loan depot

See ABC's 20/20 segment on the BBB. It's not the non-profit organization it used to be. They did a shake-down of Wolfgang Puck (ABC's lead story). Puck would not join a pay a membership fee so they rated Wolfgang Puck an "F". Google 20/20 BBB report and see. ABC also set up fake Nazi clubs whose charter to the BBB was to erradicate minorities, paid the BBB's membership fee and was rated an A. It's all true, BBB is a fake

Thank you for sharing your opinion in the forums!

I too, had given Loan Depot $ 500.00 on good faith and they sure kept my money when the appraisal came back a little shy of what they needed.Why can some lenders come up with a pretty good idea if the property is going to appraise out at what they need to make the loan? I am very disappointed that they kept my money. Seems like they could make a good living from people like me whos home value has decreased some over the last few years. PLEASE DON'T give these people a dime. Call a reputable mortgage co. that approves a loan before they take your money.

Zodak, an appraisal fee isn't paid directly to a lender. It's paid to the appraiser who is hired to do the work. Reputable lenders as well as those of ill-repute will always collect this fee upfront.

I don't disagree with your stance that they could be able to seek an idea of value prior to spending the money, but not every lender has that capability.

I'm not trying to defend this lender specifically with these comments, but you'll find everyone collects appraisal fees upfront. To not do so is to run the risk of paying for work done that never got compensated by a borrower.

as someone who does appraisals for the company that represents loan depot, i only get 350 max for doing the appraisal. so either loan depot or the management company (probably both) are splitting that leftover $150-200 for ordering the appraisal. on top of that, they are the worst to work with

Thanks for sharing your opinion and experience, bob!

I aborted a query to loan depot when they asked for my social security number. It was after I'd put in my name, address and email address but I never submitted the request. Obviously, they are capturing the info as you're putting it in because they keep emailing me even though I have responded to leave me alone. I would not trust them for any thing!

Thank you everyone for sharing your experience about Loan Depot. I was about to take a loan from them... Now I'll give it a second thought!

Why anyone would cease an application process when a lender (loan depot or home depot or railroad depot - it doesn't matter) asks for a Social Security number is baffling.

Don't you realize that they can't properly begin the process of qualifying someone for a mortgage loan without getting the absolute details necessary to get a credit report?

Seriously...any lender, online or off, is going to be seeking your Social Security number, as well as the other information you alread noted - name, address, email...lots more, too.

Is that really a surprise?

Yes, Great experience & quick! They made it simple as can be for a refi as this was not my first time nor my last.

Thanks for sharing your experience with Loan Depot in the forums! :-)

Loan Depot does not get the appraisal fee! It is paid to the appraisal company. From past experience I can tell you that you can choose your own appraisal company. You do not have to use one recommended by Loan Depot.

Bt,Dt - how in the world did they allow you to choose the appraiser? That's contrary to all guidelines. If you hire and pay an appraiser, guess who that appraiser is beholden to? You, of course. That's not quite the unbiased opinion that a lender needs to reckon whether or not to grant a mortgage request.

In what world did this take place? Please fill us in.

i am in the closing moments of finalizing my refinance with this company. they did take money from me for the appraisal, but they told me that i'd be out this cost if the loan didn't go through because of the appraisal coming in low. it came back fine and i'm getting ready to sign off.

the closing costs are exactly as they outlined on the phone (within $25). i'm having a lawyer look over all the forms before i sign, as i would recommend with any large financial transaction. as they say, "let the buyer beware."

if there was no money to be made by the company, they wouldn't and shouldn't be in business. you can't get something for nothing, ever! i suggest just being smart about your pursuits with any company and you won't find yourself angry, screwed, and finding places to post poor reviews! :shock:

Mulderboy, you painted a realistic picture there. Obviously, if the appraisal fee is being paid to a third party, we all must recognize that the third party will get paid regardless of the outcome of the loan request. Again, it is most valid to note that this loan company retains none of that fee.

Your point about being vigilant in assuring that everything is done above-board is on point also. People must always rely on the expertise of an attorney to ensure that closing documents are proper, and of course, there's no negativity to making money - after all, that's what we all try to do every day anyway.