loanDepot Reviews

4.1 out of 5 stars
111 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.

Jun 11, 2017
Bad customer service
Anonymous Borrower

I was told at the beginning they would pay my credit card and student loans.after one week , they said they could not do it. they charged my account for the appraisal, and then said they had to cancel everything because the mortgage price they told me at the beginning changed from 500 to almost 900. worst experience, I lost my appraisal money.

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Jun 11, 2017
Bait and switch
Anonymous Borrower

First they lure you with the promise to waive their fees, then they get you to commit with hundreds of your dollars, and weeks of your time submitting paper work, then two days before signing 'forget' to waive the fees they promised to get you to sign. Avoid. Scam city!

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Jun 08, 2017
loan itself ok. People not good.
Anonymous Borrower

Don't use loan depot

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Jun 06, 2017
They took two payments out one month!
Anonymous Borrower

They took two payments out and would've reimburse me one of them!  I'm still trying to get it back after 3 months.  I even asked them to credit me but they haven't done that either!

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May 31, 2017
Refinance
Anonymous Borrower

Very painless approval process.  Everything was clear up front.  I've been through the process before so I made it a little easy on the bank but they clearly had their ducks in a row.  This is the fastest and most professional financing process I have done.

As always its on the consumer to do their due dilligence.  But with LoanDepot this was super easy and painless.

Process took 1 business week from start to finish.  (Super fast!)

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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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