LoanDepot.com

Thank you for assisting resolution in this matter.My desire is two fold:First that Loan Depot provide a complete copy of the file referenced as Account Number: [redacted], and then certify that said document and all copies and associated files have been destroyed.Second that this complaint...

remain on file with your organization. I have contacted them on no less than 6 occasions, each time resulting in failure to resolve this matter.Sincerely,[redacted]

Borrower’s Complaint Filed with the Revdex.com:My wife and I started a refinancing with this company and we were working with [redacted] and he told us we had to pay a fee of $200 for appraisal of our property. I asked[redacted] three time if the refinancing fell thru would I get my $200 back and he...

stated yes allthree times and also to my wife. He also told us when we were talking we were on a recordedline so this should be on tape. We found out the refinancing fell thru because we had leans onour property. So his boss Mr. [redacted] told us that we would not receive our $200 back and also toldus we should of been charged $395. When I spoke to a woman [redacted] she also told us we wouldreceive our money back. So we were deliberately lied to by all members of Loan Depot. Mr.[redacted] phone number is (888) 337-6888 ext 1610. Mr. [redacted] number is (888)337-6888ext [redacted]. We were deliberately mislead by this company and a charge of $200 was put on mycredit card. I think since I was promised that my money would be returned if the deal fell thruthis should be honored.Borrower’s Desired Resolution:I would like the $200 back that was promised and either credited to my credit card or a check.loanDepot’s Borrower Complaint Summary:1. Borrower claims that she was told she would be refunded the $200 deposit if the refinance fellthrough.  2. Borrower claims that she was misled and wants a refund of the $200.loanDepot Findings and Response:1. After doing a thorough file review, loanDepot found no viable evidence that the $200 depositwould be refunded back to the borrower for if the loan did not go through for any reason. It wascommunicated to the borrower that the deposit would be issued as a credit to their closing costsonce the loan funded.  However, the loan did not fund.  2. The borrower’s loan application was taken on October 31, 2014, wherein the borrower wasinitially approved based on the information provided during the initial origination interview.  It was discovered on November 17, 2014, after receiving the title report that Ms. [redacted] had failed to disclose that she had several outstanding liens and judgments on title. Itis loanDepot’s belief that borrowers are best served when he or she divulges information asearly as possible in the loan application process.Per the Fannie Mae Selling Guidelines, any open judgments, garnishments, and all outstandingliens that have the potential to affect the lien position of the subject mortgage or diminish theborrower’s equity must be paid off at or prior to closing and sufficient documentation showingsatisfaction of these obligations must also be obtained. When the borrower was advised thatthese outstanding liens and judgments must be paid off and that all title issues must cleared inorder to proceed further, she stated that she has never made a payment on the liens and doesnot intend to since she did not have the funds readily available to pay them all off. At this point,loanDepot was unable to proceed further and regrettably had to decline the loan application.Had the borrower initially disclosed to us, at application that she had outstanding judgmentsand liens on title, loanDepot would have properly advised her of how this would affect herrefinance and would not have proceeded further. Because of the borrower’s omission of theoutstanding liens at application, and loanDepot’s later discovery of this information, it causedsome potential issues.According to loanDepot’s records, at the time of application proper expectations were setregarding the collection of the $200 lock fee and the terms and conditions necessary to obtainthe refund.  On November 11, 2014 the borrower’s signed a Lock-In Agreement and AdvanceFee Notification form which is enclosed for your reference.Said document states:“If your application is declined based on inaccurate information provided by you, orinformation discovered by loanDepot and not disclosed by you, or your property is deemed unfitto 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 providedduring the interview process, the lock-in fee is NON-REFUNDABLE.”loanDepot collects a $395 lock fee. However, an exception was made for the borrower and areduced deposit of $200 was approved. Had the borrower’s loan proceeded to closing, shewould have received the $200 lock fee back in the form of a lender credit on her final settlementstatement. Unfortunately, loanDepot regrettably has to decline the borrower’s request for arefund of her lock fee. By the borrower signing and returning the lock agreement, sheacknowledged that she fully read, understood and agreed to the terms and conditions setthereof.In conclusion, loanDepot apologizes if the borrower’s experience with our company was anything lessthan satisfactory. After reviewing the file, there is no evidence that supports the borrower’s claim inregards to a refund of the $200 lock fee. loanDepot could not proceed with this loan request because ofthe liens and judgments on title in which the borrower did not disclose at the time of application. Basedoff the supporting documentation and explanations listed above, a refund of the $200 is not warrantedto the borrower.  Should the borrower have any questions or concerns she may contact the Customer Care Department at888-337-6888 ext.[redacted]. Representatives are available to assist her Monday through Friday from 8am to5pm, PST.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Loan Depot reply clearly proves they were able to acquire all Necessary Details about my property. Thus they should have Never ask me to sign a NON Refundable Form If they Knew I would not qualify. Also I will state NOW " LoanDepot has my permission to release any Voice recording to San Diego Revdex.com " Please release the recording. The NON REFUNDABLE Script was Never read to me. At this point I'm now asking for my entire refund of 300.00 dollars.

February 23, 2015
 
 
Revdex.com
complaint #[redacted]
Borrowers:
[redacted] and [redacted]
RE:
Loan Application [redacted]
Property
Address: [redacted]
 
 
 
This response
is in regards to the concerns that the...

borrowers, [redacted] and [redacted] have
expressed regarding their refinance with loanDepot to the RevDex.com. Their initial goal with loanDepot was to refinance the property at [redacted]. loanDepot was able to help them achieve this goal with their loan
successfully funding on November 26, 2014.
 
The borrowers
came to loanDepot to discuss options of refinancing said property on August 26,
2014.  A program was identified and their loan was locked into a
conventional Conforming Fixed 15Year loan on August 28, 2014.
 
Through the closing
of their loan non-mortgage debt was set to be paid off.  Included in these debts was an IRS obligation
that was due. Unfortunately, after their loan funded and the loan proceeds were
disbursed some payments were sent to the incorrect mailing addresses in error.
The error was immediately rectified and new disbursement checks were issued and
sent to the respective creditors.  The
IRS debt accrued $150 worth of interest and due to these delays and errors loanDepot
issued the borrower a concession check in the amount of $150 on February 6,
2015 to cover this fee and assist with any inconvenience the borrower may have
been put through.  Said check was
delivered via FedEx on February 9, 2015 to the borrower’s home. The tracking
number was [redacted]
 
On February
9, 2015 Mrs. [redacted] contacted our office to advise us that the IRS had not yet
received the payment that was issued to them. Our escrow vendor then advised
that the check to the IRS in the amount of $2, 700.36 had been returned by the
mail carrier due to the incorrect city being listed on the address field.  Approval was then granted to issue the funds
directly to the borrowers that they could issue payment directly to the IRS.  A wire in the full amount of $2, 700.36 was sent
to the borrowers’ bank account of February 10, 2015. On February 23, 2015 the
borrowers provided loanDepot with proof that the payment was issued via cashier’s
check to the IRS. At this time all disbursements have been completed and there
are no outstanding debts to be paid through the proceeds of this loan.  
 
As an additional
customer service concession to the borrower LD Escrow issued a refund in the
amount of $250 via check. The concession was issued to reimburse the borrower’s
50% of the settlement fee they paid at closing and that was reflected on line
1102 of the final settlement statement. The borrower confirmed via email that
the concession was to their satisfaction.
 
loanDepot at
this time has addressed all concerns and respectfully declines any request for further
monetary compensation.  loanDepot sincerely apologizes should the borrower
feel their experience with us was anything less than satisfactory.

San Diego Revdex.com Complaint #: [redacted]Borrower Name:    [redacted]Complaint Date:     2/21/2015Borrower’s Complaint Filed with the Revdex.com:This company was quick to take my money and then failed to provide the service in the time frameand manner in which they promised from the beginning. From Oct they have pulled my credit multipletimes under several different company names. Which each hit causes a 5 point decrease in creditscore which in turn causes a lower credit score so they can charge more money at closing for thelower score. When I brought this to the attention of the employees I no longer hear fromanyone...which is not a surprise being that when I call or leave messages including email as to whythe delay I do not get a response for days or sometimes weeks at a time. Now that I have requested arefund in the money they had promised I would get back at closing they are not answering oraddressing my concerns. Instead they want me to sign a contract and application with the increase inamount down, the increase of the closing cost etc. I told them I do not agree with this and theirresponse was to sign the agreement and they will fix the paperwork later! I have all emails of thisconversation with the employee requesting I sign documents that are incorrect.I have recently filed a complaint against LoanDepot.com.  I had requested they do not continue theloan process being that they have not kept the initial agreement and wanted me to sign incorrectpaperwork.  They pulled my credit again on 2/18.  Which was not authorized or requested to do so.  Inoticed they used the same name as they did in Oct this time.    This was just for informationalpurposes to add with my complaint.Borrower’s Desired Settlement:I would like my money refunded ($495) being that they could not follow through as they promisedand they had no customer service. They did not respond to phone calls or emails in a timely manner. Ihave all emails and responses saved.  loanDepot’s Borrower Complaint Summary:1. Borrower claims that loanDepot pulled her credit multiple times under different company names whichlowered her credit score. She claims loanDepot is pulling her credit so that the costs increase on her loan.  2. Borrower claims that there were communication issues between her and loanDepot, and that loanDepotwants her to sign paperwork to terms that what was not agreed to with increased costs.  3. Borrower is requesting a refund of $495.  loanDepot Findings and Response:1. On October 17, 2014, the borrower executed the Credit Inquiry Explanation Letter that states thefollowing:“During the loan application process, we continually monitor your credit activity and will request anupdated credit profile and/or pull a new credit report prior to closing.”The reason in why loanDepot pulls multiple credit reports throughout the loan process is to ensure theborrower is still current with their monthly financial obligations and that they are still credit worthy forloanDepot to lend upon. Furthermore, loanDepot only uses the third-party, Credco, to pull theborrower’s credit report, so the inquiry could be listed as Credco or loanDepot on the credit report.Please see the attached Credit Inquiry Explanation Letter.  In terms of the lowering of the credit score, there are many factors that are taken into considerationwhen the bureaus calculate a score, and the equation is not public knowledge. These inquiries haveminimal effect to the FICO scores, as factors considered in calculating the score were primarilydelinquencies on accounts, outstanding amounts owed, accounts opened in the last year, and accountscurrently being paid as agreed.  After a review of the borrower’s file, Ms. [redacted] came to loanDepot on October 16, 2014 and locked intoa Conforming Fixed 30 Year loan on October 17, 2014. The FICO score used to qualify for this loanprogram at this time was 646. On the most recent credit report pulled, the qualifying FICO score was 666.Contrary to what Ms. [redacted] stated in the above complaint, her score increased throughout the processof the loan and therefore, the costs couldn’t have increased due to her credit score.  As a matter of fact, the pricing of Ms. [redacted]’s loan is better today than it was when she first locked in.When she first locked in to the loan program on October 17, 2014, she locked in to an interest rate of4.75% with zero discount points. However, she is currently locked in at a 4.625% interest rate with -0.5%discount points meaning that she will be receiving a credit for this rate.  2. loanDepot sincerely apologizes for any miscommunication between the borrower and loanDepotpersonnel. Her concerns have been escalated to management. However, the borrower’s file is still active,and the Production Manager on file has been working with the borrower to see if she would like tocontinue the refinance process.  3. Contrary to what the borrower stated above in being charged $495, she was only charged $395. Becausethe file is still active, the borrower executed and signed the Lock-In Agreement and Advance FeeNotification, and services were rendered with the appraisal, a refund of the borrower’s $395 is notwarranted. Attached is the Lock-In Agreement and Advance Fee Notification.  In conclusion, the credit inquiries were valid to make sure the borrower is still credit worthy for loanDepot tolend upon. The credit inquiries on the borrower’s credit report can be listed as loanDepot or as Credco, whichis the third-party loanDepot uses to order the credit reports. Contrary to what the borrower stated, thequalifying FICO score increased throughout the process of the loan, and the borrower currently has betterpricing today than when she initially locked in on October 17, 2014. loanDepot apologizes for anymiscommunication that occurred, and the Production Manager is currently working with the borrower to seeif she would like to continue with the process. Because the loan is still active, the appraisal completed, andthe Lock-In Agreement executed and signed, a refund of the $395 deposit is not warranted.  Should the borrower have any questions or concerns regarding this, she may contact loanDepot’s CustomerCare Department at 888-337-6888 ext. [redacted]. Representatives are available to assist Monday through Fridayfrom 8am to 5pm, PST.

loanDepot’s Borrower Complaint Summary:1. Borrower claims that there was miscommunication between him and loanDepot. Borrower statesthat he was informed he was approved and was told to close out his credit cards.2. Borrower states that the loan was cancelled due to “no benefit.”3. Borrower claims...

that he was strung along for 6 weeks with loanDepot knowing this loan would nothappen.  4. Borrower claims that loanDepot is predatory and does not think he will be refunded his $395deposit.loanDepot Findings and Response:1. loanDepot sincerely apologizes that Mr. [redacted] felt like there was miscommunication between him and loanDepot. In regards to the borrower claiming he was approved, Mr. [redacted] was conditionallyapproved. What this means is that the loan’s approval was contingent on the conditions specified by Underwriting in order to get Final Approval on the loan. The borrower’s loan never received a final approval by our Underwriting department. In terms of the closing out of the credit cards, loanDepot found no viable evidence that supports Mr. [redacted]’s claim in loanDepot specifically requesting Mr. [redacted] to close out his credit accounts.2. When Mr. [redacted] came to loanDepot on 10/13/2014, he discussed with his Sr. Mortgage Banker thathe wanted to consolidate debt and take cash out of his property with an FHA Fixed 30 Year loan. PerFHA loans, there has not be a high enough net tangible benefit to the borrower, and it is up to theUnderwriter’s discretion to approve whether or not the net tangible benefit is acceptable. Theappraised value of his property came back lower than expected, which eliminated the option to takeadditional cash out. Mr. [redacted]’s proposed payment would be going up to $960 compared to hiscurrent monthly payment of $794 on his mortgage due to the $6,049 worth of debt to be paid offwith the new loan. His mortgage payment would be increasing $166 for 30 years since the loanprogram attempted to be secured was an FHA Fixed 30 Year program. Furthermore, it was foundthat Mr. [redacted] will be obligated to pay a student loan effective January 2015 in the amount of$302.78 per month for a total of 12 months. After this 12 month period, the payment will beincreasing excessively. Because of these factors, the Underwriter deemed the net tangible benefit tonot be high enough to final approve this loan.  3. loanDepot apologizes to Mr. [redacted] that he felt strung along for 6 weeks. Based off a thorough filereview, there appears to be no specific delay, as loanDepot exhausted all efforts to try to get thisloan final approved. In a last attempt, Mr. [redacted]’s loan was escalated to our Risk department forapproval. However, final approval was not granted based off the above listed contributing factors.  4. loanDepot apologizes that Mr. [redacted] feels that loanDepot practices predatory lending.Management has been notified regarding his concerns, and as a customer service concession to him,a full refund in the amount of $395 was successfully processed to the Discover card ending in 7154on 12/3/2014.   In conclusion, loanDepot sincerely apologizes to Mr. [redacted] regarding his experience with loanDepot.loanDepot worked hard to try and get this loan approved for Mr. [redacted], but per Underwriting and theRisk department, they deemed that Mr. [redacted]’s loan did not have a high enough net tangible benefitfor loanDepot to do this loan. As a concession to Mr. [redacted], we have successfully processed a fullrefund in the amount of $395. If Mr. [redacted] has not received this refund, he may contact loanDepot’sCustomer Care team at 888-337-6888 ext. [redacted]. Representatives are available Monday through Fridayfrom 8am to 5pm PST.

loanDepot has adressed all concerns at this time. The rebuttal received does not indicate that there are additional concerns pending. Please advise what items need to be further clarified.  Thank you

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: 11/26/2014Borrower’s Rebuttal Complaint Filed with the Revdex.com:I was upfront about my short sale during the application process. I was told it would not be aproblem as long as I have mortgage insurance. I understand the lock in fee agreement; howeverLoan Depot should refund all or part of the fee based on the experience they put me through.Their lack of communication is unacceptable and I did communicate with a supervisor aboutbringing money to closing. In fact, my last communication from the company was they were stillworking on my file on what I would need to provide to be approved for the new loan.The loan processor told me they underwrite the mortgage insurance and it could be approved asan exception by the President.Regards,[redacted]Borrower’s Desired Resolution:A refund of the $495loanDepot Findings and Response:loanDepot sincerely apologizes for any miscommunication that has occurred between Ms. [redacted] andloanDepot. As a customer service concession, loanDepot has decided to issue a full refund of that $495deposit in the form of a check. The check will be mailed to the address at [redacted]l Circle, [redacted], NC[redacted], and will be arriving early next week. Here at loanDepot, we have established responsible lendingand customer service as our core values.Should Ms. [redacted] have any further questions or concerns, she may contact the Customer CareDepartment at 888-337-6888 ext. [redacted]. Representatives are available to assist her Monday throughFriday 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.
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 arecorrect. I 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 sense. Since 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 $164,000. That  number came entirely from Mr [redacted], not from me. I 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 would. That is why I accepted his number of  $164,000, a number I never provided. If 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 down. In particular, the loan terms were different from   the initial terms, the terms I had paid to lock in. In other words,   loandepot.com charged me $395 for the lock-in fee, but then changed   the rate and terms of the loan. Loandepot.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 $395 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]

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

3/25/2015  Borrower’s Complaint Filed with the Revdex.com:  On or a...⇄ Borrower claims that they were upfront with loanDepot in regards to t...⇄ Borrower is requesting a refund of the $395 upfront appraisal deposit....⇄ loanDepot sincerely apologizes in regards to the miscommunication betwee...⇄ As a customer service concession, a full refund in the amount of $39...⇄

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I reject the response made by the business in reference complaint ID [redacted].   I have statements in writing on the Application Disclosure form saying I will get the $425.00 appraisal fee refunded to me. See Attachment.  This business has online reviews from people who complain about this same issue of being cheated out of fees they are told would be refunded.
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 service. I was mislead, rushed to sign documents and paid for the...

appraisalfee $595.00. 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 do. After 3 business days past, I was told thatmy debt ratio is too high and I can't refinance. I 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 $200. 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 $595 to me. Learn from their mistakes and don't abuse consumer.loanDepot’s Borrower Complaint Summary:1. Borrower claims that loanDepot misrepresented the services, and felt that he was rushed andmislead.2. Although the loanDepot refunded $200 back to the borrower, Mr. [redacted] is requesting a fullrefund of his $595 deposit.loanDepot Findings and Response:1. loanDepot apologizes for any miscommunication that occurred between the borrower andloanDepot and that the borrower felt rushed and mislead. However, loanDepot had to decline Mr.[redacted]’s file due to his debt-to-income (DTI) being too high for loanDepot to lend upon. At the timeof application on January 14, 2015, the borrower informed the Sr. Mortgage Banker that his annualincome was roughly $186,000. 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, 2015.2. loanDepot charged Mr. [redacted]$595 as a an appraisal deposit collected by credit card. Prior tocollecting the appraisal deposit, loanDepot evaluates the customer’s needs and determines if theyhave a loan product that will help the customer. The 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 $595.00 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 $395. Because wecharged Mr. [redacted] $595, we issued a refund in the amount of $200 on February 5, 2015.Because Mr. [redacted] executed the Appraisal Deposit Agreement and services were rendered with theappraisal, a full refund of the $595 deposit is not warranted. Attached 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 high. It was discovered inprocess that his income is lower than what he actually communicated to his Sr. Mortgage Banker at thetime of application. Furthermore, the appraisal was completed on Mr. [redacted]’s property, and he signedthe Appraisal Deposit Agreement acknowledging that the refund of the $595 is non-refundable. Butbecause the actual appraisal cost $395, loanDepot issued a partial refund in the amount of $200 tocompensate the borrower. Here 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 goals. Should Mr. [redacted] haveadditional concerns, he may contact the Customer Care Department at 888-337-6888 ext. [redacted].Representatives are available to assist him Monday through Friday from 8am to 5pm, PST.

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

[redacted]Complaint Date: 11/20/2014?Borrower’s Complaint Filed with the Revdex.com:It appears loan depot is wrought with deception .Nothing I was told or showed ever came tofruition . I can't get a response from them concerning my loan that was approved ,changed,altered , pulled, revised cancelled. They start the conversation with erroneous statements aboutoutstanding customer service . I tried calling 2 supervisors .What a joke ... I'm a disability retiredmilitary was attempting to get one of my military benefits of a va loan .. I just picked the wrongcompany to deal with . After reading several of their Reponses to customer complaints It is acanned response where they except no responsibility for their ineptness & lousy service. Theywasted 60 days of my time . This is only the first place I'm writing too, my hopes is that just 1other person will read 1 of these I'm going too write and will pick another company One that hasethics , lives up too the company line of great customer service. I'm appalled they treat disabledwar veterans like this . It's my feeling they never had any intensions of granting this loan ...jerked me around 60 days for their amusementBorrower’s Desired Resolution:My resolution would be that loan depot refund the fees they charged, plus the money they hadme spend for water testing 35.00 and a termite inspection 150.00$ It's my feeling they had nointension of following thru with this loan.loanDepot’s Borrower Complaint Summary:1. Borrower claims that there were communication issues between him and loanDepot.2. Borrower did not get a reason why his loan was cancelled/declined.3. Borrower is requesting that loanDepot refund any fees we charged, plus the money he spent for thewater test and termite inspection.loanDepot Findings and Response:1. loanDepot sincerely apologizes for the miscommunication between loanDepot personnel and Mr.[redacted]. His concerns have been escalated to management and have been addressed internally.2. loanDepot initially qualified Mr. [redacted] based on the information that was disclosed at application.However, upon loanDepot's review of Mr. [redacted]'s documentation, it was discovered that hisapplication was not eligible for VA financing due to his excessive debt-to-income ratio (DTI) and alack of sufficient residual income. The available residual income is the designated amount that theVA established based on region and family size. This calculation takes the proposed housingpayment, which includes taxes, insurance, utilities and, lastly, consumer debts, and subtracts it fromthe borrower's income. In Mr. [redacted]'s case, his calculated amount was only $372.22, which wasbelow the required residual income amount of $738.00. Due to initially not meeting agencyguidelines, Mr. [redacted]'s loan file was escalated for a second review. loanDepot diligently workedwith its Underwriting Department to make the loan work which included re-evaluating andrecalculating the residual income to make this loan suitable and affordable for Mr. [redacted].Unfortunately, Mr. [redacted] still did not qualify for the program requested. At this point, Mr. [redacted]was provided with the option of switching the loan program from a VA 15-year fixed loan to a VA 30-year fixed to possibly meet the DTI and residual income allowable thresholds. Unfortunately, Mr.[redacted]'s qualifying income amount was still not sufficient to bring the qualifying ratios within anacceptable range. The underwriting guidelines that loanDepot follows are in place to ensure thatconsumers have the ability to repay their loan and are not put in a situation that will inevitably leadto a defaulted loan and a foreclosure.3. As a customer service concession, loanDepot refunded the borrower’s deposit in the amount of$325 to the MasterCard ending in 0287 on 11/25/2014. As for the money he spent for the water testand termite inspection, loanDepot is willing to compensate the borrower for these charges if thecustomer paid out of pocket for these items. We have requested the receipts for these items withMr. [redacted] for review.In conclusion, loanDepot apologizes that Mr. [redacted]’s experience with loanDepot was anything lessthan satisfactory, and regrets that we could not meet his refinance needs. Because of Mr. [redacted]’sresidual income, loanDepot could not do the loan. As a customer service concession, we have issued afull refund of the borrower’s $325 deposit that was collected at the time of application. We are currentlywaiting on the receipts from Mr. [redacted] for the water test and termite inspection to review and see ifcompensation is warranted. Here at loanDepot, we have established responsible lending and customerservice as our core values.

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 Sr. Mortgage Bankerbased off the information that transpired between him and the Sr. Mortgage Banker. However, it wasrequired for the borrower to have at least 6 months of liquid reserves since the property is a non-owneroccupied investment property."Again, I was initially disqualified by the non-Sr Mortgage Bankers at LoanDepot.com for the refinance , a fact I reminded the Sr. Mortgage Banker of when he contacted me later. He assured me that he was a "specialist" and assured me that I could qualify. The business' response is self contradictory "Mr. [redacted] did qualify" yet "However, it was required for the borrower to have at least 6 months of liquid reserves". Thus I "qualified" yet did not meet the "requirements". This does not make sense. I do not think that I should have to pay $495 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]

Please see the attached Letter of Explanation regarding this complaint.Thank You.San Diego Revdex.com Complaint #:  [redacted]  Borrower Name:   [redacted]  Complaint Date:   3/21/2015  Borrower’s Rebuttal Filed with the Revdex.com:  Revdex.com...⇄ /> [redacted], and to which they cited in their letter that:   " Recen...⇄ /> [redacted]. However, in the loan process, loanDepot is required to tak...⇄

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]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I appreciate loandepot.com's taking the time to respond to my complaint, and wanted to point out several inaccuracies in their statements:    - It was [redacted], the senior mortgage banker, who suggested the   value of $164,000, and not I who suggested that value. As their   contract notes "If your application is declined based on inaccurate   information provided by YOU" (emphasis added). The property value   estimate was provided by Mr [redacted], and not by me.    - As an expert in the field, Mr [redacted] should have a better idea of   home values than I would. His excessively high estimate of $164,000   compared to the appraised value of $119,000 is suspicious, and may   have been a deliberate overestimate to entice me into paying the   appraisal fee.    - After the appraisal, I called loandepot.com on nearly a daily   basis, but they didn't answer or return my calls. If anyone was   unresponsive, it was loandepot.com, and not me.    - Loandepot.com DID tell me about a second offer, but Mr [redacted]   explicitly suggested that the offer wouldn't help me and recommended   that I not take that offer. I simply followed Mr [redacted]'s   recommendation.    - However, if loandepot.com is still willing to offer me a loan that   gets me cash out, lowers my interest rate, and lowers my monthly   payment (all of which they originally promised), I will accept   it. Mr [redacted] explicitly told me that the post-appraisal offer would   INCREASE my interest rate (which had presumably been locked in) and   NOT get me any cash out.    - I would like to ask that loandepot.com retain a copy of all phone   conversations they had with me, and, if possible, provide me with a   copy of these recordings. I believe these recordings will help   reveal the truth in this matter, and any recordings I may have would   be of fairly low quality.
Regards,
[redacted]

Revdex.com COMPLAINT#:                        [redacted]
Borrower...

Name:                              [redacted]
Loan Number:                                [redacted]
 
Borrower’s Complaint Filed with the Revdex.com:
“On or about November 25, 2014 I received a call
concerning a refinance offer and spoke at length with a [redacted] from the
Loan Depot. I went in great detail about my finances and employment. He assured
me that his company would be able to help me obtain my ultimate goal which was
to lower my current interest rate of 8.175%. I finally gave my consent for Mr.
[redacted] to run a credit report that he said was necessary to receive approval for
the loan application. Mr. [redacted] came back on the line after a short time and
said that the credit report came back favorable and went on to state the terms
of what my new loan would be. He also stated that an appraisal would be
necessary to complete this application and it would be my responsibility to
cover the $395.00 appraisal fee and asked for a credit card to put it on and
that the fee would be deducted later on with my closing costs. I received an
email from Mr. [redacted] on November 26, 2014 stating all the required documents
that needed signed and faxed back. Among those documents that were faxed back
to Mr. [redacted] were a copy of my 2012 and 2013 tax returns, last two pay stubs
from my current employers and a uniform residential loan application (which
clearly stated my lengths of employment from both my employers). Over the
course of the next two months and several faxes of financial documentations the
closing date of January 9th was fast approaching. I was then being contacted by
a [redacted] from Loan Depot who told me she was the financial advisor
that would be handling my closing. On January 6th 2015 I received a call from
Mr. [redacted] informing me that Loan Depot would not be able to refinance
my loan because I did not have two years of employment with one of my jobs. I
said that should have been one of the first questions that they ask before they
take the $395.00 appraisal fee. It was shown on my uniform residential loan
application back in November my employment dates from both my employers.”
 
Borrower’s Desired Resolution:
“I would like a refund for the
appraisal that was done on my home. I feel like I was taken advantage of in
that I let Loan Depot run a credit report which could possibly affect my score.
If a two year work history is needed to obtain a loan then that should have
been one of the first questions that they ask, not telling me 3 days before
closing that they would not be able to help me and that oh maybe in August when
I will have the two years of work history they could possibly help me then..”
loanDepot’s Findings and Response:
We appreciate Ms. [redacted], the borrower expressing her
concerns with her recent loan with our company through the RevDex.com. 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.  We regret to hear that the borrower feels her
experience has been less than satisfactory.
A review of the borrower’s request of a
refund of the $395 lock fee has been completed. loanDepot charges  a $495 lock fee.  TThe lock fee collected from the customer guarantees
that the customer will receive the quoted rate and fees for a specific period
of time, usually 30 to 45 days.  Upon the
funding of the customer’s loan, the fee is credited towards the customer’s
closing costs. 
                                        ...⇄
The lock fee is a non-refundable fee.  The only exception is when the application is
declined based on the information provided by the customer prior to collecting
the lock fee.  
 The lock fee is used by loanDepot to secure the rate
agreed upon and loan product chosen by the consumer for a set period of time.  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.  Should the customer 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 customer’s behalf such as
property appraisals, credit reports, underwriting fees, etc.  
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 to the customer 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. 
In this case, as a customer concession, loan Depot has
processed a refund of the $395 on February 13, 2015. Our records indicate that
the borrower’s employment history was disclosed as the time of origination.
However, Ms. [redacted]’s loan was ultimately declined due to not being able to use
her income from her second job. Ms. [redacted] did not have 2 years on employment
history. Thus this source of income could not be utilized for qualifying
purposes. The refund was processed as a credit to the credit card on file. The
transaction ID is [redacted]. Attached is a refund receipt for your records.
We apologize for any
delay the borrower may have encountered in receiving assistance. Customer
service is very important to us and her concerns were addressed internally with
our staff. We will utilize her feedback as a training opportunity.
Should the borrower
have any questions or concerns she may contact our Customer Care Department at
888-337-6888. Representatives are available to assist her Monday through Friday
from 8am to 5pm, PST.

San Diego Revdex.com Complaint #: [redacted]Borrower Name: [redacted]Complaint Date: 11/8/2014Borrower’s Complaint Filed with the Revdex.com:After filling out an online form on Lending Tree, or some site like that, and received an emailsolicitation from loanDepot.com. I gave my information to the representative...

by phone. I got anemail several days later stating that I did not qualify for a refinance loan. The day after receivingthe disqualification email, I received a call from Baron Cox, also a loanDepot.com representative.I informed him that I did not qualify for the loan. He told me he was a loan SPECIALIST and couldwork with me. I was under the impression that loanDepot.com was willing to make someconcessions on a loan because of the large amount of equity I have in the property (250% of themortgage balance). I gave him all my financial information and he said I would QUALIFY for arefinance. Of course, I would have to pay a $495 processing fee. After having my propertyappraised and submitting all my documentation, [redacted], a Senior Account Manager atloanDepot.com, informed me that the loan was ready to go. All I had to do was tell him wheremy ADDITIONAL RESERVES were. Of course there were no additional reserves. So now I am out$495 and have no prospect for a refinance. I spoke to Baron Cox about it afterwards. He said hewould check into the possibility of a refund of my $495. I have not heard from him. Myconclusion is that I was ripped off by loanDepot.com in a bait and switch operation.Borrower’s Desired Resolution:I want a refund of my $495 processing fee.loanDepot’s Borrower Complaint Summary:1. Borrower claims that his Sr. Mortgage Banker, Baron Cox, said he qualified for a refinance.2. Borrower claims that loanDepot requested for additional reserves.3. Borrower is requesting a refund of his $495 deposit.loanDepot Findings and Response:1. When Mr. [redacted] spoke to his Sr. Mortgage Banker on June 10, 2014, the borrower did qualify basedoff the information that transpired between him and his Sr. Mortgage Banker. At that time,loanDepot originated the loan on Mr. [redacted]’ property based on the information that he disclosed.2. Per the guidelines for the loan program Mr. [redacted]’ was trying to secure in a Conforming Fixed 30year loan on his investment, non-owner occupied property, 6 months of reserves were requiredfrom the borrower to show. This guideline would be consistent for any lending institutionrefinancing an investment property.3. Mr. [redacted] was charged a $495 lock fee. The fee is collected by credit card. Prior to collecting thisfee, loanDepot evaluates the customer’s needs and determines if they have a loan product that willhelp the customer. The company conducts an extensive screening process on the phone with thecustomer to collect data and find the proper program that will fit the customer’s needs. If there is amatch and the customer is interested in moving forward with loanDepot, a Lock Script is read overthe phone to inform the borrower of their proposed rate and fees, the length of the time theproposal is good for, and that the fee is non-refundable. loanDepot then emails the customerinformation about moving forward with the loan.Mr. [redacted] executed and signed the Lock-In Agreement on June 12, 2014 where he acknowledged:“Your Lock-in Fee of $495.00 is NON-REFUNDABLE.”The credit card charge in the amount of $495 was agreed upon for the purpose of a lock fee. Thelock fee collected from the customer guarantees that the customer will receive the quoted rate andfees for a specific period of time. The lock fee is used by loanDepot to secure the rate agreed uponand the loan product chosen by the consumer for a set period of time. In this case, it was for 45days. After the lock fee is collected, loanDepot secures a position on the secondary market for thecustomer’s loan and ensures that the rate selected is available at any time over the period of thelock agreement.In addition, the $495 was also used for other expenses, such as to cover the cost of taking thatposition on the secondary market, the non-delivery fees assessed to loanDepot, and to cover otherservices ordered on the borrower’s behalf, such as property appraisal, credit reports, underwritingfees, etc.Because of the above information, loanDepot respectfully denies compensation of that $495amount. Please see the attached Lock-In Agreement and Advance Fee Notification for yourreference.In conclusion, Mr. [redacted] did qualify for the refinance initially when he spoke to his Sr. Mortgage Bankerbased off the information that transpired between him and the Sr. Mortgage Banker. However, it wasrequired for the borrower to have at least 6 months of liquid reserves since the property is a non-owneroccupied investment property. Furthermore, loanDepot did not profit from this loan application, as weincurred expenses and losses on the borrower’s behalf that exceeded the $495 amount. We ordered anappraisal, ran credit reports, title reports, and were subject to losses on other services rendered duringthe process. Based off the supporting documentation and explanations listed above, a refund of $495 isnot warranted to Mr. [redacted].

Good afternoon [redacted], The above referenced complaint is not available on our profile in order to submit a response to. I called your office today and I was advised that to email you our response. Below is our response to this complaint and the attachments are items to support our...

response. Company Response: Revdex.com Complaint#: [redacted]Borrowers: [redacted] and [redacted]RE: Loan Application [redacted]Property Address: [redacted]  We appreciate Mr. [redacted] voicing his oncerns through the Revdex.com. loanDepot has established responsible lending and customer service as its core values and ensures that its staff abide by its core beliefs and operates within industry guidelines. The borrowers, Mr. [redacted] and his wife initiated a loan with our company on December 18, 2014. Their goal with loanDepot was to refinance their property at [redacted].   A program was identified and their loan was locked into a conventional Conforming Fixed 15Year product on the same day. loanDepot was able to help them achieve their goal with their loan successfully funding on February 5, 2015. The closing of Mr. [redacted]’s loan was originally tentatively scheduled for January 26, 2015. However on January 23, 2015, he was contacted by our staff in an attempt to schedule an earlier signing appointment. A closing was not able to take place on said date for several reasons. On January 23, 2015 our staff confirmed that Mrs. [redacted] had a name change and the vesting needed to be updated via a quit claim deed. Their title company did not provide this completed document to loanDepot until January 27, 2015. The title company also did not provide their proof of errors and omission insurance to loanDepot until January 26, 2015. These items were all required for their loan.  Due to these delays the closing did not take place until January 29, 2015 at a time that was selected by Mr. [redacted] for their convenience. As a customer service concession to him for the inconvenience of not closing as originally anticipated, a pricing exception was granted to their loan in the amount of $1,200.  This amount covered a full months’ worth of interest for their current loan at the time.  Enclosed is a copy of the payoff statement which reflects the full months’ worth of interest ($641.56) on their mortgage with Chase.  The remaining $558.44 was given as an additional customer service concession.  The $395 lock fee was issued as a credit to Mr. [redacted]’s closing cost and reflected on the Final Settlement Statement. By signing the closing documents on this loan, they acknowledged that they read, fully understood, and agreed to the terms and conditions set thereof. Furthermore, they did not exercise the 3 day right to rescind the loan after signing said documents.  The loan terms were fully disclosed to the borrowers by our staff and they agreed to proceed with the loan request. Successively, on February 5, 2015, their loan funded at an interest rate of 3.25% at a loan amount of $200,000. We sincerely apologize for the clerical error that occurred in relation to the delivery of a document not belonging to Mr. and Mrs. [redacted]. This was an unfortunate mistake where a document was placed with theirs in error at printing. As a lender, loanDepot is accountable for the delivery of documents we send to all of our customers. LoanDepot values their personal information equally as they do. As a customer service concession, loanDepot is extended the borrowers LifeLock services. LifeLock monitors their credit and serves to also protect their personal information for one (1) year. The subscription was extended to all parties involved. Based off a thorough file review of the loan file loanDepot respectfully declines their request for further monetary compensation.  Attachments:1.        Chase Payoff Demand Statement2.       Lifelock Subscription   Thanks,[redacted]Customer Care Manager(949) 455-6287tel/fax(888) 337-6888 ext. 4187[redacted]@loandepot.com26642 Towne Centre DriveFoothill Ranch, CA 92610www.loandepot.com