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1.0

Update by user Nov 12, 2018

It’s irritating I am forced to rate them a “1” due to the lack of a better, more accurate option. Where’s the ZERO when it’s really needed? Loan Depot has absolutely earned that zero - that’s the only thing they *did* legitimately earn during my dealings with them.

Original review posted by user Nov 11, 2018

Loan Depot is a NIGHTMARE. I was working on refinancing my house that I’ve owned for 14 years.

My CS is in the 720’s with virtually zero credit card (or any other) debt. My income is clearly documentable at over $100k/year. Quicken was dying to refi me, so I figured I’d compare rates. Loan Depot took deposit $$ from me, I sailed through underwriting, we did the appraisal, etc..

After the appraisal (which came out as expected) and over a month of submitting enough documentation to kill a forest, my initial processor disappeared and I was suddenly dealing w/ his supervisor who told me I suddenly didn’t qualify because my income wasn’t on my 2018 tax return yet (duh, my 2018 return hasn’t been filed yet). It was on my 2017 return, and I have clear documentation from my employer re what I’ve made this year, but all of a sudden my 2018 income inexplicably could not be used. Hmmm... why wasn’t I told that from Day One?

I still don’t know. In my opinion, my deposit money was taken by Loan Depot in bad faith.

They never had any intention of refinancing me, so that REALLY makes me wonder about the ethics of all this. Avoid at all costs.

Product or Service Mentioned: Loan Depot Refinance.

Reason of review: Not as described/ advertised.

Monetary Loss: $500.

Preferred solution: Full refund.

Loan Depot Pros: Impressed with the ability to lie, Hanging up the phone.

Loan Depot Cons: All of it, Bad customer service.

Location: Ithaca, New York

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#1844003

Yeah they totally suck!

#1760262

If you're thinking about Loan Depot to re-finance or any loans, RUN!!! RUN AS FAST AS YOU CAN, STAY BACK AND RE-THINK THIS, YOU ARE ABOUT TO MAKE A HUGE MISTAKE They are a corporate sharlaton

#1679958

BEEN THERE DONE THAT I HAVE TAKEN LOANS ON 4 HOMES IN MY LIFE AND NEVER HAD AN EXPERIENCE LIKE WITH THEM

#1597520

Amen to that, Kiki! They say absolutely all the right things until they get your deposit, then they want nothing to do with you.

My initial loan processor who took the first call I placed to them told me he would be my only point of contact there, that I would definitely NOT be handed off from person to person like at other mortgage co’s. He said he’d be with me EVERY step of the way until we closed. I don’t think it was much over a week before I got a phone call from someone new there, telling me HE was now my point of contact there from now on, and that my original guy was now gone (no explanation as to where or why). That second guy lasted a week, maybe two, and then HE was replaced by someone who had absolutely ZERO knowledge of my file or circumstances.

I mean, ZERO. It was so exasperating. He had to go back and ask the first two guys for the answers to 98% of my questions - he was absolutely clueless and useless. He didn’t know any of the most basic details of my loan, what had been done or not done to move forward (most things had not been done), and he just kept telling me he had to call me back after he spoke w/ someone who ostensibly knew something (about anything) in their office.

Whenever I asked a hard question (one that called them out on all the wildly different answers different ppl in the same office had given me about the same questions, they immediately told me they’d call me back and hung up bc they knew they were caught). What a nightmare. I wouldn’t subject my worst enemy to a mortgage or refinance (or anything else) w/ LoanDepot, and I wouldn’t refinance w/ them if they waived every fee, and they were the last bank on Earth.

They are scammers who practice the classic Bait and Switch (among other nefarious, questionable business practices), and in my opinion their unethical practices should be thoroughly investigated as soon as possible. They are making a lot of money off of a lot of unkept promises to customers, and that needs to stop.

#1630488
@PissedConsumer1597520

they called me last night so i agreeed to them about to re fiance to them about the house we have we are in hard ship and a real hard one please help us and tell us what to do thank you..

#1742477
@PissedConsumer1597520

Will not use them.

#1597490

They did the same thing with me. I would never recommend loan depot to anyone.

They suck. Their business ethic is ZERO MINUS .

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