loan depot

To make a long story short, Loan Depot pre-approved us - approved the loan for the home - made us jump through all kinds of hoops - 2 DAYS BEFORE CLOSING DENIED THE LOAN.
Refusing to return the $495.00 lock in fee even though no mortgage was ever given. Will never deal with a company again that I hear of through the internet. Something is wrong when a company can create such a nightmare for the consumer and we have no recoure!
Three weeks after Loan Depot's denial, we had the closing on our home through a major bank with NO PROBLEMS!

At the very outset of the refi process I was asked for $495 to lock the current rate. I was told at the time in a recorded conversation that should the loan not close the fee was refundable. After 7 weeks I was told the loan could not close. LoanDepot will no longer respond to phone or e-mail requests for the $495 refund.

The Loan depot sucks they take your money and lie about it!!. After i talked to another company I realized I was taken right away. I proceeded to try to cancel the transaction 30 minutes after I agreed and from then on it was bogus. They lied and appraised my house for way less than it was worth and took my money. They are not to be trusted and I really think they use an appraisal company known to give low appraisals. Any way look elsewhere for your loan because loan depot is just a crock.

Sorry to say that,i've not a great experience in this matter....but i know the basics....loanDepot, based in Irvine, CA, is a 3rd generation online direct-to-consumer lender servicing multiple states. The company founder, industry veteran Anthony Hsieh, with a world-class executive team, is well known for pioneering the Internet mortgage industry, building two highly successful companies and merging them into publicly-traded companies, E*TRADE Mortgage (NASDAQ: ETFC) and LendingTree Loans (NASDAQ: TREE), both of which are still in operation today. loanDepot is committed to delivering a better, faster, more efficient process and industry-leading rates while delivering the best service in the industry.

Funny...if Loan Depot is "committed to delivering a better, faster, more efficient process and industry-leading rates while delivering the best service in the industry," how is it that they've got so many folk coming on MortgageFit registering complaints about atrocious service, rip-offs, lies, etc?

Yes, I realize that complaints will always be made louder than accolades, but I've not seen much at all favorable other than your post, BF.

Loan Depot took the $495 to "lock" the rate saying it was refundable should the loan not close. Didn't close. Didn't get the refund.

I wonder where that $495 goes?

I didn't mean to frame that as a question. It was actually a statement.

I'm reading people's comments about Loan Depot's 'bait and switch' and I was yet another victim of this scam. $495 out of my pocket and appraisal came in too low to go through with the loan. Is there any recourse here? Can I put a stop payment on my credit card charge?

Welcome Carl,

Well... as far as I know, it is not the lender's fault that your appraisal came low. In general, the house prices have fallen and most of the properties have lowered in value. However, you may put a stop payment on your credit card.

Be careful with that credit card, Carl. You agreed to pay a fee for the appraisal. You got what you paid for. Obviously, the aggrieved party when you put a stop on that charge will turn around and seek its money back if it's snatched away.

You don't want to be accused of anything fraudulent.

we just went through a horrible experience with loan depot out of irvine.....yes, this is the one that is supposed to be good, we checked it out.....we were assured from the beginning that everything was great, loan would go through.....house appraised for exactly what we said it would and what the loan was based on.....at the last minute got turned down flat, no valid explanation other than appraisal not good enough......$495 down the drain/ripped off.....i am very disgusted.....this company is scamming people

Hi kittykat!

Welcome to forums!

Thank you for sharing your experience about Loan Depot in the forums! Your experience will help others decide whether or not they should go with this company.

Sussane

my husband spoke with them last night, they advised that was their last day of their "promo" and needed a credit card number which they would post a "pending" charge, but guaranteed it would not be an actual charge until we agreed to use them to refinance, not 10 minutes later, we got an e-mail from our credit card company of a $495.00 charge. i have already disputed the charge and spoke to the fraud department. when they open today, they will get a earfull and then some.

Hi Guest!

Welcome to forums!

Thanks for sharing your experience about Loan Depot in the forums. It will help others to decide whether or not they should go with this company.

Sussane