LoanDepot

Since privacy laws protect the buyer of his property, certain details and situations cannot be addressed in this response.The purchase contract called for a closing date of “on or before 9/27/17”, and the Hurricane being referred to was Irma, which made landfall 9/11/17. This seller had a...

misconception that our borrower (the buyer) should insure the home before Hurricane Irma struck, and before the transaction closed. The buyers insurance carrier had already stopped writing coverage before the Hurricane, and it would be improbable that the buyer would insure a property that they did not yet own.There was an appraisal issue that required an additional review and a post disaster inspection was required as well. The seller agreed to the contract extension which was provided for on the contract in the event of a storm. There was an additional 1 day delay due to the inability of the Title Company to accommodate closing the day before. Since the seller had a simultaneous closing on a property he was purchasing, loanDepot reimbursed him $363.53 to cover hotel and dinner for one night. The transaction was concluded successfully on 10/5/2017.As it relates to the Sellers September payment, when the transaction we were involved with closed, the Seller’s loan was paid off and included the interest and any other amounts due for September. That would have been the case no matter what date the loan was paid off. If Mr. [redacted] paid the September payment outside of the payoff, then the payoff would have been reduced accordingly and been less. Consequently, there was basically a net zero loss.

loanDepot is committed to surpass the expectation level of its customers. Integrity and transparency in all our transactions is our priority. We will continue to foster an environment of quality in all our functions of the loan process. We take this opportunity to address the customers concerns very...

seriously. The loan process is filled with complexities. Many laws and guidelines have been established to protect the consumer’s ability to pay. Lenders are under intense scrutiny by governmental regulations to ensure the customer can substantiate their sources of income. This proves to be a challenge when gathering this data. We must audit the documentation, and make sure it shows all the information clearly. We have to clarify any questions or income not accounted for, to make sure we have captured all the income sources correctly. This can cause unforeseen obstacles, and delays, that are beyond our control. We assign a loan team to work the customer’s loan. They may hear from different members at any time during the process. We try to work behind the scenes to expedite the process whenever possible. Repeated income verification can occur, and is a consistent practice in the processing phase of the loan. Customer stated that they consulted with title companies; however, they are primarily involved in the closing process and lack familiarity with the processing part of the loan.  We regret any breakdown in communication regarding the processing and funding dates with the processor. We do our best to make the process smooth for our customers. We apologize for any inconvenience this may have caused. We encourage our customers to continue their financial obligations during the loan process. We also advise them not to enter into any new financial agreements during the loan process. This can eliminate any undue burden on the customer, if an unforeseen delay were to occur.  It is standard industry practice to add the Lender to the homeowner’s insurance as loss payee to expedite the file at funding, and ensure there is no lapse in coverage. It is not done in a deceitful manner.  If any changes occur, we notify the insurance company immediately.  Lastly, our goal is to do everything within our scope, to help the customer realize their financial goals. We are glad to report that the cohesive efforts of our Processing Team and internal partners we have successfully funded the loan.If additional information is needed, please contact Customer Care at [redacted], Extension [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.Sincerely,[redacted]Customer Care Analyst

I have received the refund requested & am satisfied with the outcome with your help.Thank you,  [redacted]

Revdex.com:  Same thing the company said last time and I continued to receive spam  I don’t accept their message but I know Revdex.com will......  
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

Attached is the Letter of Explanation with supporting documentation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    6/10/2015Borrower’s Complaint Filed with the Revdex.com:As part of refinance loan...

process #[redacted] LoanDepot requested a property appraisal thatwas deeply flawed. The property appraisal contained many errors including simple anddemonstrable features of the property such as the existence of a deck and balcony and a skylineview. There were errors regarding comparison properties including incorrect property age,amount of square footage below grade, and incorrect selection by neighborhood boundaries. Wedrafted a lengthy report to LoanDepot describing the problems with the appraisal, butLoanDepot did nothing to resolve the issues. We appealed the value with LoanDepot to be told:“The comments also state that the appraisal contains numerous inaccuracies includingdescription of the property, the development and the neighborhood; but nothing is provided tosupport the concerns...." The only way this makes any sense is if the document we drafteddetailing our complaints and including photographs was not actually made available to thoseevaluating the appraisal decision, or was not examined by them. For example, that our propertyhas a deck and balcony is an incontestable error that had direct impact on the calculated valueof our property. There is no excuse for this and other errors to not have been addressed.Borrower’s Desired Resolution:We request a refund of the appraisal fee of $395.loanDepot’s Borrower Complaint Summary:1. The borrower states that there were errors in regards to the appraisal.  2. The borrower is requesting a refund of his $395 appraisal fee.  loanDepot Findings and Response:1. loanDepot has no control over the appraisal process and cannot choose which appraiser toconduct the inspection. The appraisal process and inspection must be done independently as toensure there is no bias or predetermined value or agenda. The impartial local/certified appraiser(valuation expert) completes the appraisal based on the most similar and best data available inthe market. loanDepot has no reason to believe that an appraisal completed by an unbiased,impartial local, licensed expert is incorrect.  However, we have escalated your concerns to the appraiser who has responded on page 31 ofthe attached, revised Appraisal Report in where he changed the value of the property from$245,000 to $250,000.2. The $395 appraisal fee was used to order services on the appraisal. Although this fee is non-refundable, expectations regarding this refund were communicated to Mr. [redacted]. As a result,a full refund of that $395 appraisal fee was processed on June 11, 2015. The transaction IDnumber is [redacted].In conclusion, loanDepot apologizes that Mr. [redacted]’s experience with loanDepot was anything lessthan satisfactory. His concerns regarding the appraisal have been escalated to the appraiser respondingdirectly to his concerns, increasing the property of his value from $245,000 to $250,000. Furthermore, arefund of Mr. [redacted]’s deposit in the amount of $395 was processed due to refund expectations set byhis loan team.  Should Mr. [redacted] have additional questions or concerns, he may contact loanDepot’s Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist Monday through Fridayfrom 8am to 5pm, PST.

On January 16, 2018, we spoke with our customer, and sent him an electronic copy of his paid in full letter. We also advised the customer in this same email, that the credit bureaus can take up to 60 days to show the updated information that the loan has been paid in full.  Customer was sent a check for $244.36.  Customer sent an email on January 25, 2018, confirming receipt of these items.

Please see the attached Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:   6/11/2015  Borrower’s Complaint Filed with the Revdex.com: To whom i...⇄

loanDepot is committed to working with the highest standards of integrity, and transparency in all our transactions. We take the security and protection of our customers’ data very seriously. We ensure that our staff abides by our core beliefs of responsible lending, and operates within the laws...

that govern the mortgage industry. We sincerely regret that the customer felt as though their credit was pulled without authorization. Our records confirm that the necessary authorization was given, and nonpublic personal information was provided to our Licensed Loan Officer to check the customer’s credit profile. Our associates are trained to disclose to consumers that we must pull their credit. This is to make the best assessment based on the customer’s creditworthiness. We must have a social security number and date of birth to obtain and review a credit history. This is to determine if loanDepot is able to extend a loan offer with the best rates, and terms, the market has to offer. Without this personal information, and the viewing of your credit profile, we would not have been able to accurately provide the customer with a quote, without verifying the eligibility for a mortgage loan. We respectfully decline the customer’s request to remove the credit inquiry. loanDepot received sufficient information to justify the inquiry. If additional assistance is needed, please contact our Customer Care Team at (888) 337-6888.

Attached is the Letter of Explanation regarding this file.Thank You.San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    7/2/2015Borrower’s Complaint Filed with the Revdex.com:I have a recently-initiated home loan with LoanDepot.com. I have an escrow...

account throughwhich they collect property taxes. LoanDepot agreed to pay my property taxes but has failed todo so, and I am now officially delinquent with [redacted] (**). I have provided LoanDepotwith the delinquency notice. Over the phone they agreed to "process" the request and have thetaxes paid. Nothing has happened. My latest call to them resulted in no progress, in fact, theperson on the phone did not have access to the letter and delinquency notice that I previouslysent to them by fax.Borrower’s Desired Resolution:Prompt payment of my property taxes. Inform me immediately that they have been paid. Beresponsive to communications from me, i.e. acknowledgement in writing or by phone that theyhave received my faxes, emails or calls. Provide written assurance that penalties and interestincurred as a result of late property tax payment will be paid for by LoanDepot.loanDepot’s Borrower Complaint Summary:loanDepot sincerely apologizes to Mr. [redacted] in regards to his experience with loanDepot so far. A wire to[redacted] was initiated on July 13, 2015, and the penalties and interest will not becharged to Mr. [redacted]. However, please note that once the wire is transmitted, loanDepot has no controlover the timeliness of [redacted] posting the payment.  If you have additional questions or concerns regarding the servicing of your loan, please contactServicing directly by calling [redacted] or by emailing [redacted].

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the only resolution to the case would be for Loan Depot to desist with their lies!!!!!They have outright lied about parts of the loan process and completely misrepresented the facts. They apologized for the situation and for the last week have promised on Tuesday, Wednesday, Thursday and now Friday that the loan would be finalized and closed. Now when I excessive the use of there Customer Support line at the lower portion of this complaint, they again lie about they process!!!!They claim that one of the businesses that were involved in the pool project at my home went out of business and that is an outright lie!!! Then hung up on me when I got angry and argued with them and the Rep. Didn't care in the least that her people were lying. Customer Service is just trying to cover the lies of their Loan Servicer's.Yesterday [redacted] added my wife to the loan for additional financial support and said that with her on the loan, the loan was well past any problems. He refused to ad my 501.K and Stock funds to the loan financials claiming that I didn't need them. Now another Customer Support Servicer got on the phone and attempted to mislead the process that was begun in October and claim that it began in November. The event that began in October was when the process was turned over to a "new" processor after I was promised that the closing would be done by Thanksgiving. This is Bold Faced Lie!!!!!
I was promised this week four times that the loan would be granted and closed and AGAIN, it is not. Yesterday I got "Final Loan Figures" and today "NO CLOSING"!!!!!!
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I am not satisfied that Loan Depot accepts responsibilty for the abnormal delay.
Regards,
[redacted]

I thought we had an agreement with LoanDepot on the amount due which is why the check was drawn for that amount.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.The...

business has refunded my money. This case may be closed on my personal complaint #[redacted].Thank you for the fine service you provided to me and the community.
Regards,
[redacted]

San Diego Revdex.com Complaint #:       [redacted]   Borrower Name: [redacted]                                 ...

Complaint Date: 01/01/2018                         Borrower’s Complaint Filed with the Revdex.com: loanDepot violated my financial / personal privacy when representatives from loanDepot sent my personal information to a 3rd party individual without my consent.   Borrower’s Desired Resolution: $4,176.77 or 1 months mortgage payment in full.   loanDepot Findings and Response Mr. [redacted] contacted loanDepot on December 15, 2017, regarding a payoff statement that was requested in error without the customer’s consent.  The statement did not contain any non-public information however, it did contain public information such as the client’s name and address.    Mr. [redacted] escalated their concerns to loanDepot’s Executive Vice President of General Counsel, [redacted]. Mr.[redacted] made every effort to resolve the matter and come to an agreement. Initially Mr. [redacted] suggested that loanDepot pay off his mortgage in full, he then requested $4,176.77 or 1 month’s mortgage payment.  Mr. [redacted] offered Mr. [redacted] credit monitoring services and $300.00, Mr. [redacted] stated he already had credit monitoring service with [redacted] for him, his wife, and 3 year old son and asked that we pay for those services for the family for 2 years.  On December 18, 2017 Mr. [redacted] requested that Mr. [redacted] provide a current invoice for the [redacted] services.  On December 19, 2017 Mr. [redacted] notifies Mr. [redacted], stating he reached out to his attorney and was advised not to accept the offer.  Mr. [redacted] provided his attorneys contact information and suggested that Mr.[redacted] contact his attorney directly.  Mr. [redacted] contacted Mr. [redacted]’s attorney however loanDepot has not received any response in writing or by phone. On January 1, 2018 Mr.[redacted] filed a complaint and on January 5, 2018 was contacted by [redacted], Customer Care Analyst, to attempt to come to a resolution.  Since Mr. [redacted] obtained legal counsel we suggested Mr. [redacted]’s attorney contact loanDepot.  Ms.[redacted] offered to issue a check in the amount of $400.00 along with a signed acknowledgement, Mr. [redacted] stated he would review the acknowledgement in order to make his decision.   The acknowledgement is in the process of being drafted by loanDepot’s General Counsel.  loanDepot apologizes for Mr. [redacted]’s experience and regrets any frustrations he has endured.  Ms.[redacted] did explain the overisght and confirmed that loanDepot did not disclose any of his non-public personal information that could put his credit or identity at risk.  If they have any further questions or concerns, they may contact loanDepot’s Customer Care Department at 888-337-6888 ext. 6789. Representatives are available to assist Monday through Friday from 8am to 5pm, PST.

San Diego Revdex.com:               [redacted] Consumer Name:            [redacted] Complaint Date:              July 28, 2016   Consumer Complaint Filed With Revdex.com: May 7th...

2016 we started the refinance process with Loan Depot. At that time we submitted all paperwork required. We locked into a fix rate until 6/21. We received an overview as to how long everything takes and was assured would be a very smooth process since everything is done under one roof. Once the appraisal was done on 5/16, we were supposed to hear from our Account Manager. 9 days later, I had to reach out to our Loan Officer asking why I haven't heard anything. Our Account Manager finally called, looked thru our paperwork while on the phone and said she would submit everything to underwriting and should hear something within 5-7 days. I finally e-mailed my Account Manager on 6/1 since I didn't hear from her (again) and found out that she needs copies of our drivers license, which I e-mailed that day. She told me that she would send everything back to underwriting but would take 14 days because they are backed up. I immediately told her that was concerning since my rate lock expired 6/21 and that would take us to 6/15. We didn't get the approval until 6/22 contingent on the final underwriting approval and would be contacting us within 48-72 hours to review the final items needed. On 6/27 I e-mailed my Account Manager again asking when I would hear from her since it's been more than 72 hours. I didn't hear back from her until 6/28 saying hopefully she'll be contacting me today, which she did. . I received a Loan Depot disclosure on 7/7 and the Notary came to our home on 7/11 to sign all docs so it would fund by 7/14. I didn't receive funding notification so on 7/15 I get a call from my Account Manager saying "I have really bad news. I calculated the loan docs wrong so we need to redo and have you resign at 5:30pm. We finally received notification our loan funded on 7/21!! I started getting collection calls from my "old" Lender and found out that as of today they have YET TO BE PAID. Last heard that funds will be wired tomorrow. horrible nightmare.  Consumer Desired Resolution: I want an apology letter sent to my old lender. Refund for all accrued interest since 6/21 and some sort of compensation for the anxiety suffered thru the entire process. I also had to pay over $600 when we signed the first set of incorrect docs because of another error made by Loan Depot. I honestly don't know what would make me want to EVER do business with them again. Something that was supposed to take 6 weeks STILL isn't done 11 weeks later!  loanDepot Findings and Response: loanDepot is committed to the complete satisfaction of our customers. The concerns of our customers are taken very seriously. Surpassing their level of service expectations is priority. We pride ourselves on working with the highest level of integrity in all facets of our processes. We have dedicated prompt attention to the concerns noted in the customer’s complaint and appreciate the opportunity to clarify any misunderstandings. Our goal as a company is to assist customers in realizing their financial dreams. We understand that the complexities of the Lending industry can be very daunting at times. Our Licensed Loan Officers are experts in their respective field, and they are ready to take on any barrier to making the loan process a success. Recent world events have had a major impact on mortgage interest rates. These events have led to astounding rate advantages for consumers who are homeowners. This had a very severe impact on all aspects of loan processing. These delays, which were mostly beyond our control, affected all areas of our business.  We do give the customer reasonable time expectancy for the completion, however, circumstances beyond our control aided in prolonging the process. All lenders were faced with the challenges of staffing for industry production capacity. However, we actively oversee the loan process at all times to ensure compliance. We were often waiting for certain items that were pertinent to move forward with the loan. The Senior Account Manager, while working diligently to process the loan; and avoid a barrage of telephone calls with updates on stagnant items, may not have contacted the customer in the manner they expected. This in no way should be perceived as abandoning the loan in any way. We recognize that the customer provided everything in a timely manner. Our associates were working behind the scenes with various channels to ensure that all requirements were satisfied. loanDepot is apologetic for any inconvenience the customer encountered. Our commitment to transparency and accuracy is a testament to our tenacity in doing the right thing. We discovered that there were slight inaccuracies that needed to be adjusted. We understand that to err is human; however, we strive to provide the best quality and service to our customers. We always encourage our customers to continue paying their contractual obligations until funds are disbursed to prevent any residual impact to credit and maintain good standing with their previous lender. We understand how important credit standing is, and how hard our customer worked for it. We are thankful for the time the customer took to alert us regarding their concerns. We are grateful for the opportunity to address their concerns. We know customer feedback is always integral to the longevity of a successful business. If additional information is needed, please contact Customer Care at [redacted], Extension [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.  Sincerely, [redacted] Customer Care Analyst

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I did not agree for the rate to increase up to 4%. You need to provide me some evidence on how I "agreed". In fact, I express my dissatisfaction on the option I was given. 
Regards,
[redacted]

loanDepot orders appraisals from an Appraisal Management Company, an approved 3rd party vendor. The Appraisal Management Company assigns the order to a licensed appraiser that is knowledgeable within the market area to ensure that the assessment is completely unbiased. At no such time can a...

representative of loanDepot be in communication with an appraiser. In the event that the customer expresses concern regarding the appraisal report, an appeal process may be initiated by completing a Value Appeal Form.   The appraisal inspection for the property took place on June 10, 2016; the appraisal report was received on June 14, 2016 with a value of $400,000. The borrower reached out via email on June 14, 2016, stating that there were inaccuracies within the appraisal regarding the room and bathroom count as well as the square footage. The licensed loan agent responded to the borrower, informed that in order to dispute the inaccuracies, a Value Appeal Form was required to be submitted. After discussing the appeal process with the borrower it was determined, as the appraisal value had no bearing to the loan terms, the Value Appeal was not necessary.   It was discovered during the Underwriting process, the appraiser compared the property, which was built 36 years ago, to properties that were new construction. Therefore, the Underwriter conditioned for a Desk Review, requesting at minimum, one comparable that is within the age as the property. The Desk Review was ordered on June 25, 2016. Unfortunately the Appraisal Management Company was unable to locate an appraiser to complete the Desk Review in a timely manner. The Desk Review was received and a copy provided to the borrower on July 18, 2016. The opinion value on the review is $330,000, with a recommendation for loanDepot to consider ordering another appraisal.    The borrower informed via email on July 18, 2016 that the appraisal still had inaccuracies and request to cancel the loan. The additional room count and square footage the borrower is referring to is in the basement. According to Fannie Mae guidelines basements are not included in the room count and square footage regardless if it is fully furnished as it is below-grade. Only finished above-grade areas can be used in the room count and square footage.   The borrower executed the Appraisal Deposit Agreement on May 24, 2016, where the borrower acknowledges the following:   REFUNDABILITY: The Appraisal Deposit is refundable in certain circumstances    If no Appraisal Services have been completed on your property and you subsequently withdraw your application or your application is declined, your Appraisal Deposit will be refunded in full.     If Appraisal Services have been completed on your property and you subsequently withdraw your application or your application is declined you will be refunded the difference between the Appraisal Deposit and the amount of the value of the Appraisal Services performed. If your application is declined, even if the appraised value is not what you expected, you will only be refunded the difference between the Appraisal Deposit and the amount of the value of the Appraisal Services performed.   loanDepot did not profit from this loan application as we incurred expenses and losses on the borrower’s behalf that exceeded the $425 amount. We ordered an appraisal reports, title reports, and were subject to additional costs on other services rendered. However, loanDepot will issue a refund in the amount of $425 as a gesture of good faith.   As per the borrower request, the loan has been cancelled. Customer Care attempted to reach out to the borrower to discuss the complaint but was not successful.

loanDepot is committed to helping its customers realize their financial goals. We do our best to exhaust all options available, in finding a loan program for our customers. We are very proud of the products we have to offer our customers. We consider our Licensed Loan Officers to be experts in their...

field.We have made a careful review of our records, and we were unable to locate any exchanges or guarantees that an appraisal deposit would be refunded to the customer, in the event that the loan did not close. We cannot make any assertions that the loan will go through. We are subject to many factors that may change the circumstances of the loan. We often must wait for the results of the appraisal evaluation, or the property title search we requested.The property title search results showed an unresolved lien that was previously undisclosed. We informed the customer and advise them of what choices were available. The investors of the loan required the lien to be satisfied. However, the customer chose not to pay the lien; therefore, loanDepot was unable to proceed with the loan.Appraisal services were rendered, and the entirety of the deposit was used to pay the appraisal management company. The customer executed the Appraisal Deposit Agreement, with the acknowledgement that they understand the condition in which the fee was refundable. We respectfully decline the customer’s request for a refund of the appraisal deposit.We trust the foregoing information has addressed the customer’s concerns. We are grateful for an opportunity to respond to this complaint. If additional information is needed, please contact our Customer Care Team by phone at (888) 337-6888, Ext. [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.

Please see the attached Letter of Explanation and supporting documentation regarding this complaint.Thank You. San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

4/21/2015  Borrower’s Complaint Filed with the Revdex.com:  I called...⇄ /> [redacted],once mr [redacted] told me and my wife that we were approv...⇄ Borrower claims that he was told the process would take 4 weeks to ...⇄ Borrower states that the appraised value came back lower than expected...⇄ Borrower states that loanDepot would still be able to do a streamline...⇄ Borrower claims that loanDepot cannot do the loan because his wife’s...⇄ Borrower is requesting the $400 appraisal fee.   loanDepot Findings a...⇄ The borrower’s application was taken on 3/20/2015. At this time, Mr....⇄ When loanDepot took this borrower’s application, a program was identi...⇄ In attempt to still help the borrower financially, loanDepot offered t...⇄ In process, it was discovered that Mr. [redacted]’s qualifying FICO ...⇄ The borrower was charged $395 for the purpose of an appraisal deposit...⇄

We are prepared to always conform to the financial objectives our customers have in mind. We follow the USPAP guidelines in our loan processes. According to the guidelines, it is unacceptable to transfer, or readdress, a conventional appraisal report to another party. An appraiser is hired by an...

unaffiliated appraisal management company to provide a professional opinion of value for a particular loan program. It is not a report that can be used for various purposes.A review of call recordings was completed. It was confirmed that the Licensed Loan Officer did inform the borrower about their options if the appraisal came in at a lower value. It was also discussed that this could affect the terms of the loan; which would lower the cash out. Moreover, the borrower initially provided the estimated amount of one hundred thousand dollars, and told the licensed lending officer that he verified this on a property evaluation website. The loan officer confirmed the customer’s estimated amount by searching comparable property sales referenced on [redacted].We have received the customer’s complaint filed with the CFPB, and we will respond accordingly.