Loan Depot

Loan Depot They took our money. They say

23rd of Jun, 2011 by User843839

My husband and I wanted to re-finance our home for a lower interest rate. We looked on-line and found one of those sites that puts you in touch with lenders. We were contacted at home by "Loan Depot" in Irvine California. The loan representative stated we could reduce our monthly payment by over $400.00--that was the hook. He called us back a few hours later and said that the existing loan on our home had mortgage insurance on it, and that would have to carry over into a new loan--so it cut that magic $400 and something into $200 and some change in a heartbeat. The magic was wearing off very rapidly. I talked to this guy many times. I wanted to know why he did not present the possibility of that happening right in the beginning. He did not appreciate that I had some knowledge about loans, re-financing, interest rates, and payments. The numbers were not panning out for us, I made that very clear and from that moment on for the next two days this guy became kind of a jerk. I was hesitant, reserved, and confused by what I thought was a mis-representation of services by this company. When I used those words, he could tell I was getting waffley, and was going to bail. He convinced my husband and I that "$200.00 is a pretty good amount to be saving every month, and you should just go with this." We locked in at 4.75, and thought 'why not'. Then we got our E-filed good faith agreement, and I see where the mortgage insurance premium is $199.00 for 199 months. I called up Loan Depot and asked why so long for MIP? He doesn't know, he assures me he will find out. He doesn't call back until the next day. I told him I didn't like the way the numbers were laying down, and we would think about it. He said, "we might have another loan available for you that would work better. It is a brand new product and I think you will be happy with it." He calls back, all exited and stated the new loan had the MIP paid by the lender, and the interest rate was only 5.625. I asked him why he thought I would want to get into a higher rate than the last loan, we were trying to save money. He said , "Ms. Early, you just aren't getting this are you? But that is okay, it doesn't matter." I said to him, "did you really just say that to me? I DO get it, and I havn't liked this from the start, and I really do not like the way you are talking to me right now so I am going to hang up". I hung up, and emailed our cancellation. I then called his supervisor--who listened very intently, said he would listen to the recorded voice conversation between the rep and I, and most importantly would refund our $495.00 lock-in fee. In these tough economic times people are scared to make life changing decisions such as a mortgage or refinance. This company is participating in the breakdown of integrity of the banking and loan system. I want people to investigate this business, and find out out how many others have been affected. It is against the law to take money for a service that you did not provide. The small print says "the $495.00 is NON-REFUNDABLE unless your application is denied based on information provided by you, prior to the lock." I don't think our application was denied, but I was hesitant right from the beginning, and at the end they were trying to sell us a different loan, so how can we be "locked-in" if he knew we were probably not going to go forward. That $495.00 is a lot of money to us, and now it is gone. There was also $40.00 or more worth of fax fees we paid. They state they use that money to collect for any fees, but who pays us back for what we paid for fees on a loan we did not purchase? Something just doesn't smell right. Thank you for letting me write this, I feel better.

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Comments

4360 days ago by Crazydiver355

i wanted to refinanced my house, somehow ended up getting a phone call from a guy named Chris, he gave me the car salesmen speech, so I had him check my credit (750s) gave me the" i must commit with some money to lock my rate in", so i did .

I made it clear to him that I work offshore on an oil platform and that I may have communication problems, he said "no problem " ., so I was told by christ that I had Brandon taking care of my loan, and he was one of the best, he told me I was lucky, lollololo..

I go back and forth sending emails and paperwork and this and that, after 3 months I send emails to christ and brandon with .?????whats going on ??? ..I was reassured that everything was ok .And in a few weeks ill have my refinanced and everything ok .

6 weeks pass and I send another email, when is this going to be finalized ? They blame something on someone and tell me in a few weeks I will close.

Finally they said everything is ready to go, and I happen to be home . I was happy it was going to be over . I send email to brandon telling him I was ready, I get no reply till the following afternoon and tells me it has to go to a lawyer and Texas is complicated . im thinking we are almost done ? I didn't realized I was about to be taken for a fool .

I get a phone call from brandon telling me, a day after he was going to send it to lawyers to finalize the loan, that I TOOK TO LONG AND THAT I HAD TO START THE PROCESS ALLOVER AGAIN, so I never got a warning and a we need to finish this by this day deadline or anything, UNPROFESSIONAL, MISLEADING, AND BEHAVIOR THAT I BELIEVE TO BE CRIMINAL .

I ask what my next step is to brandon, he said I HAVE TO PAY ANOTHER FEE AND START ALLOVER . Im by no means rich, thus explains my refinancing, they took advantage, they took my money and then when I asked to talk to a management they refused to connect me to one . LONEDEPOT HAS TO BE THE MOST UNPROFESSIONAL BANKING ENTETY I HAVE EVER DELT WITH, I FEEL I WAS ROBED AND THE LAUGHED AT .

thank you, and good luck

I will be calling the B.B.B.