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Founded in 2010, loanDepot is a national consumer lender and financial services company with headquarters in Southern California. The company matches borrowers and lenders through their online marketplace, helping customers find competitive mortgage rates and loans with ease. loanDepot currently operates in over 180 locations across the nation and is affiliated with over 1,700 licensed professionals.
LoanDepot
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Latest loanDepot Reviews
They seemed to be a gvery good offer at first but then did an underhanded approach by using an unknowledgeable appraiser <someone unfamiliar with the local real-estate market> to severely undervalue the property by over 200K to give a lower loan amount. I wasted valuable time messing around with loan depot. They are not worth considering as a potential lender. Yes my local bank used a local appraiser who gave an appropriuate value t5hat was over 200k more than loan depot
Beware of wolves in sheep clothing. Just as long as you make all the right moves and no changes one is treated well. Take a step out of line and they'll come down hard.
Do not use these crooks' A $230k refi was going to cost $10.700 what a joke these MORONS are ripping people off and this was only on an enquiry! as I was thinking of Paying it off cash. Anyway so it would take my Mortgage from $230K to nearly $241k' All this to save $100 bucks a month go figure how long it would take to break even. So I then sent them an e mail to cancel the Enquiry' and guess what 2 weeks later I get a letter saying that my app had been rejected all this and i had not even put in an Application. But wait wait it gets better last week I received yet another letter going into more detail why my App was rejected nothing they had was anywhere near the truth. AS I... Read More
They are terrible at what they do zero trust very desperate.
I chose an ARM with 7 year fixed at 1.875%. Just before the loan went to underwriting I was asked to accept a revised loan package which would have obligated me to pay all closing costs at closing. This had not been discussed. Had I demanded a capitalization and amortization of the closing costs, the actual monthly payment would have increased to more than a competing quote at 2.875%. I could not get an honest explanation from them and cancelled the application.
Stay away from them!
It is a terrible company. "ALEX" WILL CALL YOU TO DEATH until he gets what he needs. Just a poor company with slackers working there
We started the loan process two months ago. Up front I asked what closing cost were to be and I was told it would be around 2500. They did not provide any of the financials until the day before we were to close. When we reviewed the documents we found the closing was 12,000. They were not transparent they were pushy into locking in a rate. I will say I found rocket mortgage more transparent and upfront about the cost. When we brought this up, it was like you flipped a switch. Everyone that was nice turned. The initail call was recorded and we were told they did not discuss all the fees and that we were right. They did not try to rectify the issue. I would not recommend there are to... Read More
Horrible experience and WORSE customer service. Entire refinance went over 4 months time frame. The loan officer Brandon Rosales and Tiffany Speaks the loan processor kept dragging me along which cost me over $600.00 between the appraisal, credit check, and 4 repeated $25.00 per month pay off requests from my current mortgage holder. This is to get a denial today which is wishy washy at best stating my collateral is not substantial...This is when the appraisal value exceeded my loan request over $100,000 . Interestingly enough, I call to gain more information about this denial and calls and emails never are received. In fact, it appears that following the initial call to pull one... Read More
Horrible. Worst customer service ever. They never return a phone call email. I have been trying to refinance for 7 months- closed on the loan a month and a half ago and now they want me to re- closed because they F'd it up the first time. Nope. I'm going with someone else. DO NOT Recommend!
Terrible experience. Very irresponsible, inefficient and deceitful. Have spent hours on the phone trying to fix their mistakes.
Worst experience with them.
They suck you in, and it it brutal.
I started last Aug. It is still in the air, but they say I got approved, but they need more info...
Taking me 6 months plus without any result, they keep on moving post to dig a bit more info a few weeks.
They deserve to be sued. Opportunity cost to customers.
Scam...
These people are a joke. Very unprofessional. They don't return phone calls. Scheduled an appraisal and the appraiser never showed up. After asking that we be assigned a different appraiser, we were assigned the same appraiser after almost 2 weeks of us harassing them for one. When we called the appraiser the day before he was scheduled to come to the appraisal, he informed us that he did not have on his schedule and that we was not aware. We told him we had a email from Loan Depot confirming the appointment but he told us that one other than himself schedules his appraisal appointments. The amount of the loan we are trying to refinance is about one third of the value of the home.... Read More
I was concerned that loanDepot would change my rates and delay my 2 loans based on some bad reviews on this site. I am leaving this review to indicate that loanDepot did not change the great rates they gave me on the initial loan estimate, closed my 2 loans within 60 days with excellent customer service. My loan officer was ' Tarin Golden' and he was the key to closing this loan with loanDepot because: * Gave me the best rate on my 1st call, did not waste time in doing it because he realized I had a competing offer. * Was detailed in helping me think through the recovery time of spending on discount points. * Renewed his licensing over a weekend to be the Loan Officer for my Texas... Read More
I gave them way more time than I should have. After nearly seven months, underwriting AGAIN suspended the application because they were confused, and I called it quits and went with someone else (with a better rate and lower costs and a 22 day closing).
They have very deceptive sales pitches and shady loan process I ever seen. They appraise the home value without sending the real appraiser. The sales people are not responsive when the comes time to finalize the numbers. Not transparent in their mortgage lending process and they decide when to respond or when not. They drag so much and delay intentionally to avoid and expire the 3 days of RIGHT to cancel agreement. Worst experience I've had with a lending company. They promise something and keep on adding fees later and I had multiple closing disclosures with added fees whenever they feel like, though everything was approved. I wasted so much time and money with these guys! I would... Read More
I've had it with this company. I started my refinance in late June. This should have been a walk in the park because my credit score was in the 830s, our home was worth twice what we were trying to refinance it for, we have plenty of income and assets. We got conditional underwriting approval immediately. I'm now on my second underwriting manager (the first went radio silence on me) and I thought this ship was righted. Not so. Our rate lock expires today and I'm going shopping for another company. Don't be fooled by the online portal. I had to resubmit information multiple times as stuff just goes into a "black hole". Nobody needs this stress.
I have been trying to refinance a loan for months, since May of 2020, it is now September of 2020. I keep getting un-returned calls and emails, but lots of unsolicited junk mail asking me if I'd like to refinance to a lower rate. They added all kinds of massive fees and dumped them in my lap the morning of closing, when I first purchased the house, it was either close or lose all the money, so we paid it, but they were very underhanded. They are shady, stay away if you can. DO NOT RECOMMEND!!
Terrible. They fed me with lies for 6 months, locking every month and then re-locking again, changing conditions every time, and raising points. They charged me for appraisal and have never being able to close. Now I am going with a different company and need to appraise again past 120 days. The funny thing is their sales kept calling me offering to refinance over and over again. These guys is a joke.
I have been trying to refinance since 10/25/2019 its has been 5 months and I have done all the work for them. Every time my rate lock gets to the day they come back and give excuses that they are needing something else or its the title company. And now refuse to refund my 500.00 in which they told me they would because it was their fault. But let me tell you when they start the process they tell you that you need to hurry as soon as you can and get the papers signed through email and get your appraisal done but they can not do the same. This is called bullying and not holding up their end. I would not recommend this company to anyone! Now I will have to lose the 500.00 and come out of... Read More
Deceptive sales pitches and garbage process. The sales people call your phone non-stop and when the comes time to finalize the numbers, they are worst (higher) than the banks! Garbage
this was the worst experience I've had with a lending company.
they promise something and take it away even though everything was approved. i started my processes in the middle of September and i pulled the plug in the middle on January for a simple refi. i wasted so mush time and money with these guys and. just to make sure i wasn't in the wrong i called my current lender and gave them the whole story plus the loan estimate and he said they do this all the time and would be happy to help, so im staying with them because there not shady and they care about you.
i would look far away from these guys if you can!
Loan Depot is by far the most incompetent lender I have ever dealt with. I started a refinance on Sept 9, 2019 with an appraisal that had been completed on July 2, 2019. The staff said we could use the appraisal because it was less than 120 days old. Loan Depot kept asking for more documentation of the appraisal even though they had all the paperwork. The appraisal expired and a new appraisal was conducted on Nov 27, 2019 and submitted to Loan Depot on Nov 30, 2019. I had serious doubts that the loan would close and I repeatedly told the staff that I should get a new lender due to the amount of time the refinance had already taken. Loan Depot kept asking for pay stubs, bank... Read More
Not sure how they have such a high rating with all the negative reviews. I’m adding one more. After a 5 month process (I was told it would only be 2 months) the loan was denied. I haven’t received a reason either verbally , email or snail mail. They haven’t returned my calls either. I have left messages with 3 people and finally Customerservice. My credit rating is well above 800 and my property assayed for well over the amount of money I wanted to borrow. From reading all the comments below maybe I have dodged a bullet. I had originally seen this company with adds stating they were #2 in the refi business well maybe not and if they continue down this path of no customer service they... Read More
This place it ridiculous. They want far more paperwork and stuff than an other lender I have ever dealt with. Between Loan Depot and the incompetence at MTH Mortgage you should avoid using them at all. With an 800+ credit score you would think it would be a simple process. But their "secure" online portal lost several documents to which they could not tell me where it went. It is a simple process for their system to verify if the upload succeeded or not and notify you accordingly. Their system says the documents uploaded but they can not "find" them which makes me think their system is written on old or bad code. Either way this place is a joke. really all they are trying to do is... Read More
Loan Depot ran my credit without my consent or knowledge, I have called and emailed multiple people, managers, no response.