concerns, please feel free to contact me directly at [redacted]

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 customer’s complaint and appreciate the opportunity to clarify 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. 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 regret that the customer was unsatisfied with the refinance process.We understand that the customer was informed that he would receive a credit for the escrow account balance on the previous loanDepot mortgage. The surplus in the escrow account was applied towards the principal balance; which reduced the refinance amount for the customer new loan. The netting of escrow funds towards the payoff balance is allowable, and is a consistent practice when refinancing with the same lender. We apologize for any miscommunication that may have occurred.After careful review of the loan process, it was determined that the customer’s loan was completed accurately and within compliance standards. The loan program initially offered was based on information received verbally. Regrettably, the appraised value of the home came in lower than originally estimated. For these reasons, the loan program terms changed; however, the customer did receive the benefit of a lower payment and interest rate.We pride ourselves on partnering with the customers to make sure they are fully aware of all the facets of their loan process. The Licensed Loan Officer contacted the customer and explained the reasons for the changes; to ensure that the customer was on board. The customer said he would go forward with the new loan terms offered, and we funded the loan on July 31, 2017.We are thankful for giving us the opportunity to address the customer’s concerns. We hope that we have provided clarity in regards to their inquiry. We are grateful for the customer’s business and value them as our customer.

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

Complaint Date:               4/15/2016   Borrower’s Complaint Filed with the Revdex.com: I have been attempting to get my Escrow Overage for Taxes and Insurance sent to me since early January 2016. The amount is $1,320.40. I have made in excess of 10 phone calls and spent hours on the phone working with multiple Reps and "supervisors" with no resolution. The latest Supervisor was a woman named [redacted]/ [redacted]? her Work ID is E43. I spoke with her on April 12th. She promised that she would get authorization to overnight the funds and provide me with a tracking number via Fax within the hour. It is now 3 days later and still no word from her or anyone else in her office. I called back yesterday and two separate individuals claimed they couldn't get her on the phone. I spoke with a supervisor named [redacted] ID # [redacted] and he got no resolution either. This whole fiasco is beyond ridiculous and I want my funds overnighted to me ASAP with a valid tracking number from any of the major carrier companies or Post Office. At this point LoanDepot is holding my funds and collecting interest on them for over 4 months. That's bordering on criminal behavior, but is most definitely the worst customer disservice I have ever witnessed. Borrower’s Desired Resolution: I want my funds overnighted to me ASAP with a valid tracking number from any of the major carrier companies or Post Office. As well as a formal apology for all of my time they have wasted and interest they have accumulated from my funds. loanDepot Findings and Response: 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 have dedicated prompt attention to the concerns noted in the complaint and appreciate the opportunity to clarify any misunderstandings. We understand that communication between customers and their mortgage company is essential in maintaining a good relationship. To address the incident regarding the claim of unprofessional behavior by our Customer Service Team, we want to assure you that this matter is taken seriously. We have taken the necessary steps to conduct an internal investigation and corrective action will be taken if applicable. loanDepot is sincerely apologetic for any inconvenience the customer experienced. A formal apology letter was mailed to the customer on April 22, 2016. The customer was advised that a check in the amount of $1,320.40 for the surplus escrow funds was sent overnight. We have confirmed that our parcel with tracking number 7[redacted] was delivered by FedEx to the customer’s address on the morning of April 25, 2016. We trust the customer concerns have been effectively adequately addressed. If additional information is needed, please contact our Customer Care Department at [redacted], Ext. [redacted].

San Diego Revdex.com Complaint #:       [redacted] Borrower Name:                              [redacted] Loan                                         ...⇄ [redacted] / [redacted] Complaint Date:                               June 21, 2017   Borrower’s Complaint Filed with the Revdex.com:   I sent in money monthly, early, to make my mortgage payments ahead of time. I started sending the payments, 1/2 every two weeks for 2 months before they notified me that I could not do that. I have gone back to paying the full monthly payments and have tried to get some of the money back that I overpaid to them and I keep being told something different every time. I have asked for an audit of my account so that they can see that I have paid in $510 more than I owed which I am not being credited for. I have called weekly for 2 months and cannot get this straightened up. There is no help there to turn to and their accounting is terrible. The sent me a check which I deposited and then they refused to pay on the check they sent me. This cost me overdraft fees and charges. They recently drew money out of my account and sent me a letter dated the same day they drew it out and they did not have my "verbal permission" as the letter stated. I need help and can't get it and I don't want to give them another dime until this is straightened out.   Borrower’s Desired Resolution:   I want the money that Loan Depot just drew out of my account returned to me, I want them to refund any and all late fees and bank fees I was charged and add the $510 of my money that they still owe me to the June payment as promised by their manager.   I WOULD LIKE TO BE REIMBURSED FOR ALL OF THE LATE PAYMENT FEES I WAS CHARGED AND THE FEE FOR THE RETURNED CHECK CHARGE FROM MY BANK SINCE LOANDEPOT MANAGER TOLD ME TO DEPOSIT A CHECK THAT HAD BEEN CANCELED.  The charge back fee was $8 on 5/30 and there was also an overdraft fee of $17 due to the balance being incorrect after the deposit was made.   I'm not sure how many late fees I have been charged.  I was assured along the way of trying to fix these errors that I would not be charged but they did it anyway.   loanDepot Findings and Response   loanDepot originated a loan for Ms. [redacted] on October 21, 2016.    Ms. [redacted]’ loan closed on December 28, 2016, and the first payment in the amount of $1004.42 was due on February 1, 2017.  Ms. [redacted]s submitted payment in the amount of $1005.00 on February 14, 2017.  Thereafter, Ms. [redacted] sent in payments in the amount of $510.00, every other Friday, starting on March, 17, 2017.  We received a total of seven partial payments from Ms. [redacted]s.  We do have a Budget Drafting Program to assist customers with making payments; however, it needs to be set up in advance for payments to be property posted to the account.        In regards to the late fees assessed to Ms. [redacted]s’ account, all late fees assessed were appropriate.  However, as a courtesy, we have agreed to waive the fees that were assessed.  The first late fee in the amount of $35.54 was credited back to Ms. [redacted]s’ account on April 26, 2017.  As a courtesy, we are also refunding the remaining late fees in the amount of $59.88   ($19.96 per month for the months of April, May and June) and the bank fees in the amount of $8 and $17.  A check in the amount of $84.88 is being processed and will be sent to Ms. [redacted]s in the next 5 business days.    loanDepot is committed to the highest standards of integrity in all our business practices, and apologize for any misunderstandings during the loan process.  If Ms. [redacted]s has any further questions or concerns, she may contact our Customer Care Analyst, Linnet Conley, at 888-337-6888 ext. [redacted]. Tell us why here...

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.
Hi, I got the respond from Loandiepot regarding my complaint numa [redacted]. Istil dispute and disagree with their narrative of the events and facts that took place Loaia depot respond dated January 25,207 stated that they reviewed the phone call between [redacted] and iwhat they failed to do is tell the whole story during that phone calli told her that ifaxed approximately 100 pages through a local service and their fax (loandepot) was not working properly and I have the receipt (Exhibit 1) and they will try the next day to fax it again also istated to her that if she had reviewed whats been faxed she stated (no I have four other faxesigot today) itold her I'm concerned that we will miss the closing date and this is my second time going through this refinance she replied we have plenty of time, also was so concern I followed the phone call with an email Exhibit 2 asking C.[redacted] if she had received my fax due to loan depot fax not working properly. Also they failed to count the holiday they were closed about the time of closing date please see exhibit 3.Then after faxing all documents C[redacted] requested she emailed me that she will review them next week please see exhibit 5The receipt for faxing all the documents C. [redacted] requested is marked as exhibit 1. All the documents were requested by A.[redacted] my loan officer two times (some documents du to poor filing by them) the documents A.[redacted] received are the same ones they claim they are missing see exhibit 4 for the documents A. [redacted]e requested and received then sen my loan package to C. [redacted]. I even complaint via phone to A[redacted]e (my loan officer) about C.[redacted] not communicating on time and my concerns about the delay and missing the deadline (please see her email regarding this to A.[redacted] and a copy to me) Exhibit 7. After all this got an email that they approved my loan (see exhibit 8 please) then to my surprise all went down south because of them not me.Also they accused me cancellation of the loan never did (see email from A [redacted]e) exhibit 9 please show me the evidence. Even about two weeks ago I got a phone call about my complaint from [redacted] (she didn't leave her last name, istill have the recorded message) in the afternoon and because iwas at work she left me a message and told me basically she is handling my complaint and to give her a call which I tried the next time in which some else answered the phone([redacted]) and she told me she never called after along research and a frustration waiting period she found out that [redacted] the one who called nothere and left me the wrong phone number [redacted] so [redacted] sent [redacted] an email regarding herleaving the wrong number, [redacted] never till this time attempted to contact me. please see exhibit 6. I feel strongly with on doubt in my mind its their fault not mine iwanted to close on time and move they failed and trying to cover their failure, I hop they take a serous look at this and the evidence and the fact presented and honer our first agreement regarding this refinance. Thank you[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 first thing I asked [redacted] when I saw they had taken "Deposit" he kept saying we will not use it until we are certain the Loan is going to go through and if we have used it  will be given at closing. I questioned all the other bad reviews when he kept saying we can close this in 30 - 45 days. He claimed that  was because they were doing so many at that time. They can't find the evidence because they have probably erased the recorded tapes of [redacted] Pugh saying these things to me. I am not making this up. I should have known they were just another company taking advantage of Seniors, Disabled Veterans, and any one else they can. If I have a Lien on my property how could I have just gotten a Home Equity Loan for $21,000 from [redacted] They are lying about everything. I told him I don't have money for them to be playing with and that is why every "recorded" conversation he was trying to assure me they were doing right by me! They don't know what they are doing because they have me down as getting a VA Loan. Where is the certificate that has to be pulled in order for a person to get a VA Loan? A VA Appraiser has to also do the appraisal because there standards are higher not just some person off their list to take Veterans money. The Loan won't be approved. Where are all the recorded messages now nobody can find? I hope they can sleep at night stealing from  Seniors, Disabled, and Veterans.
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...They have contacted us twice since I submitted this complaint.  I am not sure if it was just timing but a lawyer will be contacted if it continues.   To clarify... My husband did give them approval to run credit the first time.  The second time he only asked for current rates but they would not give without running credit so he said he was not interested. At no time was he told documents would be sent (no signature required)  with all his personal information.  As stated before, this practice is completely unacceptable.  They should make it clear that this information is being sent and signature should be required. We have refinanced before and other companies did require signature for delivery. I can't believe a financial business would be so careless.
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]
Not only do they have W2s and tax returns, they have four copies of state and federal tax returns for 2013, 2014,2015!  I sent them but they said that wasn't good enough, they had to be sent directly from the IRS.  Then they said the IRS rejected their form and I needed to sign another.  Then I needed to sign another form and mail it back to them.  I don't remember why.  These are simply more delaying tactics used by loan officers assigned to me, each demanding more documentation before just transferring me on to the nextloan officer.  This current assertion than I refused to comply elicits a response from me that I will leave to your imagination. oan officer.

loanDepot sincerely apologizes for the inconvenience this
has caused Ms. [redacted] as well as in regards to the miscommunication she
received in relation to her concerns. Her concerns were escalated to management
and addressed internally.
A corrected letter was sent to Ms....

[redacted]. This
corrected letter was also sent to [redacted], the third party loanDepot
uses to pull credit, to request the inquiry be removed from the consumer’s
credit profile on all three credit bureaus. However, please know that it can
take anywhere from 30-45 days for the credit bureaus to update their systems.
Should Ms. [redacted] have additional concerns or
questions regarding this, she can reach out directly to Customer Care at
[redacted] ext. [redacted]. Representatives are available to assist Monday through
Friday from 8am to 5pm, PST.

The Servicing department reached out to the customer to address their concerns. The Escrow check was sent on October 21, 2016 along with an Apology letter for the delay. Apology letter attached.

Please accept this as a formal response to the complaint we received from the Revdex.com regarding the aforementioned customer. The satisfaction of our customers is our top priority. We have conducted an internal review of the loan process, and would like to clarify any...

misunderstandings.During the initial process of the loan, we are going by stated facts provided by the customer. All customers who meet criteria set forth by the government and investors of the loan are conditionally preapproved. We then follow with obtaining the necessary documentation to substantiate the data that the customer provided. We also start our discovery of information through the Appraisal and Title reports. Some information must be confirmed by these reports. This provides important insight into what additional documentation is needed or clarifications. The information provided by our Licensed Lending Officer, initially, is presumed upon the information that is verbally stated from the customer. It can change once verified with proper documentation.Our Licensed Lending Officers work closely with the Sr. Account Managers in order to efficiently process your loan. This process is very common practice among lenders. We sincerely regret that the customer felt that the Sr. Account Manager did not provide the service they expected, and that there was a breakdown in communication. Our processors work diligently to prepare the file for underwriting. We will continue to review the customer’s loan file for any opportunities that could be improved with the Sr. Account Manager. We understand that initially the loan may have begun as a FHA Streamline that was to remove an individual off the loan, and add a spouse to qualify. We were verbally informed that the student loan debt was no longer owed. However, documentation was not provided that could substantiate that information. For this reason, underwriting could not approve that loan program. We wanted to help the customer achieve their financial goal; we exhausted efforts to restructure the loan. After another approach by adding a parent to the loan; however, underwriting could not get an approval. There were three liens on the property. One was satisfied, however, the others were still owed. We advised the customer that they had to be fully satisfied before we could proceed. We did not receive complete bank statements as requested; instead, screen shots of bank summaries were received. We continued to try to contact the customer; however, we have not received a response.  Our management team ensures that the customer is provided with accurate information. We apologize if the customer felt that the Production Manager of Sales did not provide the customer service expected. loanDepot is held accountable to follow the laws that govern the lending industry, we are unable to make any exceptions for required documentation. Lenders are subject to audits by the investor and government offices that survey the loan process. Due to the severe penalties that can occur if we approve a loan without showing the customers’ ability to repay, we must contact the employer to confirm income. The customer’s credit profile is affected because a credit report is necessary for all loan processes.All documents that loanDepot receives from the customer are retained digitally within our company loan origination system. We are required by federal law to retain records of loan information for seven years. To ensure that the customer’s information is not shared within our affiliates, the customer’s contact information has been added to our Do Not Call and Do Not Mail registry. We require our affiliates and subsidiaries to honor your request however, this process may take up to 90 days to complete by the federal government; however, we do not sell or share with non-affiliates. If additional information is needed, please contact Customer Care at [redacted], Extension [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.Sincerely,[redacted]Customer Care Analyst

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 Business response does not explain why they sent out the false offer to begin with. Offering lower payments on a $116,000 loan, and stating during our conversation that it was for a shorter amount of time, is not possible. I believe it is a ploy to get people call in for the offer of low interest loans, that don't actually exist, and when the applicant is not "qualified" they then offer high interest loans to people that are actually desperate for help and would accept it because they are desperate.
Regards,
[redacted]

Attached is the Letter of Explanation and supporting documentation regarding this complaint.Thank You.San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    5/21/2015Borrower’s Complaint Filed with the Revdex.com:1.Incompetency of getting a letter to my...

employer for verification of employment. Which isprolonging the closing date. Not only that, but they apparently sent my information to someonethat was NOT my employer and then sent my employer personal information about someoneelse that was not me. As of today, I still have not been updated on what happened and if it wascorrected. 2. INSECURE method for transmitting personal documents back and forth. With acompany the size of Loan Depot I would have thought they were well equipped with a SECUREportal for transmitting the necessary documents. I sent one document that was passwordprotected, but before I could call in the password their I.T. department had already broken thepassword and gotten into the document. So, that's a definite indication that "passwordprotected" documents are not secure sent via email. Not having a secure portal is alsoprolonging the closing process. 3. Unprofessionalism during phone conversations. 4. Promised atime frame for closing, but not obtainable now. I understand issues can arise, but how much ofthe above issues have slowed the process down? I was assured in the beginning that they werethe fasted in underwriting and we're now three weeks into underwriting. 30 days from the initialloan and still no closing date in sight.Borrower’s Desired Settlement:I lost 30 days of loan processing time waiting for LoanDepot to get their act together, of whichthey failed to do so. I feel as though refunding my $200 appraisal fee would be sufficient for thetime I lost.loanDepot’s Borrower Complaint Summary:1. Borrower claims that loanDepot sent a verification of employment that contains her personalinformation to the incorrect employer.  2. Borrower claims that loanDepot’s systems are not secure and that the I.T. department broke thepassword for one of the documents she sent loanDepot.3. Borrower claims that loanDepot was unprofessional during phone conversations.4. Borrower claims that loanDepot promised a time frame for closing.5. Borrower is requesting a refund of her $200 appraisal fee.  loanDepot Findings and Response:1. loanDepot sincerely apologizes to Ms. [redacted] in regards to sending the verification of employmentto the incorrect party. Protecting a customer’s personal information is very important to us, andloanDepot takes these matters seriously. This issue will be addressed and dealt with internally.To ensure the protection of Ms. [redacted]’s personal information, loanDepot is extending [redacted]services for her. [redacted] monitors a person’s credit and serves to protect their personal information.The subscription is for one year. As there is detailed personal information required, enrollment hasto be completed by Ms. [redacted] personally, and she can enroll on[redacted] to start her identity theft protection plan.  A check in the amount of $329 for one year subscription of [redacted] will be issued and made out toMs. [redacted]. She will be receiving this check by no later than June 10, 2015.   2. loanDepot regrets that Ms. [redacted] feels that loanDepot’s systems are not secure and thatloanDepot broke the password encryption of one of the documents she sent in. However, after athorough review of the file, loanDepot found no evidence that supports this claim. Our customer’sinformation are retained and stored digitally and securely within loanDepot’s loan originationsystem, and access to these records is limited to certain loanDepot employees.  3. loanDepot regrets that Ms. [redacted] feels that loanDepot employees were unprofessional during thephone conversations. Her concerns will be used as a training opportunity to further improve ourservices.  4. In regards to a promised time frame of closing, Ms. [redacted]’s loan was never approved. loanDepotwas trying to verify Ms. [redacted]’s income as she was only at her current employer for one year andmaking commissions only. The borrower declined to provide the documentation needed to verifythe income, and she ultimately cancelled the loan process on March 23, 2015.  5. The borrower was charged $200 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.  The borrower executed the Appraisal Deposit Agreement on February 20, 2015 where it wasacknowledged:“The Appraisal Deposit of $200.00 is non-refundable if an appraisal has been completed on thesubject property. If an appraisal has been completed on the subject property and you cancel yourapplication, you will not receive a refund of this appraisal deposit.”Based off of this and the Appraisal Deposit Agreement that was executed, the refund of $200 is notwarranted. Attached is the full Appraisal Report as well as the Appraisal Deposit Agreement.  In conclusion, loanDepot sincerely apologizes that Ms. [redacted]’s experience with loanDepot wasanything less than satisfactory. A check in the amount of $329 will be sent out to Ms. [redacted] for her toorder [redacted] services due to the fact that a verification of employment containing her personalinformation was sent out to an incorrect party. Furthermore, loanDepot regrets that Ms. [redacted] feelsthat our systems are not secure and safe as well as her feeling that loanDepot employees wereunprofessional during the phone conversations. Her concerns will be used as a training opportunity withour staff. After a review of the file, Ms. [redacted]’s loan was never approved as we could not verify theincome she makes and therefore, could not set a firm closing date with the borrower. The borrowerultimately decided to cancel the transaction. In regards to the $200 appraisal deposit, a refund is notwarranted as services were rendered with the appraisal and the borrower executing the AppraisalDeposit Agreement which states the deposit is non-refundable. loanDepot did not profit in any way onthis transaction as we were subject to additional costs such as the remaining balance of the actualappraisal, credit reports, underwriting fees, etc.  Should Ms. [redacted] have additional questions or concerns, she may contact loanDepot’s Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist Monday through Fridayfrom 8am to 5pm, PST.