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 My response to loandepot.com's latest response:I am concerned that loandepot.com is unwilling to release recordingsthat would establish my claims as fact, or vindicate them if they arecorrectI believe loandepot.com is being deceptive and not acting ingood faith by refusing to provide these recordings.Loandepot.com explicitly mentions they would require a subpoena (civildiscovery request) to release this recordings, suggesting thatloandepot.com is not interested in resolving this issue through Revdex.commediation, but rather through litigation.Loandepot.com claims "all recordings are company proprietaryinformation", which doesn't make senseSince I am only requestingrecordings of calls to which I was a party, this information iscertainly not "company proprietary"This information belongs as muchto me as it does to loandepot.comLoandepot.com further claims these recordings are "utilized forinternal purposes"Satisfying me and the Revdex.com that their claims arejustified and mines are not certainly qualifies as an "internalpurpose"I assume loandepot.com wants to resolve this complaintfairly, not by hiding relevant information.In response to loandepot.com's bullet points: - I never knowingly agreed that my home was worth $164,That number came entirely from Mr [redacted] ***, not from meI signed the agreement based on the information Mr [redacted] had provided - As an expert in the field, Mr [redacted] would have a better idea of home values than I wouldThat is why I accepted his number of $164,000, a number I never providedIf loandepot.com truly believes that I had a better understanding of what my home was worth, why did they provide me with such high numbers, numbers that I never gave? - loandepot.com notes "After a thorough file review, communication between Mr [redacted] and loanDepot was done on a consistent and timely manner." However, by refusing to provide the recordings to either myself or the Revdex.com, loandepot.com is not allowing myself or the Revdex.com to review the communication - Mr [redacted] did offer me another loan, but explicitly suggested I turn it downIn particular, the loan terms were different from the initial terms, the terms I had paid to lock inIn other words, loandepot.com charged me $for the lofee, but then changed the rate and terms of the loanLoandepot.com literally did not give me what I paid for - Once again, if loandepot.com is willing to offer me a loan at the same terms I locked in, I will accept that loan, with the $I paid going to closing fees, provided that loandepot.com deals with me in good faith In summary, I believe that loandepot.com is not acting in good faith by refusing to provide the recordings, and is attempting to force me to file a lawsuit, instead of settling this issue via Revdex.com mediation Regards, [redacted] ***

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] Complaint Date: 1/6/2015Borrower’s Complaint Filed with the Revdex.com:“I was lied to by Loan DepotMy initial conversation with a Loan Depot employee over the phone(I do not want to use names) helped me assume a value of my 75% LTV for my house duringinitial refinance processWhen asking him several times via email what would happen if theappraisal comes lower he would call back and say "nothing will change on your loan regardingfees or rates as long as its 80% LTV"Sure enough the appraisal came in exactly at 80%, whichdidn't make sense as that was the value I purchased the home last year and spend over $30,000remodelingWhen trying to amend the initial appraisal and get a second appraisal, I was heavilydiscouraged by a manager as he warned me that I may lose the loan due to time constraints.Since I was already invested $I didn't want that to happenAll my questions and concernswere also sent via email to him, yet I would only get calls backmakes sense to me now;"nothing on paper"Bottom line I ended up paying $1,more in fees than I should have out ofmy pocketI called, texted, and emailed the initial Loan Depot employee several times after thechange in my loan and I never received a single responseHe was probably ashamed to talk tome after lying to me over the phoneVery unprofessionalThis isn't my first time refinancingIhave used other companies before and my experience with them have been flawlessSo it seemslike a good scam; convince the client that nothing will change following assumptions as long asappraisal value is 80% LTV, take the $fee to trap the customer, then make any changes youwant to the rate or feesI'm sure most people like me would rather move forward and pay theadditional $1,fee instead of losing the $already paidIf it's not a scam then Loan Depotshould do a better job training their employees to understand the process of how fees and ratescan possibly change.”Borrower’s Desired Settlement:Because of either incompetent employees, or the art of teaching employees to scam customers Iwant my $1,which I overpaidI regretfully selected loandepot and could've used any othercompany that would not have charged me or treated me the way loandepot did.loanDepot’s Borrower Complaint Summary:Borrower claims that he was told several times that nothing will change on his loan regarding therate and fees as long as the loan-to-value ratio (LTV) comes in at 80%Borrower does not agree with the appraised value on his property, as he spent over $30,inremodelingBorrower claims there were communication issues between him and loanDepot personnel, and feelsthat he was scammedBorrower wants compensation of $1,of the fees in which he claims he overpaid.loanDepot Findings and Response:After doing a thorough file review, there appears to be no viable evidence that supports this claim.The borrower spoke to the Production Manager when the appraisal came in lower than anticipated,and the Production manager advised Mr [redacted] that because the LTV of the propertychanged from 73% to around 78%, this was going to affect his pricingThe Production Manager alsocommunicated to him that because he came from “Bank Rate,” loanDepot could not change thepricing, as Mr [redacted] was already getting the best pricing available that the market had tooffer at that timeIt was discussed between the Mr [redacted] and his SrMortgage Banker on October 15, 2014that the estimated value of the property was $620,However, the appraised value came in at$580,loanDepot has no control over the appraisal process and cannot choose which appraiserto conduct the inspectionThe appraisal process and inspection must be done independently as toensure there is no bias or predetermined value or agendaThe impartial local/certified appraiser(valuation expert) completes the appraisal based on the most similar and best data available in themarketloanDepot has no reason to believe that an appraisal completed by an unbiased, impartiallocal, licensed expert is incorrectloanDepot sincerely apologizes if the borrower felt that he was scammed and that there wasmiscommunication between him and loanDepot personnelHis concerns have been escalated tomanagementMr [redacted] signed the Settlement Statement and closing documents on November 20, 2014with his loan successfully funding on November 25, His concerns regarding the fees of his loanwere brought to loanDepot’s attention on December 17, By signing the closing documents onhis loan, he acknowledged that he read, fully understood, and agreed to the terms and conditionsset thereofFurthermore, Mr [redacted] did not exercise the day right to rescind the loan aftersigning said documentsThe loan terms were fully disclosed and agreed upon.Based off of this, the loanDepot respectfully denies compensation in the amount of $1,200.In conclusion, loanDepot sincerely apologizes that Mr [redacted] ’s experience with loanDepot wasanything less than satisfactory in regards to the communication and fees of his loanHowever, it wasdiscussed between Mr [redacted] and the Production Manager that the pricing would be affecteddue to the property value being lower than anticipated which increased the overall LTVloanDepot hasno control over the appraisal process and has no reason to believe that the appraisal report is incorrect,as an impartial local/certified appraiser was used to conduct the inspectionBecause Mr [redacted] executed and signed the closing documents on November 20, and did not exercise the day rightto rescind on the loan being offered to him, in addition to his loan getting the best pricing availablebecause he came through Bank Rate, loanDepot denies compensation to Mr [redacted] in theamount of $1,

San Diego Revdex.com Complaint #: [redacted] Complaint Date: 11/4/ Borrower’s Complaint Filed with the Revdex.com: Sent: Wednesday, October 15, 10:AM To: [redacted] XXXXXXX We have supplied the additional information requested by [redacted] XXXX last Wednesday, 10/8/We still have not heard back from herThis process began 8/5/It is now weeksOur patience has run outI am respectfully requesting a refund of our $initial fee that was charged to my US Airways Master Card (Barclaycard) ending in ***I thank you for your understandingPlease confirm that you have received this email requestSent: Tuesday 10/28/10:AM To: [redacted] XXXXXXX You phoned me Wednesday, 10/15/at 6:pm ESTYou asked me to give you “just one more day” to get final approval for our loanYou said you were going to speak with your manager [redacted] and see if she could “push the approval through”It is now two weeks later, twelve weeks since the process began, and I have not heard from anyone at Loan DepotPlease refund our initial $fee as requested in my email of 10/15/(below)Sent: Friday, October 31, 3:PM To: [redacted] XXXXXXXXXX I understand that Loan Depot is not going to bring our application to closingI have kept comprehensive records throughout this processI believe most of your conversations are done on a recorded lineMy recollection is that when this process began (8/6/2014), I was promised by [redacted] XXXXXXX if "Loan Depot is unable to bring this loan to closing" the fee would be refundedThe fee agreement states, "If an appraisal has been completed on the subject property and you (we) cancel your(our) application, you(we) will not receive a refund of this appraisal fee"We did not cancel our applicationYour representative, [redacted] XXXXXXX, made a verbal commitment to refund this paymentLoan Depot dragged this process out for twelve weeks and I have requested a refund numerous times starting 10/15/email to [redacted] XXXXXXX and to you belowWhy did it take until now for you or anyone at Loan Depot to address my request for a refund? Borrower’s Desired Resolution: I have requested numerous times, since Loan Depot was unable to deliver as promised, a refund of the iinitial fee of $Loan Depot's Senior Banker, [redacted] XXXXXXX verbally committed to refund the $fee, "if Loan Depot was unable to bring the requested loan to "closing"This company delayed the loan process, failed to update us in a timely fashion, and put us through hell! I plan to contact the Veterans Administration as wellThis company is should be ashamed of themselvesI am an honorably discharged veteran of the United States Army and my wife and I are retired, living on Social Security loanDepot’s Borrower Complaint Summary: Borrower claims there were communication issues between him and loanDepot Borrower claims that the SrMortgage Banker was going to speak to his manager to see if the loan can get approved Borrower claims that he was promised a full refund of the $appraisal deposit loanDepot Findings and Response: loanDepot sincerely apologizes for the miscommunication between loanDepot personnel and Mr***His concerns have been escalated to management and have been addressed internallyFurthermore, loanDepot will use this training opportunity with our staff Unfortunately, loanDepot could not do this loan for Mr***, as we had to respectfully decline his file due to the total debt-to-income ratio being too highIn process, multiple underwriters reviewed the Profit and Loss Statement for Mr***’s business, [redacted] Associates LLC, dated January to December On this document, a negative income loss/declining income trend was discoveredThis caused the borrower’s debt-to-income ratio to be over 100% loanDepot found no viable evidence in where Mr [redacted] was promised a full refund of that $appraisal depositHowever, as a faith of good gesture, loanDepot has issued a full refund of $to the MasterCard ending in on November 10, The transaction ID number is [redacted] loanDepot apologizes for the inconvenience Mr [redacted] experienced in regards to the miscommunication between him and loanDepotUltimately, we had to decline his file due to his debt-to-income ratio being too high for loanDepot to lend uponAs a faith of good gesture, we have issued a full refund to the borrower in the amount of $Here at loanDepot, we have established responsible lending and customer service as our core values, and take all complaints seriously to ensure that our staff abides by our core beliefs

Revdex.com Complaint#: [redacted] Borrowers: [redacted] and *** [redacted] RE: Loan Application [redacted] Property Address: [redacted] We sincerely regret to hear that the borrower, Mr [redacted] is not satisfied with our initial response At this time our stance remains the same loanDepot respectfully declines their request for further monetary compensation loanDepot charged a $lock feeThe lock fee collected from Mr [redacted] guaranteed that he would receive the quoted rate and fees for the specific period of time disclosed to him over the phone and in writing on his lock agreement Upon the funding of the loan, the fee was credited towards his closing costsThis credit is reflected on line of the final settlement statement A copy of said document was provided in the original response The lock fee is a non-refundable fee if a borrower elects to withdraw their loan application after services have been rendered The only exception is when the application is declined based on the information provided by the borrower prior to collecting the lock fee Should a refund be necessary, the refund is processed by Accounting within hours After the lock fee is collected, loanDepot secures a position on the secondary market for the borrower’s loan and ensures that the rate selected is available at any time over the period of the lock agreement Should the borrower decide to discontinue the loan process with loanDepot, the fee will be used to cover the cost of taking that position on the secondary market and the non-delivery fees assessed to loanDepot In addition the lock fee is used to cover services ordered on the borrower’s behalf such as property appraisals, credit reports, underwriting fees, etc On December 29, Mrand Mrs [redacted] executed the Lo Agreement and Advance Fee Notification Disclosure where they acknowledged and agreed to the terms and conditions set thereof and outlined in this responseAs agreed, loanDepot issued a credit of the $lock fee to the borrower’s closing costs loanDepot schedules all final loan document signing appointments per the request of our borrowers as their schedules permitIn this case, the final loan document signing took place at a time that was selected by Mrand Mrs [redacted] loanDepot is very respectful of the borrower’s time and accommodates these appointments at their convenience Mrand Mrs [redacted] had the option to select the time that best fit their work schedules and if the original time was not convenient loanDepot would have rescheduled for them In conclusion, loanDepot has addressed all concerns and already provided compensation to the borrower to accommodate any inconveniences he encounteredFurther monies are not dueWe appreciate his feedback received and would like for him to know that it is taken very seriously

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 [loanDepot to confirm Impound Account established as Requested by Borrower (Voluntary) or Required by Lender (Mandatory) and advise why RESPA conflicted with loan docs.] Regards, [redacted]

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] Complaint Date: 2/18/2015Borrower’s Complaint Filed with the Revdex.com:While I am attempting to refinance my home mortgage, the sale agent called andmisrepresented their serviceI was mislead, rushed to sign documents and paid for the appraisalfee $I have received other bids from other lenders and I shared the other lender lowerrate for loan depot to match it as they promised to doAfter business days past, I was told thatmy debt ratio is too high and I can't refinanceI asked them to refund me my appraisal fee sincethey could have done the qualification steps before the appraisal like all other lenders and theysaid they will only refund me $Loan depot mislead me with their offer, made me rush intosigning to close on the loan and made error through the process but yet as a consumer I ampaying for their missteps.Borrower’s Desired Resolution:Refund the full amount $to meLearn from their mistakes and don't abuse consumer.loanDepot’s Borrower Complaint Summary:Borrower claims that loanDepot misrepresented the services, and felt that he was rushed andmisleadAlthough the loanDepot refunded $back to the borrower, Mr [redacted] is requesting a fullrefund of his $deposit.loanDepot Findings and Response:loanDepot apologizes for any miscommunication that occurred between the borrower andloanDepot and that the borrower felt rushed and misleadHowever, loanDepot had to decline Mr[redacted] ’s file due to his debt-to-income (DTI) being too high for loanDepot to lend uponAt the timeof application on January 14, 2015, the borrower informed the SrMortgage Banker that his annualincome was roughly $186,In process, a written verification of employment was ordered toverify Mr [redacted] ’s income, and it was discovered that his income is approximately $168,000,causing his DTI to increase from the time of application when the borrower did qualify to whenloanDepot had to decline his file on January 31, loanDepot charged Mr [redacted] $as a an appraisal deposit collected by credit cardPrior tocollecting the appraisal deposit, loanDepot evaluates the customer’s needs and determines if theyhave a loan product that will help the customerThe company conducts an extensive screeningprocess on the phone with the customer to collect data and find the proper program that will fit thecustomer’s needs.On January 19, 2015, Mr [redacted] executed and signed an Appraisal Fee Agreement where heacknowledged:“The Appraisal Deposit of $is non-refundable if an appraisal has been completed on thesubject property.”The cost of the actual appraisal that was conducted on Mr [redacted] ’s property was $Because wecharged Mr [redacted] $595, we issued a refund in the amount of $on February 5, 2015.Because Mr [redacted] executed the Appraisal Deposit Agreement and services were rendered with theappraisal, a full refund of the $deposit is not warrantedAttached are the signed Appraisal DepositAgreement, Appraisal Invoice, and the full Appraisal Report.In conclusion, loanDepot had to decline his file due to his DTI being too highIt was discovered inprocess that his income is lower than what he actually communicated to his SrMortgage Banker at thetime of applicationFurthermore, the appraisal was completed on Mr [redacted] ’s property, and he signedthe Appraisal Deposit Agreement acknowledging that the refund of the $is non-refundableButbecause the actual appraisal cost $395, loanDepot issued a partial refund in the amount of $tocompensate the borrowerHere at loanDepot, we have established responsible lending and customerservice as our core values, and take all complaints seriously to ensure that our staff abides by our corebeliefs.loanDepot apologizes that Mr [redacted] ’s experience with loanDepot was anything less than satisfactory,and we regret we could not assist him in meeting his mortgage goalsShould Mr [redacted] haveadditional concerns, he may contact the Customer Care Department at 888-337-ext***.Representatives are available to assist him 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 As previously stated they have wasted my time and they do not care because they do not value me as a client or care to compensate me for my time wastedHowever, they protect themselves with a lofee in order to prevent me from wasting their timeThe saddest thing is that I was recommended their company from another customer and close family friendI will not recommend this company as the way they conduct business is improperThey "value privacy" but made transgressions they tried to correct it but have no reason to believe they helped the other partyThey wasted mine and my wife's time and don't careThe outcome I seek is for compensation of my time lost as they expect to be compensated for theirsWhile I would be open to mediation, I was told directly in my last conversation and stated in my immediate complaint that no matter what I do they have made their final decisionMy contact number is [redacted] With that in mind I don't understand the point of mediation, they don't respect their customersOne member of their staff [redacted] ** even had the nerve to try discuss future business with me if I wanted to refinance again laterWhile this gentlemen was the only person that was at least up front, honest and communicated throughout this process, it is still a ridiculous question to ask a customer who hasn't been satisfied and is frustrated with his companyIn reference to their last response their employee could not explain why I could not log on to pay my loan until 3/13/15, when I received a letter stating 2/25/Poor training, poor communication skills, and poor customer serviceThis is still an unresolved complaint, I feel as if Loan Depot is looking for me to just except their response but I don'tThe way I was treated was unacceptable, disrespectful, and I was told I should of taken a loss of my initial deposit of $if I was so unhappyThat is not the proper way to treat a customer 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 Loan Depot reply clearly proves they were able to acquire all Necessary Details about my propertyThus they should have Never ask me to sign a NON Refundable Form If they Knew I would not qualifyAlso I will state NOW " LoanDepot has my permission to release any Voice recording to San Diego Revdex.com " Please release the recordingThe NON REFUNDABLE Script was Never read to meAt this point I'm now asking for my entire refund of dollars

San Diego Revdex.com Complaint #: 10309431Borrower Name: Amy [redacted] iComplaint Date: 11/20/2014Borrower’s Complaint Filed with the Revdex.com:“Hi, I am recently divorced and in the divorce agreement I was left the house as long as I couldrefinance it in my name onlyI contacted many refinancing companies and decided to go withloandepot.comThe individuals I spoke with ( [redacted] and [redacted] ) knew mysituationI am a single mother on a tight budgetI told them I needed the best rate possible so Icould afford the mortgage paymentAt this point the service was fineThe day before closing [redacted] and I spokeI asked her if everything was set up like [redacted] told me (I was notsupposed to have a payment Novenmber or December)She told me that I wouldn't have one forNovember but I would for DecemberI stressed my concerns that that is not what [redacted] toldtold me [redacted] went on to say that I was getting a cash back of $and that would morethan cover the December paymentAt closing I provided a voided check so the cash back couldbe direct depositedSome days went by after closing and when I checked my bank account only$was depositedI called [redacted] asking her to call me backShe did notI called [redacted] andleft her a message [redacted] called me back I told her what happenedShe said she just found outabout it and will speak to her boss [redacted] called me back and said there's nothing they can doIasked her why I wasn't contacted prior and she said she didn't know and apologizedI asked herwhy no one contacted me and she told me this hardly ever happensI asked her why she didn'tdisclose prior to closing there was a chance that this could happenShe had no responseThis isunacceptableHow can a company tell me that I am getting a certain amount cash back give mean amount that is $less than what they originally told me and never contact me to let meknow??? This is poor practiceLoandepot.com had no intentions of calling me to let me knowIf Idid not call asking questions I would not of heard from them.”Borrower’s Desired Resolution:I would like loandepot.com to mail me a check of $This should have been disclosed to methat this could happenAfter I called asking questions I received an overnight package from themwith an explanation of what happenedThat's rediculousI should have been told the cash backcould change even if the odds are 1% chance of that happening.loanDepot’s Borrower Complaint Summary:Borrower claims there were miscommunication between her and the loanDepot staffShe was toldshe would get about $1,cash back, but only received $Borrower would like loanDepot to compensate her $662.15, which is the difference of what sheactually received versus what she was told she would receive.loanDepot Findings and Response:loanDepot sincerely apologizes for the miscommunication between loanDepot personnel and Ms[redacted] iHer concerns were escalated to managementWhen the borrower signed her loan documents on 10/29/2014, the Estimated SettlementStatement reflected that the borrower would receive $1,as cash to back to her based off thepayoff figures loanDepot had in file at that timeHowever, once the borrower’s loan funded, Ms[redacted] I received $This figure was due to an updated payoff that was received from herprevious lender after the borrower’s signing date of 10/29/The difference in money comes outto $This amount was applied to the final payoff to satisfy the loan with the borrower’sprevious mortgage companyShould loanDepot not have paid that $amount to theborrower’s previous lender, loanDepot would have been short in the wire and that money would stillhave to be paid by Ms [redacted] I regardlessPlease see the attached supporting documentationwhich includes the estimated Settlement Statement that Ms [redacted] I signed on 10/29/2014, thePayoff Demand Statement that loanDepot had prior to the borrower’s signing date, the final PayoffDemand Statement that was utilized to calculate the amount due to Ms [redacted] i’s previous lender,and the Final Settlement Statement that reflects the accurate figures.In conclusions, loanDepot sincerely apologizes for any miscommunication regarding this matter and thatthe service Ms [redacted] I received was anything less than satisfactoryloanDepot had to use the mostup-to-date payoff figures to pay off Ms [redacted] i’s previous lenderIf we did not use the most up-todatefigures, the payoff would have been short, and Ms [redacted] I would still be responsible for payingthat shortage to her previous lenderBecause of this, loanDepot respectfully denies compensation forthat $amount

loanDepot’s Borrower Complaint Summary:Borrower stated that his refund was denied initially because the appraisal was done, but was latertold his refund was denied because he did not disclose his business losses in the initial interview Borrower claims that he was upfront with loanDepot regarding his income, and requested thetranscript/call recordings between him and loanDepotBorrower wants a refund of his $deposit loanDepot Findings and Response:loanDepot collects a $lock fee by credit cardPrior to collecting this fee, loanDepot evaluates thecustomer’s needs and determines if they have a loan product that will help the customerThecompany conducts an extensive screening process on the phone with the customer to collect dataand find the proper program that will fit the customer’s needsIf there is a match and the customeris interested in moving forward with loanDepot, a Lock Script is read over the phone to inform the borrower of the proposed rate and fees, the length of the time the proposal is good for, and that thefee is non-refundableloanDepot then emails the customer information about moving forward onthe loanThis lock fee is used by loanDepot to secure the rate agreed upon and the loan product chosen bythe consumer for a set period of timeIn addition, this fee is also used to cover other expenses, oneof them being to order the property appraisal It was because of both reasons that the appraisal being completed and Mr [redacted] not disclosinghis business losses in the initial interview that his refund was denied After doing a thorough file review, loanDepot discovered that Mr [redacted] did not specificallydisclose his business losses at the time of applicationHowever, it was discovered that Mr [redacted] ’sincome could be a potential challenge in obtaining the proposed loanAs a gesture of good faith, wehave issued a full refund of $This refund was successfully processed on 1/2/to theMasterCard ending in ***The transaction ID number is [redacted] In terms of the releasing of the transcripts/call recordings between Mr [redacted] and loanDepot, allrecordings are company proprietary information utilized for internal purposesThe only way torelease any recordings would be with the receipt of a subpoena In conclusion, loanDepot issued a full refund as a customer service concession to Mr [redacted] We regretthat we could not help Mr [redacted] with his refinance goals

loanDepot has adressed all concerns at this timeThe rebuttal received does not indicate that there are additional concerns pendingPlease advise what items need to be further clarified Thank you

Borrower’s Rebuttal Filed with the Revdex.com:I reject the response made by the business in reference complaint ID [redacted] I havestatements in writing on the Application Disclosure form saying I will get the $appraisalfee refunded to meSee AttachmentThis business has online reviews from people who complainabout this same issue of being cheated out of fees they are told would be refunded.Regards, [redacted] Borrower’s Desired Settlement from Initial Complaint:I would like to get my $loan start up fee backloanDepot Findings and Response:In the attached Application Disclosure in which was provided in Mr [redacted] ’s rebuttal to loanDepot’sinitial response to his complaint, it states the following:“The appraisal fee is refundable if the loan is denied or withdrawn prior to ordering the appraisal.”However, the appraisal was completed before loanDepot declined his loan applicationIt was discoveredin process that there was an open judgment of about $3,that Mr [redacted] needed to pay his ex-spouse, and loanDepot would need court approval to proceed with the loan Furthermore, loanDepot only charged Mr [redacted] $for the purpose of a lock depositThis lock feecollected from the customer guarantees that the customer will receive the quoted rate and fees for aspecific period of timeAfter this fee is collected, loanDepot secures a position on the secondary marketfor the customer’s loan and ensures that the rate selected is available at any time over the period of thelock agreementThis $was also used for other expenses, such as ordering the appraisal report,credit reports, underwriting fees, etc loanDepot never charged Mr [redacted] for a $appraisalThe borrower’s appraisal costs alone totaled$Please see the attached invoices In conclusion, loanDepot’s stance remains the same as we will not issue the refund in the amount of$to Mr [redacted] loanDepot did not profit from this loan application, as we incurred expenses andlosses on the borrower’s behalf that exceeded the $amount

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] ***Complaint Date: 1/6/2015Borrower’s Complaint Filed with the Revdex.com:I contacted loandepot.com about refinancing my homeThey told me (in writing) that I could get$40,000+ out in cash AND get a lower interest rate AND lower my monthly paymentsHowever,before they could process my application, they required an advance fee of $Per their terms,the fee was to be applied towards closing costs if the loan was approved, and refunded if theloan was not approvedThe loan was not approved, but loandepot.com refused to refund mymoneyAs the Revdex.com itself notes (http://www.Revdex.com.org/sdoc/industry-tips/read/tip/advance-fee-2769): "legitimate brokers traditionally deduct their fee from the loan IF AND WHEN that loan isapproved" Additionally, loandepot.com's contract says the fee is refundable if the loan is notapprovedTherefore, I am asking the Revdex.com to help me recover the $in losses.Borrower’s Desired Resolution:Refund of $395.00loanDepot’s Borrower Complaint Summary:Mr [redacted] claims that loanDepot offered him in writing that he could get $40,000+ out in cash, get alower interest rate, and lower his monthly paymentsBorrower claims that per loanDepot’s terms, the $deposit was to be applied towards closingcosts if the loan was approved, and refunded if the loan was not approvedBorrower claims thatloanDepot’s contract states the fee is refundable if the loan is not approvedBorrower quotes the Revdex.com by stating “legitimate brokers traditionally deduct their fee from the loanIF AND WHEN that loan is approved.”loanDepot Findings and Response:Mr [redacted] came to loanDepot on November 11, A program was identified and his loan waslocked into a conventional cash-out Conforming Fixed year loan on this same dayAt the timeof application, it was agreed upon between Mr [redacted] and his SrMortgage Banker that theappraised value of his property was $164,with a loan-to-value ratio (LTV) of 70%As aconsumer, Mr [redacted] would have the best understanding of what his home is worth before anappraisal is completedWith this estimated value of his property, loanDepot would be able to doa loan for Mr [redacted] in which he would receive $40,000+ cash out, a lower interest rate, and alower monthly mortgage paymentHowever, when loanDepot received the appraisal report onNovember 17, 2014, which was completed by an impartial local/certified appraiser thatloanDepot has no control over the appraisal process, the value of Mr***’s home came backat $119,This caused his overall LTV to increase in where he no longer qualified for the initialprogram and terms offered to him.In attempt to still help Mr [redacted] financially, loanDepot tried to inform him that a new programwas identified with taking into account the $119,appraised valueHowever, Mr [redacted] wasunresponsive and loanDepot had to respectfully decline his file on November 21, due tolow property value Mr [redacted] was correct is saying that the $deposit would be applied towards his closing costsif the loan was final approved and successfully fundedHowever, his loan was not final approvedand did not closeIn regards to this deposit being refunded if the loan was not approved, athorough file review has been conducted and there is no viable evidence that supports thisclaim The $deposit is collected by credit cardPrior to collecting the lock fee, loanDepot evaluatesthe 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 tocollect data and find the proper program that will fit the customer’s needsIf there is a matchand the customer is interested in moving forward with loanDepot, a Lock Script is read over thephone to inform them of their proposed rate and fees, the length of time the proposal is goodfor, and that the fee is non-refundableloanDepot then emails the customer information aboutmoving forward with the loan Mr [redacted] signed the LoAgreement on November 12, where he acknowledged:“The $lofee is NON-REFUNDABLE If we fund your loan, the fee will be creditedtowards your closing costs on the settlement statement If your application is declined basedon inaccurate information provided by you, or information discovered by loanDepot notdisclosed by you, or your property is deemed unfit to lend upon, the appraised value is lowerthan you stated the value to be the lofee is NON-REFUNDABLEIf you choose not tomove forward with another program offered to you or the appraised value is so low that yourloan is declined because there is no program available, the lofee is NON-REFUNDABLE.”The credit card charge in the amount of $was acknowledged and agreed on November 12,for the purpose of a lock feeThe lock fee collected guarantees that the customer willreceive the quoted rate and fees for a specific period of timeThe lock fee is used by loanDepotto secure the rate agreed upon and the loan product chosen by the consumer for a set period oftimeSince the loan did not go through, this fee was used to cover the cost of taking thatposition on the secondary market and the non-delivery fees assessed to loanDepotIn addition,the lock fee was used to cover services ordered on the customer’s behalf such as propertyappraisals and credit reports Mr***’s property value came in lower than expectedloanDepot attempted to offer Mr[redacted] a new loan program, but Mr [redacted] was unresponsive to our attempts and the loan wasultimately declinedBecause Mr [redacted] signed and acknowledged the LoAgreement thatstates the above as well as gave verbal confirmation that the $is non-refundable, loanDepotrespectfully denies compensation of that $amountPlease see the attached Lock-InAgreement and Advance Fee Notification for your reference The borrower quotes the Revdex.com by stating that “legitimate brokers traditionally deduct their feesfrom the loan IF AND WHEN that loan is approved.” However, loanDepot is not a broker, but adirect lenderA direct mortgage lender is simply a bank or lender that works directly with ahomeowner, with no need for a middleman or brokerIn the customer’s perspective when thecustomer works with a direct lender, that person applies with the same company who will bedocumenting, approving, and funding the home loan, serving as a one-stop shop In conclusion, Mr [redacted] initially qualified for a loan program that had him receiving $40,000+ cash out,a lower interest rate, and an overall monthly mortgage paymentHowever, this was contingent on theappraised value of $164,in which was agreed upon between him and his SrMortgage Banker at thetime of applicationWhen the appraisal report came in, it valued Mr***’s property at $119,000subsequently disqualifying him from the initial program and terms offered to himloanDepot identifiedanother program for Mr***, but Mr [redacted] was unresponsive to our attempts in reaching him, andhis loan ultimately was declined on November 21, due to low property valueBased off of this andaccording to the terms executed on the attached LoAgreement and Advance Fee Notification, arefund of $is not warrantedloanDepot did not profit in any way on this transaction, as we weresubject to additional costs with the appraisal, credit reports, underwriting fees, etcAlthough Mr***states that legitimate brokers traditionally deduct their fees from the loan if and when the loan isapproved, loanDepot is not a broker, but a direct lender, conveniently serving as a one-stop shop to ourcustomers, eliminating the middleman or broker loanDepot sincerely apologizes that Mr***’s experience with loanDepot was anything less thansatisfactory, and we regret we could not assist you in meeting your mortgage goalsShould MrWindomhave any questions or concerns, he may contact the Customer Care Department at 888-337-ext.***Representatives are available to assist him Monday through Friday from 8am to 5pm, PST

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] Complaint Date: 10/23/ Borrower’s Complaint Filed with the Revdex.com: I was told by [redacted] of Loandepot before applying for a loan that if for any reason my loan was not approved or funded I would receive a refund of my depositI was also told that I would also receive a credit back for the deposit at closingAt the expiration of the 45-day lock on 10/20/I was notified that my loan was not approved and asked for my deposit backMr [redacted] told me that they will not refund me my deposit Borrower’s Desired Settlement: I would like my deposit refunded as per the terms of our conversation ($495) loanDepot’s Borrower Complaint Summary: Borrower claims that he was told by his SrMortgage Banker that if for any reason his loan was not approved or funded, he would receive his refund of his depositBorrower claims he would receive a refund of the deposit back at closing Borrower is requesting a refund of his $deposit loanDepot Findings and Response: After doing a thorough file review, loanDepot found no viable evidence that the deposit would be refunded back to the borrower if the loan did not go through for any reasonThe borrower was correct in stating that he would be getting that deposit at closing; however his loan did not close Mr [redacted] ’s loan was declined due to late payments on his second mortgage (home equity line of credit) that was discovered while the loan was in process For Mr [redacted] , loanDepot charged him a $lock feeThis fee is collected by credit cardPrior to collecting the lock fee, loanDepot evaluates the customer’s needs and determines if they have a loan product that will help the customerThe company conducts an extensive screening process on the phone with the customer to collect data and find the proper program that will fit the customer’s needsIf there is a match and the customer is interested in moving forward with loanDepot, a Lock Script is read over the phone to inform the borrower of their proposed rate and fees and additional terms on the loan being securedloanDepot then emails the customer information about moving forward with the loan Mr [redacted] signed the LoAgreement and Advance Fee Notification on September 4, where he acknowledged: “if your application is declined based on inaccurate information provided by you, or information discovered by loanDepot and not disclosed by you, or your property is deemed unfit to lend upon, the appraised value is lower than you stated the value to be, or the income, assets, and employment documents you provide do not support the information provided during the interview process, the lofee is NON-REFUNDABLE.” The credit card charge in the amount of $was acknowledged and agreed on September 4, for the purpose of a lock feeThe lock fee collected from the customer guarantees that the customer will receive the quoted rate and fees for a specific period of timeThe lock fee is used by loanDepot to secure the rate agreed upon and the loan product chosen by the consumer for a set period of timeIn this case, it was for daysAfter the lock fee is collected, loanDepot secures a position on the secondary market for the customer’s loan and ensures that the rate selected is available at any time over the period of the lock agreement In addition, the $was also used for other expenses, such as to cover the cost of taking that position on the secondary market, the non-delivery fees assessed to loanDepot, and to cover other services ordered on the borrower’s behalf, such as property appraisals, credit reports, underwriting fees, etc As stated above, Mr [redacted] ’s loan was declined due to late payments on his second mortgage (home equity line of credit) that was discovered while the loan was in processAttached is fully executed the LoAgreement and Advance Fee Notification for your reference In conclusion, loanDepot apologizes for the borrower’s experience with loanDepotloanDepot was unable to continue with this refinance as it was found out while in process that the borrower was past due on his payments to his second mortgage/home equity line of creditBecause of this and the supporting information stated above, loanDepot respectfully denies compensation of that $lock fee Here at loanDepot, we have established responsible lending and customer service as our core values

Revdex.com COMPLAINT#: [redacted] Borrower Name: *** [redacted] Complaint Date: 10/23/ Borrower’s Complaint Filed with the Revdex.com: “Terms and conditions for escrow setup (taxes/insurance) was not disclosed by MLO [redacted] when rate was quoted/locked at time of application during the pricing sales presentationDuring the loan processing, the California Impound Disclosure/Waiver Dated 4/4/& 4/28/both reflected that Lender does not require an impound account and confirmed "I/We (the "Borrower(s)") request that my/our tax(es) and/or insurance(s) escrow/impound accounts be collected"However, during the closing process, the Final Executed Signed California Impound Disclosure/Waiver Dated 4/29/reflected an ERROR stating Impounds Required By LenderThis change of terms stated "the undersigned understand that the establishment of an impound account for payments of real property taxes, hazard, and/or flood insurance and other related expenses is REQUIRED"Per California Impound Disclosure/Waiver, it says "the Lender may require an impound account" for items 1-which did not apply to Borrower's loan requestLender also tried to lie & misinform borrower that it wasTherefore, the borrower's corrected register selection was, "The undersigned understand that the establishment of an impound account for the payment of real property taxes, hazard and/or flood insurance and other related expenses is NOT REQUIRED; however, Borrower requests that such an account be established" Loandepot.com refused to correct mistake and also refused to honor where the disclosure says, "...can be changed no more than once annually"Servicing department was provided written request and notified of Borrower's Ability-To-Repay Rule violation hardship.” Borrower’s Desired Resolution: “Immediate return of borrower's escrow "cushion" and monthly escrow payment $since inception of loan.” loanDepot’s Findings and Response: We appreciate Ms [redacted] , the borrower expressing her concerns with her recent loan with our company through the Better Business BureauHere at loanDepot, we have established customer service and responsible lending not only as our main priorities but also as our company core values All complaints are taken very seriouslyWe value to the highest extent all the feedback we receive from our borrowers Upon receipt of the borrower’s concerns a thorough analysis of her loan file was conducted The transaction history was analyzed and it was found that the disclosure of an escrow account was provided since the inception of her loan request The loan application for loan number [redacted] was initiated on April 2, and the rate was locked in on April 4, The initial set of RESPA loan disclosures dated April 4, included a Good Faith Estimate that fully disclosed that said loan was structured to include an escrow accountThe Good Faith Estimate also sent to the borrower on April 28, disclosed the same information Furthermore, on April 4, and April 28, in her RESPA document packages the California Impound Disclosure/Waiver document was includedSaid document reflects the requirement of the collection of property taxes and insurance Through the loan process it was disclosed that her loan required and would include an escrow accountHad she indicated that she did not agree to said account being set up for the collection of property taxes and insurance her loan would have been subject to an additional point increase change in pricing Hand written amended final loan documents were not provided to the Senior Account Manager If hand written amended final loan documents had been submitted it would have resulted in an increase to the final closing costs and a change in termsThis would have also required a set of new final loan documents be executedThe final loan documents on file do not reflect any amendments to them By signing all final loan documents and allowing her loan to fund, she represented that she fully read, understood and agreed to the terms and conditions set thereofThe final execution and recording of loan documents made this loan transaction legal and binding Her loan is held by Freddie Mac and guidelines do not permit for us to waive the collection of funds for her escrow account prematurelyAs a guideline in order to reconsider her request to remove the escrow portion of her payment her mortgage must be seasoned a minimum of six months and all payments must have been made on time as indicated on her NoteMs [redacted] is eligible to resubmit a request for review if the November 1, payment has been made To resubmit her request in writing she may contact our Servicing Department at 877-420-Representatives are available to assist her Monday through Friday from 8am to 5pm, PST

Attached is the Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #: [redacted] Borrower Name: *** [redacted] Complaint Date: 3/25/ Borrower’s Complaint Filed with the Revdex.com: On or around 02/15/I contacted LoanDepot about a cash out refinance on our current mortgageI was put in contact with *** [redacted] who went over everything and had me email him several documentsWe were told that we would be able to get approved, no problem and we needed to pay $for a home appraisalAt that time I consulted with *** to ask his opinion if we should wait a few months to do this loan because my husband is going to retire from the Navy in six months and he will most likely have a VA disability rating, which will allow him to get the VA funding fee waivedI made it VERY clear that he was going to retire in months from the Navy*** talked us out of waiting due to the fact that interest rates are rising and said we could apply for a refund of the VA funding feeI was told that all conversations were taped so that conversation should be on recordWe went ahead with the appraisal and continued the loan processSeveral weeks later we received an email from [redacted] *** requesting a letter from my husbands command that he will be eligible to extend in the NavyI told her that he was not extending and he was retiring in six months, after years of serviceI also told her that I spoke to *** about this in detailOn 3/13/I received an email that our loan had been cancelled because my husband has no verifiable income in six months due to his retirementI requested a refund of our appraisal fee since we should have never been told to proceed with the loan after I told *** he was retiring in six months...it was clearly an oversight on Loan Depots partI was told that the customer care has no record of that conversation Borrower’s Desired Settlement: I would like a refund of the $fee charged to my credit card since I CLEARLY asked if we should continue with this loan (due to him retiring) and was told yes, before we paid for the inspection loanDepot’s Borrower Complaint Summary: Borrower claims that they were upfront with loanDepot in regards to their income/employment situationIt was discussed with the SrMortgage Banker that Mr [redacted] will be retiring in about months from the time of application, and there were communication issues in regards to this matter Borrower is requesting a refund of the $upfront appraisal deposit loanDepot Findings and Response: loanDepot sincerely apologizes in regards to the miscommunication between the borrower and loanDepot concerning the borrower’s employment situationHer concerns have been escalated and addressed with management As a customer service concession, a full refund in the amount of $was processed to the *** card ending in *** on March 23, The transaction ID number is [redacted] In conclusion, loanDepot sincerely apologizes that Ms [redacted] ’ experience with loanDepot was anything less than satisfactory and in regards to the miscommunication between him and loanDepotAs a customer service concession, a full refund in the amount of $was issued back to Ms [redacted] Should Ms [redacted] have additional questions or concerns, she may contact loanDepot’s Customer Care Department at [redacted] ext***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.The response provided by the business states the following:"In conclusion, Mr [redacted] did qualify for the refinance initially when he spoke to his SrMortgage Bankerbased off the information that transpired between him and the SrMortgage BankerHowever, it wasrequired for the borrower to have at least months of liquid reserves since the property is a non-owneroccupied investment property."Again, I was initially disqualified by the nMortgage Bankers at LoanDepot.com for the refinance , a fact I reminded the SrMortgage Banker of when he contacted me laterHe assured me that he was a "specialist" and assured me that I could qualifyThe business' response is self contradictory "Mr [redacted] did qualify" yet "However, it was required for the borrower to have at least months of liquid reserves"Thus I "qualified" yet did not meet the "requirements"This does not make senseI do not think that I should have to pay $because LoanDepot.com does not realize that "qualify" and "meet requirements" are synonymous.I have also looked at the "lock-in" agreement which appears to protect the company from me in a court of law, yet I still feel that I was a victim of a "Bait and Switch" operation perpetrated by LoanDepot.com 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] ***

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] Complaint Date: 10/10/ Borrower’s Complaint Filed with the Revdex.com: I received a Letter in the mail stated the followingLoan Depot could convert my FHA loan , and get rid of my Mortgage insurance foreverI was not pursuing a Refi loan, however the letter was very convincing and the rear of the letter stated , we must receive a response with in day's or we will have to re evaluate your applicationI called and spoke with [redacted] [redacted] confirmed the letter was accurate and he ran my credit [redacted] confirmed I was able to Refi [redacted] ask for a deposit to process the application and he would send out an appraiser I waited a week to verify Loan Depot was an creditable companyBased on Internet Reviews , and an A rating with Revdex.com , I decided to go ahead with the REFILoan Depot sent out a Appraiser who evaluated my property way below current market conditions, and replied they could not do a REFII said ok I will just go somewhere else, please refund my $They refused Borrower’s Desired Settlement: I feel they deceived me , I have the Letter that I scan and send for reviewI'm asking for my $back loanDepot’s Borrower Complaint Summary: Borrower states that he was told we could do a refinance for him Borrower is upset with the appraiser who valued his property lower than expected Borrower wants a refund of $ loanDepot Findings and Response: When Mr [redacted] came to loanDepot on September 11, 2014, he spoke to his SrMortgage Banker in attempts to get rid of his mortgage insuranceAt that time, loanDepot originated the loan on Mr [redacted] ’s property based on the information the he disclosed which included an estimate of his property value loanDepot has no control over the appraisal process and cannot choose which appraiser to conduct the inspectionThe appraisal process and inspection must be done independently as to ensure there is no bias or predetermined value or agendaThe 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 Mr [redacted] was charged a $lock feeThis fee is collected by credit cardPrior to collecting this lock fee, loanDepot evaluates the customer’s needs and determines if they have a loan product that will help the customerThe company conducts an extensive screening process on the phone with the customer to collect data and find the proper program that will fit the customer’s needsIf there is a match and the customer is interested in moving forward with loanDepot, a Lock Script is read over the phone to inform them of their proposed rate and fees, the length of the time the proposal is good for, and that the fee is non-refundableloanDepot then emails the customer information about moving forward with the loan Mr [redacted] executed and signed the LoAgreement on September 19, where he acknowledged: “If your application is declined based on inaccurate information provided by you, or information discovered by loanDepot and not disclosed by you, or your property is deemed unfit to lend upon, the appraised value is lower than you stated the value to be, or the income, assets, and employment documents you provide do not support the information provided during the interview process, the lofee is NON-REFUNDABLE” Also on September 20, 2014, the Lock Script was read to Mr [redacted] stating that this fee is nonrefundable Mr [redacted] gave verbal confirmation acknowledging thisThe credit card charge in the amount of $was agreed upon for the purpose of a lock feeThe lock fee collected from the customer guarantees that the customer will receive the quoted rate and fees for a specific period of timeThe lock fee is used by loanDepot to secure the rate agreed upon and the loan product chosen by the consumer for a set period of timeIn this case, it was for daysAfter the lock fee is collected, loanDepot secures a position on the secondary market for the customer’s loan and ensures that the rate selected is available at any time over the period of the lock agreement In addition, the $was also used for other expenses, such as to cover the cost of taking that position on the secondary market, the non-delivery fees assessed to loanDepot, and to cover other services ordered on the borrower’s behalf, such as property appraisal, credit reports, underwriting fees, etc Mr [redacted] ’s property value came in lower than expected, and because of this, loanDepot had to respectfully decline Mr [redacted] ’s loan applicationBecause Mr [redacted] signed and acknowledged the LoAgreement as well as gave verbal confirmation that the $is nonrefundable, loanDepot respectfully denies compensation of that $amountPlease see the attached LoAgreement and Advance Fee Notification for your reference In conclusion, loanDepot did not profit from this loan application, as we incurred expenses and losses on the borrower’s behalf that exceeded the $amountWe ordered an appraisal, ran credit reports, title reports, and were subject to losses on other services rendered during the processBased off the supporting documentation and explanations listed above, a refund of $is not warranted to Mr [redacted]

San Diego Revdex.com Complaint #: [redacted] Borrower Name: [redacted] ***Complaint Date: 1/19/(Rebuttal)Borrower’s Rebuttal Filed with the Revdex.com:I appreciate loandepot.com's taking the time to respond to mycomplaint, and wanted to point out several inaccuracies in theirstatements:- It was [redacted] ***, the senior mortgage banker, who suggested thevalue of $164,000, and not I who suggested that valueAs theircontract notes "If your application is declined based on inaccurateinformation provided by YOU" (emphasis added)The property valueestimate was provided by Mr ***, and not by me.- As an expert in the field, Mr [redacted] should have a better idea ofhome values than I wouldHis excessively high estimate of $164,000compared to the appraised value of $119,is suspicious, and mayhave been a deliberate overestimate to entice me into paying theappraisal fee.- After the appraisal, I called loandepot.com on nearly a dailybasis, but they didn't answer or return my callsIf anyone wasunresponsive, it was loandepot.com, and not me.- Loandepot.com DID tell me about a second offer, but Mr ***explicitly suggested that the offer wouldn't help me and recommendedthat I not take that offerI simply followed Mr ***'srecommendation.- However, if loandepot.com is still willing to offer me a loan thatgets me cash out, lowers my interest rate, and lowers my monthlypayment (all of which they originally promised), I will acceptitMr [redacted] explicitly told me that the post-appraisal offer wouldINCREASE my interest rate (which had presumably been locked in) andNOT get me any cash out.- I would like to ask that loandepot.com retain a copy of all phoneconversations they had with me, and, if possible, provide me with acopy of these recordingsI believe these recordings will helpreveal the truth in this matter, and any recordings I may have wouldbe of fairly low quality.Regards, [redacted] ***Borrower’s Desired Settlement from Initial Complaint:Refund of $395loanDepot’s Borrower Complaint Summary:o On November 12, 2014, Mr [redacted] executed the LoAgreement and Advance Fee Notification onwhere he acknowledged that the estimated value of his property is $164,By executing thisagreement, Mr [redacted] fully agreed to the value of $164,000.o As a consumer, Mr [redacted] would have the best understanding of what his home is worth before anappraisal is completedloanDepot is not in the business to entice customers to pay that $395depositloanDepot did not profit in any way on this transaction, as we were subject to additionalcosts with the appraisal, credit reports, underwriting fees, etc.o We apologize if the borrower feels that there was miscommunication between him and loanDepot.After a thorough file review, communication between Mr [redacted] and loanDepot was done on aconsistent and timely manner.o When Mr***’s SrMortgage Banker offered him the second offer on December 23, 2014, Mr[redacted] informed his SrMortgage Banker that he will think about the offer and get back to himMr[redacted] then went on to say to his SrMortgage Banker that if he doesn’t hear from him, then he isprobably not interested in moving forwardBased off the file review, this was the last contact theborrower had with loanDepot prior to him requesting a refund of his deposit.o The initial pricing and lock was based on a property value of $164,000, as was discussed between Mr[redacted] and his SrMortgage Banker at the time of applicationHowever, after receipt of the appraisalreport, it was discovered that the property's appraised value was $119,Because of the lowervalue, the loan-to-value (LTV) ratio increased above 80%, subjecting the loan to private mortgageinsurance (PMI)The low appraisal amount also only allowed for a rate and term refinance whicheliminated the benefits Mr [redacted] was seeking which was to take cash out of the property andremove the PMI.o Unfortunately, loanDepot will not be able to release any recordings to Mr***All recordings arecompany proprietary information utilized for internal purposesThe only way to release anyrecordings would be with the receipt of a subpoena.In conclusion, our stance remains the sameA refund in the amount of $is not dueto Mr***Weapologize that Mr***’s experience with loanDepot was anything less than satisfactoryHere at loanDepot,we have established responsible and fair lending