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Updated almost 5 years ago,

User Stats

13
Posts
2
Votes
Timothy Ortiz
2
Votes |
13
Posts

Loan Depot Refiance Review

Timothy Ortiz
Posted

Loan Depot is by far the most incompetent lender I have ever dealt with. I started a refinance on Sept 9, 2019 with an appraisal that had been completed on July 2, 2019. The staff said we could use the appraisal because it was less than 120 days old. Loan Depot kept asking for more documentation of the appraisal even though they had all the paperwork.

The appraisal expired and a new appraisal was conducted on Nov 27, 2019 and submitted to Loan Depot on Nov 30, 2019. I had serious doubts that the loan would close and I repeatedly told the staff that I should get a new lender due to the amount of time the refinance had already taken.

Loan Depot kept asking for pay stubs, bank statements and mortgage statements over and over even though the documents had been provided multiple times.

I told Loan Depot I would find a new lender and they reassured me through emails and phone calls that the loan would close before the new year. It was always along the lines of, “we’re just about finished it should be another week.”

Loan Depot also changed the Loan Estimate multiple times, adding points and lender fees, that were not originally agreed upon.

The loan did not close in 2019 and we entered 2020. On January 6, 2020 I was asked via email if I would be able to sign for closing on January 9 or January 10. I responded that I was available, but low and behold I never got a call or further communication regarding closing.

On January 24, 2020 I received a text from my Loan Officer that the refinance would not close due to a recent missed mortgage payment. I checked my credit reports with the credit bureaus and there were not any recent missed payments. Recent is considered within the last 12 months for government backed loans. I asked Loan Depot if they could provide the report that has this missed payment or tell me what company was reporting as missed. They could not provide this answer, because there had not been any missed payments in the last 12 months.

By far this is the worse company I’ve ever dealt with. Lack of communication, lack of ethics and lack of transparency. A loan should never take longer than two months to close especially on a refinance. Here we are four months later after being guaranteed the loan would close.

Loan Depot has costed me time and money and I would not recommend them to anyone looking to buy or refinance.

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