Complaint Review: Ben Kelley & David Wilson of Loan Depot LLC

We were ready to close with Quicken Loans and were contacted by Loan Depot and David Wilson. He promised us a great rate and low closing costs. After being assured that the offer was legitimate we cancelled our loan request with Quicken and forfeited our deposit. It made sense because origination fees were less than half with Loan Depot.

The first set back came when we got pre-approval and the loan numbers had completely changed. We complained and were referred to David's boss Ben Kelley. We were told that it was no big deal and that buying points would be easy to rework the loan back to original numbers. So we moved forward. We were told at this time that we would owe about the equivalent of one mortgage payment at closing. Were were told that if we closed within our grace period, we could skip paying the current lender that month and we wouldn't have a payment due the following month either. This worked perfectly for us since we could just take the payment amount we would have paid our current lender and use it for closing. It would be a wash and the following month we wouldn't owe anything (and eventually get our escrow back from our current lender). A complete win.

After asking for tons of paperwork (more so than other lenders) and us providing it all in an extremely quick manner, we finally were ready for close. When we received the final closing paperwork we saw that we would owe almost 3 times what they originally told us we would at closing.

We were lied to repeadedly throughout the process and unfortunately that seems to be the industry standard. I realize they are essentially making a sale and they will try to bend it however much they need to in order to get a signature. However I was caught off guard by how much they lied I guess. 

Very unfortunate situation. In the end we are out a deposit with Quicken and a deposit with Loan Depot. About $900. Then I sold my prized Harley to have money to close. They knew this and all they had to do was be honest with us with what was due at closing up front. However instead they gave us this small amount and told us they were certain. So we put the money towards other use (paying off other bills) only to realize we did need it in the end.

I guess honesty and caring about the customer is too much to ask these days. Unfortunately it seems all of these lenders bend the truth a bit. Overall it was just a very painfil process and in the end when things weren't going as expected, we couldn't get a response to save our life.