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
We had a poor experience with LoanDepot. Prior to actually getting a signed purchase agreement service was good. However, after we had a signed purchase agreement and the process was horrendously slow, it took 3 business day to get disclosures sent to us. Once we saw the disclosures they had a loan amount was incorrect and one sheet had PMI (when there should not have been). The loan consultant advised us that after we signed disclosures they would modify the load to the correct amount. However, when I spoke to our realtor and 2 other loan consultants they all advised we be cautious, they all felt like a bait and switch situation, forcing us to a loan with a lower limit that required more money down.
We advised our loan consultant that were not comfortable with the incorrect loan amount on the disclosure, he said the following in various emails: "working on the pmi part want to make sure I get you the accurate info", "my manager is going to approve more discounts", "loan that we have locked now is already approved in the system. Its called a DU approval, but my manager is working on restructuring that deal now".
We were very patient and wanted to give Loandepot and the loan consultant (Daniel) an opportunity to earn our business (closing cost were better here) but at the end it felt disingenuous and a bait and switch since new disclosures were never sent or anything was update.
I have done refinances before. When I started this process with Loan Depot I wasn't looking forward to the process. It wasn't long before I knew this wasn't like any other company I've worked with. This was by far the easiest refinance ever. I am so happy.
Closed with Lender:
Great Experience, Upfront and Honest
Overall the application and funding process was smooth and swift. Ali's communication with us was great, and very much appreciated.
Closed with Lender:
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