• Report: #808414

Complaint Review: LoanDepot.com

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  • Submitted: Mon, December 12, 2011
  • Updated: Wed, January 18, 2012

  • Reported By: Ellen — Los Angeles California United States of America
LoanDepot.com
Foothill Ranch, California United States of America

LoanDepot.com Loan Depot LLC, Loan Depot Bait and Swith *** Bad Business Practices Foothill Ranch, California

*Consumer Comment: Complaint bears no substance

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Bait and Switch *** Bad Business Practices

I applied online and then called in because I hadn't heard from anyone(1st concern). First off, I asked for the same thing I applied on line and then was offered 4.25% with $1595 and 2506 in additional fee's, which I turned down.  Then someone from a different department called and offered 3.875% without the 1950 and $2506 in additional cost.  I asked why the previous person quoted me higher and she stated "we offer people better pricing when the go through www.bankrate.com vs other ways even with the same fico and loan limits."  I asked her isnt that wrong and she said that was they way we operate. I durned down the offer because they are to truthfull in advertising online or on the phone. I feel they are taking advantage of people by slam brokers but yet do the bait and switch when it comes to costs. Jease its like dealing with Quicken! 

YOU CAN GO WITH THEM BUT YOUR PAYING $$$ THOUSANDS MORE compared to others for the same loan

This report was posted on Ripoff Report on 12/12/2011 05:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/LoanDepotcom/Foothill-Ranch-California-92610/LoanDepotcom-Loan-Depot-LLC-Loan-Depot-Bait-and-Swith-Bad-Business-Practices-Foothil-808414. 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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#1 Consumer Comment

Complaint bears no substance

AUTHOR: Loan Officer - (United States of America)

I work for a competator of Loan Depot, and your complaint is outrageous enough that it is worth commenting.

It is not only ethical but legal for Loan Depot to offer better pricing through their Bank Rate marketing program then standard marketing. Every business has an operational cost and traditional marketing approach where the provider (Loan Depot) is competing with 5 other mortgage bankers will obviously have a lower conversion and higher conversion cost than a BankRate loan which directs you straight to Loan Depot. 

If Loan Depot was able to fix their mistake and honor the pricing to you offered on BankRate and you were unsatisfied, it is acceptable to turn the loan down as you did. 

Based on your accusation they performed professionally and honestly.
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