loan depot

makerly - don't be a chump !
You claim to be an expert, but clearly are not as the cost of an appraisal is a closing cost as evident on the HUD1 as well as a GFE.
Basic-basic

It is not "makerly" but that's not a big deal.

When an appraiser is hired, he deserves to get paid for the work he does. He will get paid - that's my point.

Did I say that it wasn't a closing cost that might appear on a GFE or HUD-1? Oh, maybe that was between the lines.

Guest, please stay on point. I don't recall saying this line either: "I'm an expert." Did you find that somewhere that I am not aware of?

I am currently doing a loan with them. I paid $495 for the appraisal. It came in at 1679 sq. ft. My house is 1769 sq. ft. I even faxed the County Assessors report to them that states the sq. ft. and I am taxed on it and bought my house with that listed. They are now telling me my house came in under appraised LTV ratio, so they are raising the interest rate. I will be talking to someone higher up to see why they are resistant to correcting the appraisal. Perhaps so they can charge a higher rate??

I agree with you... they came up with a wrong appraisal so that they could charge you an higher rate. Get in touch with an attorney and check out if he can help you.

Quite a silly move if you get a lawyer to try to rectify this. There are governing bodies that oversee the appraisal industry, just as there are governing bodies that oversee every industry (or almost all).

And to think that they'll charge you a higher fee to rectify what could have simply been an error between the 6 and the 7 (or is it the 7 and the 6?) is rather absurd, I think.

What has been your lender's response? What efforts did they take to ensure that the appraiser has been diligent in making a correction that might be due? Have you provided the original data showing the larger area?

There name should be Ripoff Depot. They utilize a bait and switch tactic. They are all thiefs and I am going to see it through our legal system. Somebody has to stop this legalize thief

You can definitely take legal actions against loan depot if you feel that they have scammed you in any way!!

Typically inspections and appraisal are paid outside of closing. Reasons being: inspections and appraisals can be performed that may never lead to a closed transaction. If items in the inspection are identified and resulting in the buyer cancelling, how would this be paid at closing from the seller's assistance. Same goes for the appraisal, if it doesn't appraise for the sales price and the buyer decides to cancel, there will be no reimbursement.

However, all of these terms can be negotiated to either be paid upfront by buyer or desperate seller. Buyer can also aske for the seller to reimburse them at closing for the costs of the inspection or appraisal.

Thanks for sharing your opinion.

Thanks for all of the comments. I was suspicious after reading their email and we just decided there is too much smoke here.

You're welcome, WR. If you have an kind of experience working with Loan Depot, you can share it here.

If you work with them and give a realist value for your home, then they only require the appraisal fee which ends up in the appraisers hands not theirs. There are no other fees. If you give them different appraisal values, they will tell you whether you qualify based upon your income and credit score. I have not pulled the trigger yet. Let me know if I am missing something.

i used loan depot for a refinance earlier this year (2012) and could not be happier. very responsive, easy to work with, and very professional. the loan closed when they said it would, at the rate offered.

Good to note that you had a positive experience with them!

I paid the $220 to lock my rate for refinancing my home ,after emails and paperwork being sent back and forth for months, I was told my paperwork was ready to be finalized .
A day after I was informed that everything was ready for closing ,I then receive an email stating my loan status is closed , upon calling the person doing my paperwork (chris)"I took too long" and that I had to pay another fee to restart the paperwork .I was never given warning a deadline date and the person handling my paperwork was not even aware of it ,otherwise he would have never told me the day before that they we ready to finalized .
I ask to speak to a supervisor and I was ignored.
I have 760 credit score and steady income if I had a problem with being a poor candidate I would understand ,but I didn't get my loan due to the person handling my paperwork , its obvious he didn't keep up with my paperwork .
I had my credit marked by loandepot and wasted 6 months .
Thank you