Hammer&time
Parker,#2Author of original report
Sat, February 02, 2013
When you post a comment like you did, you ought to have some experience with the company you're reporting on. I do. All of your comments are incorrect and, in the future, you ought to limit your comments to what your company does(not what loanDepot.com does since you really don't have any experience there) and what you personally know to be fact. You did neither in this situation.
Everything I stated in the complaint is fact and your speculation does little to aid the cause with this forum. Stick to what you know. GFE did change, it is not an investment property and the 'used car salesman' routine didn't start until I was well into the process with a supervisor, no less. They have 500.00 of my money and I'm not walking away from that until I know it's a lost cause. I don't print money like Obama does.
Random
Arizona,#3Consumer Comment
Sat, February 02, 2013
I would like to start by saying that I work for a competitor of Loan Depot and therefore have an un-bias opinion.
#1: Federal Law governs GFE (Good Faith Estimates). They cannot increase origination charges or title charges at closing. I would be very surprised if their settlement statement at closing looked much different from your estimate. It is not impossible, however unlikely
#2: The appraisers that loan depot uses are 3rd party appraisal management companies. Loan Depot does not have control over the value of your home. Loan Depots' intentions are to sell the loan to a servicing company, of course they would want you to have the highest value possible...
#3: Used car salesman... this is possible, every loan officer is different... some are passive some are aggressive. If you felt like it was a used car dealership, I'm surprised that you entered under contract with them.
#4: Im sure loan depot lends to 80% loan to value just like everybody else. If you are limited at 75% it is most likely that you are financing an investment property. I'm sure this was brought up to you before the appraisal, and their underwriting guidelines are most likely the same as everyone elses, including ours.
The fact that your complaint lacks substance, and that you are calling them a twink suggests that you are perhaps a little ignorant of the lending industry.