loan depot

Hi bullambi!

Welcome to forums!

I do not have a personal experience with Loan Depot. However, they are BBB accredited organization. So, I guess, you can trust them if you want to get a mortgage from them.

Feel free to ask if you've further queries.

Sussane

A quick Google search shows a slew of loan depot companies. Yeah it's a lovely name for a mortgage company, but I wouldn't base my borrowing on their being involved with BBB. More personal references would be needed, in my opinion.

Great company with a great reputation. Run by individuals who really know what they are doing and every loan officer is properly licensed and had to jump through many hoops to get hired.

Perchance do you work for them? It's always nice to see testimonials from people, but yours doesn't have much credibility as all you speak of is how difficult it was for the loan officers to get hired, and how they'll all licensed. They'd better be licensed - isn't that one of the precepts? Please...

It was a nightmare. I would never recommend this company to anybody for anything. You can expect unreasonable and unjustified delays, misrepresentations and of their representatives who will tell you anything to get your $$. Beware of what you're getting yourself into. I wish somebody had told me before I gave them the first time.

I meant to type: I wish somebody had told me before I gave them the first DIME!

Gary, can you give us more background and detail about your experience?

Hope this helps - if you go to the trustlink website and type in 'Loandepot' (1 word), only 2 results come up. The top one is the Irvine lender being discussed. There are about 120 recent reviews (to date) from customers.

Once they have any money from the "customer", (I use the term loosely as it relates to their practices; a bit like the role is reversed and you work for them) their customer service is non existent, they lied about or misrepresented the following: closing costs, credit score number, points added, fees, added points for reasons that were not discussed or did not exist and then pretended to have not realized it was an error. They do not care about repeated requests for status once they have secured their fee, which is also done in a shady manner. They "don't get paid til the loan goes through" but suddenly you will find a $500 charge against one of your credit cards, from them.

DO NOT USE LOAN DEPOT.

Guest1 you hit it right on.These people lie to you about your appraial value and take your $500 after they tell uou that your value came in below value.

So what your saying is the company is making a living 500 dollar pops? Why dont you find out what your home is worth before spending 500 bucks on it?

You really need to find out what the standard fees are before you commit. It's like that with ALOT of companies. Its pricier for Mortgage companies of course.
Not all loans are going to be a sure thing. Until you get the paperwork signed and done, you never know.
Everyone is complaining about the $500.00 appraisal charge from what I'm reading. Isn't anyone getting copies of their credit report? They can't charge you for closing costs until it's closed.
I guess I need to research a little more to really make my decision.

Guest 23, the appraisal fee is not a closing cost; it's a fee being paid to an outside agency for doing the appraisal work. It's legitimate. The other stuff they do sounds pretty illegitimate, though.

And to think that they're making out like bandits by collecting $500 from people is, as HAHA implied, pretty ridiculous.

But that being said, this is clearly one of those companies that takes advantage of people's lack of knowledge, sophistication and good nature.

If every inquiry that came to my company resulted in an extra $500.00 per, that would add up quickly...Maybe not considerable for those that are independently wealthy....

Guest 7: Is "my company" a major conglomerate...a major lender...a corporation? That's key in the analysis, after all. If you're a one-man shop, then $500 is a landslide when multiplied as you mention; if you're a 50-person shop, it might also be close to a landslide. If, on the other hand, you are Loan Depot, which likely has far more substantial overhead, 50 X 500 = $25000. That might be great earnings for a given week, but how many salaries will it eventually pay?

My point is that $500 for each customer (or non-customer, since they seem to get nowhere) isn't going to make anyone rich too quickly. Any business has too many expenses to make such a piddling amount their road to riches.