• Report: #1037282

Complaint Review: LoanDepot.com

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

  • Reported By: Jennifer — Silver Springs Florida
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

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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/reports/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.

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