Great help in process and answered all questions
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I will keep my review straight to the point. I’ve been through a few refinances before but never have I had the most horrible, dreadful experience until I experience this refinance with LoanDepot!
From the start, I had two concerns and brought it up to my loan officer. 1) my appraised value of my home may not be high enough to meet the LTV in order to qualify for the 3.75% rate. 2) my concern about the negative reviews of LoanDepot. Mainly my concern that LoanDepot will take longer than 30 days to close. I was assured by my loan officer that 1) my home appraised value will be high enough for the LTV requirement. And 2) that LoanDepot will close my loan within 30 days. None of these promises happened at all! But that’s not the worst part of this experience. It really was a bait and switch gimmick played with me.
So I locked in my rate at 3.75%. My appraised value did come in lower than hoped for. Because I was under the LTV requirement, LoanDepot offered me pay PMI or choose “Lender Paid PMI” and take a rate increase at 3.875%. I ended up choosing the Lender Paid PMI and 3.875% option. I was totally fine with this option and not upset at all. I just wanted the ball rolling and move forward to closing.
Here starts the horrible experience. The entire process was LOOOONG with a capital “L”! Every document needed of me and my wife was provided within the same hour, every single document! We even got on the phone with our insurance company & HR department from our employers to make it a quick turn-around. We were prompt at providing everything LoanDepot requested of us. We made this loan process top priority and even took time away from our jobs to make sure everything was provided back to LoanDepot and timely manner. I expressed that we are serious about closing this loan within 30 days as promised. Sadly, the only time we would get any update from LoanDepot is when I had to either follow up by email or phone.
I started the loan process and locked in my rate on 10/21/2015. I signed on 12/24/2015! Keep in mind, this was due to my due diligence in constant follow ups!!. I figured this loan would have taken a lot longer than it did if I wasn’t constantly following up.
I got really taken advantage of and the bait and switch comes in because since the loan process took extremely long resulting in my lock rate expired, LoanDepot had to raise my rate from 3.875% to 4%. I was FURIOUS!! Why should me and my family be penalized and get charged more for being cooperative and prompt!?? Why should any customer be charged a higher rate when they did everything possible to move the loan process forward? LoanDepot should have acknowledge how slow they were moving and kept my original rate. There are records with every phone call and email that proves I was prompt and fast with everything asked of me. There should be an internal investigation done on this matter.
At this point, I’m so far into the loan process that I did not want to cancel. Additionally, no other lenders could have matched or beat the rate because I started the loan process on 10/21/2015 and by the time I looked into other lenders, the rates were higher than LoanDepot. I felt trapped like an innocent victim with no other option but LoanDepot.