Report: #1000843

Complaint Review:

  • Submitted: Mon, January 21, 2013
  • Updated: Sat, February 02, 2013
  • Reported By: Hammer&time — Parker Colorado United States of America
    26642 Towne Centre Drive
    Foothill Ranch, California
    United States of America

Show customers why they should trust your business over your competitors...

Beware this outfit.   There are several ways they have set up the scam to get you.  First, they'll mess up the paperwork-I am ready to close a loan with them and discovered things on the documentation that I didn't say and certainly didn't agree to.  Second, they are EXTREMELY conservative on the appraisals-to the point where it may cause problems funding your loan so that they can hit you with an extra point or so in fees to 'help you out'.  Third, the mortgage rate they agree to is sometimes impossible for them to get-again, they'll charge you anywhere from a half point to a point because 'the numbers don't work'.  Fourth, you feel like you're dealing with a used car salesman when you get done and you want to go take a shower because you feel a little scuzzy after the whole transaction.  Fifth, they loan at 75% LTV, not 80% like everyone else.  When you combine that with a LOW appraisal, it's really more like 65% loan to value.  Not many people can refi at that level.   Most need closer to the 80% level.  

These guys are really suspect.  To boot, the BBB gives them an A- rating.  Go figure.  You gotta wonder who has naked pictures on who to get that rating and allow them to conduct business the way they do.  This little twink started playing his games this morning and then called back to try it again this afternoon.  I fully expect them to default and I will lose my money for the appraisal and credit check.  They guaranteed a rate they cannot fund(I have it in writing) and now they're playing games trying to figure out how to get it done in the capital markets.  Idiots.   Perfect example of how that industry got the bad name it has.   They had better get this deal done or I will make it my personal hobby to drag their names through the mud everywhere I can.
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This report was posted on Ripoff Report on 01/21/2013 08:03 PM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Author of original report

Typical mortgage lender that doesn't know what they are talking about

AUTHOR: Hammer&time - (United States of America)

When you post a comment like you did, you ought to have some experience with the company you're reporting on.  I do.  All of your comments are incorrect and, in the future, you ought to limit your comments to what your company does(not what does since you really don't have any experience there) and what you personally know to be fact.  You did neither in this situation.  

Everything I stated in the complaint is fact and your speculation does little to aid the cause with this forum.  Stick to what you know.  GFE did change, it is not an investment property and the 'used car salesman' routine didn't start until I was well into the process with a supervisor, no less.   They have 500.00 of my money and I'm not walking away from that until I know it's a lost cause.  I don't print money like Obama does.       
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#2 Consumer Comment

Not sure about the accuracy of this complaint

AUTHOR: Random - (United States of America)

I would like to start by saying that I work for a competitor of Loan Depot and therefore have an un-bias opinion.

#1: Federal Law governs GFE (Good Faith Estimates). They cannot increase origination charges or title charges at closing. I would be very surprised if their settlement statement at closing looked much different from your estimate. It is not impossible, however unlikely

#2: The appraisers that loan depot uses are 3rd party appraisal management companies. Loan Depot does not have control over the value of your home. Loan Depots' intentions are to sell the loan to a servicing company, of course they would want you to have the highest value possible...

#3: Used car salesman... this is possible, every loan officer is different... some are passive some are aggressive. If you felt like it was a used car dealership, I'm surprised that you entered under contract with them.

#4: Im sure loan depot lends to 80% loan to value just like everybody else. If you are limited at 75% it is most likely that you are financing an investment property. I'm sure this was brought up to you before the appraisal, and their underwriting guidelines are most likely the same as everyone elses, including ours.

The fact that your complaint lacks substance, and that you are calling them a twink suggests that you are perhaps a little ignorant of the lending industry. 
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