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Report: #1490529

Complaint Review: Loan Depot -

  • Submitted:
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  • Reported By: David — LA United States
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  • Loan Depot United States

Loan Depot Dishonest. Unresponsive.

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Was approved for a REFI.  Rate, terms and costs were alledgedly "locked in."  Loan Depot moved verly slowly on the process.  After 60+ days, 10 year rates were up over 20 basis points.  With lots of refi going accrross there desks they apparently focused on newer higher rate refi customers.  These unscrupulous folks never proactively kept me informed of my loan status.  The loan simply became invisible after 90 days and the mythical rate lock disappeared.  

I wound up working with the much better known, reputable company.  Had I worked with them initially, I wouldn't have wouldn't be stuck paying a .375% higher rate for the next 30 years.  I tried to recover my loses by shorting their stock and benefiting from their bad business practices.  Unfortunately, they are a privately owned bad actor and no short investment is possible.

Only hope others read this and benefit from my mistake.

 

 

 

 

This report was posted on Ripoff Report on 01/16/2020 11:22 PM and is a permanent record located here: https://www.ripoffreport.com/report/loan-depot/dishonest-unresponsive-1490529. 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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