• Report: #909152

Complaint Review: Loan Depot LLC

  • Submitted: Mon, July 09, 2012
  • Updated: Sun, October 28, 2012

  • Reported By: Mike — Baltimore Maryland United States of America
Loan Depot LLC
26642 Towne Centre Drive Foothill Ranch, California United States of America

Loan Depot LLC Loandepot Loan Depot LLC never did a "Contest or Desk Review / Appeal Appraisal" on a low ball Appraisal Foothill Ranch, California

*Author of original report: We received a FULL Refund because we kept records

*Author of original report: Loan Depot forced by Contract Retention by Consumer to Issue Refund

*Consumer Comment: A desk review would not have helped your value.

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When the original appraisal was done we asked Loan Depot LLC for a "Contest or Desk Review / Appeal Appraisal" to be requested from Loan Depot LLC, which we are entitled to. They said their  not sure what we are looking for, but we told them we requested to have the "Contest or Desk Review / Appeal Appraisal" done.

We called and e-mailed over 5 times and have e-mail server receipts as well as read receipts from the Loan Originator (Sean Morales), the Loan Closer as well as his Direct Manager all through upper Management to Loan Depot LLC's President.

Also the original terms we agreed to changed through multiple GFE's. The Loan Lock broke, Rates dropped but they refused to lower our terms, Rate and Points.

All we were asking for is for the "Contest or Desk Review / Appeal Appraisal" to be processed and  not with an oral statement like they told us, but to have it in writing, as real estate contract law stipulates, Everything is based on documentation in writing.

Very disapointed in the way Loan Depot LLC's rips off consumers.

This report was posted on Ripoff Report on 07/09/2012 06:17 PM and is a permanent record located here: http://www.ripoffreport.com/r/Loan-Depot-LLC/Foothill-Ranch-California-92610/Loan-Depot-LLC-Loandepot-Loan-Depot-LLC-never-did-a-Contest-or-Desk-Review-Appeal-Appra-909152. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
2Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

We received a FULL Refund because we kept records

AUTHOR: mike - (United States of America)

Loan Depot failed to comply with an Appeal Appraisal, I did a refi through another lender, the Appraisal came back $23000.00 higher than the Appeal Appraisal we asked contractually for Loan Depot to do in which they refused. We received a FULL refund from Loan Depot.
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#2 Author of original report

Loan Depot forced by Contract Retention by Consumer to Issue Refund

AUTHOR: mike - (United States of America)

Loan Depot finnaly issues refund via Credit Card by supplying Contract to credit Card Company. Folks Remember keep copies os all Contracts you sign, as in our case this ended is us receicving a refund from Loan Depot,by their keeping our money and not following the contract and"Appeal Appraisal / Desk Review" as specified in our contract.
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#3 Consumer Comment

A desk review would not have helped your value.

AUTHOR: KW - (United States of America)

I am not an employee of Loan Depot, but I have een in the bussiness since 1991 and a desk review of an appraisal is generally done when the value of the appraisal may be suspect in the over valuation scenario.
So, had you actually had one done, it would not have helped your cause as when a review is done, theynare Hyper Critical of everything on the original appraisal. Unfortunately, a lot of consumers don't understand how far down the appraised values of their homes have gone. And the appraisers cannot lie about the values. The days of y
Hyper inflated values are gone and we are back to reality.
I hope this helps with understanding.
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