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Empty promises and incompetency
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What I thought was initially a good decision to use LoanDepot to refinance our loan turned out to be one I regretted nearly every step of the way.
My loan officer Doug made me so many promises in the beginning - "I can GUARANTEE you won't find a better rate, so there's no reason to shop for another one. And even if you do - which you won't - you have nothing to worry about, because we have a 'Match & Beat' policy!"
Guess who found a better rate the next day? And guess who had to jump through hoops to get them to honor the rate with that "Match & Beat" policy of theirs (Why oh WHY didn't I just go with the other company? I had invested two hours of phone time with my LoanDepot guy already and felt like I would be a huge jerk to walk away if he actually COULD match it).
Communication is seriously lacking with this company. I ended up having to CC everyone I dealt with because none of them seemed to be capable of communicating with each other about the loan details (do they not have ways to put notes in each loan file?). I was met with excuse after excuse as to why things were being held up even though I got documents back to them at lightning speed - my loan officer Doug was out sick, my senior loan officer Jerome "had a lot of other loans" he was working on (per his manager Jon, the same manager who was on his honeymoon for the entire first week of my loan process - which of course is FINE, but do they not have other managers that cover for each other? Everything was literally in limbo for that entire week!), etc.
Just one example of their obvious lack of care: my boss had sent back an employment verification request to BOTH of my LoanDepot loan officers, yet the man who had sent the request contacted me a week later because he had never received it from my loan officers. So I had to just send the document to him myself.
There was even one day that I sent several different documents to the senior loan officer, and he ended up emailing back after nearly each one "OK, now all we're lacking is [whichever particular document]" - to which I would reply "you mean the [whichever particular document] that I emailed to you several hours ago??" (My guess is that either they are so busy that they need to hire more employees, or the employees don't have enough to do and are keeping themselves busy playing Solitaire or watching shows online instead of actually taking care of their customers' loan details.)
The loan closing date got pushed back because of their lack of follow-through, and we barely made the cut-off (before I'm sure they would have charged me a rate lock extension). Less than a week before closing, we got a loan estimate saying that we would be getting $636 back at closing (we were promised that we would be getting money BACK at closing, and that since our closing date was being pushed back, we would actually be getting more back than that first estimate). Then a few days later, it dropped to $576... and then on our closing date, it dropped to $207. My loan officer explained that it was because they realized that our homeowners' insurance was due less than a month after closing, so I was fine with just getting $207 back (their oversight, but at least it was something). Well guess what? A few days after the loan closed, we got a notification that we would be receiving a check for a whopping $11.89!
This company illustrates empty promises and incompetency beautifully. Don't take my word for it - let them handle your loan and see for yourself! (or do yourself a favor Google "LoanDepot reviews").
I personally couldn't be happier to be DONE with this company forever. Hopefully you will learn from my mistake!
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Business's response - on 4/20/2016
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loanDepot sincerely regrets that your experience with us was not a good one and it was anything less than satisfactory. To further address your concerns, please reach out to Linnet Conley in our Customer Care department at 949-860-8186.
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