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Guest

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

smithsussane · Posted: Thu Jul 08, 2010 9:29 pm Post subject:

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

gmakerley · Posted: Tue Jul 13, 2010 9:30 am Post subject:

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.

Guest

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.

gmakerley · Posted: Tue Jul 27, 2010 2:11 pm Post subject:

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...

Guest

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.

Guest

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

michael94168 · Joined: 23 Oct 2010 Posts: 1 1.11 Dollars($)

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

Guest

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.

Guest

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.

Guest

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.

Guest

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?

Guest

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.

gmakerley · Posted: Wed Nov 17, 2010 1:44 pm Post subject:

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.

Guest

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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