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loan depot

Has anyone done business recently with Loan Depot out of Irvine Calif? What was your experience? trustworthy? Thanks in advance.

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bullambi!

Welcome to forums!

I do not have a personal experience with Loan Depot. However, they are BBB accredited organization. So, I guess, you can trust them if you want to get a mortgage from them.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A quick Google search shows a slew of loan depot companies. Yeah it's a lovely name for a mortgage company, but I wouldn't base my borrowing on their being involved with BBB. More personal references would be needed, in my opinion.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Great company with a great reputation. Run by individuals who really know what they are doing and every loan officer is properly licensed and had to jump through many hoops to get hired.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Perchance do you work for them? It's always nice to see testimonials from people, but yours doesn't have much credibility as all you speak of is how difficult it was for the loan officers to get hired, and how they'll all licensed. They'd better be licensed - isn't that one of the precepts? Please...

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It was a nightmare. I would never recommend this company to anybody for anything. You can expect unreasonable and unjustified delays, misrepresentations and of their representatives who will tell you anything to get your $$. Beware of what you're getting yourself into. I wish somebody had told me before I gave them the first time.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I meant to type: I wish somebody had told me before I gave them the first DIME!

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michael94168's picture
michael94168 | Joined: October 23, 2010 02:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Gary, can you give us more background and detail about your experience?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hope this helps - if you go to the trustlink website and type in 'Loandepot' (1 word), only 2 results come up. The top one is the Irvine lender being discussed. There are about 120 recent reviews (to date) from customers.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Once they have any money from the "customer", (I use the term loosely as it relates to their practices; a bit like the role is reversed and you work for them) their customer service is non existent, they lied about or misrepresented the following: closing costs, credit score number, points added, fees, added points for reasons that were not discussed or did not exist and then pretended to have not realized it was an error. They do not care about repeated requests for status once they have secured their fee, which is also done in a shady manner. They "don't get paid til the loan goes through" but suddenly you will find a $500 charge against one of your credit cards, from them.

DO NOT USE LOAN DEPOT.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Guest1 you hit it right on.These people lie to you about your appraial value and take your $500 after they tell uou that your value came in below value.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So what your saying is the company is making a living 500 dollar pops? Why dont you find out what your home is worth before spending 500 bucks on it?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You really need to find out what the standard fees are before you commit. It's like that with ALOT of companies. Its pricier for Mortgage companies of course.
Not all loans are going to be a sure thing. Until you get the paperwork signed and done, you never know.
Everyone is complaining about the $500.00 appraisal charge from what I'm reading. Isn't anyone getting copies of their credit report? They can't charge you for closing costs until it's closed.
I guess I need to research a little more to really make my decision.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Guest 23, the appraisal fee is not a closing cost; it's a fee being paid to an outside agency for doing the appraisal work. It's legitimate. The other stuff they do sounds pretty illegitimate, though.

And to think that they're making out like bandits by collecting $500 from people is, as HAHA implied, pretty ridiculous.

But that being said, this is clearly one of those companies that takes advantage of people's lack of knowledge, sophistication and good nature.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If every inquiry that came to my company resulted in an extra $500.00 per, that would add up quickly...Maybe not considerable for those that are independently wealthy....

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Guest 7: Is "my company" a major conglomerate...a major lender...a corporation? That's key in the analysis, after all. If you're a one-man shop, then $500 is a landslide when multiplied as you mention; if you're a 50-person shop, it might also be close to a landslide. If, on the other hand, you are Loan Depot, which likely has far more substantial overhead, 50 X 500 = $25000. That might be great earnings for a given week, but how many salaries will it eventually pay?

My point is that $500 for each customer (or non-customer, since they seem to get nowhere) isn't going to make anyone rich too quickly. Any business has too many expenses to make such a piddling amount their road to riches.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would think that collecting $500 from anyone who calls to inquire and is lead to believe they won't be charged until the loan goes through, could actually end up being quite a bit of extra money for some crooks, on top of whatever fees they are able to rip people off of in actually processing a loan for them. If anyone has an extra $500 laying around that you would not miss, I will gladly take it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The $500 goes to the 3rd PArty Appraisal Companies, NOT Loan Depot. They have NO WAY of knowing the value of your home until an appraisal is done. No one does. It would be quite difficult to stay in the Loan Business if you are only paying Appraisers and NOT doing loans.

Also, to GMAKERLEY, not all MLO's are required to be licensed. Anyone can get a job at a Depository/Bank (B of A, Wells Fargo) and do loans without a license.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

they were very pushy and wanted my credit card number to lock in rates.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi pizzanook,

With a credit score of 495, you won't be able to get a mortgage in the present market. It's better not to go for any kind of loan unless you improve your score.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The $500 ($495) they speak of is credited back to you when your loan closes. I see no "clear" (as George implies) ways this company is ripping people off. No mortgage company would do a deal on a house that does not appraise on or close to what was indicated on the application.

Mortgage paperwork is extremely intimidating. It is your responsibility to understand something that can be very difficult to comprehend.

We are in the middle of this process for a refi, and we have all our numbers that we were given by phone on a spreadsheet. There were some mistakes on our paperwork that we caught. However, we also paid a $400 fee to another BigBank -- our existing mortgage company -- for a similar set of paperwork and ran into similar discrepancies. LoanDepot's set of number are better by a good clip. Our effective rate was higher with the BigBank, which is ridiculous because our credit scores are over 790.

We pointed out the discrepancies to LoanDepot, and they have addressed or fixed all but one of them. If the numbers change by any great degree (I can understand a few hundred dollars based on appraisal or other anticipated third-party fees), we will not close and will gladly walk away from $500 instead of thousands paid over 20 years. That said, LoanDepot has been a better experience overall compared with BigBank.

We received a phone call about our appraisal just one day after submitting our signed paperwork. My appointment was set for two business days from now. They asked me about one business day from now but I could not do that day. So, so far, no delays in processing at all.

The sales rep was a delight to speak with. And the loan officer supplied all her contact info and seems very pleasant.

I'll keep you updated on my experience.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

pizzanook: Unfortunately, ALL lenders want a fee to lock in your rate. It's considered a payment in good faith for processing all the paperwork they will send you. And most, if not all, will claim to credit it back to you when you close.

They will have done quite a bit of work by closing. If they can't close a deal with you because your house value is $10,000 less than what you thought it was, refunding that initial fee probably isn't fair.

Now... BigBank has not yet charged my card. I anticipate they will. But again, I'd rather lose $400 than thousands over 20 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am now having to take legal action against Loan Depot for breech of contract. They would not refi my home and kept demanding larger sums of cash from me. Then refused to refund my money and would not give me a loan all while i have equity in my house along with 20k cash and an excellent credit score. I recommend you stay far away from them.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Perchy it seems like your attempt to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] is going relatively smoothly - that's good, and your input here has been helpful, I'm sure to readers. I have to think that someone who considers his lender "pushy" to request a lock-in fee simply doesn't understand the process.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You have to make sure you are looking at the correct company, there is a loan depot and loandepot.com loan depot.com is based out of irvine, if you pull the information out of the bbb you will see they are a credible company they also have a link on the bbb "trust link" their customers post comments on their experience with the company.. this is with every company on the bbb.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Where is the "other" Loan Depot from? I am definitely working with the one from Irvine, Calif., and it has gone very smooth.

We are in our three-day rescission period. Our home appraised on the day we expected for $2k less than we estimated. Never the less, this did not affect our terms or ability for approval. They were very thorough about making sure they approved a good home/sold a good loan. They sought information from our HOA about the "community well" our home uses. And any change in numbers was in the bottom line....directly reflected by the amount of escrow we would owe and depending on our closing date and payoff amount. We had a "final" set of numbers that didn't reflect our last mortgage payment with escrow. On the day the notary showed up with paperwork (e-mailed to us in advance), the numbers then reflected that final payment with additional escrow, but with our next mortgage payment due March 1 instead of Feb. 1. (had we closed in December, we would have skipped January).

So....I have no idea how to estimate escrow, but every other number jived.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i find the web sites misleading that they advertise 2.9 interest rates - the man on the phone explained, "it's a 30 year loan and only fixed for 3 years it is not a 30 year fixed." He than states "it does state that it is a 30 year mortgage but does not say anywhere that it's a fixed loan i agree it
could have been worded better." The loan I am enquiring about is a fixed 30 year at 4.875 - he claims settlement charges are $3730 - title, escrow, credit report and appriasal and all lender charges no points (2500 3rd party costs)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Ryan, what was the reason they gave for not approving your refi? Was it the appraisal?

Sweetczz, I agree that all the "advertised rates" seem to never be realistic with any mortgage company for the average borrower. 30 year fixed at 4.875 sounds about right and pretty good. (That's what I got for my 20 year with no points.) I wonder if your escrow is based on closing by a certain date? It is the escrow number that changed for us and made our final number increase. But every other number tied to that final settlement was on or close to what they said initially.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Who did you get your loan with Perchy? What were closing costs? I thought the closing costs were incredibly low - makes me wonder. My boyfriend just closed on two homes and i think paid around 5 or 6 k or more per home. I'm wondering if i should lock in the rate while I'm loan searching?? They didnt say anything about my escrow being closed by a certain date so I guess it has to do with paying taxes this year for last maybe?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When you decide to take out a mortgage, the lender will offer you the option to lock the rate.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have just gone through 3 months of utter hell working with Loan Depot and just walked away from the entire process. Misinformation, miscommunication, poor followup, and when one person doesn't have the answer they push you on to someone else. I don't think the statement, "things change in this business every day" is supportive of having to restructure a loan to my deficit because of the inability of the personnel to keep their stories straight. I am 54 years old, have been through numerous real estate transcations and this is the worst epxerience I have ever had.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To make a long story short, Loan Depot pre-approved us - approved the loan for the home - made us jump through all kinds of hoops - 2 DAYS BEFORE CLOSING DENIED THE LOAN.
Refusing to return the $495.00 lock in fee even though no mortgage was ever given. Will never deal with a company again that I hear of through the internet. Something is wrong when a company can create such a nightmare for the consumer and we have no recoure!
Three weeks after Loan Depot's denial, we had the closing on our home through a major bank with NO PROBLEMS!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

At the very outset of the refi process I was asked for $495 to lock the current rate. I was told at the time in a recorded conversation that should the loan not close the fee was refundable. After 7 weeks I was told the loan could not close. LoanDepot will no longer respond to phone or e-mail requests for the $495 refund.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The Loan depot sucks they take your money and lie about it!!. After i talked to another company I realized I was taken right away. I proceeded to try to cancel the transaction 30 minutes after I agreed and from then on it was bogus. They lied and appraised my house for way less than it was worth and took my money. They are not to be trusted and I really think they use an appraisal company known to give low appraisals. Any way look elsewhere for your loan because loan depot is just a crock.

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bankrupcyus's picture
bankrupcyus | Joined: July 8, 2010 09:26 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sorry to say that,i've not a great experience in this matter....but i know the basics....loanDepot, based in Irvine, CA, is a 3rd generation online direct-to-consumer lender servicing multiple states. The company founder, industry veteran Anthony Hsieh, with a world-class executive team, is well known for pioneering the Internet mortgage industry, building two highly successful companies and merging them into publicly-traded companies, E*TRADE Mortgage (NASDAQ: ETFC) and LendingTree Loans (NASDAQ: TREE), both of which are still in operation today. loanDepot is committed to delivering a better, faster, more efficient process and industry-leading rates while delivering the best service in the industry.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Funny...if Loan Depot is "committed to delivering a better, faster, more efficient process and industry-leading rates while delivering the best service in the industry," how is it that they've got so many folk coming on MortgageFit registering complaints about atrocious service, rip-offs, lies, etc?

Yes, I realize that complaints will always be made louder than accolades, but I've not seen much at all favorable other than your post, BF.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Loan Depot took the $495 to "lock" the rate saying it was refundable should the loan not close. Didn't close. Didn't get the refund.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I wonder where that $495 goes?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I didn't mean to frame that as a question. It was actually a statement.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm reading people's comments about Loan Depot's 'bait and switch' and I was yet another victim of this scam. $495 out of my pocket and appraisal came in too low to go through with the loan. Is there any recourse here? Can I put a stop payment on my credit card charge?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Carl,

Well... as far as I know, it is not the lender's fault that your appraisal came low. In general, the house prices have fallen and most of the properties have lowered in value. However, you may put a stop payment on your credit card.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Be careful with that credit card, Carl. You agreed to pay a fee for the appraisal. You got what you paid for. Obviously, the aggrieved party when you put a stop on that charge will turn around and seek its money back if it's snatched away.

You don't want to be accused of anything fraudulent.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we just went through a horrible experience with loan depot out of irvine.....yes, this is the one that is supposed to be good, we checked it out.....we were assured from the beginning that everything was great, loan would go through.....house appraised for exactly what we said it would and what the loan was based on.....at the last minute got turned down flat, no valid explanation other than appraisal not good enough......$495 down the drain/ripped off.....i am very disgusted.....this company is scamming people

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kittykat!

Welcome to forums!

Thank you for sharing your experience about Loan Depot in the forums! Your experience will help others decide whether or not they should go with this company.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband spoke with them last night, they advised that was their last day of their "promo" and needed a credit card number which they would post a "pending" charge, but guaranteed it would NOT be an actual charge until we agreed to use them to [url=http://www.mortgagefit.com/refinance.html]refinance[/url], not 10 minutes later, we got an e-mail from our credit card company of a $495.00 charge. I have already disputed the charge and spoke to the fraud department. When they open today, they will get a earfull and then some.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

Thanks for sharing your experience about Loan Depot in the forums. It will help others to decide whether or not they should go with this company.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

See ABC's 20/20 segment on the BBB. It's not the non-profit organization it used to be. They did a shake-down of Wolfgang Puck (ABC's lead story). Puck would not join a pay a membership fee so they rated Wolfgang Puck an "F". Google 20/20 BBB report and see. ABC also set up fake Nazi clubs whose charter to the BBB was to erradicate minorities, paid the BBB's membership fee and was rated an A. It's all true, BBB is a fake

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you for sharing your opinion in the forums!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I too, had given Loan Depot $ 500.00 on good faith and they sure kept my money when the appraisal came back a little shy of what they needed.Why can some lenders come up with a pretty good idea if the property is going to appraise out at what they need to make the loan? I am very disappointed that they kept my money. Seems like they could make a good living from people like me whos home value has decreased some over the last few years. PLEASE DON'T give these people a dime. Call a reputable mortgage co. that approves a loan before they take your money.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Zodak, an appraisal fee isn't paid directly to a lender. It's paid to the appraiser who is hired to do the work. Reputable lenders as well as those of ill-repute will always collect this fee upfront.

I don't disagree with your stance that they could be able to seek an idea of value prior to spending the money, but not every lender has that capability.

I'm not trying to defend this lender specifically with these comments, but you'll find everyone collects appraisal fees upfront. To not do so is to run the risk of paying for work done that never got compensated by a borrower.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

as someone who does appraisals for the company that represents loan depot, i only get 350 max for doing the appraisal. so either loan depot or the management company (probably both) are splitting that leftover $150-200 for ordering the appraisal. on top of that, they are the worst to work with

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