Reviews for Loan Depot
Constant issues from escrow, insurance, escrow payments
I have nothing but issues since I refinanced with Loan Depot May 2021. The loan was set up with a escrow account originally. I received a penalty on my property taxes because they did not pay them. I received a notice my home owners insurance was being canceled twice due to not being paid from the escrow account so I had to make the payment myself then try and get it straightened out with the loan company. The latest is Loan Depot is now stating they are going to charge me $2392.22 for insurance because they do not have record of having coverage when the loan originally closed escrow.
Conventional 30 Year Fixed Washington
Loan Depot sent almost $250 less than the "Cash to Borrower" amount that was agreed to and that was on the Closing Disclosure and on the ALTA Settlement Statement presented by the notary at the closing. Numerous phone calls were not answered or returned, and I was never given a reason for the discrepancy. This is the behavior of a corrupt company, not a legitimate one.
Ted's Tip: Don't ever borrow from Loan Depot.
Conventional 15 Year Fixed Rhode Island
BEWARE-terrible customer follow up
The start of the process-the application process and ordering the appraisal went quickly! Done within 1 week! I was thrilled- that was where it stopped. I NEVER heard from the loan officer after that. I was handed off to Lindsay Clay her assistant. She was nice- but my impression is that they are overwhelmed. The process was an unorganized train wreck. We had 2 closings because the documents were drawn up incorrectly for the first one. We didn’t find this out until a week after closing. They sent an independent notary out to close the loan. We had questions the notary was unable to answer- the notary tried contacting several people at Lian Depot as did my husband and I and never got a call back. This was pretty much how the lian was handled. 2nd closing - we were holding our breath and found a wee later that underwriting accepted the documents - (2 1/2 weeks after initial closing). We received 8 closing disclosures. I cannot even Phaethon how it why. We were receiving them days after the loan closed! They all had different closing amount. We did not find out until the notary showed up what the closing amount we were to wire to the bank. We had so many disclosures and could not get answers. They overcharged us by about $1,700. Which was refunded within 10 days of the 2nd closing. The worst part - I found out from the bank - this was a refinance , they were supposed to payoff the lian - they were short by $147.00 because they didn’t figure the interest between the 1st closing and the 2nd closing! I had to go to the old bank and payoff the original mortgage and close the loan. When I say it was a train wreck with absolutely no answers- BEWARE! Research carefully and save yourself a lot of unnecessary aggravation!
Karen's Tip: Do not use Loan Depot
Conventional 30 Year Fixed District of Columbia
8 weeks later, still no loan
After starting mortgage refinance applications with a couple of different lenders, Loan Depot offered to "beat or match" the interest rate the others were offering, and even sent a Closing Document to show how quickly they could get this done so I decided to terminate my other applications. Now, 8 weeks later, their Underwriter does not understand part of my monthly income, so, the loan is "under review". Meanwhile, the loan officer brought his manager in "to help with the situation" and he never bothered to call me back with an update.
Debbie's Tip: Don't believe what they tell you