• Report: #1037282

Complaint Review: LoanDepot.com

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Sat, March 23, 2013
  • Updated: Sat, March 23, 2013

  • Reported By: Jennifer — Silver Springs Florida
LoanDepot.com
26642 Towne Centre Drive Foothill Ranch, CA 92610 Foothill Ranch, California United States of America

LoanDepot.com Gave every indication we were approved for a home loan; cancelled approval 10 days prior to closing. Foothill Ranch, California

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

LoanDepot came highly recommended to us by a family member who works for HUD, so we decided to give them a try. We contacted Doug Bontemps and told him from the very beginning that my husband works on a commission basis and had recently returned to work after a 1 year layoff. We were told this would not be a problem in LoanDepot securing a loan for us during our home purchase process. Regardless of employment status, we had a significant amount of cash to offer as a down payment, but were told we would only need 3.5% down (FHA loan) on an $83,000 mortgage. We wold have been more than happy to put down the standard 20% to secure this home loan, but Loan Depot insisted on going the FHA route.

Here we are, 10 days prior to closing. After paying $500 for a home inspection, $200 for a septic inspection, $450 for a LoanDepot-ordered appraisal, and $2500 for an earnest money deposit,  I received a call from Jesse Smith (manager) on 3/22 (16 days prior to a closing date we were already given) only to be told that our loan was cancelled because of my husband's pay being commission-only based! Again, Loan Depot--and particularly Doug Bontemps--knew from the very beginning that my husband's pay was commission-based.

This would have been the 7th home in our lifetime that we've purchased since 1995.

This is the first and only time we have EVER been refused a mortgage.

This report was posted on Ripoff Report on 03/23/2013 03:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/LoanDepotcom/Foothill-Ranch-California-92610/LoanDepotcom-Gave-every-indication-we-were-approved-for-a-home-loan-cancelled-approval-1037282. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on LoanDepot.com

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory