www.loandepot.com

LoanDepot Reviews

Good rating
3.9
4183 reviews Verified
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Reviews ( 1218 ) 3.9

Matt
Matt
2024.04.13
Loan Depot called me this morning based on some information I filled out on lending tree. The call transpired as such: cold caller asked me about type of load I was looking for, and all of the basic details (how much, value of property, any deficiencies, etc..) then gets the “loan officer” (more like salesman) on the phone. This guy proceeds to ask me the same questions as the first guy. What’s the damn point of talking to the first guy? Wasting my time. After explaining my inquiry, AGAIN, the gentleman then tries to sell me a refinance mortgage (an easy search of my property would tell you I bought 3 years ago when rates were Pennies on the dollar) which I had already explained to the First Gentleman, was not anything I would be interested in. He then went on to tell me I’ve never done this and I therefore have no idea what I was talking about and I should listen to him. Well that was it for me. I let the salesman know I wouldn’t speak with him if he was going to be demeaning, he said god bless your heart and hung up.
Jerry
Jerry
2024.03.21
Mistakes were made, my escrow changed and I didn't change my bill pay at the bank (because they can't seem to turn mine on). So they cash my check, use my money, then mail me a check from them to pay me back my short pay and then tell me to send them another check for new amount and pay them 93 dollars for paying them late. When I called them, because this happened last time they changed escrow, now I'm told that they changed their policy and can't waive that. They were good enough to not of course let me know that till it was too late. They are unapologetic, do not care, and customer service just tries to put you on hold until you give up, then if you ask for a boss, they talk in circles till you give up.
Y. S.
Y. S.
2024.03.20
My husband and I were thinking of refinancing our home. On 03/04/2024 We spoke to a Mr. **. After an hour or so he stated we had to pay 25.00 to lock in the rate, and 495.00 for appraisal. We paid the 25.00 with debit card and he would take out the 495.00 on 03/10/2024. After my husband and I discussed it further we decided refinancing wasn't the way to go at this time. On 03/05/2024 my husband contacted Mr. ** and stopped all process for a refinance. We still had messages from Loan Depot trying to get us to go forward, which my husband very politely declined. On 03/13/2024 we were unable to get cash out of the account due to a negative bal, which was because loanDepot took out 495.00 for the appraisal which made us overdraw and have several large fees making the account more negative. We have talked to several people in customer service, which is a waste of time. So were out 515.00 +nsf fees. Supposedly they are suppose to refund it which we have not seen yet. So don't even give them any second of your time. Not worth the Headache!!!!
Tina
Tina
2024.03.19
I just received a letter from Loan Depot stating my data was possibly breached. A week and a half ago, I received a phone call at 8:00 AM from criminals telling me that they could lower my credit card interest rate. I DON'T HAVE A CREDIT CARD. I got into it with them and they told me my name, address, DOB, and SS number! I'm so infuriated! I've spent a lifetime of working hard and protecting my credit only to have thieves with my SS number. I'll have to worry about this the rest of my life. And fat chance to get your SSN changed. Companies have been encrypting data since the 1980's, but Loan Depot is too RETARDED AND IRRESPONSIBLE TO ENCRYPT DATA! SENIOR MANAGEMENT AND THE IT DEPARTMENT NEED TO BE PUT IN PRISON FOR LIFE!!!
ALBERT
ALBERT
2023.09.20
I went past my 16 day grace period, which is completely my legal right, and to pay a late fee. Loan Depot has harassed me numerous times, including to my personal email address. Their corporate executive management in California, is poor, and lacks proper oversight, that I have unfortunately discovered. I do not recommend them to anyone.
Mary of South Berwick, ME
Mary of South Berwick, ME
2023.03.09
I applied for an owner occupied cash out refinance VA mortgage at 2.75 in December 2022. Today I learned that they misrepresented the reason for not funding the loan and in the process libeled my good name. I called LoanDepot in 2022 and stated that I needed cash out for several reasons including paying for nursing for my daughter. I owned two homes and asked the loan officer to help me determine which I should apply under. I was asked to explain my residency situation and did so in detail via signed email and submitted this via the processor. I could have refinanced either property…I was honest and stated that I would be moving to the other home on a specific date in the near future. This was well within the timeframe allowed by VA Underwriting Guidelines. Essentially, I was moving from one owner occupied property back to another. I reviewed the VA Manual which states that even in cash out refinances, the only criteria for occupancy is that the owner must intend to reside there within 60 days of closing. I had stopped residing there temporarily because my daughter needed me in physical proximity as she had a terminal illness and I wasn’t able to hire a nurse yet. This was all documented. The VA Regional Office reviewed my situation with me and even gave me the citation to the regs that covered my situation. Imagine my surprise when the underwriter claims that they have more restrictive guidelines than the VA and that I had to occupy the home on the closing date! They declined the loan without an explanation (I have the email). This money would have enabled me to get a nurse for my daughter and in the two plus months that LoanDepot had my application the interest rates went up a full two points! I believe that Loan Depot declined it because they had locked in incredibly low rates and didn’t want to honor them. Today I discovered that LD had written that they declined my loan because I was deceptive on the loan application. They never allowed me to submit proof of residency such as my car registration, etc. I did move back to the other property as scheduled. As an attorney my good name is what gives my services value. I couldn’t believe it today when I spoke to a LD manager and was told that the underwriter declined my application for alleged deceit. Again, I wasn’t told this. I was very upset when they refused to fund the loan and advised them of my intent to file complaints. I believe that this is both in retaliation and also to attack my credibility. Again, I did occupy the property as promised in my applications, even after they declined my loan. Finally, the VA underwriting guidelines state what they are to do in disputed occupancy situations and they didn’t follow guidelines. They just claimed that they had overlays that were more stringent than the VA. Then they change their story and claim (to everyone but me) that I hadn’t been honest about occupancy yet I had stated a date when I would occupy the property and moved in on that date. So, they can’t have it both ways. They saw that the loan was way underpriced and didn’t want to write it. Records will show that it was a SALES MANAGER who complained about the low rate for what he called an investment property. Shockingly, the LD underwriter was not familiar with the 60 day post-closing rule and one can see that all this was an excuse not to fund the loan because the VA stated that their actions were dead wrong.
Michael of Fond Du Lac, WI
Michael of Fond Du Lac, WI
2023.03.08
I was going to refinance my home. Everything was going good with Loan Depot. The loan officer kept adding more than what I wanted so I decided to withdraw my application however loandepot still took $495.00 out of my account for the appraisal fee after I withdrew the application. Now, no one is responding to my emails or text to reimburse me my money. Go to a more reputable company to purchase or refinance. Don’t go to loandepot!
Leo of La Habra, CA
Leo of La Habra, CA
2023.03.03
This company has been harassing my Family for months over a mistake made by them. Sending me several "paid" notices and then transferring my loan to another company, (informing us over the phone that we don't owe them anything) all the while still sending multiple payment notices to us. They will not leave us alone and are now falsely reporting negative information to the credit agencies. Do not trust them!
Kelly of Bradenton, FL
Kelly of Bradenton, FL
2023.02.06
We were called by our original mortgage broker and told about their new heloc program. We had been looking into it already, and decided to go with LoanDepot since our mortgage was currently there. We were misinformed from the get go. Told the process would take a week and it’s already been 6 now. Now we are under signed/notarized contract with them and have not received funding, even though with our contract it was due last Friday. They are dodging our calls, texts, and emails. It’s unprofessional and in breach of a legal contract.
Nicole of Loxahatchee, FL
Nicole of Loxahatchee, FL
2022.11.14
We have been waiting over 90 days for our refund of our escrow account. You can't escalate to anyone. To speak to a Manager you have to send a letter in the mail. They keep your money to make money off of you.
Jesus of Bergenfield, NJ
Jesus of Bergenfield, NJ
2022.10.18
Loan Depot is the worst! After several weeks of sending documentation they still haven't approved my loan. Why? Cause they will wait till the last minute so that they can charge you more money after the lock in rate date. So I decided to go with another lender and to my suprise they refuse to transfer my appraisal to the new lender because they stated I did not pay for the appraisal. Morons I have the email receipt you sent me after payment! Then they say that I would have to pay an additional $25 on an outstanding invoice for the difference on the appraisal that was already paid. What a joke this company is. Avoid the waste of time, headaches and frustration and stay away from Loan Depot!!!
Tiffany of Austell, GA
Tiffany of Austell, GA
2022.08.14
The following explains my experience with this company. On January 19th, I spoke with Mr. **, who conducted the initial in-take of my loan. We were on the phone for about 2 hours. I explained to him thoroughly that I was an expatriate who lives and works abroad and I come home to the US periodically throughout the year. He assured me that this would not be an issue and that he will make sure to keep me in the loop. Within a few weeks, I heard from Alexis ** via email. She requested information from me and never responded to any of my inquiries about the status of my loan. (The month of March) Two months passed after the above inquiry and I received an email from Alexis stating that LoanDepot would need to do a rate lock extension. I immediately tried to reach out to her and Mr. **. Since I could not reach either of them, I reached out to Jay ** and he explained to me that Mr. ** was no longer with the company. I inquired about my loan and I was advised that the loan sat dormant for 2 months (Now bringing us to April). Jay apologized and proceeded to work on moving it forward. Within a week of working with Jay, Alexis was removed from my account, and Missy ** was assigned to be my new account manager. (The month of April) On April 11th I uploaded the new notarized and signed POA to the portal and received a call from Terrence **, stating that underwriting could not approve my loan based on the fact that I did not live in my primary residence for 6 months out of the year. At which time, I reached out to Joe **, who advocated for me for two weeks. On 4/29/22, I received a final decision that my loan would not be approved because I live abroad. The issue is that I lost my locked-in rate. I could have gone with another company. They did not apologize to me, they blamed it on COVID that communication was lost. In my opinion, information should have been communicated to me on the day of the initial intake. It was easier for them to give me a reason that justified their decision instead of taking ownership of their incompetence and lack of communication. In short, this company does not take ownership, what they tell you may be questionable and they do not communicate or follow up at all. I had three reps, one of them quit, the other ended up reassigned to another loan and the last one was not empowered to make a decision. All of this was not communicated to me. It does not take almost 4 months to refinance. I suggest looking for another Refi/Mortgage Company.
Robert of Bellport, NY
Robert of Bellport, NY
2022.08.07
I was very happy at first working with loanDepot and we were in underwriting. They told me I needed a co-signer. My Mother signed on and all seemed great. As it turned out at the last minute I found out that I really needed a co-borrower which meant I would have to add her name to our deed, which was unacceptable for a variety of reasons. I put on the brakes and cancelled the deal after which I received several letters saying they declined me when I actually declined their offer. Needless to say we were disappointed since it was going so smooth. Go with National Debt Relief!!
Galyn of Tucson, AZ
Galyn of Tucson, AZ
2022.06.14
Home was refinanced, escrow account set up. Once we needed home repairs due to a snow storm, Loan Depot wrote that we had no home owners insurance and said that we would need to pay out of pocket for repairs. We looked at our contract which included our payment for home insurance. Regardless, LoanDepot had failed to send State Farm the premium. We had the repairs made at a cost of about $10.000. After sending them all the information they requested, including a copy of our contract with them, they stonewalled our request for reimbursement. Instead, they ran us through the gamut of numerous phone calls, requests for information which they already had received, and still have had no resolution 16 months later. Extremely frustrating experience.
Steven of Fort Worth, TX
Steven of Fort Worth, TX
2022.06.03
Slowest lender I have ever seen. Took them over a week to review survey, blew past contracted closing date. We ended up having to find another house. Calls to management go unanswered. They charge $22 to check your credit, other lenders do not. Their rates were higher than other lenders. They actually wanted to charge me $2k to buy down to the rate all other lenders were at with no fees. They say they might approve recasting after a long period and $30k min down. This is also way above the expectations of other lenders. Really can't come up with one good reason to get involved with loanDepot except to maybe short their stock.
gus of Tulsa, OK
gus of Tulsa, OK
2022.05.25
Processed a recast. Told it would process in 30 days and after payment of 30k min down payment (I did more) and a $250 fee. I am still waiting 60 days into the process. I get excuses but no action. The frontline soldiers are well trained in the excuse exercise and are doing their job. The rear army support and leadership is counting dollars and customers and provide service at their leisure.
Monique of Pearland, TX
Monique of Pearland, TX
2022.05.05
Disgusting company!!! Please do not refinance with them! You will be highly disappointed. As many people have stated, they will get you to pay the appraisal feel, but either refuse to refinance your home or take forever to close. This company claims to give good customer service but that's just to bait you in. The loan officer we used, Andrew **, was nice at first and stated that we can call him if we need anything. He pressured us into paying the $500 non-refundable deposit for the appraisal and the appraisal was completely botched! We had to do an appraisal appeal and that's when their communication stopped. They are not transparent at all. After multiple attempts to reach Andrew, he would not email or call us back. The account manager, Jennifer **, is completely incompetent. She told us we could do the appraisal appeal or go with the undervalued appraisal the appraiser wrote up. Why would we use an undervalued appraisal for a home loan? That makes no logical sense at all. The third party appraiser they hired apologized and corrected her errors, but Loan Depot did not accept the corrections. Jennifer, like Andrew, was not transparent and gave us the run around. Loan Depot will qualify you for the loan, pressure you into paying the appraisal fee, and then leave you in the wind for weeks to months. We told them to cancel the loan process and we are going with another company. I wish we never dealt with them because they are dishonest crooks.
Bart of Oak Island, NC
Bart of Oak Island, NC
2022.04.19
Refinanced mortgage. Took over 6 months while the rates went up. Refinanced again and went better. Had three different websites to log into account status. Changed loan servicer address. Lost payment. Constantly have issues with proof of insurance. Never dealt with a loan company so bad in that area.
Teressa of Mansfield, MA
Teressa of Mansfield, MA
2022.03.12
I decided to refinance my home due to having to complete major repairs in my home. The original loan officer I expressed the reason why I was refinancing. Then the loan was given to a processor name Molly who did not verbally inform me that there was a $89,000 lien on my home. I knew about that but was under the impression that the lien was to be paid off at the time that I sold my home. Since I was not selling my home I did not know I had to pay off the $89,000 in loanDepot. Never informed me of this. If I had known I would have pulled out of the application process. I now have a mortgage that increased by $700 a month and my interest rate went from 2.5 to 3.67 and I have no cash out. Molly never informed me of the lien and I believe that this loan was pushed through because everybody was making money off of this loan. When I called to inquire why I was never informed of the lien on the home I was told there was nothing that they could do. Beware of Loan Depot. They are scammers.
michael of Winthrop, WA
michael of Winthrop, WA
2022.03.11
After a prolonged process where I was told they had everything they needed they would require more. My loan officer Mike ** disappeared completely after paying their $495 fee to start the process. He literally stopped answering any emails, text, etc. Now, 4 days before loan closure they have told me it will require another $4412 out of pocket to rewrite and file the deed. These are state fees they said and there is nothing they can do about it. I contacted the state office and was told the fee is $120 for the first page and $1 for additional pages, usually around 40 total, about $160. The state agent advised I push back. Seems like extortion to me.