Now in its second decade, loanDepot is a mortgage industry leader dedicated to creating seamless borrower experiences through its proprietary mello™ technology and mello smartloan™, the industry’s first end-to-end digital mortgage. An innovator since its inception, loanDepot continues to disrupt the lending industry with its focus on technology to deliver personalized experiences to its customers. The Company has funded over $212 billion since its founding in 2010, and currently ranks as the second largest nonbank lender and one of the leading retail mortgage lenders in the U.S. NMLS #174457
I feel as though I was lied to from the very beginning. I received in the mail an advertised rate of 2.6% which was good through the end of the year. Even with that, a credit score of over 800 and 18 years of on-time payments, I was told I could only have a 3.5% rate.
My wife and I provided all information asked for, sometimes twice. They wanted verification of employment, which we provided, and we were turned down because of lack of verification of employment.
The appraisal was also a bad experience. The wrong homes were used for comps. This neighborhood has all custom built homes. The appraiser used homes within a couple miles radius that are not custom built, are not in the same kind of neighborhood, so they shouldn't be used as comps.
Overall a horrible experience with a very unethical company. Don't ever use Loan Depot, you'll regret it, like i did.
Knowledgeable and professional but untrustworthy
The loan officer was skilled, friendly, knowledgeable and helpful. However, we concluded the deal could not be done at this time. That should have been the end of it. I subsequently received a thick envelope with complete loan documentation in it, including all sensitive personal data sent in an unsecured fashion. This was completely unacceptable. I expressed my chagrin, angst and displeasure with instructions to purge the data. This cavalier handling of sensitive information broke trust. Very unprofessional.
Pushy and will encourage you to go with a higher loan amount than you're comfortable with.
In my initial conversation, I felt pressured to agree to a charge on my credit card to secure the loan terms before I was able to cross-shop offers from other providers. I felt pressured to choose a higher loan amount (with a higher monthly payment) to make "the deal work".
When I notified Jake, my lending officer, via email that I was going with another provider, the volume of phone calls and text messages I received were overwhelming and annoying. I provided a competing offer as requested so that LoanDepot could meet or beat the deal, and was met with attitude.
I hope my experience is not indicative of a normal experience with your organization. If it is, you need to dissolve the entire organization.
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