Complaints
This profile includes complaints for LoanDepot's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 425 total complaints in the last 3 years.
- 113 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:03/16/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
On March 9, 2023 my husband and I began the process of a Heloc, now on March 19, 2023 , we still have no way of monitoring our loan process. Personal information items are continuing to be requested but we are only able to submit them in ways that are not secure. We could not log into your website profile to submit. Our loan processor ***** will not respond to phone calls or emails. Our emails are mixed up, as the original loan advisor suggested to use different email address when applying. Now as of today 3/16/23, we have been granted access to a LoanDepot profile, but the profile we have is NOT ours. You have granted us access to a strangers loan information. This person lives in Georgia and we do not. We have access to all of this persons online chats as well. So does someone else have our personal information?! This needs to be resolved ASAP and the additional party needs to be alerted that their personal information was leaked. I expect someone from the LoanDepot executive team to respond to assure us that our personal information is safe and has not been given to a stranger!
Business Response
Date: 03/17/2023
Please see the attached document.Customer Answer
Date: 03/17/2023
Better Business Bureau:while I do not believe in their full response, “this has been an isolated incident in which no other accounts were affected”, there was another account affected as we saw all of their loan information, address, internal we chats and uploaded documents. I just hope this information is not hidden from this other client.
Unfortunately, phone calls/texts made to multiple teams Sunday 3/12-Wednesday 3/13 either went Ignored, forwarded in circles, or sent to voicemails with no resolution. Sadly it took emails non-stop and a BBB concern to have this issue addressed in a somewhat timely manner.
At this time LoanDepot was able to correct the account access but this was not corrected until after the loan closed, so it is now pointless. They also did set me and my husband up for credit security to assist with any leaked information. LoanDepot has remained in contact since Thai complaint was originally made.
I have reviewed the response made by the business in reference to complaint ID 19604659, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
****** ******
Initial Complaint
Date:03/13/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Details:
• Date of the transaction: Thu, Feb 23, 12:28?PM
• The amount of money you paid the business: $495
• What is the business committed to providing you: Appraisal Deposit fee
Details Description:
Loan-depot Loan Agent **** ********* contacted me about the home loan I was looking for. Loan Depot offered me a 6.125% 30-year fix and signed on 02/22/2023 (7:28 PM) with $49 for rate lock and a $495 Appraisal Deposit fee. whe* **** was walking through the document he asked me to sign. I told **** not to schedule an Appraisal till my option period is over which was 02/26/2023. Until that time I had time for Inspection and looking for better rates in the Market. **** told me on the phone don't worry I will not schedule the Appraisal till you don't tell me to do so. As Inspection was ordered on 02/23/2023 at 1:00 pm. On the same date, an Appraisal was also ordered without my concern. as soon as I knew Appraisal was scheduled I tried to call **** and he told me that he didn't schedule the Appraisal I told him that I will be asking for a refund for the $495 Appraisal Deposit fee if I don't continue with the house or with Loandepot for the home loan, **** told me he will work and get me a refund for my amount. At the same time, I got better rates in the market I reached out to **** to beat the price I got he asked me for proof of the better rates I provided him after some time he replayed back saying I won't able to beat or match the rates which I was getting.
We started new communication about a refund of the $495 Appraisal Deposit fee. I got a response from LoanDepot that they can't refund my $495 Appraisal Deposit fee as the appraisal was already conducted. **** agreed to a refund but that was on phone. when I asked for a refund on SMS he never replayed back on SMS he called me and told me that he will see how to refund me, Also same message and concern was raised on on Loandepot portal but i never got written response.Business Response
Date: 03/17/2023
Please see the attached document.Customer Answer
Date: 03/17/2023
I will like to get phone recording to be reviewed which i had conversation with **** ********* where he promised me that Appraisal will not be ordered till my option period is expired. After that also when Appraisal was done i raised concern but no response was received from **** or team. When i got better rates in market, I have asked **** i will you able to beat price, he told yes i will able to provide me loan estimate and i will ask my company to beat the price. During that time also i have asked **** if you are not able to beat i will be asking for $495 refund. He said i will do refund. IF BBB team ask for telephone conversation recording you will able to find truth. If refund was not possible **** should have told me. Also when he ordered Appraisal he didn't asked me.Business Response
Date: 03/24/2023
Please see the attached documents.Customer Answer
Date: 04/06/2023
I just want Business to response that Loan agent didn't committed for refund on phone.Initial Complaint
Date:02/28/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I refinanced my mortgage from one Loan Depot business office in New Jersey to another Loan Depot entity operating in Texas with a HQ in Irvine, CA. Somewhere in the east coast to west coast transfer somebody at one of these two offices forgot to pay my home insurance out of escrow for an entire year. The result was that they double paid my insurance in 2022, once to reinstate my policy and another to cover the current year (2022).
Now they are attempting to charge me for the double payment, even though I did not have ANY insurance for an entire YEAR. I have 2 questions for them (1) WHY should I be liable for an entire year during which I had NO INSURANCE? and (2) What happened to the money I paid into escrow to pay my home insurance? I have still received NO answer to either question, and this has been going on for months.Business Response
Date: 03/21/2023
We appreciate the opportunity to address Mr. ********s coYcerYs.
A review of the loan shows that on July 23, 2021, Mr. ******* called in regarding the insurance and was advised by the representative to send in the Declaration page via fax at ************ or by uploading to ***************
On July 23, 2021, and on July 26, 2021, evidence of insurance was received from Progressive Home Advantage Insurance policy number 36169675 effective dates of June 24, 2021, through June 24, 2022, with a premium amount of $1,038.00. However, the policy had the incorrect mortgagee clause listed. On July 26, 2021, the New Jersey Servicing Center mailed a notice advising to please provide insurance information as it has not been received, the notice also included the correct mortgagee clause information.
On July 27, 2021, evidence of insurance was received from Progressive Home Advantage Insurance policy number 36169675 effective dates of June 24, 2021, through June 24, 2022. On the same date, a notice was mailed advising that we have received confirmation of the current insurance coverage and or records have been updated accordingly. We have confirmed that the premium amount of $1,038.00 was not made. On August 19, 2021, our Texas Servicing Center received a cancellation notice. The confirmation notice was emailed to the New Jersey Servicing Center. We are unable to confirm if the New Jersey Servicing Center received the cancellation notice.
On January 18, 2022, an annual escrow analysis was completed. The analysis reflected an overage of $882.23 and a new payment effective with March 1, 2022, installment of $2,238.11. Check number 333580 dated January 19, 2022 was cashed on February 7, 2022.
Our records reflect that a Notice of Servicing Transfer letter dated February 9, 2022, was mailed to the mailing address on file. The notice advised that the servicing of Mr. LeoYard’s loan was transferred from our New Jersey Servicing Center to our Texas Servicing Center effective March 1, 2022.
On June 3, 2022, a representative called Homesite Insurance Company of the Midwest and was advised that policy number 36169675 was cancelled on June 24, 2021, for nonpayment. On June 20, 2022, Mr. ******* called in regarding notices received. The representative contacted Homesite Insurance Company of the Midwest and was advised that will need to pay premium to have the policy rewritten. On June 22, 2022, insurance disbursement was mailed via UPS tracking #1Z1EE7191396758345 to Homesite Insurance Company of the Midwest in the amount of $1,038.00. On June 27, 2022, a notice was mailed advising that the Lender Placed Insurance (LPI) we purchased for the property is cancelled effective March 1, 2022. On July 6, 2022, we received confirmation that Homesite Insurance company reinstated policy number 36169675 effective as of June 24, 2021, with no lapse in coverage.
On July 14, 2022, insurance disbursement was in the amount of $1,311.00 to Homesite Insurance company for the term June 24, 2022, through June 24, 2023.
On January 10, 2023, an annual escrow analysis was completed. The analysis showed an escrow shortage of $1,412.59 and effective with the March 1, 2023, installment the new payment will be in the amount of $2,389.99.
Please note, per the Initial Escrow Disclosure Mr. ******* signed on March 1, 2021, we are required to pay your property taxes and homeowner's insurance as collected from the escrow portion of your mortgage payment, which is currently $781.85.
We acknowledge an error occurred in July 2021 when the Evidence of Insurance from Progressive Home Advantage Insurance was received, and the premium was not made. However, due to the escrow overage check issued on January 19, 2022, in the amount of $882.23 was for the insurance payment not disbursed. Mr. ******* has the option of returning the funds and apply them to the escrow account. Please note we must maintain continuous coverage on the hazard insurance. Therefore, the policy was reinstated, and LPI was not assessed to the loan.
Should he have any further questions, Mr. ******* is welcowe to coYtact loaYDepot’s Customer Escalations Department at 877-777-5970.
Customer Answer
Date: 03/21/2023
Loan Depot has stated a number of irrelevancies and at least two contradictory "facts": (1) "On June 3, 2022......that policy numbe* ******** was cancelled on June 24, 2021, for nonpayment", and (2) On July 6, 2022, ...that policy number 36169675 was effective as of June 24, 2021, with no lapse in coverage.The policy was in FACT not in effect for the entire YEAR of June 2021 to June 2022. Loan Depot's escrow analysis on January 10 INCORRECTLY included the $1038.00 that they paid to "reinstate" my insurance policy when the REALITY is that no such insurance existed during the June 2021 to June 2022 period, a fact that I confirmed with Home Advantage.I refuse to pay for a service that did not exist and which I actually never received.Loan Depot admits that they failed to pay my insurance for an entire YEAR, yet they somehow are not financially or legally liable for that lapse, and moreover, they expect me to PAY for it???I expect that had something happened to my house in the year 2021-2022 during which they had allowed my insurance coverage to lapse, we would be having a much different conversation.Business Response
Date: 03/27/2023
Attached please find our response.Customer Answer
Date: 04/04/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********* and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
******* *******
Initial Complaint
Date:02/21/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I started an application with loan depot. Then on February 6 I contacted them in writing and told them to stop the process. They continued and scheduled a home assessment. I then reach back out to them on February 8 and made it very clear that I did not want anything further to take place and that per the agreement I signed I expected a full refund. They replied back and agreed that I would receive a refund. The 7-10 days have passed and I have no refund.Business Response
Date: 02/24/2023
Please see the attached document.Customer Answer
Date: 02/24/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
**** ******
Initial Complaint
Date:02/20/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I paid three payments extra and I only received two payments back.
They show information on my favor but refuse to acknowledge their error.
They owe me $2922.48.
I showed them bank statements there refuse to admit their error.
It’s been a year!!!Business Response
Date: 02/23/2023
Please see the attached response and enclosures.Initial Complaint
Date:02/20/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Loan Depot has double charged me interest and has added to my principal when I pay extra above the interest. They also increased my interest rate within a month. Twice. NO ONE SHOULD DO BUSINESS WITH THIS COMPANY.Business Response
Date: 03/06/2023
Please see the attached response and enclosures.Initial Complaint
Date:02/15/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
****** contacted me for a home mortgage . Made everything sound really great, well I told him I was not going to take out that loan, well he took out $495.00 and $25.00 I have been asking him to refund my money he promised I would get it 7 to 10 days. He lied still don't have my money, the money was for a appraiser to which I told ****** no the appraisal man NEVER came to my home.This ****** is in Calif. I had no ideal he was in was in Calif.Business Response
Date: 02/24/2023
Please see the attached document.Initial Complaint
Date:02/11/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
On or about January 11, 2023, we contacted Loan Depot to inquire about interest rates for a HELOC loan. We ONLY made an inquiry, we did not sign or fill out any paperwork. We decided not to continue on with the process and explained this to the man on the phone.
A few days later we received paperwork in the mail, we shredded the paperwork as we had no intention of taking out a loan, once again we only made an inquiry..
We then received this adverse reaction paperwork in the mail.
We are looking for home depot to fix the adverse information that was sent to the credit bureau,.
We NEVER SIGNED PAPERWORK, NOR FILLED OUT PAPERWORK, NOR DID WE MAKE ANY AGREEMENT TO DO BUSINESS WITH LOAN DEPOT.Business Response
Date: 02/17/2023
Please see the attached document.Initial Complaint
Date:02/07/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Unwanted spam calls. I do not want a loan, nor have I ever requested information. I am on a no call registry even. I get around 15 messages on my voicemail a day, even after blocking this number!Business Response
Date: 02/16/2023
Please see the attached document.Customer Answer
Date: 02/20/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
*** *****
Initial Complaint
Date:02/05/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I attempted to split my mortgage payment to try to save on interest. I did this two months in a row before I received notification that I was late paying my mortgage and owed late fees. Concerned, I called their customer service number (************) where I was informed that I 'needed permission' to split mortgage payments and my payments had been applied to principle. After explaining what happened, the lady on the phone said they had reversed the payments and nullified the late fees. Fast forward, the next month I get the exact same notification. Again, I call the customer service number above. This time I speak to [email protected], go through the exact same scenario (payments reversed, late fees nullified). Once again, I have received a notification that I owe money and have late fees applied. I am beyond frustrated that this companies incompetence is wasting my time.
My Acct #: 50011662054
I would appreciate any assistance in getting this resolved. I have attached proof that I made those payments in my bank statement - it's the 4 $1300 payments.Business Response
Date: 02/12/2023
Please see the attached response.Customer Answer
Date: 02/12/2023
The purposely verbose response form Loan Depot is ridiculous. I called 3 times trying to fix this. ALL THREE TIMES I was told that the $1300.00 payments had been taken back from principle and applied as payments and that the issue had been resolved. When I received the check I was advised to void it so that the monies could be applied to payments vs principle.
I really do not understand the issue - I have been a customer of good standing with loan depot for over 4 years and have used them for 3 loans. I made a mistake, I asked for help to fix it and was told on 3 separate occasions that it was fixed, only to keep getting late fees and told I still owe money. I AM NOT LATE. I HAVE MADE PAYMENTS ON TIME EVERYTIME. I am asking for help, which they could easily do - just as I could easily post this all-over social media on how Loan Depot treats disabled Vets asking for help. I await a salient response.
Business Response
Date: 02/17/2023
Attached please find our response.Customer Answer
Date: 03/01/2023
I am begging for help here....If you look at that attached bank statement - I made the 4 payments of 1300 - it doens't take a rocket scientist to do the math - that is two monthly mortgage payments. This compay is telling me I didn't make the payment when I have a bank statement showing I did. They do not get to keep 1300 dollars because they are bad at math.I don't know what else to do but to contact an attorney unless I can get in contact with someone smarther than whoever is writing these responses.
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