Loan Depot
Reviews and Complaints
Bills for nothing
Trying to get your name off their list is nearly impossible.
Dishonest Lending at it's finest-
I've spent 10 years in the mortgage industry and I'm very familiar with the underwriting guidelines for conventional financing. I inquired with a Loan Officer with Loan Depot regarding their underwriting policy for Commission income.
I advised that I took a full year off from my previous commission income role and started my own business. Since then i had recently taken a commission based position again and had been working their for 4 months with proof of hourly wage and very high commissions.
The loan officer assured me they could use that income. I explained to him i was still incredibly concerned with his response and would request a full underwrite prior to me sending any offers to purchase a property. I provided 3 years previous Tax Returns, Last Paystubs from my previous commission role and my most recent and current paystub.
It took 2 full weeks to get pre-qualification letter but was approved for 335k.
A few days later I found a property for 165k and put in an offer and it was accepted, now its 3 weeks later and they are stating that the underwriters can't approve the commission income because it wasn't for at least 6 months. They will only give me credit for the hourly rate which is not sufficient for a home of 165k let alone what they initially approved me for of 365k.
Now I'm out 500 for an appraisal, 250 for an inspection and I have a costly credit inquiry on my credit report that will negatively impact me for a minimum of 6 months all because of dishonest lending practices.
Preferred solution: Full refund
Awful
- Literally everything about this company they suck
Preferred solution: Let the company propose a solution
RIP off
Preferred solution: Full refund
Lied too and ripped off
I received a cold call from Alex Phillips of Loan Depot to refinance my home. I told him I had been turned down by many companies because of my debt to earnings ratio.
Alex asked me a number of questions and came up with a strategy he said would get me approved, so I said let’s proceed.
He offered me a great rate which sealed the deal. I signed the lock agreement and started working the details with Alex
Long story short, I provided everything they asked for very quickly.
Every time they asked for something more I would respond very quickly. I paid their interest lock fee of $19, I also paid $450 for an appraisal and $517 to cancel and renew my homeowners insurance to show “Owner Occupied”.
It makes me feel as though their underwriting department is calling me a liar because they have a hard time believing I live in my house
- Broken promises
- Way i was treated
Preferred solution: Refinance my loan
Big ripoff. no help in dealing with assessment
- Multiple delays
- Inability to get valid home appraisal
Preferred solution: Full refund
Worst customer service ever
- Interest rate
- Clarity of communications
- Timeliness of communications
- Customer service
Discrimination
After 3 mounts
Extremely poor customer service
No response from Loan Depot. Sent complaint to the BBB and they sent a message that the case was closed, due to my non response...well you got to get something to be able to respond.
- Miss comunication or broken promises
- That they lied
Preferred solution: Let the company propose a solution
Refinanced my loan with Loan Depot. I hope there is no chance of Loan Depot selling me back to Statebridge.
Can not get a answer
- That they dont give you the questions you ask
Cancel our homeowner insurance policy
Scammers
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