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
Wasted $500 and 2 months - terrible experience
I applied for a conventional mortgage refinance for my house in Florida with LoanDepot lured by their low rates and reasonable fees. My loan officer was Tim A. After I provided all documents they requested, filled a bunch of paperwork and they ran my credit check, Tim told me I was approved and I needed to pay $495 for an appraisal. I asked him multiple times to confirm that if the appraised value of the house came back equal or greater of what was on the application (which it was), the loan would close. Tim confirmed. After the appraisal was completed, LoanDepot "discovered" a second mortgage on the property. I have disclosed it on the original application and sent them statements for that loan. I was told that Tim did not include it in the application. When I started asking more questions, they ceased all communications with me. They did not return my multiple phone calls nor they replied to my multiple e-mail requests. A few weeks later I received a denial letter with some vague reasons. They did not respond to my requests to refund $495 which they erroneously lead me to pay them. Only after I filed a complaint with my credit card company they refunded $53. As of 4 months later, I am still out over $400 not to mention wasted 2 months during which mortgage rates had gone up causing me to loose $1,000s more.
I would have never engaged with this company if I knew their service was this terrible.
nothing ever stayed as expressed, took forever to get things corrected. After knowing they made a mistake didnt correct only offered minium funds to make it go away. Will not use loan depot again or recomend
Closed with Lender:
The worst loan servicer, liars, required an extra 3,400 at closing they never disclosed!!!
Worst loan servicer out there. They did my original loan and gave me an outrageous apr, I then decided to refinance this year. I had several loan servicer options and they(LoanDeport) persuaded me saying I wouldn't have to pay an appraisal and that there would be no out of pocket cost, every other company is not telling you the truth about your home value and blah blah blah.
The day of closing they told me I had to write a check for $3,400 (even though I have email cinformation from them saying there will be no out of pocket cost!!!!!) and they also raised my loan cost over $12,000 from the original loan I already had with them. I have the email proof of them conifrming the exact opposite above. They will take advantage of you, they will not tell you what is due and owed. DO NOT USE THIS COMPANY EVER!!!!
Don't listen to anything they say, and run away when they try to swindle you.
Licensed Lending Officer
Sr. Account Manager II
Closed with Lender:
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