Loan Depot Huge rip off. Delayed so they would not have to pay off. Foothills Ranch California

 We started a refinance loan with Loan Depot on May 10, 2013 and it ended on July 15, 2013.  All the delays were caused by Loan Depot and their underwriters and we believe they intentionally went into delay mode about early June when mortgage rates might increase.

Loan Depot requested detailed information about deposits made to our checking accounts and when they changed the amounnt of the loan and we sent them a cashier's check to pay down our present loan, they cashed the check then asked for detailed documents of where the deposits came from.

 Loan Depot changed the mortgage company on our home insurance policy with their name before any payoff was made or the loan closed. 

They changed the amount of the loan on June 7, 2013 locking in 2.75% interest for 45 days.  Although we met all their superfluous requests on July 14, 2013, they changed the interest rate to 3.375%.  That is 3 days before the lock in expired.  We then rejected the new rate. 

Loan Depot requested we "prove" that our pensions were for "life".  On bank statement they required even the "work page" of the statement.  The required flood insurance even though we are not in a flood zone and Loan Depot would not provide us documents to show we were in a flood zone. 

We signed closing papers on June 24, 2013 and the underwriters still requested many documents to delay the process.  The underwriters were impossible to satisfy and work with. 

We realized that Loan Depot was just delaying so the lock in rate could be changed and we challenged them on that fact.  On July 16, 2013 a couple of their representatives apologized for the outcome and "acted" embarrassed.  All we can say is people BEWARE    BEWARE   BEWARE of LOAN DEPOT.  In fact, run away from them.