loanDepot, LLC

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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2nd experience

LoanDepot has great reps and account managers. The ball gets dropped with their closing procedure and attorney. They farm out to a 3rd party company in NY which is mot familiar with your loan. Dispursement checks sent to me not designated payoff accounts. I paid to mail out with tracking. What was the attorney doing for $600? This is a good company and even my son has refined his home with LoanDepot. Get your act together and find an attorney that will do the job and mot farm out his work out of state!

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Good process, high rate

They are excellent on complex loans, like 203K. But the rate is high on simple vanilla ones. The LO quoted a different rate than I saw at closing

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Great start, but follow through was lacking

The loan consultant was extremely helpful in the decision-making process. Once I decided to go with LoanDepot, the responsiveness dropped off. I found the loan processor was only slightly better. It took several calls and/or emails to have questions answered. Because of this delay, my closing had to be redone further delaying the process. I will say once you got them on the phone, they were extremely helpful.

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Coastal concerns

Loan Depot was a great company for my mortgage. I live West Virginia and applied online for my mortgage. Within minutes received a call and the approval was extremely quick. However the one that answered and did my loan was in California. This was a three hour time difference and was difficult. Definitely go with Loan Depot but call your local office

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Refinance

Poor communication. I heard from my old mortgage company that my loan was paid off but haven’t heard anything from loan depot.

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