loanDepot, LLC

teacher1

I found mistakes for them in the loan cost and they could not figure out that my taxes had been paid 2 months before they even looked for them. Their timing for the signing of the loan papers was very unclear. They gave me a date and no one showed up and then they had to rush the signing because of the end of the month. I thought about cancelling the loan but we had already paid for the apprasial.

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documents

too many documents were asked to submit. Also there were a lot of forms to sign at the closing

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Katelyn Steele was great

Be sure to get Katelyn Steele as your rep at Loan Depot.... She is super responsive... always returns phone calls within a few minutes, took the time to explain everything, and even gave us tips to quickly increase our credit scores which reduced our closing costs.

We tried another broker ("TruHome" through our Credit Union), and the broker was VERY suspicious... didn't listen, didn't provide different quotes as we asked, tried to force us into signing up with his company before we had enough information, supplied a GFE missing a bunch of costs, etc.

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Close but no cigar

I really liked the mortgage broker, he gave me a lot of information and explained everything very thoroughly. I would have gone with Loandepot except that during that first phone call they badgered me at the end to lock in the rate. Said the lock-in rate was $450 but they were willing to split the risk and only charge $250. Eventually I said yes, not realizing exactly what this was but felt pressured not to miss out. I then went to 2 other mortgage lenders and realized that was a mistake. To LoanDepot's credit, after a few emails telling them that I was not happy and not comfortable with the 'lock-in' fee until after I reviewed my 2 other lenders, they agreed to refund it. If I ended up going with LoanDepot, they were going to apply this amount to the Appraisal cost. In the end I went with Tidewater Mortgage, they easily showed me various rates and values on easy to read worksheets, 6 different strategies to be exact. Made it very easy to pick the best one for me.

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Good Experience

Loan Depot has unparalleled customer service. They were knowledgeable and responsive. The refinancing process was well defined and the documentation was presented in a timely manner. Disclosure of fees and closing costs could have been handled better. Late notification when it was obvious that LD knew of a change in closing costs was the only disappointment.

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Best overall

Service rep answered my questions, looked for the best solutions and gave many options that we qualified for. Although we still did not refinance if I am in the market I would go to this company. The fees seemed a little high only due to the type of loan we needed.
Didn't know they are one of the largest lenders.

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No Good Faith Estimate

This outfit seam ok until I ask for Good Faith Estimate. They fed-me the line that the can only provided a good faith estimate after I start the loan with them... where those that make sense? the point of the legally require Good Faith Estimate is to make the decision. Then they tried some car sales man pressure tactics... stay away...

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