LoanDepot

The disputed amount is the difference in closing costs directly related to the title fees to correct documnets received from LoanDepot.  However, as stated in my desired outcome I would also like to be reimbursed 2 months of interested accrued from the private lender.  That is a total of...

$1,600.So the correct disputed amount should be $1,952.71 + $1,600 = $3,552.71Thank you,

Please accept this as a formal response to the rebuttal that loanDepot received regarding the complaint originally submitted on April 20, 2017.   We have reviewed our systems, and there is no evidence to support the customer’s allegation that they were informed that the appraisal fee would be refunded if the loan did not fund.   The customer executed the Appraisal Deposit Agreement where they acknowledged 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   The customer alleged that loanDepot furnished a false Title Report. The Title Report was ordered from an unbiased, third party vendor. In order to proceed with the refinance, investor guidelines require that liens on Title must be satisfied. Regretfully, the customer was not willing to satisfy the lien. Customer also alleged that the assigned appraiser is not VA approved. In order to be in compliance with Uniform Standards of Professional Appraisal Practice (USPAP), an appraisal must be ordered with an approved VA appraiser. The customer may confirm the appraiser’s VA status at https://entp.hud.gov/idapp/html/apprlook.cfm   We appreciate the opportunity to reevaluate the customer’s complaint. Regrettably, our stance regarding this matter remains unchanged. We regret that we could not assist the customer in their financial goals. Please consider this as our final review of this matter. Should the customer wish to further discuss, they may contact, Customer Care Supervisor, [redacted], at 949-434-[redacted] or via email at [redacted]@loandepot.com

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.
It was never communicated to myself or my wife that we were buying down to 4%. In fact when my wife talked to [redacted] supervisor, she listened to the recording of the conversations and found where we were approved for 4%. At no time during the closing did [redacted] state that we had bought down points to reach 4%. When [redacted] went over the accounts to be paid off and it was discovered that the [redacted] credit card was not included, [redacted] assured us that it was still going to be paid off because it was included in the Settlement Statement Payoff which he emailed us as proof. He also told [redacted] where to find it in the paperwork so she could show us that it was an account that was being paid off. So basically we were told it was an error on their part, we were shown where the account was still to be paid off and once they got our signatures they claimed there was some huge mix-up in the paperwork and were trying to figure out what went wrong. A week later they chose not to honor their agreement on the [redacted] card and came up with the buying down points scenario. And credit pulls don't need to be done in 3 consecutive weeks to ensure credit worthiness.
Regards,
[redacted]

Addressed clients concerns via email - copy below: [redacted]
[redacted]
[redacted]
[redacted]
 Ms. [redacted], Thank you for your patience while we were further investigating your concerns. Per the information provided to you by [redacted], your original rate was locked on 9/16/2016 for 45 days.  The lock agreement signed by you at that time states the rate lock will expire on 10/31/2016.  It further states, if the mortgage loan does not close and fund within the lock-in period, the lender is no longer obligated to the terms of the agreement. When the rate lock expired on 10/31/2016, loanDepot, as a courtesy, waived the lock extension at no cost to you for an additional 15 days. We were not required to notify you of the lock extension as there were no material changes with your loan at that time. The rate unlocked on 11/15/2016 and was relocked on 11/16/2016 at 4.00%.  Your loan team attempted to get additional pricing exceptions applied to your loan, but were only approved for the new rate of 3.875%.  I apologize if you were not personally contacted to discuss the new pricing with you prior to receiving this information via email. Per your review of your loan with senior management, additional pricing exceptions were made and your loan was priced back to the original terms. In regards to the credit inquiries, per the Credit Inquiry Explanation Letter that is provided to you at application, we continually monitor your credit activity and will request updated credit profile and/or pull a new credit report prior to closing.  These additional credit reports are referred to as gap reports and verify if new accounts have been opened and were pulled on 10/24/2016 and 11/7/2016.  Prior authorization is not required to pull these reports.Also provided to you at application was the Applicants Authorization to Release Information/Equity Freeze Letter.  This allows us to obtain needed information from your current lender in ensure we have updated pay off information for your current loan.  As payments are still being made by you to your current lender, it is customary to request updated pay off information in order to properly process your pay off. Again, prior authorization is not required to obtain this information. When we originally responded to the Revdex.com, we thoroughly researched those concerns and responded accordingly.  Upper level management did review your loan terms and provided you with the best rate we were able to offer.  After further review, we were able to make additional pricing exceptions allowing us to price the loan as originally offered.   We truly apologize for any inconvenience this issue has caused and trust this response fully addresses your additional concerns.  We understand that you completed the signing of your loan and are currently waiting for the loan to fund. If you need any additional assistance, please contact me directly at (949) 609-6509.  I will be out of the office next week; however, if you are in need of assistance while I am out, you can contact, Customer Care Supervisor, [redacted] at [redacted]. Otherwise, I will address any additional concerns when I return on January 3rd. Happy Holidays!
 
[redacted] Director of Customer Care ([redacted]
[redacted]
[redacted] 26642 Towne Centre Drive Foothill Ranch, CA 92610 www.loandepot.com Please consider the environment before printing this email.

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.At the time of application, I told the loan officer that I had only been on title for six months. He said the great thing about working at headquarters is that you can speak with an underwriter directly. He put me on hold and came back and said that it would not be a problem. After weeks of ridiculous stress I asked to speak to our underwriter and she said they have to follow [redacted] and [redacted] guidelines and we do not meet it. Not only did I tell them, but had they ordered title work, they would have known sooner and we DID meet [redacted] and [redacted] guidlines because we went to [redacted] and they said we met that guideline and we are closing next week. Also, we have a copy of the appraisal and is says owner occupied, because it is. One last thing, as of October 1st, the lender is required to refund your appraisal money. Just another way they pull the wool over your eyes. I do not know a solution to this issue. I had a lot of sleepless nights worried about this loan, but I trusted them. They let me down in a big way. I understand being turned down for a loan, but this is unacceptable. 
Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:  ...

7/6/2015  Borrower’s Complaint Filed with the Revdex.com:  The Loan�...⇄ Borrower claims that she was upfront with loanDepot and feels misled.�...⇄ Borrower claims that there were communication issues between her and l...⇄ Borrower wants loanDepot to complete the loan or compensation of $12,0...⇄ loanDepot sincerely apologizes that the borrower feels misled. loanDepot...⇄ loanDepot sincerely apologizes for the miscommunication that occurred be...⇄ Unfortunately, loanDepot cannot complete the loan due to the borrower�...⇄

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.
[The had told me (of which I have proof) that my loan had already passed on underwrting. IN ADDITION to that, that is not the same line of bt they gave me when I called and asked why, 2 different stories. I have also been talking to a lawyer daily about the situation and he said I 100% have grounds for a lawsuit which he is confident he WILL win based on all of the information and emails that I kept. ]
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.Regards,[redacted]

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.
Regards,
[redacted]s

Hello,Please see attached response to complaint ID [redacted].Thanks,San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    9/25/2015Borrower’s Complaint Filed with the Revdex.com:This company contacted me about possibly refinancing my mortgage. I decided to...

go with anothercompany. Their rep called me back and when I told him of my decision he got mad and said 'MOSTPEOPLE CALL ME BACK, BUT YOU DIDN'T!' I was taken aback but whatever. Yesterday, 9/24/2015, Ireceived an addendum to loan application. A few things: 1. I did not authorize them to start a loanapplication. 2. They got my name wrong. 3. They checked my credit twice in two days -- this affects mycredit score. 4. they pulled a credit report None of these actions were authorized by me. Now I have todeal with the consequences of their reckless actions. I have to contact all three credit bureaus and try tohave them remove anything about this company from my credit report.Borrower’s Desired Resolution:I want the Loan Depot to have these items removed from my credit report.  loanDepot’s Borrower Complaint Summary:1. Borrower states dissatisfaction with the services received.2. Borrower claims she did not authorize disclosures or credit inquiry.loanDepot Findings and Response:1. After a review of Ms. [redacted]’s loan application, the borrower initially communicated with loanDepoton September 4, 2015. During this communication Ms. [redacted] discussed possible refinance optionswith a licensed lending officer in an attempt to verify the loan products available. At that time, Ms.[redacted] provided the required information to qualify for a loan product specific to her financial needs.Furthermore, Ms. [redacted] provided the information necessary to pull the credit report, specifically,her social security number and date of birth. loanDepot apologizes for the level of service receivedand will address internal personnel as necessary.  2. loanDepot is required to send RESPA disclosures upon the completion of all loan applications.According to the Real Estate Settlement Procedures Act (RESPA), an application means thesubmission of a consumer’s financial information in anticipation of a credit decision relating to afederally related mortgage loan, which shall include the consumer’s name, the consumer’s monthlyincome, the consumer’s social security number to obtain a credit report, the property address, anestimate of the value of the property, the mortgage loan amount sought, and any other informationdeemed necessary by the loan originator.  In conclusion, loanDepot sincerely apologizes that Ms. [redacted]’s experience with loanDepot was anythingless than satisfactory. We attempted to assist Ms. [redacted] with her loan request, but ultimately, Ms.[redacted] decided to cancel the loan application. Furthermore, the credit inquiries were valid to make surethe borrower is credit worthy for loanDepot to lend upon and loanDepot will not remove the creditinquires.  Should Ms. [redacted] have any additional questions or concerns, she may contact the Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist her Monday throughFriday from 8am to 5pm, PST.

San Diego Revdex.com:               [redacted] Consumer Name:            [redacted] Rebuttal Date:                September 1, 2016 loanDepot File:               [redacted]     Consumer Rebuttal Filed With 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. As per the terms of that agreement, Loan Depot agreed to never contact me again by any manner,ie., mail, telephone, etc.  In exchange for that, I would drop the complaint.  I met my part of the agreement.  However, they still contact me or my wife, [redacted], approximately twice a month by mail.   I have sent much of it back to them with no results.  Finally, I broke down and called them yesterday.  The person said there was nothing he could do and just kept reminding me that they had an A + Revdex.com rating.  How they have an A+ rating is certainly a mystery to me.  Any way, I want this to stop.  These are, in my opinion, terrible people who do not mind harassing senior citizens.  Please help me if you possibly can.  All their correspondence comes from [redacted]   Regards,   [redacted]   loanDepot Findings and Response: We appreciate the time the customer took to bring their additional concerns to our attention. loanDepot is apologetic for any inconvenience the customer may have encountered. We have dedicated prompt attention to the concerns noted in the rebuttal, and we are grateful for the opportunity to clarify any misunderstandings. We understand that the customer recently received unsolicited mail of a promotional nature from loanDepot. Our records indicate that the customer was added to our do not contact registry on or about May 21, 2015. We sincerely regret that the customer felt our advertisement was sent without prior knowledge. Our goal is to always work with the highest level of integrity and transparency. In an effort to assist homeowners with mortgage refinance options, loanDepot periodically sends advertisement based on information customers enter online.  A new sale lead is generated from the information entered into a search engine query or website referral; which supersedes any previous “do not contact” requests. Our Marketing Team sent solicitation in response to a lead generated on March 20, 2016 and April 22, 2016. We understand the customer is not requesting a refinance. We have concluded that there is no loan pending or completed with loanDepot under their name and property address. Additionally, no official credit bureau inquiry was made. On September 13, 2016, the customer’s contact information was placed back on our do not contact registry to ensure that we comply with their request to cease solicitation. We require our affiliates to honor the customer’s request to halt solicitation, however, this process may take up to 90 days to complete. We trust this communication addresses the customer concerns. If additional information is needed, please contact Customer Care at (888) 337-6888, 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.
We are not satisfied because we were not dealt with honestly about obtaining a VA loan, which we have been able to do with another lender.  We were never notified that the conventional loan was rejected.  I have saved numerous emails I sent literally begging for someone to contact us to find where we were in the process, all of which were ignored by Loan Depot.  Very early on in the process we were contacted by our then current mortgage holders asking us to remove Loan Depot as a insured party because they had added themselves to our mortgage insurance without our knowledge.  This certainly didn't indicate to us that there was a problem obtaining the loan nor did it sit well with the mortgage company who had our loan..  The response received from Loan Depot is filled with claims that are patently false.The claim that our income to debt ratio being a problem, could have been easily rectified by paying off and closing a few revolving debts, which we had done prior to obtaining our current VA loan.  Had anyone from Loan Depot notified us of that being an issue we would have done the same for them.  We believe that because we were ignored and not dealt with honestly that Loan Depot was responsible for not obtaining the loan which we were perfectly willing to go forward.  We therefore continue to demand that the cost of the appraisal that was useless to us because of the failure of Loan Depot to move the loan to closing.   
Regards,
[redacted]

We sincerely regret that the customer feels their concerns were not important to us. We care about our customers, and work within permissible perimeters, to assist where it is possible. Our Servicing Department will take control of all loan issues after the loan is funded. On August 30, 2017,...

we received the customer’s request for loan information; however, the request did not indicate specifically what documentation was needed. We sent a transaction history to the customer that shows loan information since loan inception. We apologize that you feel as though your issues were not addressed. The terms of the Note indicate the loan has a fixed interest rate. An escrow account was required and the required amount collected would be adjusted in accordance to the impound amounts. Our records show that there was an escrow deficit of $2,516.37. We were made aware that the property taxes were current. However, the county informed us that future property taxes increased. After we adjusted the escrow deficit, the shortage amount was reduced to $432.31, and spread over 12 payments of $36.03 each.   On April 28, 2016, we received funds to pay off the loan. Due to the length of time that the loan file has been satisfied, loan file has been archived and it takes time to retrieve loan information. The customer has yet to inform us specifically what loan documentation they are in need of. We recently sent a copy of the Note, Deed of Trust, and the Final HUD Statement to the customer by U.S. Mail. We understand that the customer is concerned about derogatory information reported by loanDepot to their credit profile. We are required by law to report accurate data regarding the mortgage payment to the credit bureaus. Regretfully, we could not research this matter without more specific data. The customer can contact our Loan Servicing Department for assistance.  However, it might be more convenient for the borrower to dispute the derogatory information directly with the credit reporting agency, and they will provide us with the necessary data needed to conduct an internal investigation.We appreciate the opportunity to respond to the customer concerns. If additional information is needed, please contact our Servicing Department at [redacted].

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.
Regards,
[redacted]

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.
Regards,
[redacted]

loanDepot sincerely apologizes that Mr.
[redacted]’ experience with loanDepot has been anything less than satisfactory as well
as in regards to the communication between him and loanDepot. The
communications issues will be researched and handled internally. Currently, Mr.
[redacted] file is still...

active so a refund of his appraisal deposit is not
warranted as loanDepot is diligently working with Mr. [redacted] to see if we can
finish and close the loan.
Should Mr. [redacted] have any other
concerns in the meantime, he can call into Customer Care directly at
[redacted] ext. [redacted]. Representatives are available to assist Monday through
Friday from 8am to 5pm, PST.

Consumer Complaint Filed With Revdex.com:I was going to refinance my home and during the application process I was informed by the Senior Mortgage Banker, [redacted], that if for any reason my loan (Loan# [redacted]) would not go thru or if I would not be satisfied with the outcome, I will receive the...

$425 back for the appraisal fee. I agreed with the conditions looking forward to refinance. When Mr. [redacted] asked what I believe is my property valued at I wasn't sure and I referenced my neighbor's house since just sold for $220K. I mentioned that my house is a little bigger and that I have a fenced yard. Mr. [redacted] assured me that I will have no problems refinancing through loanDepot.com and offered a good package (FHA loan at 3.875 with $25K cash available to payoff bills)..He also told me confidently that with the extra cash (after paying off bills) I will be able to pay off the loan in approximate 11 years (instead of 30 yrs.) I was so excited and told all my friends and family about the loan. Five business days after the appraisal report, another representative, Production Specialist [redacted] called me and informed me that the loan was declined and he can offer a different option. After listening to his option, I told him that I was very disappointed since his option was not even close to the initial loan agreement and he responded that was not his fault that the appraisal was lower than what they initially based their loan. I explained to Mr. [redacted] that I provided to his Organization all information needed to ensure the validity of the worth of my property and as a loan company I expected their assistance in providing accurate information. I told him that based on his option I feel forced to close the deal and conclude that refinancing based on Mr. [redacted] new loan calculation is not financial sound hence I have no options but to not accept the loan.Consumer Desired Resolution: I ask for the appraisal fee of $425 to be refunded to me since it is part of the agreement that Mr. [redacted] stated when the loan was initially created. At this point in time I truly feel betrayed and misinformed by loanDepot.com. I don't know about others but I wanted to refinance because I do not have monies and by refinancing, I would be in a better financial position. Little to know that I would be -$425 on the credit card (ironically the one that I wished to payoff) Sincerely, [redacted].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 and transparency 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.We deeply regret that the customer felt unsatisfied with the loan process and the outcome of their loan application. Our objective is to partner with all our customers in realizing their financial goals. We exhaust all efforts to get their loan approved. However, there are times that a loan decision will not be favorable for the customer due to circumstances that are out of our control.loanDepot is held responsible to adhere to strict government, and investor guidelines. Initially, the Loan Officer will discuss potential loan programs and interest rates that may be available. Conditional approval may be given based on the stated facts the customer provided. Upon receiving the customer confirmation to move forward with loanDepot, they are informed of the requirements involved in the decision process. The customer must provide documentation to substantiate the stated information. At the time all required documents are received, the file is sent to underwriting.During the underwriting review, it was determined that the appraisal results regarding the value of the property were less than estimated. Regretfully, this left no option for approval for this particular loan program. The appraisers are selected by a licensed appraisal management company. loanDepot does not have control over the appraisal transaction. All licensed appraisers must adhere to strict regulations regarding real property valuation, and must meet governmental qualification.After a careful review of our records, we have concluded that a refund of the appraisal deposit is not warranted. The customer signed an Appraisal Deposit Agreement on June 28, 2016 that authorized loanDepot to collect an appraisal deposit. This deposit was collected in advance for the purpose of appraisal type services which provided property valuations. The property valuation was conducted on July 11, 2016. The appraisal deposit is refundable if the loan application is cancelled or declined before the appraisal services are completed.We are thankful for the time the customer took to write and alert us regarding their experience. We trust this communication addresses the customer concerns.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

It is with great concern and regret that we received this complaint about the appraisal transfer and lack of communication. loanDepot takes these matters very seriously. We appreciate the time the customer took to alert us regarding their concerns. Our core values compel us to constantly reach for...

the highest level of customer service possible. Our records show that the appraisal report was transferred, and a Supervisor reached out to the customer on May 17, 2017. In addition, we have taken steps to conduct an investigation regarding the breakdown in communication and will address any training opportunities internally.We are grateful for the opportunity to respond to this complaint. If additional information is needed, please call our Customer Care Team at (888) 337-6888, ext. [redacted], 8 a.m. to 5 p.m. Pacific Time, Monday through Friday.

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.
We never had any loan types in mind when we contacted them they told us they would see what loan would be best for us. the amount would be depending on the appraiser and what we don't want we would send back to them and it would be taken off the loan. On the repairs the A/C was the only item that was questioned because it was just replaced last year and the appraiser didn't know how to operate the unit so she said it didn't work when she inspected it so it would need to be replaced so I talked with her and the state and they both advised us that they were not to inspect those items in a house and that a home inspector would be needed. so I talk to loan depot about it they said not to worry about it and just fix the other repairs and we did that so I don't know how then can say that we didn't fix them. we were advised that they were going to send out the appraiser to verify but they never did that. so I had called serval times to find out what was going on with the loan cause we would not here anything from them I was advised that the amount that we wanted was not enough for them to do anything and if I wanted the loan to go though then I would need to pull more and I told them I didn't want to do that so the next day I received a call and was advised that they were not going to fund cause their was no prof that the repairs were done and that I had to contact there contractor and pay them for the inspections. I received calls after all of this wanting me to accept more money and could just send back what I don't use or don't want and it would come off the loan amount and we would get our funding. I advised them I didn't want to do that cause the payment would not change and that the payment would be higher and they said it would be the same payment amount as to pulling a smaller amount.
Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]  Complaint Date:    8/19/2015Borrower’s Complaint Filed with the Revdex.com:I recently was refinancing my home thru an fha loan...

which loan depot pre approved mefor. After an fha inspector came out and made me paint my garage and reside it,spending thousands of dollars to do so, and working 14 hoyr days all summer to get itdone, by myself, since I spent every dollar I had on tools and materials necessary to dothe work, the inspector came back and said it was good. Well, after spending mofe andmore time sending documents to them, the lady I was working with was 100% useless. Iexplained to her and another guy from the get go my situation, and they said yeah noproblem, thats fine. Fast forwards a few weeks, I get an email saying im approved. I sendin the rest of the documents, then last week I get a rate lock form to sign. I signed it, sentit back and a couple days later, right before we were supposed to close I was declined.Even tho it already went thru underwriting and they said I was APPROVED, which I haveevery phone call and email documented, they changed their mind. A little while ago itdawned on me why I was declined, the form they sent was confusing, and they tried toget me to check the adjustable rate mortgage instead of the fixes rate whi h we AGREEDAND SIGNED ON previously. This awful company screwed me out of thousands of dollars,and hours upin hours of my summer, which I could have been working overtime butnope, had to fix DUMB unimportand [redacted] on my hoyse to get this loan done. Thanks tothem my kids got screwed out of a vacation and I got screwed out of time offBorrower’s Desired Resolution:I am seeking compensation for the materials that I had to buy and my labor for fixing thehouse $6,000, it is stuff I wouldnt have bothered with otherwise, and also for 3 monthsof insurance I had to have and due to their incompetance I have to pay for. They lied tome and [redacted] my family out of all the money we had, this is nothing less than FRAUD,which I can 100% proveloanDepot’s Borrower Complaint Summary:1. The borrower made repairs on the property for a loan he ultimately did not receive.  2. The borrower received an email informing him that he was approved.3. The borrower stated that right before he was supposed to close his loan, he was declined. He isunder the impression that the reason why he was declined was in regards to a confusing form inwhich he claims loanDepot requested him to accept an “adjustable rate mortgage” as opposed tothe fixed rate loan for which he had originally applied.  4. The borrower is requesting compensation for loanDepot’s errors and is claiming fraud.  loanDepot Findings and Response1. As will be discussed further in #2 below, the approval that was communicated to the borrowerwas a conditional one. One of the conditions was the repairs on the borrower’s propertyrequired for the type of loan for which the borrower was conditionally approved. It wasultimately the borrower’s decision to proceed and make the necessary repairs on the propertypursuant to this conditional approval. The repairs on the borrower’s property would have beenneeded for any lender doing an FHA loan for him, and would not have been solely a loanDepotrequirement. Although loanDepot was not able to approve his loan, the borrower does continueto get the benefit of having a repaired property while he resides there and ultimately this shouldbenefit him should he decide to pursue a refinance in the future.  2. The borrower received a conditional approval email. What this means is that the loan’s “finalapproval” was contingent on the conditions specified by loanDepot’s underwriting department.The repairs on the property along were among the conditions listed in the conditional approval,and satisfaction of these conditions was needed to get final approval on the loan. Until a loanhas received a final approval, loanDepot cannot guarantee that the borrower will get the loan. Itwas never communicated to the borrower that his loan was final approved.  3. Based off a review of loanDepot’s systems, loanDepot did not decline the borrower’s loan due toits status as an adjustable rate mortgage or a fixed rate mortgage. According to loanDepot’sreview, it did not request or steer the borrower to select an adjustable rate mortgage. Theborrower’s loan was never priced as an adjustable rate mortgage, and has always been listed asa fixed rate mortgage. Federal disclosures were also sent out to the borrower that reflects afixed rate.  loanDepot has made many attempts to find a mortgage for which Mr. [redacted] might obtain finalapproval. Initially, it was communicated to the borrower that loanDepot could not do the loanbecause Mr. [redacted] was not the party making payments to the mortgage as his great-grandmother was the one making the mortgage payments. Due to this loanDepot was unable toproceed with a “cash-out” refinance as Mr. [redacted] had requested.  However, loanDepot has researched whether a “rate and term” refinance was acceptable forthis loan. The fact that Mr. [redacted] was not making the mortgage payments from his own accountcould have been overcome in a rate and term refinance. After further research, loanDepot wasunable to do a rate and term refinance for Mr. [redacted] as he needed cash-out from thetransaction in order to pay approximately $15,000 in unpaid taxes. If the back taxes did notexist, Mr. [redacted] may have qualified for a rate and term refinance. Although the borrower didbring up the $15,000 in unpaid taxes towards the beginning of the application process, hecommunicated that this amount would not be present at closing as he claimed that he waspaying for the taxes. It appears that what Mr. [redacted] meant was that he was taking over futuretax payments. It wasn’t until later in the process that the borrower informed loanDepot that theapproximately $15,000 reflecting on the existing mortgage Loan Statement was in fact backtaxes that his great-grandmother never paid on the property prior to him taking over the taxpayments.  4. loanDepot regrets that the borrower feels he was a victim of “fraud,” but loanDepot attemptedto assist and help the borrower as much as we could with his mortgage refinance goals and werebasing qualification on the information supplied and communicated to us by the borrower. As acustomer service concession to the borrower, which normally would not be warranted sinceservices were rendered and the appraisal was completed, a full refund of the borrower’sappraisal deposit in the amount of $395 was successfully processed on August 28, 2015 to the[redacted] ending in [redacted]. The transaction ID number is [redacted]. In terms ofcompensation for the repairs on the property, this is not warranted as the borrower is gettingthe benefit of the repairs, these repairs would have been needed on any loan for which theborrower applied, and the approval communicated to the borrower was a conditional one.   In summary, loanDepot sincerely apologizes to Mr. [redacted] in that his experience with loanDepot wasanything less than satisfactory in regards to the miscommunication between him and loanDepot. Theborrower’s loan was never final approved, and final approval was contingent (among other reasons) onthe repairs on the property which the borrower ultimately chose to complete. As mentioned above,these repairs would have been required for any lender with which the borrower chose to pursue arefinance. After further review, loanDepot could not do a loan for the borrower due to a combination ofthe borrower not making the mortgage payments on the property and the approximately $15,000 inback taxes. loanDepot exhausted all resources to try and approve this loan, but was unsuccessful. As acustomer service concession, a full refund of $395 was issued to the borrower.