LoanDepot

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 fact that Loan Depot continues to lie and say that I didn't specifically ask if we would get a refund if the loan didn't go through and that [redacted] didn't say, yes you will get it refunded is rediculous. They want me to pay to get a subpoena, if you read other reviews and complaints on Revdex.com I am not the first person with this same issue and I won't be the last.  ]
Regards,
[redacted]

Attached is the Letter of Explanation regarding this complaint.Thank You. San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    9/3/2015Borrower’s Complaint Filed with the Revdex.com:We applied for refinancing were told we were approved have the...

emails showing all isfine. Then being told that we would be closing Friday then get a call on Wednesday thatthey can not approve us.Borrower’s Desired Resolution:I just want to let other people know that this company can not be trusted. You don'tstring people along lead them to believe that they you approved then 2 days before youthink that you closing that they have declined the loan.loanDepot Findings and Response:loanDepot regrets that Mr. [redacted]’s experience with loanDepot was anything less than satisfactory.However, a thorough analysis of loanDepot’s systems was completed, and there is no evidence that anactual closing date was communicated to the borrower. The appraised value came back lower thanexpected and there were debt-to-income (DTI) issues on Mr. [redacted]’s loan that loanDepot tried toovercome. Ultimately, loanDepot was unable to overcome said issues, and Mr. [redacted]’s loan wasrespectfully declined on August 19, 2015. As a customer service concession, a full refund of Mr.[redacted]’s $200 was processed on September 16, 2015. The transaction ID number is [redacted].Should Mr. [redacted] have any further questions or concerns, he may contact our Customer CareDepartment at [redacted] ext. [redacted]. Representatives are available to assist Monday through Fridayfrom 8am to 5pm, PST.

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

                                        ...⇄ [redacted] Complaint Date:                               April 25, 2017   Borrower’s Complaint Filed with the Revdex.com:   My complaint centers around the practice of requiring me to put thousands of dollars into getting a loan approved only to have it denied at the 11th hour by Underwriting. This is because I made a professional decision to accept a new job. The loan began on 2/1/2017 and on 4/8/2017 a Mobile Notary came to my home (day of my Mother's funeral) and we completed all of the closing documents. I was told that the loan was done unless I decided to back out. Loan Depot decides to recheck my employment after the closing documents were signed. I changed jobs not realizing that this would somehow become an issue. I have historically (20 plus years) made my mortgage payments, so I am good risk. This practice has created a financial hardship that could be devastating for me. Borrower’s Desired Resolution:   I would like and desperately need for Loan Depot (Underwriting) to push this loan through as it was initially stated. I have done everything asked of me and in a timely manner.  loanDepot Findings and Response   loanDepot regrets if Mr. [redacted]s’ experience with loanDepot was anything less than satisfactory. As with every loan, loanDepot is careful to verify all information provided by the customer, including income, credit history and employment throughout the loan process.    loanDepot began the loan process for Mr. [redacted] on February 10, 2017.  loanDepot conducted an extensive screening process on the phone with the customer to collect data and find a loan program that would fit the customer’s needs.  At the time of origination, the customer qualified for a VA loan at 4.875% to pay off debts and remove other parties from the loan obligation.    Mr. [redacted]’s loan approval was based on the employment and income provided at origination and verified during the loan process.   As is required for all loans, a final verification of employment within ten days of the note date must be completed to verify that the customer’s employer and employment status has not changed from the date of application.  Upon final verification of the customer’s employment, it was found the customer was no longer with the original employer.  Due to the employment change and payment status from a salaried employee to a commission based positon, loanDepot was unable to complete the transaction   loanDepot is committed to the highest standards of integrity in all our business practices, and regret that we could not help Mr. [redacted] achieve his financial goals.  loanDepot apologizes for any misunderstandings during the loan process.  If Mr. [redacted] has any further questions or concerns, he may contact our Customer Care Analyst, [redacted], at ###-###-####. Tell us why here...

Mr. [redacted] was contacted on August 22, 2016 by a loanDepot Licensed Loan Officer. During the call, he indicated that he would like to lower his interest rate. The Licensed Loan Officer informed Mr. [redacted] that it was necessary to run a credit report in order to obtain specific rates and loan...

programs that would qualify. Verbal authorization was provided to access Mr. [redacted], as well as his spouse’s credit profile. He also provided nonpublic personal information that would be pertinent in discussing possible rate options. After reviewing the rates and preliminary information, Mr. [redacted] stated that he would need to consult with his spouse. Mr. [redacted] requested to be contacted the follow day, August 23, 2016. The Licensed Loan Officer attempted to reach out to Mr. [redacted] but was not successful.   Mr. [redacted] was non-responsive, resulting in the loan application to be declined. loanDepot is obligated to notify an application of action taken on the applicant’s request for credit, whether favorable or adverse, within 30 days after receiving a completed application.   There was technical oversight with the Adverse Action Notice that was issued on September 7, 2016, in which it stated the loan was declined due to “Excessive Obligations in Relation to Income”.  An amended Adverse Action Notice was mailed on August 21, 2016, stating the loan was declined due to “Credit Application Incomplete”.   Mr. [redacted]’s credit is not affected by this notice, nor is there any action taken. The notice clearly states:   “You are receiving this notification because you either showed interest in an on-line mortgage or you applied directly with us for a mortgage loan. If you simply checked a box on the internet regarding home financing, we could have received your information and attempted to contact you or we have contacted you.   In compliance with Regulation B, the Equal Credit Opportunity Act, you are being notified of an adverse action that was taken against you or your application for credit. If your information came through the Internet, we may have attempted to contact you and were unable to do so. Since we were unable to contact you, we simply closed your file out of our system and will show your credit application as incomplete”     As of August 22, 2016, loanDepot attempted to reach out to Mr. [redacted] to address their concerns and have been unsuccessful. Mr. [redacted] may reach out to Customer Care at [redacted] extension [redacted], should they wish to further discuss.

loanDepot sincerely regrets that Mr. [redacted] experience
with loanDepot was anything less than satisfactory.  
Mr. [redacted] was charged $200 for the purpose of an
appraisal deposit collected by credit card. Prior to collecting this fee,
loanDepot evaluates the customer’s needs and...

determines if they have a loan
product that will help the customer. The company conducts an extensive
screening process on the phone with the customer to collect data and find the
property program that will fit the customer’s needs. loanDepot then emails the
customer information about moving forward with the loan. At this time, his loan
inquiry was conditionally pre-qualified based on the information that was
received from the borrower, and he did not disclose any property issues
regarding the subject property at that time. When loanDepot received the
Appraisal Report, the appraiser valued the property at $118,000. However, this
value was subject to the following:
“All
the peeling paint on the exterior must be removed and repainted.”
As such, with the loan program attempting to be secured
being an FHA loan program, loanDepot had to require the borrower to repaint the
house in order to move forward.
Furthermore, the borrower executed the Appraisal Deposit
Agreement on December 8, 2015 where it was acknowledged:
“The Appraisal
Deposit of $200.00 is collected in advance of any Appraisal Services being
ordered or completed on the subject property…If Appraisal Services have been
completed on your property and you subsequently withdraw your application or
yoru application is declined you will be refunded the difference between the
Appraisal Deposit and the amount of the value of the Appraisal Services
performed. “
Because the appraisal was completed and the Appraisal
Deposit Agreement was executed, a refund of that $200 is not warranted as the
total cost for the appraisal service was $425. By signing and returning said
agreement, the borrower acknowledged that he read, fully understood and agreed
to the terms and conditions set thereof.
In regards to the $30, Mr. [redacted] executed the Applicants
Authorization to Release Information / Equity Freeze Letter that states the following:
“I have applied for a
mortgage loan from my/our Lender (its successors and/or assigns). As part of
the application process, my/our Lender and the mortgage guaranty insurer (if
any), may verify information contained in my/our loan application and in other
documents required in connection with the loan, either before the loan is
closed or as part of its quality control program.”
loanDepot needed a payoff demand/buy
out inquiry for the borrower’s current mortgage that he was attempting to
refinance. This is standard for any mortgage company to request a payoff demand
while the loan is in process. loanDepot received the payoff demand on December
15, 2015 which was before we received the Appraisal Report on December 28, 2015
in where it was discovered that the borrower would have to paint his house in
order to proceed.
In conclusion, loanDepot sincerely
apologizes to Mr. [redacted] in regards to his experience and the communication
between him and loanDepot. In regards to compensation of $230, it is not
warranted due to the appraisal being completed and the borrower executing the
Appraisal Deposit Agreement and the Applications Authorization to Release
Information / Equity letter. loanDepot did not profit from this loan
application as we incurred expenses and losses on the borrower’s behalf that
exceeded the $230 amount. We ordered an appraisal report, ran credit reports,
title reports, and were subject to additional costs on other services rendered.

Borrower’s Complaint Filed with the Revdex.com: LoanDepot called me and offered to refinance my home loan. I gave them all the information they requested to process the loan and paid them $10 for the processing fee. They processed the information and called me back about two days later telling me that the...

loan was approved. At this point they said we needed to set up the appraisal and told me my loan rate was locked in for about a week and that we needed to get the appraisal right away in order to get the locked in rate. LoanDepot told me my house needed to be apprised at 240k or higher. They charged my credit card $395 for the appraisal cost. It was couple days later when the appraisal came back. The house was appraised at $255k which met their requirement. Then about a week after the appraisal came back, I got a call from the senior loan officer. They then told me they had an issue with the loan ratio. Then another week later they sent me an email saying they were sorry they could not process my loan and that it was not approved. Completely the opposite of what they had already told me to get me to pay for the appraisal. Then I sent them an email asking them to refund my $395 dollars. They told me they can't do that. The only reason I paid for the appraisal was because we were already approved. If it was not for that I would not have spent the money. I feel that I was misled and lied to and that I deserve a full refund for the appraisal. The appraisal was purchased with the understanding that the loan was already approved. My purchasing the appraisal was conditional on their providing the loan, which they backed out of after they had already approved it. Borrower’s Desired Resolution: I would like a full refund of the appraisal fee. loanDepot Findings and Response: loanDepot is dedicated to the complete satisfaction of our customers. We work with complete transparency in all of our processes. We have conducted an internal review of the events surrounding this particular application and have prepared the following response of our findings. We understand that the processing of a loan can be an arduous and time-consuming process. The loan is initiated with stated facts from the customer. It is necessary to collect documents from the customer to substantiate the data they have provided us. As the lender, we must verify the customer’s income and credit information, obtain a title commitment and property appraisal. We do our best to make it a smooth path for our customers. Our goal is to assist the customer in realizing their financial dreams. On February 19, 2016, the customer applied for a conventional loan with loanDepot. We advised the customer that it was necessary to view their credit profile to get specific interest rates and loan programs that can be prequalified for them. We also informed the customer that a credit report fee of $10.00 would be collected. A loan program was identified and the customer signed a Lock Agreement that secured the interest rate for 45 days. Upon receiving customer confirmation to move forward, they were informed of the terms and conditions of the loan. A deposit of $390.00 was collected in advance for the purpose of appraisal type services being ordered or completed which provide property valuations. The customer signed an Appraisal Deposit Agreement that stated the deposit is refundable before appraisal services are completed. However, the appraisal evaluation was completed on March 1, 2016; therefore, we must respectfully deny the request to refund the deposit. loanDepot is committed to following all the laws governing the loan processes, to ensure fairness and diversity. The appraisal and many other factors contribute to the credit decision of a loan. The granting of credit is conditional upon verification of allowable ratios, to make sure it is affordable for the customer. Regretfully, we were unable to get the loan approved. A decline was issued due to income eligibility requirements were insufficient. We trust the customer concerns have been effectively addressed. If additional information is needed, please contact our Customer Care Department at [redacted], Ext. [redacted].

loanDepot is committed to assisting customers realize their financial objectives. Customer Care is our top priority. Our goal is to always strive to surpass the expectation level of our customers. We consider our licensed lending officers to be subject matter experts in their respective fields. We...

exhaust all options in trying to obtain the right programs, to fit our customer’s needs. We take pride on being a lender who works in an environment of complete transparency, and integrity.We hold our employees to very high standards of conduct. Any variance from our required standards of conduct will not be tolerated. Customer feedback is taken very seriously. We have taken the required steps to conduct an investigation into the concerns submitted in the complaint. We will address any training opportunities with our associate internally.We always want to do the right thing for the customer. Our records show, that we have addressed the customer concerns about the credit inquiry by phone, on August 15, 2017. loanDepot mailed the attached correspondence to have the inquiry deleted from the customer’s profile, with the credit reporting agencies. We have informed the customer that the inquiry made by loanDepot on August 9, 2017 will be removed.In addition, we have added the customer’s contact information to our “Do Not Call” and “Do Not Mail” registry, to ensure that our marketing team does not solicit the consumer. We are grateful that we were able to meet the customer’s expectations, and we trust this complaint has been resolved. We hope that this one-time unfortunate incident does not deter the customer from allowing us future opportunity to assist with their financial needs. If additional information is needed, contact our Customer Care Department at [redacted].

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

Date:                             October 11, 2016   Borrower’s Complaint Filed with the Revdex.com:   Started refinance process on June 29,2016 with Mr. [redacted] and we went over our options pending what the appraisal were to come in at. The purpose of this exercise was to alleviate our current PMI costs. Mr. [redacted] offered us 2 programs: original rate of 3.75% if 20% or greater to value and option#2 = 4.125% if less than 20% to value with these rates locked in till 8/15/2016 and issued loan disclosure documents in my hands showing closing costs of $7,140.00 @4.125% rate and $7,540.00@ 3.75% rate.Loan disclosure statements were sent on 6/29/2016..7/18/2016 with higher rate and last one 10/3/2016. Credit checks already preformed with no issues according to Mr. [redacted] who is hounding me for the $425.00 appraisal fee and then informed me all requested items received and we should be able to close beginning of August. A descent amount of time had passed with no update from Mr. [redacted], however e-mails from other individuals stating loan in process and underwriting. Finally , I reached out to Mr. [redacted] to discuss these closing costs and update on Loan and he stated the following; he was discounting our closing costs by $715.00 bringing them to $2,984.00 vs.$3,699.00 and then allowing for an additional $750.00 off closing costs since our home did not come in at 20% or greater..I said ok and thank you now where do we stand with the process approval to which he then replied they are extremely inundated so it may be another 5-6 weeks so I said well wait a minute what about the rate lock expiration and he said don't worry about it We will honor it since its a backlog on our side. Since this time I have not heard from Mr. [redacted] but have heard from 5 other people not versed on the subject matter due to complete incompetence.The last loan disclosure now has my closing costs up to$15,439.00 vs. $7540.00 WOW....asking me to sign rate lock adjustments and additional origination fee's really deceptive company. Promise you just to get your money for appraisal fee's   Borrower’s Desired Resolution:   I want the appraisal fee I was charged from a deceptive scam of $425.00 refunded to due extremely and intentional bad business practices. If I had been informed that my loan would not have been approved within the rate lock period I would have never consented to an appraisal being done. This is just your company way of sucking money out of people then playing the I did not know game. Anyone can see that all loan closing services and fee'e are through companies you have a venture relationship with thus ripping customers off even further. Your company should be sanctioned or heavily fined based upon these fraudulent tactics thought to your staff.   loanDepot Findings and Response   loanDepot began the loan process for Mr. [redacted] on July 4, 2016, and charged the required $425 for the purpose of an appraisal deposit.  Prior to collecting this fee, loanDepot evaluates the customer’s needs and determines if they have a loan product that benefits the customer.  loanDepot conducts an extensive screening process on the phone with the customer to collect data and find a loan program that will fit the customer’s needs.  At the time of origination, the customer was offered a conventional rate and term loan, at 3.75% and no points.  Pricing was dependent on his property appraising for $360,000.  The appraised value came in at $336,000, and changed the loan parameters to the second option proposed during origination.  loanDepot, and the customer agreed on the rate of 4.125% with lender paid mortgage insurance and moved forward.  Upon further review of the loan application and documents provided, the customers’ unemployment became a red flag and caused the loan to be suspended.   By the time the loan was restructured, the pricing had, once again changed for the worse, and the customers’ cash to close was higher than anticipated and unwanted.  The loan was cancelled on October 20, 2016, pursuant to their request   Furthermore, the borrower executed the Appraisal Deposit Agreement on July 11, 2016 where the borrower 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.   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 report, title reports, and were subject to additional costs on other services rendered. However, as a gesture of good faith to the borrower, loanDepot will issue a refund in the amount of $425.     loanDepot apologizes for Mr. [redacted]s’s experience and regret that we were unable to assist him with his financial needs. If he has any further questions or concerns, he may contact loanDepot’s Customer Care Department at [redacted] ext. [redacted]. Representatives are available to assist Monday through Friday from 8am to 5pm, PST.

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 wish to have my appraisal fees and other fees refunded as well as the Brokers fees that I was charged since I had cancelled that loan to go with Loandepot.com.  My loan could have closed by now if I went with the other loan but I was fed false information to do my loan with loandepot.com.  Thus I am requesting that all fees from the broker and loan depot be refunded.  
Regards,
[redacted]

San Diego Revdex.com Complaint #:       [redacted]
Borrower Name:                              [redacted]
Complaint Date:                               11/2/2015
Borrower’s Complaint Filed
with the Revdex.com:
I am not satisfied with this resolution
because LoanDepot lead me to believe that the loan was being approved. Loan
officer stated the appraisal fee would be refunded as a lenders credit at
closing. I had an appraisal done for my home in Oct. or Sept. Of 2014 which I
discussed with [redacted] who stated he may or may not be able to use. He
never got back with me on that issue. That appraisal came in at $135,000, so
they knew the value of the home. The appraisal they ordered came in at
$140,000. It was never discussed with me that a new appraisal was being ordered,
I was contacted by the appraisal to set up an appointment for 8/28/15, which I
refused and set for 8/31/15 in order to speak with someone at LoanDepot. I
called and left messages for [redacted], loan officer and Loan Processor whose
name I cant remember to discuss the appraisal. No one from Loan Depot returned
any of my calls. I was never informed of an appraisal by LoanDepot, but did try
and contact them to discuss appraisal. I see the sent a copy of the appraisal,
which I admit was done and a copy of the appraisal deposit agreement I signed.
LoanDepot did not provide to you other paper work I.e. Good faith estimate and
initial fees worksheet, which shows that a credit was to applied for the
appraisal. LoanDepot also was aware of the value of my property, I offered to
provide them with,prior to doing another appraisal. I do not feel I should be
out of $395.00 and want the amount refunded.
loanDepot’s Borrower Complaint Summary:
1.       Borrower claims that the loan was approved prior
to the completion of the appraisal.
2.       Borrower requesting a refund of the appraisal
deposit fee.
3.       Borrower claims the appraiser used is employed by
loanDepot.
loanDepot Findings and Response:
1.       After a review of Ms. [redacted]’s loan, the borrower
was initially locked into a Conforming Fixed 30 Year loan program on loan on August
17, 2015. At that time, Ms. [redacted]’s loan inquiry was conditionally
pre-qualified based on the information that was received at the time of
application. A pre-qualification is not a commitment to lend and is subject to
change based upon receipt of information that may alter it. The final commitment
would require satisfaction of all underwriting conditions. Prior to underwriter
review, an appraisal is completed to confirm the market value for the property.
Upon the completion of Ms. [redacted]’s property appraisal, it was discovered that
the loan to value ratio increased above acceptable limits due to the appraised
value coming in lower than what was estimated at the time of application. The
borrower has the best understanding of what their house is valued at, and
loanDepot went off that stated value from the borrower. Based on this information,
Ms. [redacted]’s loan was ultimately declined on September 04, 2015 due to value or
type of collateral not sufficient for loanDepot to lend upon.
2.       Ms. [redacted] was charged $395 for the purpose of an
appraisal fee which is collected by credit card. Prior to collecting this fee,
loanDepot evaluates the customer’s needs and determines if they have a loan
product that will help the customer. The fee was utilized to cover the cost of
appraisal services rendered on your property by an unaffiliated third party
appraisal management company.  On August
18, 2015, Ms. [redacted] executed the Appraisal Deposit Agreement that states the
following:
“The Appraisal Deposit of $395.00 is non-refundable if an
appraisal has been completed on the subject property.”
Because the appraisal was completed and Ms. [redacted] executed
the Appraisal Deposit Agreement, a refund of that $395.00 is not warranted. By
signing and returning said agreement Ms. [redacted] acknowledged that she read,
fully understood and agreed to the terms and conditions set thereof. 
3.      loanDepot has no control over the appraisal
process and cannot choose which appraiser to conduct the inspection. The
appraisal process and inspection must be done independently to ensure 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 in the market. loanDepot has no reason to believe that
an appraisal completed by an unbiased, impartial local, licensed expert is
incorrect.
 In conclusion, loanDepot sincerely
apologizes that Ms. [redacted]’s experience with loanDepot was anything less than
satisfactory. We attempted to help Ms. [redacted] with her
loan request as much as possible, but ultimately, we were unable to assist with
her financial needs.
Should Ms. [redacted] have any additional
questions or concerns, she may contact the Customer Care Department at
[redacted] ext. [redacted]. Representatives are available to assist her Monday
through Friday from 8am to 5pm, PST.

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. Loan Depot did not make any attempts to correct the inaccurate appraisal conducted on my home.  Bottom line, the credit card I used indicated the payment went to Loan Depot, and although they state that they did not profit from this transaction, I was charged $395 by them for an inaccurate appraisal.  I believe no attempts were made to correct my appraisal due to the fact that Loan Depot would have profited off the higher interest package they were attempting to sell me.
Regards,
[redacted]

San Diego Revdex.com:           [redacted] Consumer Name:        [redacted] Complaint Date:          August 2, 2016 Consumer Complaint Filed With Revdex.com: I went with Loan Depot for a home mortgage about two months ago. Their rates are good...

but most compelling was their guarantee to match and beat any other mortgage company's offer on a competing mortgage product throughout the whole loan process. The cost was to pay 1/2 of an appraisal fee of $445 - I had to pay ~$225 out of pocket up front. I was told " there is no way you can lose!". However, a good way through the process I came up with another lender who had a much more favorable cost and I asked Loan Depot to at least match it. They refused. Bottom line is that they are selling based on a lie. They don't intend to match a more competitive offer. Consumer Desired Resolution: I would like the ~$225 that I paid for 1/2 the appraisal fee refunded. loanDepot Findings and Response: loanDepot is committed to the complete satisfaction of our customers. 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. We understand that the refinance process can be arduous. We do our best to make it a smooth process for all our customers. Our objective is to partner with our customers in realizing their financial dreams. We will 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 discussed potential rates, and loan programs that may be available. Preliminary underwriting approval may be given, and is based on stated facts provided by the customer. We were informed by our customer that he received an offer from a competitor that was lower. Our promise was to match or beat a competitor offer; therefore, an additional discount was approved by the Vice President of Sales. On May 5, 2016, we successfully contacted the customer, advising him that the approved lender credit was applied to the loan. An updated Loan Estimate was also sent.      The factors involved in the decision process are numerous. The customer must provide documentation to substantiate data they provided. Upon receipt of all requested information, the file is sent to underwriting for review. Unfortunately, we were unable to complete a verification of employment. We contacted the customer for clarification, and were informed they were no longer employed. Regretfully, we could not approve the loan due to no employment at this time. A credit denial statement (Adverse Action Notice) was mailed to the borrower on May 24, 2016. The deposit is collected in advance for the purpose of appraisal type services being ordered, and/or completed which provide property valuations. The customer signed an Appraisal Deposit Agreement on April 4, 2016 which authorized loanDepot to charge the appraisal deposit to the credit card on file. Moreover, the agreement disclosed that the appraisal fee is not refunded, if the appraisal was completed. On April 19, 2016, the property valuation was conducted, and the appraisal report was given to the customer. A refund of the appraisal is not warranted. 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

San Diego Revdex.com Complaint #: [redacted]
Borrower Name: [redacted]
Complaint Date: 5/12/2015
Borrower’s Complaint Filed with the Revdex.com:
Well, just as I stated earlier, escrow and how that would play into the "bottom line" was never discussed
over the phone with me. All I can tell you is that once the loan papers were received by me I went directly
to the page with all the figures. Absolutely nothing was as I was told on the phone. And most definitely
was there ANY out of pocket expenses mentioned other than the apprasial fee, which was to be $395.
Actually, that is the only fee that matched what I was told on the phone. As I mentioned earlier I just
received a new packet from loan depot saying the loan was denied because they had insufficient credit
info. That is simply not true and the first packet with all the loan paperwork included the credit info I had
provided. The loan was stopped because I STOPPED IT. This company has numerous complaints and it is
easy to see why. I will be satisfied when I receive a written formal apology and a guarantee that I will
never be contacted by them again.
Borrower’s Desired Resolution:
Never to hear from them again!!!!!!
loanDepot’s Borrower Complaint Summary:
1. Borrower claims that his loan documents showing terms/Fees did not reflect what was quoted over
the phone.
2. Borrower requesting formal apology and to never be contacted by loanDepot ever again.
loanDepot Findings and Response:
1. First and foremost, please accept our sincerest apologies in that your experience with loanDepot
was anything less than satisfactory. At loanDepot, we take pride in ensuring our customer’s
satisfaction. It is very important to us that we meet our own expectations of excellent customer
service. Your loan will be utilized as a training opportunity with our staff, and your business and
feedback are greatly appreciated. Here at loanDepot, we are constantly looking for ways to improve
our internal processes. In our industry, it is essential that we be aware of our company’s
performance to ensure that every customer we serve is a happy customer.
2. After a review of Mr. [redacted]’s loan, the borrower was initially locked in to a 3.750% Conforming Fixed
20 year on April 24, 2015. During Mr. [redacted]’s communication with loanDepot on April 23, 2015 the
Senior Mortgage Banker advised Mr. [redacted] that the estimated closing costs would presumably be in
the range of $3,800, but explained that amount was an estimate. loanDepot discussed Mr. [redacted]’s
escrow account from his current lender, stating that he should expect a refund of his escrow account
to apply towards his loan with loanDepot as cash from borrower. loanDepot was unable to validate
Mr. [redacted]’s claim as the estimated terms and fees in relation to the loan were reflected the same on
the loan application as discussed with Mr. [redacted].
At Mr. [redacted]’s request, all phone numbers on file have been added to the do not call list and his address
has been added to the do not mail list to ensure that he will no longer receive any solicitation from
loanDepot.
Should Mr. [redacted] have any additional questions or concerns, he may contact the Customer Care
Department at [redacted] ext. [redacted]. Representatives are available to assist her Monday through
Friday from 8am to 5pm, PST.San Diego Revdex.com Complaint #: [redacted]
Borrower Name: [redacted]
Complaint Date: 5/12/2015
Borrower’s Complaint Filed with the Revdex.com:
Well, just as I stated earlier, escrow and how that would play into the "bottom line" was never discussed
over the phone with me. All I can tell you is that once the loan papers were received by me I went directly
to the page with all the figures. Absolutely nothing was as I was told on the phone. And most definitely
was there ANY out of pocket expenses mentioned other than the apprasial fee, which was to be $395.
Actually, that is the only fee that matched what I was told on the phone. As I mentioned earlier I just
received a new packet from loan depot saying the loan was denied because they had insufficient credit
info. That is simply not true and the first packet with all the loan paperwork included the credit info I had
provided. The loan was stopped because I STOPPED IT. This company has numerous complaints and it is
easy to see why. I will be satisfied when I receive a written formal apology and a guarantee that I will
never be contacted by them again.
Borrower’s Desired Resolution:
Never to hear from them again!!!!!!
loanDepot’s Borrower Complaint Summary:
1. Borrower claims that his loan documents showing terms/Fees did not reflect what was quoted over
the phone.
2. Borrower requesting formal apology and to never be contacted by loanDepot ever again.
loanDepot Findings and Response:
1. First and foremost, please accept our sincerest apologies in that your experience with loanDepot
was anything less than satisfactory. At loanDepot, we take pride in ensuring our customer’s
satisfaction. It is very important to us that we meet our own expectations of excellent customer
service. Your loan will be utilized as a training opportunity with our staff, and your business and
feedback are greatly appreciated. Here at loanDepot, we are constantly looking for ways to improve
our internal processes. In our industry, it is essential that we be aware of our company’s
performance to ensure that every customer we serve is a happy customer.
2. After a review of Mr. [redacted]’s loan, the borrower was initially locked in to a 3.750% Conforming Fixed
20 year on April 24, 2015. During Mr. [redacted]’s communication with loanDepot on April 23, 2015 the
Senior Mortgage Banker advised Mr. [redacted] that the estimated closing costs would presumably be in
the range of $3,800, but explained that amount was an estimate. loanDepot discussed Mr. [redacted]’s
escrow account from his current lender, stating that he should expect a refund of his escrow account
to apply towards his loan with loanDepot as cash from borrower. loanDepot was unable to validate
Mr. [redacted]’s claim as the estimated terms and fees in relation to the loan were reflected the same on
the loan application as discussed with Mr. [redacted].
At Mr. [redacted]’s request, all phone numbers on file have been added to the do not call list and his address
has been added to the do not mail list to ensure that he will no longer receive any solicitation from
loanDepot.
Should Mr. [redacted] have any additional questions or concerns, he may contact the Customer Care
Department at [redacted] ext. [redacted]. Representatives are available to assist her Monday through
Friday from 8am to 5pm, PST.

loanDepot Initial Response:We appreciate the opportunity to respond to our customers concerns regarding their loan process. We consider our associates experts in their respective field. Their efforts are to exhaust all options in an attempt to help our customers. They work together with the customer...

and discuss various loan programs to determine which option is best. They carefully question the customer for pertinent information to complete the application. Certain programs, such as VA loans, require very specific information and the line of questioning is very precise. Government programs are very specific in regards to requirements. loanDepot must adhere very strictly to their guidelines.  Occupancy is a major factor in the processing of a VA loan. We do not believe in coercion of our customers. We are a successful business that offers competitive pricing in all ranges of our products. In fact, we do not profit from the appraisal in any way; we do not profit until a loan is funded. We work in an environment that lends itself to complete transparency and a high degree of ethics. We regret that the customer feels that this was not the case.  The loan application that was executed by the customer clearly outlines the loan type and property occupancy that was discussed. The property occupancy was designated as the primary residence on the application, and the customer acknowledged and agreed. This enabled us to proceed with processing the loan under the VA option. We sincerely regret that the customer felt that there was a breakdown in communication regarding the occupancy. We could not find any interaction between our customers, and our loan team that provided a guarantee of an exception to the occupancy requirement for this VA loan.  In conclusion, after careful consideration of our findings, we have determined that a refund is not warranted for the appraisal deposit. We respectfully decline the request for a refund. loanDepot is grateful for the opportunity to clarify any misunderstanding.  If additional information is needed, contact our Customer Care Team at (888) 337-6888, Ext. [redacted], Monday to Friday, 8:00AM to 5:00PM Pacific Time.