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is loan depot a scam company?
Category: Scams
Tags: Loan Depot, loan, loans
599 South Barranca Avenue Suite 217
Covina, CA 91723
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10/5/2010 12:44 PM (PST)

Does anyone have any information on an Internet company by the name of Loan Depot? They want me to give them my credit card number to start a loan?

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10/5/2010 2:36 PM (PST)

Hi E.C.,

They have an F rating due to 2 unanswered complaints brought to their attention. I've attached their Reliability Report for you to view above.

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11/1/2010 7:49 AM (PST)

They ripped me off. I was assured that I would get a refund if the loan didn't go through. all through the process they reassured me that it was practically a done deal. I increased the insurance on my house, faxed in many many pages of documentation. I ended up spending over $1000.00 to get everything up to par for their requirements, and in the end when it didn't work out (the reason was I work for a technology placement firm so my job is classified as temp work) They left me hanging. their website says they return your message within 24 hrs. It's been over a week. I'm not holding my breath. They also changed their tune on the refund.

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11/2/2010 7:23 AM (PST)

Trevor,

You may want to file a complaint with the BBB (http://www.la.bbb.org/ContactUs.aspx).

You should also contact the Department of Corporations, from whom they should have a license for finance lending: 213-576-7500.

Your State Attorney General should know about it as well.

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11/2/2010 8:36 AM (PST)

thanks for the information. I requested copies of my recorded phone calls from them. I'm pretty sure if i play them for a lawyer, I have a pretty good case for misleading statements by the sales rep. We'll see. It's not a lot of money, but I am so sick of being lied to and ripped off by financial companies like them.

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11/5/2010 11:17 AM (PST)

I'm in the process of getting a refund.... they refunded me $95.00. I'm still waiting on the other $400 I assume it was a clerical error on their part because they charged me 2 separate times. Aren't financial institutions supposed to be more accurate than that about transactions???

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11/5/2010 11:19 AM (PST)

kind of funny because they sent me a screenshot of their refund application and it says $95.00 and they in their e-mail said they refunded me $495. I'm kind of glad I didn't get the loan.... if they are this sloppy, who knows how accurate they are with their loans...

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12/13/2010 2:16 PM (PST)

On Friday Nov. 19th 2010 My wife and I decided to refinance our house. We used Loandepot. A guy named Jonathan secured the deal for us and was suddenly not working there any longer according to On Kim-Paris ( (949)757-3451 tel (949)757-3451 fax OKimParis@loandepot.com) who took over our case. She told us we needed to get our house appraised in order to get a refinance going. We went ahead and got the appraisal. On 11/12/2010 We were charged $495.00 for an appraisal and were locked in on an interest rate that we found to be good. After a month and several phone calls were told that the loan cannot be honored because the house “is just not worth what it was appraised for” We requested a refund for the appraisal, and Ms Paris told us that she will have to get back to us on that. She mentioned having to talk to her supervisor on it and that she would have an answer in 48 hours. No response. In the end of the day we're short $495 and with nothing. Later I learned that the owner of Loan Depot William J. Camuti was sentenced to 116 month term of incarceration on fraud charges. He ended up having to pay $2,528,000 in restitution. Why is this company still in business ripping people off?!!

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12/13/2010 2:23 PM (PST)

They scammed me out of $495. Total rip off. They'll promise good rate and offer high appraisal value and in the end they'll leave you with nothing but -$495. The owner is in prison for fraud btw.

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1/27/2011 5:05 AM (PST)

The online company " LoanDepot.com " has an A- Better Business rating. See for yourself: http://www.la.bbb.org/Business-Report/LoanDepotcom-100089796

Don't know what company in Covina you are talking about... but it's not the online "Loan Depot".

FYI

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7/17/2011 5:40 PM (PST)

I was promised a 100% done deal and then the guy handed my file to someone else. No one knew anything about it for days until it was too late. I had an argument with him about the figures he put on the application but he was confident it would go through. Something, I was assured that my credit card would not be charged, but they did charge more thanthe $380 that had been agreed upon as they were given my business promising to match BluFi charges. Do Not do Business with them! If you have submit a complaint!

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4/9/2014 9:07 AM (PST)

By the looks of this, I must be the lucky one. I did my "refi" with Loan Depot, Jonathan was my "go to" through the first part, right up to just before closing. We had a little hic-cup in the change over but was corrected. I did give them my credit card and it was not used until the end for appraisal fee (I think) but we closed in 15 days with a great interest rate. The only problems were if I failed to get something to them that they required...can't fault them for that...I am looking at them getting beat up here, and I do not normally do this but I had a great experience with them, they were very professional, they were great at follow up/through...I will use them again, have recommended them to friends have heard no negative comments from them! I would give them 4 1/2 to 5 stars!!!

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