Complaint Review: Loan Depot

Consumers Beware. I like many others saw Loan Depot's ad on the internet and called to get info about refinancing my home.  I outlined what I wanted to accomplish, refinancing my home, and financing the fees. No concerns. I was pleased with their response and decided to proceed. The process started and I gave them $495.00. I provided all of the paperwork they requested that same day. A week or so later I was told my finances looked great, my credit score was great, no problems. 

I want to outline a few of the complaints and problems I had. I hope that if you are considering using this company you will change your mind. I know that if you read the reviews on their site it sounds like some people have had good experiences, have they? or does Loan Depot just create those reviews and delete the real ones? just a thought. You can judge for yourself, but do you really want to waste your time and the $495.00?

Conflicts: As the process continued I was asked for more documents (apparently they lost some of the ones I provided) and then more demands concerning my finances. Pay off your charge cards, "no wait that's ok you don't have to". Paint your spare room, "no wait you don't have to do that either". 

Numerous Conflicting Agents: When I would start to make progress, then I would get assigned a new agent and the ridiculous demands would begin again. Over and Over. I went through 5 agents. Each one getting more outrageous. The last one was the last straw. He demanded all my fees be paid up front, my car loan be paid off and my charge card paid off and closed. I refused. I had already bent over backwards and done enough. Each agent conflicting each other saying do this or don't. They were very unprofessional.

Their communication: Overall I was extremely dissatisfied with their communication. I would request email as the best way to reach me and they would call. or not. They did not communicate well. Sometimes weeks went by waiting for a response to my emails. As the time approached for my lock to expire no one responded. All I got were excuses as to why it was taking so long. When someone did respond to the expired lock issue, I was told that I would have to pay more money to extend the lock. When their delays were in NO way my fault. After 4 months they finally declined my loan because I wouldn't comply with their outrageoug demands. 

After 4 months the rates went up and I missed a good chance to refinance my home. Please investigate and read reviews about whatever company you decide to use.