loanDepot

4.1 out of 5 stars
108 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3.5 out of 5 stars

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Most Helpful Positive Review

Nov 03, 2014
Loans in general
jgdwvu11 Borrower

I see alot of complaints for lenders and banks that seem to all be revolved around the communication of the loan officer to us the customer.  I have been in the financial services industry for over 20yrs.  With all the new guidelines in place, borrowers are safer now more than ever.  

The issue is that since we have all these guidelines in place the borrower needs to be informed of every step that is going to happen.  Here are some basics that will happed with EVERY MORTGAGE LOAN:

1)  The fee for the appraisal will never be refunded!  That is an upfront fee to order the appraisal and get it completed.  If you are doing a conforming loan and then have to change it to an FHA or VA or USDA loan than you will have to pay AGAIN to get that appraisal completed.  Now if you get an FHA appraisal FIRST, than you can use that appraisal with another lender etc.

2) loans take 25-40 days and with USDA loans up to 60 days to close!  If you don't have all of your paperwork together and sent as soon as the application is signed then you risk delay!  You will also need more paystubs and possible updated bankstatements before you close.  You will also get your credit pulled again before you close (24hrs) so you if buy anything on credit or don't make any payments on debt that is then late- you risk not getting you loan!

3) as for a scam- it is very much impossible for ANY large lender to scam you!  The guidelines in place now are too strict to cause you harm...most likely any issues you are having is with the appraisal-underwriting-income issues-or credit.  When you apply for a loan and sign the application- DO NOT DO ANYTHING to hurt your credit, do not apply for any other credit, do nothing to have your credit pulled, do not put ANY sums of cash deposits into your checking or savings accounts that can't be paper trailed...any of the above listed items can cause a delay and possible cancelation of your loan.

If you have questions you can contact me anytime...johngdavis@comcast.net

PS- LOAN DEPOT is the 2nd largest lender in the country and will soon pass Quicken loans!  Both have jr and sr loan officers with quicken hiring more jr loan officers that just don't know alot about the business.  Ask for a 10yr+ Loan officer if you want things done right...

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Most Helpful Negative Review

Nov 14, 2014
Lost my loan payment
Anonymous Borrower

We refianced through LoanDepot and the initial process went great, the problem came when we sent in our first payment through our banks auto bill pay service.  The money was sent to the correct address and debited from our account, but LoanDepot said they never received it.  We immediately were sent late notice and possible default on the loan.  We went round and round with customer service. (Awful to get through to and could never talk to the same representative.)  We eventually remade the first payment at a $1000.00 loss to our checking account just to stop the default process while we were fighting with LoanDepot over the missing money.  After 1 1/2 years of trying to get reimbursed for the double payment, talking to over five support employees and sending our bank verification three times they company sold our loan to another company!  We never got resolution and never got any response from the company.  Very dissappointed in the customer service process and the lack of any concern that a check had been cashed by their company and never credited to the proper account.   

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These reviews were written by current and former borrowers in the last year.

Apr 26, 2017
Terrible Customer Service
hmowner2 Borrower

When I got the loan they gave me an address to send the first payment and a different address to send the second payment.

I sent in each of these and they were credited fine.

Then they sent me additional changes of address and I didn't look closely, assuming these were duplicate of the first change of address.

When I sent my 3rd payment, they returned it marked "Received" but indicated that I had to send it to a different address and it wasn't credited.

After resending the payment (but before it was received), they charged me a late fee, even though they marked my payment as received.

They did call me a couple of times but never left a message saying I needed to mail to a different address. When I returned their call, I couldn't get through because they said I entered the wrong last four digits of my SSN (of course the problem is theirs, not mine, I know my SSN).

When I called them, they said it all must be my fault and I have to pay the late fee and if I don't hurry up they will ding my credit.

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Apr 25, 2017
16lmck Borrower

I was completely happy with my refinance with Loan Depot.  The loan officers were friendly, extremely helpful, and very timely.  Everything was completed on time and quickly, information I sent was always

recevied and responded to right away.  I pretty much felt they took care of all my needs and questions professionally, and proficiently.  I will definitely be back for any future financing and would highly recommend

their services to anyone.

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Apr 18, 2017
Difficult and timely process
Anonymous Borrower

Being self-employed it was brutal...these folks asked for copies of same forms over nand over...seemed to have a disconnected process plus i dealt with 6+ different folks. i got the loan at a good rate but paid a prememun for a closing costs standpoint..

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Mar 08, 2017
Run!
Anonymous Borrower

Do not even look at this company. After closing you will understand. This company doesn't even know how to make a payment from your escrow account to make a payments to your insurance company. Customore service top notch bad. RUN!

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Mar 07, 2017
Refinance
Anonymous Borrower

Told once I had refinanced, if I ever refinanced again I would never be charged any fees..Additionaly I wanted my PMI insurance removed as the loan value was well below (met the 20% requirement) the market value of the house. Told that the entire PMI inaurance could not ne removed.. what a load of.. ..What a suprise when I went to refinance again.... firstly they said they are not sure why I was paying a partial PMI payment and refinancing would cost me 8000 in fees . The left hand has no idea what the right hand is doing ..What a absolute useless entity !!

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Feb 21, 2017
misleading
Anonymous Borrower

misleading

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Feb 03, 2017
horrible experience

This is the worst company we have ever delt with. They pulled a credit report twice before the loan closed damaging our credit score.It took 3 and half months to close. We had to give them the same documentation multiple times. The closing time had to be changed because they did not deliver in a timely manner. Terrible!!!! Do Not Go There

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Jan 20, 2017
Stay Away. Costs changed at closing
Anonymous Borrower

Loan took forever to close and when we got close to signing the costs changed. Also they said they will service my loan when come to find out CENLAR owns it now.

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Jan 14, 2017
Loan depot set me up with CENLAR sucks.
Anonymous Borrower

Had some trees fall on house during a wind storm.

Cenlar holding up the insurance money for no good reason. I've had to spend my saving to get house fixed even though my insurance company paid out for repairs

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Jan 11, 2017
HORRIBLE CUSTOMER SERVICE!!
Rgivens5 Borrower

They push thru your loan in 30 days but the first time you are late and fill out hardship papers they keep telling you it will be 30 days to review.. then they say you didn't send in the papers so I had to go to the post office and PROVE they picked up my papers.. 2 weeks later they FINALLY ADMIT we got your papers.. but oh you forgot to sign something.. so I send it back in again... they confirm they got .. then call back saying they didn't get it.. then after fussing with them they say sorry we found it.. THEN get a call again we don't have it again!! So after I call OVER 30 times... asking for supervisors to call me back which they Never did!  I request a in person meeting.. get a phone call and they say ok.. we have it all worked out. we will call you THEN the next week get a call saying oh your paperwork is about to expire tomorrow.. so I ask them to fax it to me and operator 3328 says I'm have to get permission to fax it to you and it will still be another 30 days to review your papers. - I said but you just said if it was to expire TOMORROW.. if you fax it to my desk now I will fill it out and resend it TODAY.. she said it's still going to be another 30 days to review it!  I GIVE UP!!  it's been 41 days since I started this "hardship request" and they have accomplised NOTHING TO HELP!  Wish I had never used this company and had my daughter use them for her house mortgage!  DO NOT USE THEM!!

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