ED Magedson – Founder
Loan Depot.Com Consumer Beware - Scam Artists Nationwide
Just like many other reports for LoanDepot, I too was scammed by this company. In July 2014, I decided to refinance my home and went online looking for rates. LoanDepot seemed to have a good rate and also talked a good story. The individual I dealt with was actually from my home state, so it seemed a bit more personable. I paid my $495 for an appraisal and it was actually done rather quickly. All my personal financial dealings were also good and passed their requirements. The appraisal came back right around where I said it would, so that was also good news. And then the games began. The underwriter noticed something in my tax return that did not fit with the appraisal. It had to do with the value of the land. I own a small ranch, and yes....the land value does count. However, LoanDepot started to backslide and tried to tell me that the land could not have that kind of value and stated they were going back out to the appraiser for clarification (read here....make him change his opinion of value). I was continually told that I would be contacted by end of business day--those phone calls never came. I would email and my emails would also go unanswered.
I am now over 5 weeks into the process and still getting the run around. I finally told them I was through playing their games and would take my business elsewhere. I went with a local bank that was able to give me the same low rate and in a matter of days, was already through the process LoanDepot is still dragging their feet on. I'm out the $495 appraisal fee, but a lesson learned and I'm done with their games. I would highly recommend that you consider your local banks BEFORE going to this very unprofessional company. One final note, the only time I got an immediate call back was when I tried to report them to the BBB. Within minutes of posting my complaint, someone from LoanDepot called to inquire as to why I was unhappy. At the end of the day, they called to give me the same song and dance about my land value. Just remember that if it sounds too good to be true, it usually is. You are much better off dealing with someone local....at least then you can get face to face with them, if needed, rather than hope you get phone calls or emails from unknowns that could be located who knows where. Good luck!
This report was posted on Ripoff Report on 08/22/2014 12:22 PM and is a permanent record located here: http://www.ripoffreport.com/r/Loan-DepotCom/nationwide/Loan-DepotCom-Consumer-Beware-Scam-Artists-Nationwide-1171640. 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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