The Mortgage Banker at LoanDepot has been great to work with. He is very on
top of things. This is the second time I have worked with LoanDepot and I would HIGHLY recommend them for your home purchase or refi.
We originally refinanced with Loan Depot about 2-3 years ago. When the rates went down
they contacted us with a great offer. They lowered our rate at no cost to us, our mortgage will be paid off sooner, and we even received money back at closing because the closing cost credits were higher than the actual closing costs.
Working with LoanDepot was pretty easy. I'm a very busy person and I didn't have
to take any time out of my schedule to refinance my home. They emailed me the documents, things were signed via the internet. Most delays were caused by my lack of availability, not theirs. About 9 months after I refinanced, they called me up and told me rates had dropped and I could streamline another refi with no out of pocket expenses. This is one of the features I liked about them, the rate guarantee. This saved me another $200/month compared to the prior. They say, "No cost to you" but that's not technically correct because there are moderate fees, but they roll into the mortgage. I also suspect some of their fees may be higher, but that's my responsibility to research. I didn't have/take the time, so I guess I paid for the convenience. If the difference of a couple hundred dollars matters, research more thoroughly. LoanDepot may be right in line.
They kept me updated through the process, and it went pretty quickly.
The loan process went great, but then they lost our first payment and then the
trouble began. After 1 1/2 years of calling and fighting through the automated phone system the company sold our loan to another company. We never got resolution on the first payment even though my bank sent verification and copies to them three times. Getting through the phone prompts to talk to a live representative is a nightmare and then you can never talk to the same person and have to start all over with problem. Any savings we may have initially received through LoanDepot was negated by the lost payment that we had to re-pay to avoid the loan default process.
They were very condescending. Asked me how I can know how much I am
paying now if I do not tell him the amount I am paying now. Leave that part to me. Thanks