LoanDepot Mortgage Complaint

LoanDepot Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker California

I was applying for a refinance loan from Loan Depot. I submitted all of the loan paperwork requested of me by -/-/16. I was told everything was fine and that we would be good to get the loan approved and funded. This was a zero closing cost loan. On -/-/16, I receive a call from loan depot asking me to retrieve additional loan paperwork documentation for additional income verification and income ratio documentation. This would normally not be an issue however I was told that if the loan did not process by -/-/16 that I would be subject to an $1100.00 " rate lock extension '' fee. Given that -/-/16 was the day before - weekend and I was going to be out of town the entire weekend, I would likely not have all of the paperwork in time and processed by -/-/16. I felt this was a bait and switch tactic used to extract a made up fee from me when the delay was completely the fault of Loan Depot. I also believe they wanted this to fail because interest rates had gone up so they felt they could excise this fee on me because I would not want to lose my rate. I believe this to be the case because the call for extra paperwork come in over a month after the initial documentation and was timed right before - to make it nearly impossible to avoid this fee. Loan Depot was characterizing this as if it was my mistake when they had ample time to process the loan.