loanDepot, LLC

it was a bad experience

it has been 5 month almost 6 months one person says i have been denied and another saying i have been approved and they need more paper work i have sent you all the paper work that i have i have sent all the paper work request. and it has been a merry go round and they have been spinning me around and i still do not have a difinitive answer

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It Was a Horrific Experience :-(

The process started out smoothly. We applied in early April and had our closing estimate on June 1st. Then the bottom dropped out. We couldn’t get return emails, phone calls, or texts for more than three months. I finally found my way to a Director, who figured out that our file had just been forgotten! We had to start all over again, with them pulling our credit like it was a brand new loan application. Once the file made it to the closing/escrow attorneys the process progressed and the loan closing went smoothly.

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Sneaking in points

I am in the process of refinancing my house with the cash out option. I asked upfront if there were any points associated with the loan, I was told no. Now after the inspection and everything goes back to the underwriter I received updated paperwork showing there's half a point on it. When I messaged the rep asking why, he never responded, it has been 4 days now.

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Poor communication and follow up

The overall treatment I received was terrible. The communication was awful and follow through even worse. Lots of promises and zero customer service

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What a disaster!

Chelsea was terrible. She made numerous errors on our loan application, which I attempted to get corrected. Some were major, like identifying me as “unmarried” and the sole borrower, despite my providing my wife’s information to run her credit so we could be co-borrowers. I called Chelsea on 9/29, 9/30, 10/1, 10/4, and 10/5 and left voice messages requesting a call back. No returned phone calls. I followed up on 9/29, 9/30, 10/1, and 10/4 with emails requesting response. No response. She is terrible. She is inexperienced and entirely unresponsive.
I received phone calls from one of your junior associates (Ai Nguyen) who noticed that our loan was not progressing. I fully explained the situation and asked him to find out what we need to do to proceed. He said he would get back to me. He never did. I called him back and discussed the issues with numerous errors on our loan application, lack of response from Chelsea, and asked him how to proceed. He was clueless and said he would speak to his manager and get back to me. He never did.
A few days later I got a call from another junior associate (Anthony Retamosa) who asked why we were not going forward with our loan. I told him we could not, as there were too many errors on our loan application, and no one was willing to call us back to discuss and correct the errors. I asked him to find out what was going on with our loan and how to proceed. He never got back to me. What a disaster this company is. You have the worst employees. They really make you look bad. We will never work with Loan Depot again and will advise anyone we know considering working with Loan Depot to not waste their time with this disaster of a company.

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Grueling Process on a Simple In-house Refi

LoanDepot contacted us to refi our loan with them from 3.25 to 2.62%. My wife was reluctant to do it because of the hassle, but the rule thumb is that if you can get a half a point or better, it is worth it. LoanDepot told us since we are an existing customer with good credit, they could do the loan with minimal documentation, so it made sense to go with them. It turned out, not to be the case; we had to do full documentation: all bank and retirement accounts. Everything on the three properties we own, two years of taxes along with their standard long form application. The loan was for a second home that we do a seasonal lease on. The tax forms show this income as vacation rental and document the personal v rental use. This is very common for second homes. I received a communication from LoanDepot that the home was a “rental” and not eligible for the rate. It took a communication to debunk this faulty reasoning and get the closing back on, although delayed. Finally, just before we were to close we got a communication that we had not provided adequate documentation for our retirement income, threatening to scuttle the refi. I was perplexed because I had provided info on our retirement accounts and 1099s on our withdrawals for the past two years that matched the income stated on the application. Finally, they got back to me that didn’t count, because we drew the money as needed rather than on a scheduled basis. OK, I set up a regular transfer based upon the amount scheduled, and they approved that. Once again we set up closing, and this time it went through and I thought it was finally behind us. In a couple of days I got a call that the Escow company had failed to include trust forms in the signing package and we would have to resign. I was flabbergasted because I had noted the property was in a trust on the application and I had discussed this specifically with LoanDepot during the application process because I knew from experience different loan companies deal with this in their own way. So on a Thurs, I was told we would have to resign on Monday. I made arrangements to didn’t early PM, and then got a call late Monday morning that we could not close because the paperwork wasn’t done. I told them we were headed on a road trip and would not be able to sign for a week. They agreed and then set final pre closing documents for sign off Thai increased our tab for closing over $2000. I object,Ed, but it took a few days to get this reversed. Finally we actually closed. We had signed pre closing docs 5 times and closing docs twice. Is this the kind of company you want to deal with?

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Terrible agents , incorrect paperwork

The entire process was stressful and exhausting. If you get a sales person named Nicole, please ask for a new one. The paperwork was always incorrect. Credits promised were not shown unless I pointed it out.

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