I must say applying for a mortgage is always a challenge for me. This procedure takes so much time and effort. You must supply a huge pile of papers. And they investigate both your finances and the finances of every member of your family. They strive to learn everything about your life and keep on asking tricky questions again and again. You must prove that you are an honest and dutiful person. Thus, you must 100% trust your loan company. They must be attentive, helpful, and scrupulous. It must be easy to communicate with them.
Unluckily, I cannot say that about LoanDepot. Their officers make so many mistakes, it is just unbelievable. More to the point, when you get in touch with them to tell them about those mistakes, they get so annoyed and nervous. They say you are interfering with their work and slowing down the process. They deny that there are any mistakes or promise to correct them (after you asked about that a dozen times) and just abandon that. Then, in a few weeks, you see that all the mistakes and omissions are still there. And if you want to find out your current status, you will have to wait for a day, no less.
Meanwhile, they do not forget to push you to pay for an appraisal as soon as you file your papers. And they keep on asking you for your credit card details. They say it is a must to lock the rate. Yet, in practice, there is no need to pay $500 for an appraisal at the very start. Although, today, it is a common practice. Still, you must know that it is not obligatory. And if you receive such offers or demands, it is another reason to reconsider your choice of a mortgage provider.
So, I waited for 6 months, and there was still no progress. They did not correct any of their mistakes, despite my calls and emails. They just kept on assuring me that my application was about to be approved. They claimed there were certain delays connected with Covid. And that lasted for a few months! It didn’t look like I would receive a mortgage in the end, at least, in the near future. It looked like I would never get approved. I could not bear such treatment anymore. So, I lost my temper and decided to switch to another company. Yet, I wanted to get my money back, as they did not provide any service to me. They did not give me a loan!
Then, their manager talked to me. But he was not going to help me or convince me to stay. He acknowledged that the process was a real mess. But he told me that I would not receive any refund as I signed a document and agreed that they could process my application for as long as they want, demand any documents they want, and keep me waiting for as long as they want. And I will not force them to return my money! Certainly, I tried to tell I would make them pay, but he actually laughed at my words! He was enjoying laughing at me! Sure, I understand that they spent certain resources on making an appraisal and other procedures, but why should I pay for that if they failed to provide me with the service needed? Every company has to cover their employers’ salary, the rent, and everything like that, but its customers are not obliged to pay for that. Why should I pay for any of their expenses if there is no result provided?
Learn from my mistakes and do not turn to LoanDepot. They treat their clients like dirt. They did not even apologize to me for all the delays. LoanDepot does not care for their clients, they just make you sign the document that will protect them from any complaints and demand you to provide a pile of documents but postpone your application for as long as they want.