LoanDepot

From the very beginning Johnny Lee and Ronnie Ferrer were so committed to help me refi my loan. I received an outstanding customer service through the whole process of my loan. I would call Johnny or Ronnie with so many questions and they were always so nice and very thorough with their answers. I had a fantastic experience! I definitely recommend loan depot… they now have a customer for life. Thank you Johnny and Ronnie!

Aloha,
I recently refinanced two properties, one located in Hawaii and the other located in Florida with your company. The purpose of this reviewl is to commend the outstanding professionalism of Mr Alex Dang, Ryan Hulse and Brian Lacasa.
The process was mind boggling, but I was able to survive it because of this outstanding team. Please keep up the good work and helping people maneuver around the hectic process of financing their properties. I have recommended Loan Depot to all my friends and even strangers that have inquired about mortgages.

These lying scumbags. They send mail to homeowners saying they «received the mortgage inquiry» the homeowner placed. They are lying and pretend that the homeowner or spouse MUST have sent in a request for information. Then they try to move you from a decent fixed loan to a loan that is not fixed just to save you a couple hundred bucks over the short term. Don’t do business with these scums

Please do not waste your time. They already have a 2 Star rating and mine is obviously lower. Inconsistent policies, guidance given to applicants is self serving vs. useful and many instances of mis information were encountered. I lost a lot of money by having to go through 2 separate appraisals with 2 different appraisers. Upset, disappointed and feeling cheated are a dramatic understatement!
BORROWER BEWARE!!!
This is a follow up to potential customers. After posting my review, I received notification of a reply. Loan Depot placed a response apologizing for my dissatisfaction and assured that their customer relations team would call me within 48 hours (if I remember correctly). This was prior to Memorial Day… still no call!
My Advice… DON’T MAKE THE CALL
Customer Service followed up and was open to hear my concerns. Rep communicated in a timely manner and worked to find and follow through on agreed resolution.

Unilocal REMOVED MY REVIEW DUE TO PRIVACY. REALLY? I will remove last names. IT’S IMPORTANT THAT EVERYONE IS AWARE HOW THIS COMPANY OPERATES AND HOW GENERIC THEY RESPOND TO REVIEWS ITS A COPY AND PASTE RESPOND.
UPDATED!
I wish we can use zero stars. This company mislead and lied to me. (MY HUSBAND).
BEFORE DOING ANYTHING GET YOUR «DEBT RATIO» from them, there cut off is 40%
I was recruited by Brian who I told him that i was in the market for re-​fi and $ 25k cash out. After running my credit and obtaining all my financial documents he said I would qualify for a 3.75% loan and be able to pull up to $ 50k off equity.
After several unreturn calls by Brian, I spoke to supervisor Ben,. Ben made excuses for him as to why he didn’t return call then he assigned Scott which did not make a differnce in customer service.
After I paid $ 379 for an appraisal, I waited approximately 10 days to then find out I did not qualify. Although I have $ 173k of equity. Ben offered me A.R.M loan and also nail me for over $ 12k in closing cost in which I did not want. I asked for my money back for the appraisal fee and was told NO.
In a nut shell these three knew from day one that I could not qualify. They led me on and made me pay for an appraisal then tried to switch the type of loan.
I wish I had previously read all these negative remarks on Unilocal which could have saved me a couple of months of wasted time and money. This company should be investigated and I noticing on the negative comments generic response from the company to rectify are issues. PLEASE PLEASE STAY AWAY FROM THIS COMPANY!

I do not write lengthy reviews but I do want to let the general public know that this is NOT a legitimate mortgage brokerage.
They lied and deceived me for 2 months and my closing did not go through because the final numbers on paper were totally wrong.
I got ripped off $ 210 for an appraisel fee and walked away with nothing but a bad experience.
Don’t waste your time with this «business»!!!

Didn’t happen anywhere near what the loan officer quoted. I filled out my refi information through Lending Tree and minutes later I was contacted by 5 mortgage outfits including Loan Depot. The agent, James, said he could offer some really good rates with lender credits if I hurried up and filled out the application that day. He said he’d be able to do 3.25% at my current balance, with a ⁷⁄₈^th point discount. Total closing costs would be $ 3,800, but that he could offer a lender credit to cover $ 3K. He was very careful to not send me anything in writing with any figures for a few days. I filled out the prelim application two days later and several days later, I received the loan packet in the mail. The terms of the loan was for me to pay down my balance by $ 16K for a loan at 3.5% with $ 8.6K in closing costs.
Luckily for me, 2 of the other 5 mortgage outfits offered 3.5% with no money down, but $ 1,400 in net closing costs. I easily went with the other outfit and I’m glad I did. They offered much better and accountable service. Perhaps other Loan Depot officers are better, but James was as far from honest with me. The funny thing is that I know a lawyer in-​house for Loan Depot so I thought my experience would have been different, but lo and behold I was bait-​and-​switched and in the end was happy to take my business elsewhere.

What I thought was initially a good decision to use LoanDepot to refinance our loan turned out to be one I regretted nearly every step of the way.
My loan officer Doug made me so many promises in the beginning — «I can GUARANTEE you won’t find a better rate, so there’s no reason to shop for another one. And even if you do — which you won’t — you have nothing to worry about, because we have a ‘Match & Beat’ policy!»
Guess who found a better rate the next day? And guess who had to jump through hoops to get them to honor the rate with that «Match & Beat» policy of theirs (Why oh WHY didn’t I just go with the other company? I had invested two hours of phone time with my LoanDepot guy already and felt like I would be a huge jerk to walk away if he actually COULD match it).
Communication is seriously lacking with this company. I ended up having to CC everyone I dealt with because none of them seemed to be capable of communicating with each other about the loan details (do they not have ways to put notes in each loan file?). I was met with excuse after excuse as to why things were being held up even though I got documents back to them at lightning speed — my loan officer Doug was out sick, my senior loan officer Jerome «had a lot of other loans» he was working on (per his manager Jon, the same manager was on his honeymoon for the entire first week of my loan process — which of course is FINE, but do they not have other managers that cover for each other? Everything was literally in limbo for that entire week!), etc.
Just one example of their obvious lack of care: my boss had sent back an employment verification request to BOTH of my LoanDepot loan officers, yet the man who had sent the request contacted me a week later because he had never received it from my loan officers. So I had to just send the document to him myself.
There was even one day that I sent several different documents to the senior loan officer, and he ended up emailing back after nearly each one «OK, now all we’re lacking is [whichever particular document]» — to which I would reply «you mean the [whichever particular document] that I emailed to you several hours ago??» (My guess is that either they are so busy that they need to hire more employees, or the employees don’t have enough to do and are keeping themselves busy playing Solitaire or watching shows online instead of actually taking care of their customers’ loan details.)
The loan closing date got pushed back because of their lack of follow-​through, and we barely made the cut-​off (before I’m sure they would have charged me a rate lock extension). Less than a week before closing, we got a loan estimate saying that we would be getting $ 636 back at closing (we were promised that we would be getting money BACK at closing, and that since our closing date was being pushed back, we would actually be getting more back than that first estimate). Then a few days later, it dropped to $ 576… and then on our closing date, it dropped to $ 207. My loan officer explained that it was because they realized that our homeowners’ insurance was due less than a month after closing, so I was fine with just getting $ 207 back (their oversight, but at least it was something). Well guess what? A few days after the loan closed, we got a notification that we would be receiving a check for a whopping $ 11.89!
This company illustrates empty promises and incompetency beautifully. Don’t take my word for it — let them handle your loan and see for yourself! (or do yourself a favor Google «LoanDepot reviews»).
I personally couldn’t be happier to be DONE with this company forever. Hopefully you will learn from my mistake!

I have worked with LoanDepot both as an actual loan customer and as a vendor.
My loan transaction was relatively smooth — the people were very helpful and for the most part available except on the weekend.
They have great technology and I liked the log in they provided to see docs, sign things and access your account and docs easily in one place.

I read these reviews of LoanDepot way too late. I wish I would have looked at these comments a long time ago. Exactly what these people are saying is right on the money! My appraisal was also about $ 25,000 short, which bumps you up into another category to collect more fees. Precisely on target with what these folks said. Lack of calls returned, especially when you talk to a Michael V; he will tell you for sure you loan is done… three months later, we am still waiting. With these folks, there is alway one more thing that they need. In fact, even my CPA was starting to think this is a sham. ShamWOW!
I agree with the people below… one star is very, very generous.

Beware. .I was extremely dissatisfied. …I wanted to refi my house… they told me one rate which sounded good, then they sent an appraiser who turned in an appraisal (which I had to pay for)…that was ridiculously low… so they then tried to give me another rate which was not nearly as good… I told them I was dissatisfied, then they had a quality control person tell me she would look into to it… never heard back. the process of dealing with this company was a big disappointment. Would never recommend this company to anyone!

I wish I could give negative stars. Appraisal came in $ 20,000 short of what my home is actually worth. Said I would need to kick in $ 5,000 more if I wanted to refinance. They told me my fully-​refundable deposit wasn’t refundable. Absolute scam.

So after receiving many loan offers for MY SON Who is 13 yrs old made me furious. I called and of course they say they won’t mail. Stuff out. This is ridiculous. I called today and of course those assholes don’t give two shits cuz they’re on the other end. Speaking with them saying I’ll take u off the mailing list. mofos. you said you’d take that off before, obviously someone didn’t do their «due diligence» per the supervisor and Tony when you call in. And to day they’re gng to disconnect my call because they don’t want to hear what I have to say. Very proffesional… marketing … check before you send Bullshit offers to teenagers. This is annoying.

This has to be the worst business transaction I’ve done in my life. It took about a year to get through my refinance. Two appraisals. Same conditions month after month. Don’t waste your time with this place.

Do not use this mortgage lender. This was a grueling experience they were very disorganized and did not communicate effectively with us. We had to pursue them
Every step of the way until closing. They made many errors however they didn’t help us to avoid errors on our part. We almost lost the home we were purchasing because of their inability to work with us in a timely fashion. STAY AWAY!

With interest rates being so low I was going to refi through Wells Fargo cause that was my mortgage lender. Well as time passed, I learned that Wells Fargo like to semi rip off their customers in the mortgage field. I contacted lending tree (by the way, BEWARE if you go through lending tree! Magical things happen! I put in my information at 9pm and by 8:00:01am I literally relieved 85 phone calls. I felt like the president of the United States! I felt so wanted… So amazing!), and loan depot was one of the 85 companies that contacted me. Why did I go through loan depot. cause their sales rep was down to earth and gave me promises which later conflicted. I began my loan process and things were going well UNTIL they began with additional fees… What the heck?! The sales rep said No additional fees! So I got the sales manager on the phone. He started off professional, gave me some really amazing options. I went with one of the options and things were working out, but I didn’t want to pay additional fees! So I speak to him again and I think I may have misunderstood about the fees, but I disputed it the guys starts going off on me. REALLY?! You’re going to raise YOUR voice at one your your CUSTOMERS?!! I had to remind him that I was a customer and he was acting extremely unprofessional. He calmed down and we moved forward. The time frame they gave for my loan to go through was not legit, I still paid extra fees, burst the end it still worked out, hence the 4 star review. IF things did not work out the way I wanted them to work they would have received a 1 – 2 star review. I’ve refied my house 3 times and they got the job done but put me through some stress in the meanwhile.
I don’t think they are a bad company, I don’t think they area good company… One thing I’ll tell you is their interest rates are really good. Another point of advise is that it’s a mortgage– haggle and see where you can get what you want. If they say something to you, make them stick to it! Don’t let down. It’s not cool being lied to! Make them stick to their word.
I don’t know if I would recommend them to others or not.
Oh and they emailed me saying they’ll send me $ 25 if I Unilocal’m… Let’s see if that happens…

STAY AWAY.
As far as I can tell this firm is implementing a classic bait and switch offer and is a sleazy, untrustworthy organization.
If I can add a photo of the letter the sent me about a non-​owner occupied lending program, I will do so. In the letter, they lead with a 3.875% interest rate (4.23% APR) with NO CLOSING COSTS and NO UPFRONT FEES. In the small print, they indicate there are up to 2.25 points — obviously misleading the reader because for most of us consumers points are part of the up front fees in a loan — and that must be why the APR is so much higher than the rate. In their small print, they also write the points «…can include any origination, discount and lender fees.» If the points can include lender fees, then this is not a NO FEE loan, right?
Even with the higher APR and misleading small print, this organization went beyond to warrant me writing this review.
While I was aware the APR was much higher than the «teaser» rate, it was still reasonably attractive to me so I called to investigate. Here’s what happened…
I was routed to loan officers based on my calling phone number — which is different than the address for the property we would want to refinance.
A guy named ORLANDO told me he could not handle our call and would have someone licensed in the market where our place is located call me back. No one called back.
I called back after a few weeks and had a similar experience, although this time JORDAN offered to walk me through their program and see if it made sense before connecting me to an Oregon licensed representative. After a brief conversation, he suggested I might be able to get a rate in the range of 4.5%. After asking a few questions to better understand why this rate was so much higher than the mailer and what other costs might be involved, he actually hung up on me.
A third call back and I was served by JACOB who quickly routed me to someone licensed to handle loans in the market where our property is located.
Jacob connected me to JAMES, who relatively quickly started asking me for information so he could run a credit check. When I let him know I was concerned about sharing that type of information before knowing if there is even a loan program close to what would work for me, he tried to share what information he felt he could. He talked a lot about us being on a recorded line and was very concerned about sharing information because he did not want to mislead me. He also indicated he could not really give me a sense of the rates and costs for a loan until he ran a credit check. I let him know my credit rating and requested he work with me assuming this score was correct. He tried, but there was nothing in what he said that would indicate they could deliver a loan even close to the pricing in the mailer they sent. He was «ball parking» closing costs of $ 3,000 — $ 4,000 dollars and said he had a rate table with interest rates from 3.25% to 5.625% and figured I might come in around 4.5%. At least this was consistent with what Jordan shared.
After these unsavory calls, I decided to read the small print a little closer on the mailer and I just read the following: «…This offer is for a first mortgage loan only on your primary residence.» THIS IS EXACTLY OPPOSITE WHAT THE FRONT OF THE LETTER, MAIN OFFER SAYS. Maybe someone in marketing did not check the letter and cross check, but this is completely misleading and conflicting information in the same mailer.
Overall, my impression is this organization is like those «boiler room» sales organizations portrayed in the movies, capitalizing on people who are not informed or otherwise prey to these types of thieves. It is disgusting to me that people choose these types of tactics and jobs to make a living and I hope this note will result in more consumers avoiding this company, employees making better choices of places to work, and the company changing their practices.

One Star is Too Generous. We have dealt with this organization since 2011. The only word I can use to describe them is ‘Dishonest’.
My wife and I have fortunately been able to refinance through J.G. Wentworth and as of this month, will no longer deal with Loan Depot again… EVER.
I wish I would have done my due diligence four years ago and investigated them, but that’s my mistake. Please do yours and read all of these one-​star reviews and run as fast as you can away from this company.
In the beginning, all was well when they were making their sales pitch. After that, it was all downhill. We refinanced on a ‘zero cost’ loan. Funny, because when the refinance was over, an $ 8500 «adjustment» was added to our loan balance. Not exactly a zero cost loan. Of course, there was no explanation, and there was nothing on the closing disclosure about it. Over the past four years, they have nickeled and dimed us to the point of where we were fed up and refinanced to get away from them.
Their online customer service responds in coded missives and it’s like you’re speaking to them in Haiku. Never a straight up answer, ever.
They will never do anything that benefits you. Please, the only advice I can give is to go to Lending Tree and find someone else to work with. Companies like this don’t change unless they lose their business.
FYI, a lot of these 5-​star reviews for Loan Depot are employees and family members of employees.
To Loan Depot: I have every email and every statement as proof for a dispute, including names.

If I could give them 0 stars, I would. If you’re going to go with them, proceed with caution.
We had wanted to refinance our home with a lower interest rate, and go from a 30-​year loan to a 15-​year. My husband did all of the conversing with them, which was a lot, because they hound you. They made mistake after mistake (they said it was error, anyway) on the paperwork. The dollar amounts kept magically changing, being one amount when we agreed to the loan, then when time to sign came, suddenly it was much higher.
After the first time, they called and said they found the paperwork error, and to give them another chance. Against my better judgement, my husband agreed. There was to be no money down at signing, because we’d just made a house payment which they were going to get back. When the notary showed up, there were three different amounts showing in the paperwork, and he was insisting we give him nearly $ 800 in money order — one paper said we were to get nearly $ 400 back, but the other said we owed the nearly $ 800 at signing. Even the notary raised an eyebrow. We showed him our paperwork which clearly said no money down at signing. We refused to sign and sent him on his way.
They’ve been calling all day. It was an error, again, they said. My husband told them we’re not interested. Tonight, a «VP» was calling, wanting to talk us into giving them a third chance. NOT. A. CHANCE. So, borrower beware. We’ll be using a different company. One we can trust.

Don’t bother using Loan Depot, especially if you plan on buying a house in the competitive Bay Area.
My fiancé has been working with Chad on his loan, and was recommended by others to use Loan Depot.
As many reviewers have mentioned, they seem to use a «bait and switch» on many of their consumers. Reeling them in with unheard of low rates, and then telling them they don’t qualify at the last minute.
Chad had Carrie from the underwriting department write us a GFE for 3.8% but with $ 4400 to lock the rate. Once we told Chad we wanted to go for zero points, instead of paying $ 4400 to lock in the 3.8% rate, his attitude immediately changed. We were told that the loan was rejected because the addresses didn’t match on the tax papers. We talked to our accountant, since this was HIS error, and not ours. Chad seemed to care less, and said there was nothing he could do. He was probably upset at the lower commissions since we didn’t want to pay for the lower interest rate.
What’s the point of us wasting $ 425 on the appraisal if the loan wasn’t going to go through?
Oh, and this all happened 6 days before close of escrow. Really, Chad? Couldn’t you have done the basic task of checking someone’s address? A careless and incompetent error, which caused excessive stress between the buyers and sellers.
Not only was Chad unprofessional, he ignored our emails following this incident. Loan Depot has caused us so much stress, and I would NEVER recommend them to anyone.
Luckily we were able to able to find another lender, who was able to close in 21 days. Happy to say we just closed on our first home (without the help of Loan Depot) !