loanDepot, LLC

Quick Response to Internet Inquiry>Poor with providing an estimate in writing

Chris White was very personable but did not provide me with a loan estimate as I requested. I am shopping for a Mortgage Refinance with a cash out and was narrowing down who I was going to choose to do the loan. He wanted me to provide him with the other two loan estimates that I had so that he could present them to his superiors to see if Loan Depot could meet or beat them. This is a loss to Loan Dept because we have decent credit scores and lots of equity in our home.

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the people were pleasant

unfortunately their loan origination fee's were very high and points on the interest rates were also non competitive.

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Frustrating loan process

Our loan received a pre conditional approval very quickly but then for about a month I could not get answers to why the process was not moving forward

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Great start, slow finish

We chose Loan Depot because they provided the best interest rate and reasonable closing costs. Our initial contact person to create the loan was efficient, professional, polite, and responded quickly by text to any concerns, even later on, when it was not really his job, I think. But our loan officer (who took over later) never responded to any of our emails and apparently did not make note of information we supplied on a previous phone call. We were given multiple, conflicting loan disclosures to approve with different numbers on them on multiple occasions and this was never explained. After starting efficiently, the process dragged on for about 2 months before closing, But we got there eventually.

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Terrible customer service

Terrible customer service and no care for customer retention. Loan office was super nice though and seemed knowledgeable.

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It was a good experience - until closing

The beginning of the process seemed to go well. We used an on-line system to submit required documentation that worked well. Then we waited for loan processing to occur. However, as we got close to our closing date, things got tense. Our loan officer quite about 2 weeks prior - at least he sent an email letting us know. A new person was assigned, but it was clear after a bit that this person was overwhelmed with whatever accounts got dumped on him. About a week before closing we still did not have a final closing cost amount. We were told that the attorney's office that was involved (in Deleware you need to use an attorney) had to provide figures to the loan company, and although we had an estimate in hand, we should just bring our checkbook to closing to make up any balance. We warned the attorney and the loan company that our closing date was the day after a holiday, so banks would be closed the day before in case there was any issue in wiring the closing costs. No one seemed concerned. Three days before closing, we were told that a certificate of occupancy could not be found for our property, which is filed with the county (office closed on holidays!). With holiday coming, this left one less day for someone to find it. It was not clear initially who's responsibility it was to find this (Loan Depot or attorney). Eventually Loan Depot did admit it was on them. We had arranged for a walkthrough of the property just prior to our planned closing at 10AM. That meant me and my wife had to leave our house very early to make the 2 1/2 hour drive to the property from our house to do walkthrough at 9AM. We had rented a Uhaul and had it full that morning, and we had arranged for a bed to be delivered that day too. So we were left scrambling last minute trying to see if the seller would at least let us store our things in the garage of the property (occupy before settlement). Also had to call bed delivery to change date, and we didn't know if we were going to have to stay in a hotel that night. By 10AM, the loan company and attorney involved were not prepared for closing and so it was delayed to 4PM. By that time, someone at Loan Depot finally decided that sufficient information was in hand to go forward with the closing, and there the story ends. Of course everyone involved said they had never experienced something like this before - sigh.

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Loan officer was great, would not recommend our loan processor!

The loan officer, Alec Carroll was awesome! Very informative, reviewing options, taking time to find out what best fit our needs. Once the process went to the Loan processor, Dee Webster, she was awful. Everything felt rushed. All the documents asked for were uploaded through the website which she clearly never checked because she kept saying we were missing the documents she needed. She never responded to messages on the loan depot site. We wanted to change our refinance amount and were told it wouldn’t be an issue and it could be done anytime before closing. Despite knowing this, she tried to rush through the closing disclosures. When asked to change the amounts, she told me the amounts we wanted weren’t possible. We were set to close on a Friday. She was going out of the office Thursday and Friday that week. She handed us off to another processor with nothing more than a name (no extension, email, etc). The closing was cancelled without any notification to us. I only found out because I called to notary to confirm and he said he received notice that morning that it was cancelled. I contacted our loan officer who was not notified either. It was more than frustrating!!! Ultimately, it was best we hadn’t closed because our loan officer was able to get us the loan numbers we wanted (despite being told by Dee it wasn’t possible). I got the impression she just couldn’t be bothered by the changes. I would never work with her again. Alec is the only redeeming factor of our experience!

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