LoanDepot Mortgage Complaint

LoanDepot Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Illinois

I saw an ad and inquired about lowering my mortgage loan interest. I clicked to a website and entered my phone number. I received a call back immediately from a " banker '' representing Loan Depot. During the informational phone call, the employee looked up the neighborhood and stated the values were lower than I was stating my home value should be. He checked a few other sites and found a variety of values. He talked me in to going ahead with the appraisal. I would not give approval until I spoke with my husband. I did call back and asked specifically what would happen if the values came in too low. He insisted they work with plenty of lenders and could find a program. To entice me more, they dropped the cost of the appraisal from $420.00 to $300.00. The appraisal was done, on my dime, and came in $25000.00 lower than a previous appraisal from 8 years ago. I was stunned. The company is now trying to get us to pay them $20000.00 down to cover the equity and continue the loan. I am demanding from them my appraisal cost back on these grounds : They are the


come in as hoped ; finally, I feel they are a predatory lender who will do anything to charge the thousands of dollars they collect for providing the service. They even reduced the amount they would charge me by approximately $1500.00 when I kept questioning them and being resistant to the extra fees and charges. As a homeowner, I would have no way of knowing my exact value. As I stated before, they are in the industry and should better understand the process. With housing in the state it is, homeowners should not be pushed in to paying for an appraisal which is really just a gamble for the bank to make a few extra bucks to file paperwork. I would have NEVER taken this gamble, I would have been better served being told the truth. I should have been told to wait until the area stabilized and had recent sales. Telling me they can still do a loan at the original terms, but only if I come up with an additional $20000.00 for equity, is an example of an over-promise and under deliver. I was duped by Loan Depot, and feel this company exemplifies the predatory lending label. They will do anything to try to make their few grand a customer. As I write this, I am waiting for the manager to return my two unanswered phone messages where I stated these exact complaints to her and demanded they return my appraisal fees. They had no problem calling me 5 times a day to get my financial paperwork in, but have gone 2 days and 2 messages without a response.