LoanDepot Mortgage Complaint

LoanDepot Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Ohio

My husband and I applied for a mortgage refi loan through Loan Depot and subsequently was approved. We decided to move forward with the process being told it would take - - - days. A - - - was executed by both parties on -/-/2016 and subsequent appraisal on -/-/2016. It was disclosed that our rate would be in effect for - days. We were contacted on -/-/2016 by a Loan Depot representative ( - ) stating that if the loan did not close within the 45 days, our original rate offer would be extended. On -/-/2016 we received another communication ( email ) from - stating that our lock rate had expired and we would have to obtain a new rate. I called Loan Depot to inquire about the issue today ( -/-/2016 ) and was told that delay in closing was due to delays in processing by Loan Depot, but Loan Depot was not in a position to honor our original rate as they could incur significant losses.


Rate Lock Agreement to expire thereby forcing us to renegotiate the terms of the loan which are no longer advantageous to consumers because of the recent increase in Mortgage Interest Rates. This is a direct violation of the Dodd-Frank Act. Loan Depot has the responsibility as a licensed mortgage lender to be truthful in their lending practices and not take advantage of consumers. Our desired outcome is for Loan Depot to honor the original rate agreement which will allow us to proceed with the mortgage loan application. I am also concerned that because of this complaint filing Loan Depot will manufacture a reason to reverse their decision to approve our loan application and decline us because we refuse to renegotiate new terms or cancel our application. It is our intent to also notify the media and - Attorney General of - regarding this matter.