Loan Depot - Poor communications, LO not knowledgeable of loan products, multiple delays
The loan officer is Jacob Harouzi. Began the process on July 1st with notifying the LO that I have a hard deadline July 20) to close the loan, which was a cash out refinance.
All disclosures were known by July 10th, including one 30 day late payment to current loan. This is key. First loan product and appraisal did not meet the cash out requirement. The LO notified me of this on July 20.
On July 21st, LO began selling me an FHA without knowing that FHA requires zero late payments in 12 months. So fast forward to July 24th, four days after my deadline, and LO notifies me that FHA will not fund the loan due to the 30 day late payment. The LO did not offer any other solution except to say "wait until September (when the 30 day late would be wiped).
So, 1) LO does not understand the product he is selling 2) LO does not communicate adequately or timely 3) LO seems confused about where we were in the process (fumbling with the appraisal, can't find the appraise report i.e., ) 4) LO was late to notify me of show stopping issues. Because of the LO being somewhat tone deaf, I would strongly recommend staying away from Loan Depot, and especially Jacob Hazouri.
Reason of review: Bad quality.
Monetary Loss: $32800.
Preferred solution: Let the company propose a solution.
Loan Depot Cons: Multiple delays, Lo not knowledgeable of product.
Location: 817 Interstate 45 S, Conroe, TX 77301, USA
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LoanDepot to be avoided