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Ripoff Report | LoanDepot Review - Nationwide - Loandepot loan depot
Report: #1278292

Complaint Review: LoanDepot - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Kevin — San Jose California USA
  • Author Confirmed What's this?
  • Why?
  • LoanDepot Nationwide USA

LoanDepot Loan Depot Unreliable. Bait and switch Foothill Ranch Nationwide

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LoanDepot takes painfully long to close a loan.. My loan took over two months to close. Because the loan took too long to close resulting in my rate lock expired. They ended up increasing my rate higher at the end. 

I took every step to make sure LoanDepot got everything they needed in order to close my loan within 30 days as promised. I was cooperative and prompt with everything that was requested by LoanDepot. I made constant follow ups by email and phone calls to get an update and to help move things along. My loan ended up going over my lock rate and as a result, LoanDepot increased my rate in the end.

We made this loan process top priority and even took time away from our jobs to make sure everything was provided back to LoanDepot and timely manner. I expressed that we are serious about closing this loan within 30 days as promised. Sadly, the only time we would get any update from LoanDepot is when I had to either follow up by email or phone.

I started the loan process and locked in my rate on 10/21/2015. I signed on 12/24/2015! Keep in mind, this was due to my due diligence in constant follow ups!!. I figured this loan would have taken a lot longer than it did if I wasn’t constantly following up.

I got really taken advantage of and the bait and switch comes in because since the loan process took extremely long resulting in my lock rate expired, LoanDepot had to raise my rate higher in the end. Why should me and my family be penalized and get charged more for being cooperative and prompt!?? Why should any customer be charged a higher rate when they did everything possible to move the loan process forward? LoanDepot should have acknowledge how slow they were moving and kept my original rate. There are records with every phone call and email that proves I was prompt and fast with everything asked of me. There should be an internal investigation done on this matter.

I was so far into the loan process at this point and I felt trapped like an innocent victim with no other option but LoanDepot.

This report was posted on Ripoff Report on 01/06/2016 12:14 AM and is a permanent record located here: https://www.ripoffreport.com/reports/loandepot/nationwide/loandepot-loan-depot-unreliable-bait-and-switch-foothill-ranch-nationwide-1278292. 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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