LoanDepot Mortgage Complaint

LoanDepot Mortgage department,

FHA mortgage Application, originator, mortgage broker California

The lender iMortgage provided false information on my FHA loan ( 5 year ARM ) which was closed last - -. I was told that I would get the balance of the upfront PMI refunded when I do a refi. The upfront PMI was $7600.00 for 3 years and I would get the remaining balance refunded depending on when the refi is done. That did not happen. I was in the process of applying for the refi with a different lender in - this year ( - ) when I decided to check again with iMortgage and they confirmed that I would get the refund. I also asked them if i had to refi into another FHA loan in order to get the refund and they said I did not, it was not a requirement. I of course trusted their knowledge of the loan rules, regulations, programs and whatnot, so I went with a 30 year fixed conventional. Since iMortgage assured me of the upfront PMI refund


After months of not seeing anything from HUD, I asked iMortgage again and they assured me that it was coming soon. It was not until this - - that I - around and found the contact number for HUD and called them. HUD informed me that the refund program had ended on - -, -, and in order to get a refund after that date, it is required that the refi is with another FHA loan. I then emailed iMortgage on - - asking for explanation and what options I may have, but have not received a response since. If I had known the upfront PMI is not refundable I would have gone with other options and for sure would have not bought down points on the refi, or even look into refinancing another FHA loan. We have been saving every penny for this house and had budgeted with the refund in mind, so now we are out $ - really hurts. I have all the email conversations with iMortgage regarding the upfront PMI refund saved and ready to provide as proof. Please let us know what options we have. Your assistance is greatly appreciated. Thank you!