Loan Depot
Reviews and Complaints
They are liars and they don’t help
Preferred solution: Full refund
User's recommendation: Do not use LoanDepot
I was receiving unsolicited home depot calls left on my message machine up to 5 a day
Harassment by phone
- Harassment
Preferred solution: Apology
Haven’t received any money for loan
Preferred solution: My loan that was supposed to be disbursed to my prior loan account
Loan Depot's Attempt to Affect My Credit
I explained the intent of my refinance to the loan officer and assumed he understood what I wanted. Unfortunately, Load Depot back loaded fees that were never explained to me which, in essence, increased the values of my mortgage by over $10,000.00.
The reduction in my monthly payment was minimal (and that was his selling point) and it would take over 5 years to pay down my loan to where it was before I began the refinance process. This was a win-win process for Loan Depot and not very beneficial to me. The day before closing I cancelled the refinance and walked away from the deal. Two weeks later I received a letter informing me that an Adverse Action Notice, which they say was required by law has been filed.
They said that under the Fair Credit Reporting Act (FCRA) lenders are required to let you know why theyve taken the notice against you. And that they are required to describe the principal reason for Credit Denial. What the letter does not say is that there was no credit denial, but that the applicant terminated the refinance process (which was my right to do) before closing. The principal reason for terminating the refinancing process was listedyIf as CREDIT APPLICATION INCOMPLETE.
So be forewarned, if you terminate the refinance process at any time before closing, Loan Depot will make an adverse attempt to affect your credit. BUYER BEWARE, Loan Depot is guilty of questionable business practices and is hiding behind the law when doing it.
- On-line application
- Online application
- Clarity of communications and fradulent practices
Preferred solution: An explanation as to what happens if the applicant exercises his/her right to terminate the process priot to closing.
User's recommendation: If you terminate the refinancing process before closing, Load Depot will attempt to adversely affect your credit.
Need to talk to a supervisor
User's recommendation: Go somewhere else
I received a cancellation notice from my insurance company.
No contact no communication misrepresented closing cost and appraisal cost
I have been doing business with your company for years and I have never been treated like this . My credit score is around 800 and Chris Fix said that he was going to refinance me at 2.5 and pull out $8000 and lower my payments .
I was sent disclosures and they included closing and I was told that existing customers would not have to pay this . I could not upload my savings so I faxed a copy of over $80,000 in savings and have tried several times to contact Chris Fix to see if he got them with no reply . I tried to contact him about the closure , no reply I paid the appraisal fee and went through the appraisal and asked chris via email what it came in as , no reply .
The closures showed my appraisal as $800 and I emailed Chris to ask why , no reply .I wrote Chrises supervisor and got no reply. have asked that my loan be canceled I will eat the $450 on the appraisal if someone will send a copy to me and I am going to put all of this all over the internet and never on a bet do business with your company again.ever do business with this company againN
User's recommendation: Never do business with this company
Very bad service
I have been doing business with your company for years and I have never been treated like this . My credit score is around 800 and Chris Fix said that he was going to refinance me at 2.5 and pull out $8000 and lower my payments .
I was sent disclosures and they included closing and I was told that existing customers would not have to pay this . I could not upload my savings so I faxed a copy of over $80,000 in savings and have tried several times to contact Chris Fix to see if he got them with no reply . I tried to contact him about the closure , no reply I paid the appraisal fee and went through the appraisal and asked chris via email what it came in as , no reply .
The closures showed my appraisal as $800 and I emailed Chris to ask why , no reply .I wrote Chrises supervisor and got no reply. have asked that my loan be canceled I will eat the $450 on the appraisal if someone will send a copy to me and I am going to put all of this all over the internet and never on a bet do business with your company again.
User's recommendation: Never do business with this company
BAD SERVICE
We were unfortunate to call lending officer Joshua Lin with Loandepot he was nice at first and told us that after we paid for our appraisal it would take about 2 weeks to have the appraisal done so after paying and waiting a week and a half I asked if it was scheduled and he said yes so when I asked when it was going to happen (because everything else was done) he said he would let me know when it was time and after asking several times when he said around the middle of the following month (More than a month from when we started the process) I also asked why our payment and interest rate had gone up and why after paying our appraisal fee they had added another $700 appraisal fee in our cost for the loan and never received any reply for 3 days I contacted the Customer Care department and told them what was going on and they said they would look into it but all they did was send my emails to Joshua who ignored them so I again asked customer care and he again forwarded it to Joshua and that caused me to tell them that it didn't look like they wanted my business so he sent that to Joshua and he promptly canceled our loan. Loandepot is a joke and all their Customer Care department is clueless DON'T WASTE A MONTH LIKE WE DID AND HAVE TO START OVER AGAIN WITH ANOTHER MORTGAGE COMPANY!!!!!!!
Preferred solution: To warn potential customers to expect poor service!
User's recommendation: DON'T USE LOANDEPOT!!!!
Was great until one year after
- Easy to apply
- Low rates
- Lied lied lied
User's recommendation: Stay away or use a lawyer
Terrible customer service
- False promises
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerRefinance - Joke and Nightmare
- Pour customer service
Preferred solution: Full refund
User's recommendation: Never use this company they will just string you on.
Will loose my home
Constant calls
User's recommendation: talk to someone local before you apply online.
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