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 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.
Mike from Orlando, FL
Reviewed in July 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
poor
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
jason from Glendale, AZ
Reviewed in July 2020
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
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. Jeff Timmington Licensed Lending Officer NMLS#1117*** Connor Coil Sr. Account Manager II NMLS#1744**
Nicholas from Missouri City, TX
Reviewed in June 2020
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
Inexperienced Loan Officers
We started a loan application and though the process was extremely simple to get approved. I being a Home Loan Underwriter myself for over 30 years (recently retired) knew the right questions to ask prior to having my credit pulled. I knew we had excellent credit, but our debt to income ratio would not be the best, as I am now retired and we have rental income which we usually claim a loss on. This loan officer led us to believe that 'HIS' company used gross and not net. He stringed us along for 2 weeks. Then when we were declined for debt to income ratios too high. His nice tone completely changed. BORROWERS BEWARE as I have noticed that most of the new loan officers in today's mortgage industry don't know much and since lots of us are looking into refinancing with these so called low rates will be caught in a web as loan officers just want to get you in the door.
Sonia from Antelope, CA
Reviewed in June 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
Have heard nothing since appraisal came in lower than estimate
Once the appraisal was done, I tried to E-mail the loan officer to find out the status. 5 Days, no response. Guess they are not interested in my application any longer. It would be professional to respond to my inquiry and explain my options, if any. Would never use this "lender" again.
Michael from Mesquite, NV
Reviewed in June 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
I started the process over two months ago and have had to beg to get them to respond
If this is how they treat all their customers it is time to go elsewhere. We started on April 4 and it is now June 10 and the only thing that has been accomplished is us providing them with a lot of info, some of it twice because the process has taken so long. The salesman called a couple of times in the process early and since then it is crickets, both via phone and e-mail.
Perry from Kihei, HI
Reviewed in June 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
The number never add up
When I originally applied the numbers looked good, good interest rate, low closing cost and a few bucks back to me. Just a few weeks later I received a call and was told some new law came into effect and I would to pay 4,400.00 which of course would not work. They found a slightly higher rate with lower out of pocket and i was not happy but agreed to it. Weeks went buy with no contact from them it was always me reaching out to them. 5 days before a schedule closing, I received an amount in writing on their web site. On the morning of closing, just 5 days later another email with the closing documents were sent with the dollar amount I would have to pay that was 800.00 more than the quoted amount. Needless to say I was upset and the person tried to explain it and spin it like it was a good thing. I finally agreed to that amount but just hours later at closing, the documents the title company had that they received the day before had a number that was over 300.00 more than even the quote hours earlier. All in all it was over 1,000 more that the quoted expense just 5 days before. Needless to say I was extremely upset and was going to cancel the closing but they promised to refund 300.00. My point is the numbers they quoted me started with me getting a few hundred back to a high of $4,400.00 out of pocket with them never taking responsibility for anything. I have never had such a mismanaged financing event in my 59 years of being alive on this planet. I would not under any circumstance use or recommend them to anyone.
Daniel from Orlando, FL
Reviewed in June 2020
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
Do you want to flag this review?
(1 of 5)stars
Haven't heard back in 2 1/2 weeks.
Websits still says in process. With todays computer age why sooooo long? Left VM msg with person handling my loan over a week ago. I will give them 1 more week then will go elsewhere.
Reza from Beverly Hills, CA
Reviewed in June 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
Terrible Experience
The origination fee was double compared to other companies, ($12K compared to $6K at other companies). The agent ordered an appraisal, $500 cost to me, too early in the process. After the appraisal came back and told me that my debt to income ratio was too high by 3% and wanted to roll another open account of mine (a $9K balance on a new ac system for my house that I am paying 0% interest on) to “make the numbers work”. I feel this company is over priced and will do and say anything to originate the loan, whether it’s in your best interest or not. Stay away from loan depot.
Mike from Little Elm, TX
Reviewed in May 2020
Loan Type:
Refinance
Review Type:
Lender Review
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(1 of 5)stars
KNOW YOUR OPTIONS
The entire process is seamless when you have great credit and income. BUT, buyer beware. You will pay for low interest rates. My husband and I were doing a cash out to prep for our new baby. Kevin made the process seem straight forward and easy. However within days of beginning the process we received a call from our original broker. (Divine timing!) From that call we learned that we were paying >$6,000 for our 2.99% locked rate. That >$6,000 was added on to our closing costs = more than $10,000! We weren't getting the full $50,000 cash out, we were losing a $30,000 line of credit in our home, and our mortgage payments only went down $59. Needless to say we stopped the process with loan depot. We received no push back from stopping the process. However, we are still awaiting our refund of $495 for the appraisal, that we did not have. Moral of the story: KNOW YOUR OPTIONS. And as the song says, you better shop around. Upront fees for credit reports $21, Appraisal $495**.We are currently paying $0 all because of a divine call that taught us our options. Again, if you don't mind paying for a quick fix, loan depot is for you. But if you see your home as an investment, know your options and shop around!
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