LoanDepot
Reviews and Complaints

As an expert in the mortgage industry, I understand the importance of a smooth loan process. Looking at the reviews for LoanDepot, it's clear that customers have had mixed experiences. While some customers praise the company for their efficient service and helpful loan coordinators, others express frustration with delays in underwriting and poor communication. It's essential to consider these varying perspectives when choosing a mortgage lender. If you value efficiency and clear communication, LoanDepot might be worth exploring, but be prepared for potential delays and inconsistencies in the process.

LoanDepot is a company that promises a lot, but when it comes to delivering, they fall short. Their loan officers are not very experienced and they will give you the run around once they have your money. It's important to be careful with them because they will collect all your information and sell it before they decline your loan. This is not a good practice and it's something that you should be aware of before you decide to work with them.

I had a bad experience with LoanDepot and I will be contacting the attorney general's office in my state. They promised me the world and I believed them, but when it came time to deliver, they fell short. I was very disappointed with their service and I would not recommend them to anyone.

If you are thinking about working with LoanDepot, I would advise you to be very careful. Make sure you read all the fine print and understand what you are getting into before you sign anything. Don't let them pressure you into anything and don't give them any more information than they need. It's important to protect yourself and your finances when dealing with any company, especially one that promises a lot but doesn't deliver.

In conclusion, LoanDepot is not a company that I would recommend. They have amateur loan officers and they collect your information to sell before they decline your loan. If you are looking for a reliable and trustworthy company to work with, I would suggest looking elsewhere. Don't make the same mistake that I did and be careful when dealing with LoanDepot.

I recently used LoanDepot for my home loan and was not satisfied with the experience. They inflated my interest rate and did not provide any closing costs. I compared their offer to four other loan companies and found out that I should have received $4400 towards closing costs based on my credit rating. However, LoanDepot did not provide me with any closing costs at all. I would not recommend using this company and advise others to be cautious. The team, led by Josh Rappaport, are not trustworthy and I believe they are crooks.

Loandepot ain't the best place to work at. They treat their employees like garbage. It's like working in a sweatshop. They take forever to process loans. It's so slow, you could grow a beard waiting for them to finish. And get this, they make sales people do customer service work because the processors don't call the clients. What kind of nonsense is that? And to top it all off, they charge lender and junk fees. You're better off going with someone else. Don't waste your time with Loandepot.

I gotta say, the loan process with LoanDepot was a real doozy. It took FOREVER to get everything sorted out, way longer than any other mortgage we've ever had. And let me tell you, we've had at least ten mortgages in our time.

One thing that really grinds my gears is that your account sign-in is your email address. Now, I don't know about you, but my email was hacked not too long ago. And let me tell you, out of all the MANY companies I had to contact to change my email, LoanDepot was the absolute WORST. The customer service reps are a bunch of fools, I tell ya. It took a whopping three months to get everything straightened out.

To top it all off, we own a vacant lot next to the lot our home is built on. And wouldn't you know it, those idiots at LoanDepot have assumed the responsibility of collecting escrow from us to pay taxes for the vacant lot. Like, what the heck? We're in another battle with them now to correct THEIR IGNORANCE.

All in all, I'd say STAY AWAY from LoanDepot. It's just not worth the hassle, ya know?

I gotta say, I'm a real estate investor and I've been in the game for over 20 years. I had a real bad time with the San Antonio/Stone Oak office of LoanDepot. I sold a house and the buyer got their financing through them, but it took a whopping 51 days to close instead of the promised 30. It was delay after delay, and I gotta say, it was just plain incompetent. It didn't just affect me as the seller, but the buyer was a veteran too. It was a real mess, and on top of that, they lied to me and gave me bad info. It was super unprofessional, and when I complained to their office, it was like talking to a brick wall. I wouldn't recommend the San Antonio/Stone Oak branch of LoanDepot to anyone looking for a mortgage loan. There are plenty of other lenders in San Antonio that are way more professional and reliable.

I gotta say, I had a pretty good experience with Loan Depot. I decided to re-finance my mortgage back in 2018, and boy was I glad I did! I started the process, but then my husband passed away just a week later. I was in a really bad place emotionally, but my loan coordinator was a real lifesaver. They were so helpful and made everything go smoothly, even though I was dealing with a lot at the time.

And let me tell you, Loan Depot really came through on their promises. They lowered my rate and my mortgage payment, just like they said they would. Plus, I was able to take out an extra $25,000 to do some home improvements. It was a really easy and fast experience, even though I'd never done a re-finance before.

The best part? They came to my home for the closing, and they were so nice and respectful of my family and what we were going through. It really meant a lot to me.

Now, my rate is down to 4.5%, and I've never had any problems making my payment online. My insurance and taxes are included in my mortgage payment, and Loan Depot has always made the payment annually and on time. I really can't say enough good things about them - the process was great, their customer service was top-notch, and their rates were really competitive.

All in all, I'm really happy I went with Loan Depot for my re-finance. They made a tough time a little bit easier, and I'm really grateful for that.

This process was a complete nightmare. I've been through the mortgage process four times and have done two refinances, but Loandepot was by far the worst experience. It took them almost four months to process my loan, which is ridiculous. I mean, Rocket Mortgage had me processed in just 20 days! I have good credit and responded to all requests the same day, so there was no reason for it to take this long.

My rep was okay, but I had to listen to him apologize for three months straight. There was always some other department causing delays. It was frustrating and made me wonder how they would treat me if there were any problems later on. I don't want to find out.

It's going to cost me a few thousand, but I'm going to refinance again as soon as possible. I can't deal with this kind of service. Rocket Mortgage and Better were both great companies to work with.

One thing I noticed was that there's a big difference in ratings between "mortgage review" websites and user reviews like Yelp. Yelp and similar sites all give Loandepot a score of under 3, but the reviews written by so-called experts tend to be 4+. It makes me wonder who to trust.

LoanDepot is a company that I would never recommend to anyone. They have ruined my chances of buying a home for the next few years. It has been a terrible experience for me and my family. I only have 20 days to find a new home, and it's all because of LoanDepot.

I filled out an online preapproval application and was contacted by Yvonne Bobadillo. She was very friendly and positive, and after I provided all of the requested information, she contacted me to discuss my application. She reviewed my credit report with me over the phone and asked me why I had Experian boost on my report of 4 bills. I explained that I added it when I downloaded the app because the app suggested it. She told me that I should remove the 4 accounts because they were reducing the amount I could pay monthly on a mortgage. She also told me I should take out a new loan to pay off a personal loan on my credit because the personal loan payment was so high. I only had 12 more payments and had chosen the high payment amount to pay it off quicker. She gave me a preapproval with desk underwriting and referred me to my agent who I got along well with.

We finally got an offer accepted, and I paid the appraisal fee, etc. She said the loan was approved and already underwritten. That we were good to remove contingencies. She sent me closing disclosures, and I waited for my signing date. As our closing date came and went, she said that the loan was approved, underwriters were satisfied, but a "system issue" was preventing me from signing. She had all the area managers working on it to figure it out. My agent made an appointment with her manager to discuss the issue because the seller had begun charging us a daily fee for not closing. At that time, he told her that I removed positive trade lines and paid off a two-year-old loan with perfect payment history for a new loan, but that had affected my credit dramatically, and now the desk underwriting was kicking my loan out as high risk. She sent me an email with him saying the same. Luckily I had emails that showed Yvonne had actually told me to do this. He worked for a week trying to find a way to close the loan, but in the end, I lost the house, my $8,000 earnest money deposit, and now have to go out and find someplace to rent with my credit literally in shambles. I can't caution enough to be very careful using this company.

I was introduced to a sales rep from Loan Depot last year when I went to a local Home Show. My house needed work desperately but I didn't have enough equity in the home to have the work done, and I couldn't find a local bank that could offer the type of refinance loan Home Depot offers to afford the repairs. He told me to get 3 quotes and then contact him to initiate the refinance process. Last September, just as we were ready to sign the papers, I was informed that Loan Depot's policy to finance the remodel is 50% up front and 50% at completion of the project. The contractor I had chosen couldn't abide to those terms, and Massachusetts state law (where I live) states clearly that contractors are to be paid 1/3 up front, 1/3 at mid point and 1/3 at the end of the project. Loan Depot WOULD NOT abide by our state law because they are not headquartered here. I lost the contractor I trusted and went with a contractor who had done work for Loan Depot customers before. I signed the check over to the contractor in November and agreed he could start after the holidays. I fired the contractor mid-February because he wasn't committing to the job, having spent a total of 4 hours at my home since the first week of January. His response was always "I'll let you know when i can come". With the help of my mortgage representative he was told to send in receipts and return the unused funds. He never did that. The beginning of April I contacted the sales rep who started this whole process. He got upset and contacted the contractor to see what was going on. The sales rep let me know the contractor was sorry, knew he was negligent getting the job done and asked for a second chance to make it right. Today is May 1, and he finally sent and electrician and carpenter to start work yesterday. The electrician was here an hour. He brought the wrong amp box. He'll have to do the work later. The carpenter was here, tore out cabinets and left. He didn't reattach one of the kitchen drain pipes so you guessed it - dish water all over the place when I released the drain. I can't fault Loan Depot for a lousy contractor, BUT IF THEY HAD ABIDED BY OUR STATE LAWS, I would have had a competent, trustworthy contractor who would have completed a high quality job in less than 8 weeks. He still calls me periodically to ask how the work is going because he cares. It's more than I can say about my current contractor. Check your state laws carefully, what your rights are and compare them to Loan Depots terms. Don't get sucker punched like I was. The only thing that's been continually working on the project for the last 6 months is my money earning interest in the contractors bank account. I've never written a review on someone and have always looked on the bright side of things, but this journey has made an emotional, physical and mental wreck out of me.

Never, ever,ever finance with this copany. I have to believe the 5 star reviews are bogus and the only reason I gave 1 star is because there is no option to leave a 0 star review. After responding to a solicitation from Loandepot while considering a refinance in 2019, we were offered a nice refi deal. Nothing over the top, but a decent deal. After jumping through all of the credit app hooplah, the loan officer, Mr Ash S suggested that we allowed him to make an appointment for an appraiser to value our home. The appraisal cost $495.00, That was not an issue, even though I could have hired an appraiser for less than $300.00, they needed to use a trusted appriaser. I guess they wouldn't want me to rip them off with a phony appraisal. To condense the story, Mr S had guaranteed us that if for any reason the refi did not follow through, other than our backing out, the appraisal fee would be refunded. For some bogus reasoning the refi did not meet requirements but no $ 495.00 appaisal fee refund. However, when approached about the matter, Mr S did offer comfort in the fact that the appraisal was valid for 1 year and we could always seek another refi next year. I am in no pinch to refi so I decided to wait and seek another refi deal later. A few months ago we resumed refi talks with Mr S and worked out a decent package which would not lower payments but use some equity to pay off a few thousand dollars of other debt, less than $20,000.00. Once again we worked through the credit hooplah and was sent a packege by mail which upon reading contained many nice little differences such as a floating interest rate, some other undiscussede fees and low and behold a $400+ appraisal fee. When asked about the discrepencies Mr S assured us that this was just formality and he would never write a loan with a floating interest rate, He also assured us that the other fees as well as the appraisal fee would be removed from the "final proposal". He also stated that rates had increased slightly so he wanted to wait for them to drop so he could offer us a better rate and that as soon as they dropped he would write the loan and notify us. Once again, since I am not in any desperation to refinance, just looking for a good deal, we agreed to wait him out with the understanding that we wanted to refi before our $495.00 appraisal was void. He assured us there was plenty of time since 4 months remained before the 12 months were up. Low and behold a few weeks later we received the regretful email staying that loandepot just couldn't close on the propsed deal due to restrictions. They were very apolgetic and I'm certain that they were devastated by the fact that they were not able to work out the refi. Yeah right, the truth probab;ly is that we were not desperate enough to fall for their schemes again. Thanks to loan depot I have decided to continue with my current mortgage agreement. THANKS LOAN DEPOT!

Where to begin! I would give no stars if that were an option, however, one will do. We recently refinanced our house and were pleasantly surprised at our new Monthly Mortgage Payment. In fact, we asked numerous times while signing paperwork if it was the correct amount and they continued to confirm that it was. We thought we were pretty lucky, until***..2 weeks before our insurance was going to lapse. We called the insurance company to find that they had been trying to contact Loan Depot, but they were not answering them. They has sent a few letters asking for payment without response. After doing some investigating we found that LoanDepot was not taking out the right amount for escrow to cover our insurance. Which was a surprise considering that with VA loans, they are streamlined to take out for both insurance and taxes in the mortgage payment total for you. So, we quickly had to call our insurance company to make the unforeseen payment to cover our insurance, and tried to get to the bottom of what happened on the mortgage companies end. Keep in mind this was a years worth insurance payment. While in the process of figuring out it was a "computer error", someone from the company went ahead and decided to pay our insurance company, mind you two months late, because "they were told to". I wish I knew who "told them" because that someone put us deeper in the pit by making us short on our tax payment in escrow. The money that was paid by the mortgage company by law could not be returned to our escrow account. So now our options are to wait for the refund from insurance so that we can turn around and hopefully get it to the correct place to cover taxes,, pay out of pocket until we get the refund, or add the remaining amount owed for taxes to our next years mortgage. As it stands our mortgage is already increasing since we are now adding the insurance back into escrow, so I really don't want my mortgage to increase almost to what we were originally paying on our first mortgage payment or maybe more, because of these errors. Did I mention that during getting the paperwork ready for the refinance they misspelled my husbands name throughout - paperwork had to be redone, then misspelled my name - which they told me was not a big deal and that it didn't need to be fixed? They mixed up our current mortgage information and previous mortgage information. And there is still no definitive answer as to why this all happened in the first place except a computer error! So, to say it has been a nightmare dealing with this company would be an understatement. We are now in the process of finding a new mortgage company so that this does not continue happening. I am sure that they they have been good for some people, however, for us it was three strikes, going on four, five*** We feel that this company is just not a good fit for us and we hope that they can fix the "computer" and other issues that resulted in our issues so that it does not happen to others.

I was particularly impressed with the loan officer. He was patient in answering any and all questions or misunderstandings. Whatever Loan Depot pays their loan officer, I would say that it is not enough. Our loan officer made immediate call backs whenever we had a question. However, I could not give the same evaluation for the appraiser. I felt the appraiser was the polar opposite of the loan officer. He was aloof and indifferent. It appeared to my husband and me that the appraiser's purpose seemed to be to bring down the home's value through this appraisel process. There were several significant improvements that were left out of the appraisel that I thought should have increased our home's value and consequently the loan amount. Those improvements included glass block windows for security in the basement window opening costing $700.00 and a new leaf filter system costing $4000.00. The appraisal came back two days later at $20,000 less than the loan officer had originally projected. We were, of course, disappointed. We spoke with our loan officer about the improvements noted above and he suggested that we could appeal the appraisel. And so, while we appealed the appraiser's evaluation we were told a few day later, as I recall, that our appeal was rejected. We felt that appeal process was problematic in the Loan Depot process, First, we did not know to whom we were making our appeal. Second, we were not told the length of the appeal process. Third, we did not know the basis of our appeal denial. Fourth, we did not have verification that those improvements noted above, nor verification that *** of America had valued our home by $10,000 more were included in the appeal review. This lack of transparency was problematic to us.However, we were two months into the process and we wanted to get the process finished, so we could complete some construction projects before winter ergo, we finally agreed to the appraiser's value. The appraisel and the so-called appeal process was "sketchy" to say the least. It appeared that Loan Depot "games" the customer by having different personnel play distinct positive and negative roles that provided leverage to Loan Depot. As such customers are worn down by the lengthy process and simply "cave in" to the appraiser's low evaluation. As noted above, we had several construction improvements we wanted to complete before the winter season was upon us, so we "caved".There were other minor communication problems in faxing information; however these exchanges were minor compared to the issue of the appraiser's attitude in our home. I would recommend that Loan Depot do a detailed evaluation of this appraiser and set goals to improve his people skills. I would also recommend Loan Depot have a more transparent, open and detailed appeal process to protect the corporation from criticism and the consumer from feeling "ripped-off". Overall Loan Depot is not as good as they might believe and not as bad as some consumers rate them.

Do not use loanDepot. My husband and I contacted loanDepot Oct 1, 2021 to refinance our house. At that time we were told that everything looked great and that the refi should be completed in a few weeks and that our loan would now be at 2%. Everything sounded great! And then a few weeks later were contacted and told that it would be just a couple of more weeks and that our interest rate would be extended because something was taking a little longer. A few more weeks go by. We were again told that everything looks great, but it was just going to take a couple of more weeks, its no big deal something is just taking a little longer than expectedoh and by the way your rate is now 3.3% due to an error by the first person that we had talked to when going through the process. The Lending Officer had made a rookie error, as he called it by clicking the wrong button. You can imagine how happy we were to hear that not only is this going to take longer, but be also be more expensive than what we were first told. And on top of that we now have to get an appraisal on our house, which we were originally told we would NOT have to do. So MORE money. We did talk to a manager and they stated that due to the errors they would cover the cost of the appraisal and we would not be charged. Keep in mind that this all started 10/1, it was now Dec. A refi that we were told would only take a couple of weeks is now over 2 months. The house got appraised and everything went to underwriting and everything was looking good, but by the way were going to have to extend your rate AGAIN since its taking so long. We FINALLY have someone come out so that we can sign and be done with the process. Right away we are told that we have over a $1000 to pay today for closing fees. We were VERY surprised since not once did our Senior Account Manager tell us this. Also, the appraisal fee that was supposed to be waived, was clearly being charged to us. And one more error was noticed. The Alta stated that we owed $1500 and the first page of the papers we were to sign had $1000. The paperwork that they had drawn up for us were not matching up. Right away we called up the Senior Account Manager and asked him about the closing costs that we were unaware of. He stated that we didnt actually have to pay it that date but had to pay it when the funds were disbursed. I asked the Notary about that, he stated that he has never seen that happen that way before and was also confused by that. Also, he was insisting that we can sign the documents even though there was discrepancies and it showed that we were being charged for the appraisal. He stated that the appraisal fee would be taken care of later AFTER the documents were signed. We stated that we did NOT feel comfortable doing this. The Senior Account Manager was CLEARLY upset that we did not sign. It is now the end of the month in January. It has taken almost 4 months and the simple refi is STILL not completed!I would NOT recommend going with loanDepot, find any other lender out there instead of them.

Buyer *** Do Your Research ... know your worth. It is hit or miss with Loan Depot... it all depends on your loan officer. The one I had was a bit overzealous and dishonest. He assured me that he could beat any other offer I received. I was upfront with him and let him know that he was 1 of 4 companies that I had selected after my initial research; and that I would make my decision on which company I would move forward with (after I received a written loan estimate from each company and reviewed them).I have ~51% equity in my home, all three of my FICO scores are in the 740 range and I have significant income from a positionmpany that I have been with for over a decade. I provided all 4 lenders with the exact same information, the top 2 companies waived the appraisal due to the above details and online property worth, and provided a loan estimate without the need for an appraisal with a solid full offer... only Loan Depot insisted I needed to have a new appraisal done ($495). The 4th company was eliminated due to the full loan estimate not being competitive. I was very vocal with the Loan Depot loan officer that I did not want to go through the time and effort of an unneeded appraisal; however he submitted my account to have my home appraised without my approval; and intern tried forcing me to move forward with his company. I withdrew my application in writing (and over the phone with their customer support team) immediately after that (on the 18th).Unfortunately, on the 19th (after I closed my account and withdrew my application), my bank account was hit with a $495 fee. On the 20th, I received notification from an appraisal company that they were looking to set up an appointment... the loan officer (and the customer support team) did not close my account as requested, and they moved forward with the loan without my consent. The Loan Depot loan officer assured me his was the best loan offer and I was ever going to receive; however I knew that to be untrue. I had done my research on the current mortgage industry standards and rates, and where I stood "credential wise" on the type of loan I would qualify for and should expect (the better the credentials, the better loan).His interest rate was indeed extremely competitive, however the points origination fee I would pay to get that rate and all the other "additional" closing costs made the closing cost total much higher, and intern the full loan much higher than both the other companies. I gave Loan Depot 1 Star due to my personal experience with not only the loan officer, but also the customer service team, and the management team I was working with (I contacted them on the 21st and gave them a full background of the situation in writing). I withdrew my application on the 18th, and it is now the night of the 25th and I'm STILL being billed for the appraisal. On a final note, I have moved forward with the best FULL loan presented, and I am closing next week. My advice - please do your research, know what your credentials are, what your loan is worth to the industry, and get more than one estimate to be able to compare the companies.Good Luck!

Loan Depot Review I used to work for here, this is the lowdown of what type of company you will be signing up withThe hours are 7am - 5pm with a training every day at 6:30 so 630am - 5pm, and sometimes you leave late. There is a mandatory Saturday and Sunday each once a month and its from 7am-3pm. The pay is minimum wage plus commission. Commission is for inbound calls 1-5 loans a month, $500. *** $800. *** $1000. 15+ $1200. No the numbers arent backdated. For outbound calls its .5% or .6% of the loan amount. Closing outbound calls are rare. To give you an idea of how many loans people closeIts the 16th and of a team of 25, 17 people have under 5 loans for the month. Do the calculations yourself. (Still good money, but are you going to get paid for it? Read on)If let go the loans that are in process, the commission goes to another loan officer, which are most likely the seasoned ones. The company often hires large amounts of people and then when they terminate them all of their in process loans, another loan officer gets paid for, without doing any work. It makes one think, do they often over hire to increase the companys profits and commissions of seasoned officers? The time it takes for a loan to fund is 45 days so you could get a customer to do a loan with you and then sign them up and walk through through the whole process and on the 44th day if they company terminated you then you will not get paid for that loan and the company hires large amount of people and does this continually. They terminate people for lack of production when A) the standards arent set and B) right before their loans can fund. Its a whole elaborate scheme and I cant wait until the truth comes out because this company will be shut down for committing fraud on its employees. I would not recommend this company. Its a revolving door and the fact about the not being paid what you produce is extremely shady and dicey. There response to this was: you signed a contract. Just that statement, you already know what kind of company it is. Proceed at your own risk. I have 13 loans in processing, 7 of which are about to be funded that Im not going to get paid for. One is worth $6000. The other 6 are $500. Thats $9000 in commissions that are going to another loan officer for doing nothing. If the company would have kept me on another week those 7 loans would be funded. Tell me thats not shady. Please tell me this was not set up or at the least grossly negligent. Last week when the sales director told me that Im on a week to week basis, thats what he said, week to week. What he meant was let me see where your numbers are by Thursday or else youre going to get cut on that Thursday. Since I had so many in process loans, I wouldve over worked to get paid out for those loans for that week just to stay. I wasnt given this opportunity because of the blatant miscommunication about it being week to week and not a set date. He gave other loan officers that were about to get cut a set date. He did not with me. Im thinking it was purposeful to make this happen and me not get paid for any of the loans that were about to be finalized. This is what loanDepot does. If this is happening to me, I know Im not the first person. This is scraping the surface of being straight up illegal.

Mission and Vision Posted On the Board: Excellence with integrity. We own our responsibilities, aiming for flawless execution and quality. We value diversity in our quest for top talent and its growth. Customer Care: We aim to surpass expectations with proactive listening and responses. We educate customers and improve our service. Update 7/6: My loan payment issue was fixed by a rep, but today I was told to contact support again. No record of last month's resolution was found, and I can't make online payments due to a re-applied 12-month restriction. I received a letter stating my account was removed from auto-pay. I'm requesting the removal of this restriction and will contact corporate tomorrow. Previous Communication 4/27: I'm disappointed with my account's handling since my loan closed on 12/23. My mortgage team was excellent, but I've had issues with online payments. I've experienced three payment reversals and incurred late fees, though one was waived. I've been told to pay via cashier's check for 12 months, which is not satisfactory. Phone payments were also refused. I contacted my bank, and they reported no rejections of mortgage payments. Loan Depot should ensure efficient payment processing and maintain their reputation.

I used to work for this company, they let me go for a lack of production one week before 7 loans could fund so I wouldnt get paid for them; robbed of 9k. This is the lowdown of what type of company you will be signing up withThe hours are 7am - 5pm with a training every day at 6:30 so 630am - 5pm, and sometimes you leave late. There is a mandatory Saturday and Sunday each once a month and its from 7am-3pm. The pay is minimum wage plus commission. Commission is for inbound calls *** loans a month, $500. *** $800. *** $1000. 20+ $1200. No the numbers arent backdated. For outbound calls its .5% or .6% of the loan amount. Closing outbound calls are rare. To give you an idea of how many loans people closeIts the 16th and of a team of 25, 17 people have under 5 loans for the month. Do the calculations yourself. If let go the loans that are in process, the commission goes to another loan officer, which are most likely the seasoned ones. The company often hires large amounts of people and then when they terminate them all of their in process loans, another loan officer gets paid for, without doing any work. It makes one think, do they often over hire to increase the companys profits and commissions of seasoned officers? The answer is yes. I would not recommend this company. Its a revolving door and the fact about the not being paid what you produce is extremely shady and dicey. There response to this was: you signed a contract. Just that statement, you already know what kind of company it is. Proceed at your own risk. I have 13 loans in processing, 7 of which are about to be finalized that Im not going to get paid for. One is worth $6000. The other 6 are $500. Thats $9000 in commissions thats going to go to another loan officer for doing nothing. If the company would have kept me on another week those 7 loans would be funded. Tell me thats not shady. Please tell me this was not set up or at the least grossly negligent. I would not recommend this company for anyone. Please look elsewhere. The training for the safe exam wasnt great, they go too in-depth and the test is broad. The managers are knowledgeable but there are not enough of them for the amount of loan officers they hire, so borrowers are waiting on hold 10-*** minutes for a response. You basically teach yourself the job. The systems we use on the computer are old outdated and laggy. LoanDepot is synonymous to technical difficulties. Let me think what else. Theres a lack of transparency. The standards arent set in the beginning. They count month 1 as two weeks on the phone. Then month 2 is your first full month in the phone and they are watching to production (but they say theyre not). Its just like be honest. Last week when the sales director told me that Im on a week to week basis, thats what he said, week to week. What he meant was let me see where your numbers are by Thursday or else youre going to get cut on that Thursday. Since I had so many in process loans, I wouldve over worked to get paid out for those loans for that week just to stay. I wasnt given this opportunity because of the blatant miscommunication about it being week to week and not a set date. He gave other loan officers that were about to get cut a set date. He did not with me. Im thinking it was purposeful to make this happen and me not get paid for any of the loans that were about to be finalized. And this is what the company does. If this is happening to me, I know Im not the first person. This is scraping the surface of being straight up illegal. Its bad. I wouldnt work here, thats all Im saying.

Their customer service was appalling!Their employee *** had a flagrant disregard/disrespect for my/our time and energy. I have been working with *** since this summer (June ). I had been communicating actively with him for the last three (3) months trying to qualify for a VA loan. I spoke to *** three weeks prior to flying out from CA. to *** to make sure all was in order for this trip, which required a gargantuan effort on my part to make it there with the intent of purchasing a home/apartment building as I try to transition from CA. to ***. Upon speaking to *** three weeks ago, he said, "I got your email but I am working on something that is a higher priority now but we still have time [3 weeks] for you". I assumed he was familiar with VA loans and he knew what he was doing. However, I got an email on Friday, two business day before I left on Tuesday 9/28 inquiring if this purchase was to be my "primary residence", only to find out while I am here, that because I am not actually planning to move here until June/July 2022 when I finish off the school year as I am a high school teacher, that I do not qualify for a VA loan unless I actually live here or have a work-offer letter with the intent to work in *** within *** the beginning of the school year as the students finally came back to the classroom after Covid and online learning. It has been a strenuous effort to get them back in the classroom and comfortable only to discombobulate them with a substitute. This is horrendous customer service because he had three months to research this!I put hours and hours of work to prepare for this trip *** Planning for the substitute, making copies, sending emails, and making sure every detail was in order. I spent hours and hours looking through MLS listing of houses/apartments, my agent put together for us to view. I had a tenant move out this weekend that I could have been cleaning the unit to be able to show as soon as I get back, and will now have to postpone making income $$ until I am able to clean next weekend after I return because I came to *** instead of taking care of my business in CA. My agent, who is also my sister, spent countless hours looking for listings for us to view. We wasted all day yesterday looking at apartment buildings for nothing. We wasted my husband's and my time. We wasted my agents' time as well as the home owners' time.I was running around yesterday with NO sleep in 36 hours because I worked my regular job as high school teacher on Tuesday, then worked my second job as a GED adult teacher and spent all night flying here; then started looking at places yesterday.I was/am exhausted and your associate totally blew me off, failed to check the details/requirements of a VA loan and wasted my time and energy on this unnecessary trip. My husband had to take personal days off of work to be part of the process.Loss of wages: I had to cancel my adult GED class Thursday night to be in ***.Also the expense of a house and pet sitter. Not to mention the flight and airport parking expenses. Lastly, he said he would call yesterday by 12pmish to let us know if we should cancel the viewings scheduled for yesterday and he never did. He only emailed me around 2pm to let me know the VA required I live/work in *** to qualify. He knew at least four months ago about my intent to use my VA loan. Why didn't he do his homework/research before I flew out there?!This is totally unprofessionally and unethical. I am very disappointed in their associates conduct and total disregard for my time, my husband's time and my agent's/sister's time. Lastly, I am very very disappointed in their complaint process. I went through all the steps and someone was supposed to get to me within two business days, but NO one has called me or cared about his case.

I will start by saying I will NEVER do business with LoanDepot again. That is hard for me to say since I have done multiple transactions in the past. My loan process was ridiculously mismanaged. The day had come for my wife and I to sign our papers and celebrate our new home we spent 9 months building. What was supposed to be a celebration turned into a huge let down as we waited in the parking lot of the title company waiting for our loan to fund. Well it never did so instead of moving in we had to go find hotels room for our family, movers and three dogs. As your reading this you may think well sometimes loan dont fund on time, It happens. That is true but here is the back story. Leading up to the week of our closure date. LoanDepot was still trying to get the final loan numbers. I was receiving closing statements saying I needed another 34K to close on top of the 60K already given. This just absolutely blew me away since I worked with loan depot from the start and my first disclosure only required 64K total to close. I think two things caused this issue. Some genius order my home appraisal two months before closure when the home was still in construction. I am talking walls just textured and concrete floors, they even failed to list a complete onsuite restroom. So a horrible appraisal caused my total loan to be more then the home is worth. Before you think well we dont control appraisal my neighborhood has home value listed at 700K and more. Had the appraisal been completed at a more appropriate time We should have received a higher value. Especially since the home at the end of the street sold a moth after my appraisal for 800K and the home across the street sold for 1.3M. We did a an appraisal dispute and was able to bring it up some but we still were short. I reached out to my loan consultant multiple times asking for clarity through out the process only to receive VM message he is out office, or gone for the day , or in a meeting. When he did answer I was told he will look into it and call me right back. It wasnt to I reached back out the following days did I speak with him again only to be told the still dont have final numbers and they are waiting. So I depart from CA to *** with a large uhaul and transport trailer, two pickup truck with trailers and three dogs. The whole trip My loan manager is still asking for paperwork and info. I always responded within the same hour or the same day even when driving across the states. The day prior to closing I am told they should have everything wrapped up and doc sent over by 12 pm on that *** is two hours ahead so we had an appointment at 2. The day of signing they were still trying to verify my wife and I employment. HMM my wife had been back to work from leave for about a month now. I even sent her most recent pay stubs the week prior. They try showing me some log showing someone from LoanDepot reaching out to her HR and saying no one was responding. Well my wife is good friends with the person they were supposedly reaching out to and she stated " I already called them back and left the *** The same happened for me I gave all my employment info and my direct supervisor cell number the same time I gave my wifes. LoanDepot was sending me emails telling me I need to have my manager respond to some question that was being asked two days before closing. Why didnt they get this done when they received the info a week prior to closing. I mentioned this because these were the excuses I was given for the docs not being ready. " We were waiting for your wife and your employers to proceed. Oh yea I was also told the "System" was not working so she couldnt print the docs fast enough to send them. The docs didnt arrive until 4:00 p.m the title company closed at 5. That day I tried reaching out to multiple "Managers" for assistance and my calls fell on deaf ears and VM they are at home out of office at 2 in the afternoon CA time. I thank *** at *** Title who waited until 6:30 pm a hour and half after closing for the money to fund. I finally decided not t hold *** up any longer and stared my search for hotels. you know how hard it is to find hotel who can accommodate a 20 ft uhaul with transport trailer, two trucks with trailers, three dogs, and two kids. That weekend i spent and additional $1500 covering my expenses when i should have been moving into my house. My wife also had to take the following Monday- Wed off because we lost the weekend we thought we has to unpack. Look at her pay stubs that is probably and additional $1500 lost in wages. The thing that really *** me off is after the multiple manager I reached out to only one called back and gave a sad a*** " I am sorry for what your going through statement. So as a recap I lost 3k, being stressed out of my mind on a day that should have been the happiest day for my family. That Monday i had to hurry and unload the uhaul to get it back as i was already a day past my rental agreement. I know things happen in the mortgage industry that are unexpected. My grip is for whatever reason my loan consultant literally waited to the last hour to do their job and then try blaming it on lame excuses. All of the process should have been complete the Monday Leading up to closure. Again I remind you i ALWAYS responded with the info they needed same day or next. So the hold up was not on my side. Loan Depot should be more focused on their customers them making commercials telling people that they care and are here for them.

Completed an application for a cash out refinance on July 16th. Spoke with *** and was told items we needed to submit which I did promptly. I told him my 2019 taxes were not finished yet as my accountant had filed an extension. He told me to send a p&l statement instead, which again I promptly did. I was charged an app fee and an appraisal fee. The appraiser came out, did appraisal . Our home appraised for above amount stated in application so all was good. I tried getting in touch with *** for several days with no response. In the meantime I receive an email that our application has been rejected because of incomplete application. I still had not heard from ***. I called in to Loan Depot to speak with a supervisor. I left a message but never heard back from the supervisor but *** finally called and explained that he had supposedly been in hospital and it was basically his fault for not letting me know what other items they were requiring. He then stated that the loan values had been changed from 80% cash out allowed to only 70%. I expressed that 70% wasn't going to cut it and why were we being penalized for something out of our control. He claimed he was going to try to get an exception since it wasn't our fault. A few more days went by with me contacting him for updates and not getting any. He finally contacted me after my many attempts and stated that he couldn't get the exception. I expressed that I was very upset that I had spent over $500 on app fees and appraisal. He then said he had one more try to get the exception granted for the 80% loan. Another few days went by with me asking for updates and never receiving any until finally he sent me a text that they had gotten the exception approved and he would be sending me the updated paperwork "shortly". The next day I reached out again and he assured me he was working on it. So now 4 days later, no paperwork, no call back from him or his supervisor. I expect a refund of app & appraisal.

My husband received notification in October that he was granted 100% disability through the VA. I submitted this letter to our county appraisal district and I received a tax exemption letter confirming my husband is property tax exempt. I called Loandepot to find out where I needed to send the letter and I was told to fax it it. I called a week later to check on the status and was told I was given the wrong number. I was then given an e-mail address to send it to. I sent it in, received a confirmation and then I waited without receiving notification. I called in December to check the status and I was told the my monthly payment had been adjusted to reflect about $20 less. I explained that I expected the payment to be around $620 less because that is the escrow amount for property tax. I was told that when the call was made to the county to verify the exemption, they were told my husband only had a partial exemption. It turns out that when Loandepot called, the county had not yet updated it in their computer system, even though they had already generated a letter stating my husband was tax exempt. I was told by Loandepot that they will not change my monthly payment until the county updates it on their website to show the full tax exemption. It currently only reflects a partial exemption because the 100% disability status was effective 9/29 so we weren't responsible for tax in Oct, Nov and Dec. I explained that to Loandepot and they said they will not call to verify again but I'll have to wait until taxes are due next year for them to receive a tax *** of $0. At that time, they will adjust the payment and give me a refund of my escrow account. I do not think it is right for them to continue collecting the monthly property tax amount when we do not owe the county any taxes. The county has already given Loandepot a refund of the overpayment of taxes paid in November for 2020, and instead of Loandepot sending me that money, they put it back in my escrow account.

In 10 I paid up my late mortgage with Loan Depot. After I had caught the mortgage up about a week later loan depot sent a contractor out to shut off my water and Loan Depot also cancelled my home insurance. Loan Depot had the contractor that shut off my water drain all my pipes and fill them with antifreeze and also changed the door locks. I called loan depot asking why they shut off my water if my payments were caught up; Loan Depot said it shouldn't have happened and said the charges would be waived.The contractors never came back out to reverse what they had done despite Loan Depot saying they would send them out. As a result I got a broken toilet lid from the men draining the toilet. I was also charged $175 in plumbing bills and I had to pay other costs to travel from Florida to North Carolina to resolve this issue. Loan depot then kept attempting to charge me for home insurance. I've had to call Loan depot multiple times for multiple wrong payment amounts. Loan Depot keeps trying to charge me for winterization. Now my home is being sold. It was supposed to close on 12/27 but i couldn't because Loan Depot issues. On 2/5 I gave title attorney authorization to contact Loan Depot for payoff amount, only for the attorney to inform me Loan Depot said my account was non-existent. On 2/6 i called loan depot for pay off amount, they wouldn't give it tom me because they wanted proof of home insurance after speaking to 2 agents. I had allstate fax insurance cards to LD. I called by and LD confirmed they have proof of insurance and that they would fax pay off amount on 2/6. On 2/8 the attorney called me and stated that there was no fax, I called loan depot and they said they'd fax again, but no fax was ever sent. LD will not disclose to me my own pay off amount. If the attorney doesn't receive pay off amount by 2/9 my home can not close. I believe loan depot is engaging in unprofessional practices to force the home owner to incur unnecessary costs.

While searching for new homes online, a mortgage company put me in touch with a licensed lending officer. He called me, and I explained that I was just beginning to look for a place to purchase. He was eager to assist, but I made it clear I wasn't ready for a mortgage as I wanted to improve my credit score by paying off my car loan first. I asked for his guidance on potential options, mentioning that I could monitor my credit score through soft checks provided by credit bureaus. I was willing to share my credit report via email as needed. He suggested using a link from Loandepot, which I assumed was a client information portal, not realizing it would lead to a hard credit inquiry. The next day, I received alerts from credit agencies about a hard inquiry by CREDCO, which was unexpected since I hadn't given my social security number or signed anything. Loandepot claimed I authorized this by selecting an option, which I disputed. After contacting various parties for help without success, I left reviews about the officer's poor service and informed the mortgage company. The credit bureaus require CREDCO to request the inquiry's removal, but CREDCO needs a letter from Loandepot, which they won't provide. Despite my efforts to resolve this, I've had to seek help from Complaintsboard.com. For further details, please call.

I have turned to LoadDepot for financing options to purchase a house I was interested in September . Since the house was in need of repairs and hasn't been occupied for years a renovation loan was the best option to go with according to the company. Company then requested an estimate of repairs from a contractor and I was interested in what necessities had to be done to the property in order to make it livable and close on the house, after which I could work on beautification part of the property myself as time passes. Representative of the company has referred a FHA inspector to me who couldn't come out to the property for a 1-2 weeks, I paid $400 for his services just for the basic report. As I couldn't meet him at the property my bother has--I'm not sure if he was the one who appeared as promised. I received report not after 2-3 days as promised but 2 weeks later, full of misspells/grammatical errors, and other errors such as numerous beams need replacement and that there were no water pipped throughout the house--I went next day to the property and took pictures of pipes throughout the house. When I called and spoke to the inspector who was claiming came to the house, he stated that the report is correct and there will be additional charges every time he comes out, he also mentioned that he will be able to make the repairs. At that point I looked closer at e-mails sent from his secretary and noticed that they are also contractors. After getting 3 more opinions from contractors I was told that only few pipes leading to boiler and water heater were missing and couple outside have burst and only 1 beam needed repair/reinforcement. I talked to LoanDepot representative who recommended Bunker Group (construction & consultation services) she stated that they don't use them for construction services but for consultation and if I choose to hire them it is my choice. Bunker Group estimated repairs for non existing issues high and funds needed for mortgage went up.

Hello, On March 4, I contacted Loan Depot to refinance my mortgage and take my son of my mortgage as he was buying his own home. A representative, named *** #*** helped me through the process and was very helpful and efficient. We did all the paperwork and I was not happy with the final figures that they quoted me and The Covid quarantine changed our financial situation and we decided to cancel the whole deal. They require you to give them $495.00 for the house appraisal right away, which is not right but they put it on my Capital One credit card on 3/7. Meanwhile the appraisal company in Dracut MA told me that the cancellation was fine and not to worry as I would not let them in my house and I was cancelling anyway. So, I contacted the Appraisal company first, disputed the charge with Capital One and contacted Loan Depot about my decision. This was @ 3/29. *** said there was no problem getting my refund because there was no appraisal on file on that day. We parted happily. Apparently, the appraisal company was very worried about people cancelling because of Covid and they proceeded to do a exterior appraisal without my knowledge or authorization and submitted it to Loan Depot after our conversations to cancel. I got a phone call the end of that week from a very nervous rude man who wanted to know why I had cancelled and continued to insult me about my decision. I told him that it was my decision and that I expected my refund to which he became silent and hung up on me. Capital One was not able to retrieve my $495.00 from them and I got a credit of $120.00 only. No one would speak to me after that and wanted no part of any of this. This company makes millions of dollars every year and they new their business who lose customers because of Covid problems which is not my problem. I will never recommend them to anyone. They were so nice to get your business until then turned malicious when I cancelled. I guess they owe me $495-$120= $375.

On 8/27, I inquired with LoanDepot about a refinance on my home. On 8/30, I followed back up with the initial Lending Officer as to a status of the request as I did not hear back from her.On 8/31 The initial Lending Officer sent drafts of the documents related to the refinance.On 8/31, a second Lending Officer sent me an email advising of documents needed to proceed with refinance.I had also been advised of and was charged $495 for an appraisal deposit. From 9/1-9/11, there was exchange of documents to and from LoanDepot that was requested to complete the refinance request, including disclosures and loan estimate documentation. On 9/14, I received notice along with a copy of the completed appraisal report from Loan Processor from LoanDepot. On this same date, she also requested a copy of my HOA statement for the housing development where i currently reside. On 9/22, I was advised by a third Lending Officer that the appraisal came in low and the only way I could do the refinance was to pay $17,000 cash at closing. A later email that day from the Lending Officer advised me that amount of cash could not be processed at closing and the loan would be declined due to low loan to value ratio. On 10/3 i received an email from LoanDepot that my debit card would be refunded $495. No refund had been returned to my debit card. I followed up with an email to the Lending Officer requesting a status as i had yet to receive the refund. He responded back the same day and advised he submitted a request for his team to investigate the matter. Due to no response or refund from the company, i followed up with another email to the Lending Officer inquiring of the refund on 12/9. The same day he responded stating in the email he would follow up with his team about the inquiry and involve management also. I have yet to hear back from the company, any representatives of LoanDepot or yet to receive a refund. This is my second claim being filed.

I did a refie with Loan Depot. Was constantly lied to. I sent this email to them..."I *** am cancelling going further with this loan process. Your customer service is horrible. I have tried reaching out to higher managers since Tuesday to express my issues with no return calls. Call *** just to be hung up on while explaining my situation because according to her my loan officer is a "Senior" and she didn't like what I was saying. Some ***. Spent the last month and a half chasing my loan officer hearing nothing but excuses and "I'll call you back" which never happened, or emailed for call backs which went unanswered. I always had to be the one calling back. Then this week as it came down to the wire her phone goes straight to voice mail and no responses to my emails. Not to mention the unprofessionalism of having me contacting her at home on a unrecorded line where she can lie to me and tell me what I want to here. Sick of being stringed along all this time when the goal was to get this funded before the end of the month in which *** repeatedly tell me it would. This loan should have funded weeks ago. The last straw is she scheduled a notary to come to my house at 6:00 pm and i had emailed *** early this morning that the Cash to Close was wrong so it can be fixed before tonight. Contacted notary to check documents to see if they've been fixed before she comes over since my loan officer is missing in action. Contacted notary at 5:00 if she has gotten the documents and she said nothing. That she has been reaching out to you guys all day with no answer. She called me back little before 6 and still no answer from you guys." Had someone higher up email trying to fix issues. I am out $5,400 they continuously said i would get back. I have been waiting for a call back for 2 weeks and still nothing. I want someone from corporate to reach out to me. NOT CUSTOMERCARE (they hung up on me) They need to know about these issues to fix mine.

I refinanced with loandepot.com and worked with [protected]@loandepot.com and [protected]@loandepot.com on my loan. My loan was approved and funded for my home on June 16. I was to pay for my 1st payment on August 1. I wrote a check and noted on the payment coupon that a certain amount was to go to principal. My check was never presented to my bank but I saw on the loandepot site that my payment was applied as intended. I then paid the September 1 payment, which included an additional amount for principal, via my online banking service. In mid-September, I checked the loandepot site and saw all of my payments were reversed. A bank account I did not set up was linked to my loandepot account and may have been used fraudulently. That account number was used to make a payment without my authorization and the payment was returned. I worked with the online payment service on the September payment which never posted. I had spent money for August, September, and October mortgage. My first check has still never hit my bank. I've talked to multiple people at loan depot, including a supervisor in early October who promised me a payment history and told me I was caught up. I never received my payment history, and on October 19th, I saw my balance was outstanding. I talked to the same person and just paid it as a Loan Depot payment again. I later received an email stating I had put a stop payment on my check (which I never did) and received screenshots as payment history. I was informed my account setup was incorrect.

I have a home loan with loan depot and they are to pay my property taxes out of my escrow account, I have two different parcels on my property they payed one of my tax bills and not the other I had to pay the other one myself because they said it was going to default, I contacted loan depot they said they would refund my money for the taxes I payed, it has been 4 months now and they keep telling me that it is process of getting my refund which has never happen yet I would like to get my refund.

Miami Loandepot is a Scam!

Mario Cerrato is the manager in LoanDepot and the loan consultant is Brigida Billini, she took our application and disappeared. She ran our application without any notice or any witten consent. Also, Brigida Billini kept emailing us asking for our personal documents and in one of these emails she emails us someone else's full profile by error. How de we assure they will not make the same mistake with our file? Horrible service she will not answer calls or emails and ran your app without notifying you. When you call them they will not answer or pretend they are in meetings. STAY AWAY!
Loan Consultant · NMLS: 382619
[protected]
[protected]@loandepot.com

LoanDepot is Not reputable at all!