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Loan Depot

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BBB Rates This Company AAA
Posted by Ertz2 on 07/07/2012
IRVINE, CALIFORNIA -- I have been dealing with Loandepot.com since May 18,2012. My credit rating 880. We have little dept. we wanted to refinance at a lower rate. Sent in 498 dollar's for good faith, this was not for home appraisals or flood insurance check as they claim. If the loan fails they eat it. So far they have been stalling, do not answer their-mails or phone calls for at-least a week or two then when they do there is a question about our finances. Seems like we fill out more paper work and fax it to them, for on what is our mortgage on my E-mail address (what)? can you explain and several other questions on companies we never did business with. Looking on the Internet, we found a lot of complaints,which follow their script.

Ripoff.com and other sites. How these people got a AAA rating by L. A better BB is beyond me. We have done business with Quicken Loan, Lending Tree Bank of America, Wells fargo and never experience any thing like this. I contacted American Express and they are contacting Loandepot.com on this matter. However people should know just what they are in for while doing business with this company.

     
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Posted by trmn8r on 2012-07-07:
Loan Depot is a Better Business Bureau "Accredited" company, which means Loan Depot pays a yearly membership fee. The larger the business, the more it pays.

I am believer in the BBB and its ratings for NON accredited businesses. It saddens me greatly that the BBB looks the other way for businesses that have essentially bought a high rating. This company has 109 complaints closed in just the last year, yet it has an "A" rating. That is absurd. I don't care how great they allegedly are in responding to complaints - why would 100+ complaints be filed in the first place in one year for a decent company?

There is no way that a non accredited company would have an A rating with 100+ complaints a year.
Posted by tnchuck100 on 2012-07-07:
trmn8r is correct. Loan Depot's BBB rating is dependent on how much they are willing to pay.
Posted by FoDaddy19 on 2012-07-07:
How do you have an 880 credit score when FICO tops out at 850? Were you quote a VantageScore or something>
Posted by jktshff1 on 2012-07-07:
Bad Business Buddies
Posted by madconsumer on 2012-07-07:
very helpful review, and voted as such.
Posted by angryrateshopper on 2012-11-30:
Very rude and disrespectful loan officer from Loan Depot in Foothill Ranch, CA. Please do not apply for a loan unless you want to be laughed at. Did I mention his name, John? He hung up on me too.
Posted by Doriane on 2013-08-10:
I keep receiving their info. in the mail. I decided to check them our and have just spent the last hour looking at all the reviews and they are all bad. In this day in age you certainly have to do your homework. Thank you for you comments.
Posted by Lola on 2014-01-22:
first their lock in deposit/appraisal fee is 495 not 498, and your inflation of your credit score of 880 is not possible. no one uses beacon scores, and fico scores top out at 840-850.

there are always 2 sides to every story. check out bankofamericasucks.com or take a gander at the 6 million dollar lawsuit that bofa, wf, chase and citi bank are all involved in for mortgage fraud. and you'd rather do business with them.

and don't expect to just "get a rate quote" without providing information, you do realize that their bankers are all licensed, and can have licensed revoked with one filing through the NMLS.
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Poor customer service
Posted by Bigcush141 on 09/26/2011
My recent experience pursuing a mortgage refinance with Loan Depot has been very negative. After a very positive initial experience with friendly customer service, I was met with delay after delay in getting appraisals done and getting paperwork exchanged. In an attempt to dispute the appraisal after some pretty ridiculous results came back, Loan Depot just plain stopped responding to my phone calls and email inquiries for status. When I finally contacted a supervisor, he was unhelpful, informed me that none of my concerns were legitimate and insisted that there was nothing else he could or would do. He also offered no apologies for the poor customer service of his staff. I've wasted 6 weeks of time and $495 on a bad appraisal and bad service. An offer of a partial refund of my deposit would have gone a long way to apologize for the run-around so both parties could just move on. Do yourself a favor and find another mortgage company to deal with, there are plenty out there to choose from.
     
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Posted by Venice09 on 2011-09-26:
If Loan Depot felt the appraisal was realistic, you probably no longer qualified for the loan. I don't know how you would go about disputing the appraisal. Are you wiling to pay for another one?
Posted by CajunConcerned on 2012-12-20:
Loandepot.com is required and does use an independent agency to anonymously choose an appraiser so they are not responsible for choosing the appraiser. When the appraiser is chosen (which takes longer because it is an anonymous process) then the appraiser normally compares value to other homes in the neighborhood of similar age, total sq. footage and living area. The sad thing is that appraisers almost never give any value to new floors. In our home we had a brand new ceramic tile, and almost 2000 square feet of beautiful new high line carpet. The appraiser gave no value to this. Sad to say, this is common. Our home appraised far over the selling price and 3 times more than the financing amount so loandepot went along with everything but took forever and a day.
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