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