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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 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.
An important detail is being missed in LoanDepot's response.  I notified LoanDepot of my marriage (officially, in writing) on 11/9/14.  If LoanDepot had pulled my credit at that point in time, I would have met the requirements to obtain the loan.  My complaint is regarding the length of time of this process and the excessive documentation they continued to request.  If they had requested all documentation upfront, the process would have moved a lot quicker.  When I applied for the loan, I was told I would close on the loan within a couple weeks.  The process ultimately took several months.  At the end of it, I was not even notified that I was declined due to my credit score.  LoanDepot was legally obligated to provide that reason at the time, instead of coming up with reasons after I filed a complaint.  LoanDepot claiming to have established "responsible lending and customer service as core values" is absolutely false.  I was mislead by a representative at their company when the last communication provided by that representative was that he would be calling me the next day to schedule closing.  I have never been treated so poorly as a consumer and I will make sure my experience with LoanDepot (during and after the process) is passed on to other consumers. 

Mr. [redacted] was transferred over to loanDepot by a third-party company to inquire about takingcash out of his property. Mr. [redacted] spoke to a loanDepot Sr. Mortgage Banker and sharedinformation to the Sr. Mortgage Banker in an attempt to hear some refinance options. While Mr.[redacted]...

was on the phone with the Sr. Mortgage Banker, there was a bad connection, and the Sr.Mortgage Banker asked Mr. [redacted] if he can call him back to obtain a better connection to thephone number of [redacted]. Mr. [redacted] agreed to this, and this was the only outbound callthat was made out to Mr. [redacted] from loanDepot. When loanDepot was notified by the Revdex.comregarding Mr. [redacted]’s complaint on March 20, 2015, this was the first that loanDepot wasinformed that Mr. [redacted] wanted to be put on our Do-Not-Call list. On March 20, 2015, his phonenumber of [redacted] was successfully added to loanDepot’s Do-Not-Call list so he should not receiveany solicitation calls from loanDepot.Should Mr. [redacted] have additional questions or concerns, he may contact loanDepot’s CustomerCare Department at 888-337-6888 ext. [redacted]. Representatives are available to assist Monday throughFriday from 8am to 5pm, PST.

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

2/24/2015  Borrower’s Complaint Filed with the  “I beg... Borrower claims that her application was approved, and loanDepot reques... Borrower claims that there was communication issues between her and lo... Borrower believes that loanDepot did not want to give her the loan a... Borrower believes the cost of the appraisal was less than $495.   l... The borrower’s loan was conditionally approved. What this means is t... loanDepot sincerely apologizes that the borrower felt that there was c... loanDepot had every intention of giving Ms. [redacted] the loan, howev... [redacted] in where her credit score was high enough for loanDepot to...

San Diego Complaint #: 10309431Borrower Name: Amy [redacted]iComplaint Date: 11/20/2014Borrower’s Complaint Filed with the“Hi, I am recently divorced and in the divorce agreement I was left the house as long as I couldrefinance it in my name only. I contacted many refinancing companies and...

decided to go The individuals I spoke with ([redacted] and [redacted]) knew mysituation... I am a single mother on a tight budget. I told them I needed the best rate possible so Icould afford the mortgage payment. At this point the service was fine. The day before closing[redacted] and I spoke. I 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 December. I stressed my concerns that that is not what [redacted] toldtold me. [redacted] went on to say that I was getting a cash back of $1375.36 and that would morethan cover the December payment. At closing I provided a voided check so the cash back couldbe direct deposited. Some days went by after closing and when I checked my bank account only$716.21 was deposited. I called [redacted] asking her to call me back. She did not. I called [redacted] andleft her a message. [redacted] called me back I told her what happened. She said she just found outabout it and will speak to her boss. [redacted] called me back and said there's nothing they can do. Iasked her why I wasn't contacted prior and she said she didn't know and apologized. I asked herwhy no one contacted me and she told me this hardly ever happens. I asked her why she didn'tdisclose prior to closing there was a chance that this could happen. She had no response. This isunacceptable. How can a company tell me that I am getting a certain amount cash back give mean amount that is $662.15 less than what they originally told me and never contact me to let meknow??? This is poor practice. had no intentions of calling me to let me know. If Idid not call asking questions I would not of heard from them.”Borrower’s Desired Resolution:I would like to mail me a check of $662.15. This should have been disclosed to methat this could happen. After I called asking questions I received an overnight package from themwith an explanation of what happened. That's rediculous. I should have been told the cash backcould change even if the odds are 1% chance of that happening.loanDepot’s Borrower Complaint Summary:1. Borrower claims there were miscommunication between her and the loanDepot staff. She was toldshe would get about $1,375.36 cash back, but only received $716.21.2. 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:1. loanDepot sincerely apologizes for the miscommunication between loanDepot personnel and Ms.[redacted]i. Her concerns were escalated to management.2. When the borrower signed her loan documents on 10/29/2014, the Estimated SettlementStatement reflected that the borrower would receive $1,378.36 as cash to back to her based off thepayoff figures loanDepot had in file at that time. However, once the borrower’s loan funded, Ms.[redacted]i received $716.21. This figure was due to an updated payoff that was received from herprevious lender after the borrower’s signing date of 10/29/2014. The difference in money comes outto $662.15. This amount was applied to the final payoff to satisfy the loan with the borrower’sprevious mortgage company. Should loanDepot not have paid that $662.15 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 regardless. Please 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 satisfactory. loanDepot had to use the mostup-to-date payoff figures to pay off Ms. [redacted]i’s previous lender. If 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 lender. Because of this, loanDepot respectfully denies compensation forthat $662.15 amount.

San Diego Complaint #:       [redacted]
Borrower Name:                              [redacted]
Complaint Date:                               12/3/2015
Borrower’s Complaint Filed
with the
Dear sir,
Over 6 months ago I registered this complaint and received
a response that these mailing would stop. They have not. Please reinstate this
Thank you
loanDepot’s Borrower Complaint Summary:
1.       Borrower is requesting to no longer receive any
contact from loanDepot.
loanDepot Findings and
loanDepot sincerely apologizes for any
inconvenience this may have caused Mr. [redacted]. In order to alleviate any
frustration he may have, loanDepot has added Mr. [redacted]’ information to our Do Not Call and Do Not Solicit list to ensure he no longer
receives any type of communications from loanDepot.
Should Mr. [redacted] continue to receive
solicitation from loanDepot, 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.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and consider this complaint resolved.

Attached is the Letter of Explanation for regarding this complaint.Thank you.San Diego Complaint #:  [redacted]  Borrower Name:   [redacted] **  Complaint Date:  ...

3/12/2015  Borrower’s Complaint Filed with the  After fi... /> [redacted] contacted me and offered me a no-cost loan at the same 3....

Please see the attached Letter of Explanation regarding this complaint.Thank You.loanDepot’s Borrower Complaint Summary:1. Borrower states that as long as he does not back out of the refinance, the $395 deposit will be refunded back to him.Borrower claims there were communication issues between him...

and loanDepot in regards to this refund.  2. Borrower is requesting for his tax papers to be returned back to him.loanDepot Findings and Response:1. loanDepot sincerely apologizes for miscommunication that the borrower feels transpired between him andloanDepot regarding a refund. A full refund was issued to Mr. [redacted] in the amount of $395 to the Visa card endingin 9227 on 12/24/2014 with a transaction ID number of [redacted]3. Mr. [redacted]’s loan was declined prior to theappraisal being completed due to the borrower’s write offs on his taxes, causing the debt-to-income ratio to be toohigh for loanDepot to lend upon.2. Our records indicate that Mr. [redacted]’s tax documents were sent back to him via email through our securedocument exchange.In conclusion, loanDepot sincerely apologizes that Mr. [redacted]’s experience with loanDepot was anything less thansatisfactory. Because services were not rendered in relation to the appraisal, a full refund of issued in the amount of$395 was issued.Should Mr. [redacted] have any questions or concerns, he may contact the Customer Care Department at ###-###-####ext. [redacted]. Representatives are available to assist him Monday through Friday from 8am to 5pm, PST.

San Diego Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: 12/4/2014Borrower’s Complaint Filed with the have been working with Loan Depot since July to complete a refinance on my home. I haveresponded with all the information they have requested in a timely fashion but I...

never hear back.They said they could get the loan done in 30 days and convenience me to put on a rate lock and theloan was never look at until two weeks prior to the expiration of the lock and it has continued in asimular fashion. the last paper demand I return it within 72 hours know I had an ex-wife that wasinvolved in signing the paper. I returned it with a week. I let the representative that this was not goodbusiness practice. I was told several weeks ago it looked good but nothing.Borrower’s Desired Settlement:Return the money for the loan lock or complete the loan. 5 months is more than long enough to wait.($480)loanDepot’s Borrower Complaint Summary:1. Borrower claims that he has been compliant in providing the documentation requested of him, and hasexpressed that there was some miscommunication between him and loanDepot.2. Borrower is requesting a refund of his lock deposit in the amount of $480 due to the extended timeline ofhis loan.loanDepot Findings and Response:1. loanDepot appreciates that Mr. [redacted] provided the documentation that was requested of him in a timelymanner, and apologizes for the miscommunication between him and loanDepot. His concerns have beenescalated to management and have been addressed internally.2. When Mr. [redacted] came to loanDepot in June 2014, it was discussed at the time of application that hissecond mortgage was a purchase money second mortgage which is a second mortgage that was taken atthe time Mr. [redacted] purchased the subject property. His loan was initially set up as a standard rate andterm refinance paying off this second. However when Mr. [redacted]’s loan was in process and underwriting,it was discovered that Mr. [redacted]’s second mortgage was not a purchase money mortgage and that herefinanced this second mortgage prior to loanDepot. Because of this, loanDepot could not pay off thismortgage through a rate and term refinance as discussed at the time of application. At this time, it wassuggested to Mr. [redacted] that the best loan option available was to subordinate the second mortgage andonly refinance his first mortgage in which he agreed to pursue. Furthermore, when loanDepot receivedthe Mr. [redacted]’s tax transcripts from the IRS, those documents showed Mr. [redacted] with a schedule E losswhich caused us to require tax returns. Because of these contributing factors, this delayed Mr. [redacted]’srefinance and process with loanDepot.Contrary to what Mr. [redacted] states, loanDepot only charged him $350 to the MasterCard ending in[redacted].  As a customer service concession to Mr. [redacted], we will be issuing a full refund of that $350 in the form ofa check. This check will be mailed to Mr. [redacted]’s home at [redacted] andshould arrive there the week of 12/22/2014.loanDepot sincerely apologizes to Mr. [redacted] regarding his experience with loanDepot. As a concession to Mr.[redacted], we are issuing a full refund of $350 via check in which he should be receiving next week. Should Mr.[redacted] have additional concerns, he may contact our Customer Care team at ###-###-####.Representatives are available Monday through Friday from 8am to 5pm PST.

Borrower’s Rebuttal Filed with the self and my wife were told by [redacted] that our $200 would be refunded to us if theloan did go thru he told us to sign the papers but disregard that section. I want my $200 back aspromised.loanDepot Findings and Response:Our stance remains the same in not approving a refund in the amount of $200. As stated in the initialresponse, loanDepot found no viable evidence that supports the borrower’s claim in being promised therefund of $200. The borrower signed and acknowledged the Lock-In Agreement and Advance FeeNotification form that states the deposit is non-refundable. Furthermore, loanDepot did not profit fromthis loan application, as we incurred expenses and losses on the borrower’s behalf that exceeded the$200 amount. We ordered an appraisal, ran credit reports, title reports, and were subject to losses onother services rendered during the process. We regret to hear Ms. [redacted]’s experience withloanDepot was anything less than satisfactory and that we could not meet Ms. [redacted]’srefinance needs. Here at loanDepot, we practice responsible and fair lending.

Attached is the Letter of Explanation regarding this inquiry.Thank you.San Diego Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:    2/26/2015Borrower’s Complaint Filed with the have withdrawn my loan application and would like to receive the...

amount I paid for theappraisal. No appraisal has been done. (loan application [redacted])Borrower’s Desired Resolution:the refund of $395.00  loanDepot Findings and Response:loanDepot has issued a full refund in the amount of $395 on March 11, 2015 to the Visa card ending in[redacted]. The transaction ID number is [redacted].?
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
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.
1. "After doing a thorough file review, there appears to be no viable evidence that supports this claim." Did they review the recorded conversation I had with [redacted]? I sent him several emails regarding the appraisal coming in lower and he always responded via phone. I guess this is practiced at loan depot so that customers have "no viable evidence" on paper. What a scam!2. "loanDepot has no control over the appraisal process and cannot choose which appraiser to conduct the inspection." This is funny cause I do not remember selecting an appraiser; loandepot sent me the appraiser. I was never given an option to select an appraiser.  Also, after the appraisal came in I asked to get it amended and requested another appraisal, however the Production Manager responded to me with well if you do that you risk losing your rate as well as the $495 "lock in fee". Please explain to me how I was able to "choose an appraiser". I wasn't even able to get a second appraiser which I was willing to pay our of my own pocket. You scarred me by stating that I will lose my rate and the $495 lock in fee. What a scam!3. It's your responsibility as a company to ensure your employees don't miscommunicate with customers. You should be paying for their mistake. Not me. Why am I paying $1,200 out of my pocket because of incompetent employees who can't communicate with customers? Or maybe you teach your employees to miscommunicate. What a scam!4. Of course I signed the documents. I didn't want to lose my rate nor my $495 deposit. And you are wrong the first time I brought this to your attention was my first email I sent to [redacted] weeks before I signed final documents. Of course since he did not respond via email I have "no viable evidence". If loandepot believes they made no mistake then please send copies of the conversations I  had with [redacted]. I'm sure you guys have the recorded audio since the line is supposed to be recorded...let me guess your response will be "we can't provide audio conversations, those are for internal purposes only". What a scam!loandepot is nothing but a dishonest company.  I'm not the only one who feels this way. Go read all your reviews online. Seems like this happens quite often. I made a horrible mistake by not being careful. In fact what helped me decide to try loandepot was the fact that they are part of After this incident I will not fully trust companies part of as obviously the has lowered their standard for adding companies as part of their "trusted companies".
[redacted] COMPLAINT#:          [redacted]
Borrower Name:                              [redacted]...

Complaint Date:                               10/23/2014
Borrower’s Complaint
Filed with the
“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 presentation. During the loan processing,
the California Impound Disclosure/Waiver Dated 4/4/14 & 4/28/14 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 4/29/14 reflected an ERROR stating Impounds Required By Lender. This
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 1-7 which did not apply to Borrower's loan request. Lender
also tried to lie & misinform borrower that it was. Therefore, 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". 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:
return of borrower's escrow "cushion" and monthly escrow payment
$932.67 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 Here 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 seriously. We 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.
loan application for loan number [redacted] was initiated on April 2, 2014 and the
rate was locked in on April 4, 2014. The initial set of RESPA loan disclosures
dated April 4, 2014 included a Good Faith Estimate that fully disclosed that
said loan was structured to include an escrow account. The Good Faith Estimate
also sent to the borrower on April 28, 2014 disclosed the same information.
on April 4, 2014 and April 28, 2014 in her RESPA document packages the
California Impound Disclosure/Waiver document was included. Said document
reflects the requirement of the collection of property taxes and insurance.
the loan process it was disclosed that her loan required and would include an
escrow account. Had 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 .250 point increase change in pricing.
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 terms. This
would have also required a set of new final loan documents be executed. The
final loan documents on file do not reflect any amendments to them.
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
thereof. The final execution and recording of loan documents made this loan
transaction legal and binding.
loan is held by Freddie Mac and guidelines do not permit for us to waive the
collection of funds for her escrow account prematurely. As 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 Note. Ms. [redacted] is eligible to resubmit a
request for review if the November 1, 2014 payment has been made.  To resubmit her request in writing she may
contact our Servicing Department at 877-420-4526. Representatives
are available to assist her Monday through Friday from 8am to 5pm, PST.

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

3/23/2015  Borrower’s Complaint Filed with the  I paid ...

San Diego Complaint #: ***
Borrower Name: *** ***
Complaint Date: 11/4/2014
Borrower’s Complaint Filed with the
Loan Depot is withholding Escrow and Insurance funds after our loan has closed. The loan closed
on September 24, 2014 and the new loan was funded on October...

7. We have not been given a
time when the escrow funds of several thousand dollars will be refunded. Additionally, we were
told that we would have our insurance overage refunded via check and US postal service- yet we
have not received these funds yet either. Loan Depot is in violation of U.S. Code § 2605 -
Servicing of mortgage loans and administration of escrow accounts
Borrower’s Desired Resolution:
Proper dispersing of funds as per the loan agreement.
loanDepot Findings and Response:
loanDepot mailed out the borrower’s reimbursement for their escrow account on October 30, 2014 in
the amount of $569.17. For the reimbursement for the borrower’s property taxes, a check in the amount
of $2,987.04 was overnighted via FedEx on November 13, 2014. Please note that loanDepot was at the
mercy of the taxing authority for the borrower’s county in regards to the delays of disbursing the taxes.
The above information has already been communicated with Mr. and Mrs. ***.
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 I have previously stated at Loan Depot they do not respect their customers or value their information. I was given another individuals SSN with no protection on the document even!!! They do not value customers personal and sensitive information. As previously discussed they issues LifeLock for my wife and I and other than verbally stating and telling me to "trust them" they failed to provide proof that they have taken care of the customer who's information was wrongfully released to me. In Loan Depot's last response they state:" The lock fee is a non-refundable fee if a borrower elects
to withdraw their loan application after services have been rendered."Meaning that I was out $395 if I did decide to walk away despite their transgressions. Additionally I was told by an executive that I "should of not done the deal with them and just lost $395 if I was that unhappy". They do not value their customers time, they are not trustworthy and don't respect privacy. Additionally even now with my loan closed they are still inconvenient. Just recently I was assigned a new loan # as part of their standard procedure so I can set up my on-line account. The letter with the instructions was dated 2/25/15. However, I once again had to call after it would not allow me to set up my account and I was told it would not be active to 3/13/15. I inquired why would I receive a letter with instructions dating 2/25/15, and I was told I am not sure. They are disorganize and one department does not speak to the other. As stated in my initial request I request compensation for the amount of my time this company has wasted of mine. It is sad that even now after my loan was processed after this whole mess they can't even set me the right instructions to set up my account to make payments. Loan Depot does not care about customers you are just a number and profit to them. I was not allowed to leave a deal without a $395 penalty and yet they hold no accountability for their actions.

San Diego Complaint #: [redacted]
Borrower Name: [redacted]
Complaint Date: 10/7/2014
Borrower’s Complaint Filed with the
I contacted the loan depot in April to obtain financing for a home loan. They requested various
documents which were supplied, and I was pre...

approved. I made an offer on a home shortly
there after, but was unable to continue the transaction because the agent at loandepot would
not return calls, and I came to find out he had left the company ( [redacted]) Fter discovering
this I was assigned a new rep ( [redacted] ) and he was supplied with more documentation to
complete my loan package, we made an offer that was accepted and loan depot was given all
the pert. info including the "close of escrow" date. Despite providing everything they required in
a timely manor the close date went by, they would not return phone calls or correspondence
with myself, the broker, or the escrow company. I had paid $495.00 for an appraisal, and due to
their inability to perform I have had to start the whole process over with another lender. I have
called, and e mailed them requesting a refund for the money I paid for the appraisal as they
"failed to perform"
Borrower’s Desired Resolution:
They need to refund me the money I paid for the appraisal.
loanDepot’s Borrower Complaint Summary:
1. Borrower claims that there were communication issues with the loanDepot staff.
2. Borrower is requesting a refund of the $495 because loanDepot “failed to perform.”
loanDepot Findings and Response:
1. loanDepot apologizes that the borrower feels that there were communication issues between
loanDepot and if their experience was anything less than satisfactory. After reviewing the file, the
borrower was out of the country for some time during the processing of his loan, which caused
some delays and communication gaps between him and loanDepot.
2. loanDepot charged Mr. [redacted] $495 as a lock fee. This fee is collected by credit card. Prior to
collecting the lock 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 proper program that will fit the customer’s
needs. If 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 time the
proposal is good for, and that the fee is non-refundable. loanDepot then emails the customer
information about moving forward with the loan.
Mr. [redacted] executed and signed a Lock-In Agreement where he acknowledged on August 2, 2014:
“If you cancel or withdraw your application for any reason, the fee is NON-REFUNDABLE”
The credit card charge in the amount of $495 was acknowledged for the purpose of a lock fee. The
lock fee collected from the customer guarantees that the customer will receive the quoted rate and
fees for a specific period of time. The 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 time. In this case, it was for 45
days. After 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 $495 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.
Mr. [redacted] decided to go with another lender while he was in process with loanDepot, in which we
had no choice but to ultimately cancel out his file.
In conclusion, loanDepot apologizes for the borrower’s experience with loanDepot. loanDepot was
unable to continue with this purchase transaction as it was found out the borrower was going with
another lender while in process with loanDepot. Because of this and the supporting information stated
above, loanDepot respectfully denies compensation of that $495 lock fee. Here at loanDepot, we have
established responsible lending and customer service as our core values. Complaint Rebuttal #10273082
loanDepot Loan #: [redacted]
Seneca Mortgage
Servicing Loan #: [redacted]
Borrower: [redacted]
This letter is in response to the recent rebuttal
complaint filed with
the San Diego regarding the escrow account established on [redacted]’s mortgage loan. The following information is pursuant to her request to have the escrow portion of her
mortgage payment removed.
As previously conveyed, the establishment of an
escrow account at the loan
stage was a
made by Mrs. [redacted] and fully disclosed as required
by the law to her. During the loan origination stage Mrs. [redacted] requested the
establishment of an escrow account since it resulted in a discount in pricing of .250 points.
Her loan is not a government insured product (i.e. VA or FHA). However, her loan is held by Freddie Mac. Therefore, FHLMC guidelines must be followed.
Attached to this response
we have provided a document that discloses FHLMC escrow waiver requirements. This information
is also available online at
A request to have the escrow portion of Mrs. [redacted]’s mortgage payment removed was not submitted by her prior to the funding of her
loan on April 30, 2014. Records indicate that the first request was received once her loan was with
Servicing Department. All
records and executed final loan documents confirm that Mrs. [redacted] and her husband were in full
acknowledgement and agreement to the terms and conditions set forth in their loan. Mrs. [redacted] was provided with the disclosures
and final executed loan documents that further confirmed that she agreed to the
esc row account on her mortgage.
loanDepot was unable to remove the
escrow portion of her mortgage payment until
her loan was seasoned for a minimum of six months per Freddie Mac guidelines.
After the receipt of the November 1, 2014 payment
Mrs. [redacted] was eligible to submit a request in writing to our Servicing area
for removal of said account.  This
information was conveyed directly to Mrs. [redacted] in several verbal
conversations and written correspondence sent to her by loanDepot.   
Our records indicate that her November 1, 2014
was received and her mortgage loan is current. However, Mrs. [redacted] did not
submit a request in writing to our Servicing area to have her escrow account reviewed
for possible removal.  
Effective November 17, 2014 the servicing of her
mortgage loan was transferred to Seneca Mortgage Servicing.  Mrs. [redacted] will have to contact her new
servicer directly to request the removal of her escrow account.  She can contact their Customer Service
Department at 866-919-5608 or via at [email protected]
 Should we wish to contact via written
correspondence she may submit her request to the following:
Mortgage Servicing LLC
611 Jamison Road
Elma, NY 14059
Fax: 516-832-6411
In summary, there is no viable evidence that
shows that loanDepot did not properly disclose the required establishment
of the escrow account for Mrs. [redacted]’s mortgage loan. LoanDepot is an advocate
and practices responsible lending. LoanDepot is unable to provide Mrs. [redacted] with any further
assistance regarding this matter
and kindly requests that she contact Seneca Mortgage Servicing.

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