Don’t get Trapped in Home Refi Snare

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We received this snail mail solicitation from LoanDepot offering to refinance our home for the exceptionally low interest rate of 3.125 percent. First red flag was it came in one of those   tear and open envelopes labeled boldly as containing confidential information(a ruse to get us to open envelope). Second red flag is the mortgage interest rate is almost a point lower than Quicken, LendingTree and other more reputable lenders.  This could only mean loandepot is being flagrantly dishonest which is consistent with exceedingly high number of their negative to horrible reviews.

Finally, their condescending language “if you take no action, you will continue to pay the existing interest and fees on your home loan” indicates they believe their potential customers are stupid.

I would not touch these deceptive lenders with a 10 foot pole!

Loan depot snail mail solicitation

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1 comment on “Don’t get Trapped in Home Refi SnareAdd yours →

  1. We got the same “to good to be true offer” from NMLS # 174457 which traces back to loanDepot. NMLS stands for Nationwide Multistate Licensing System. NMLS is supposed to impose some standards on the mortgage industry,but it is apparent they do not monitor or enforce strictly or “if you take no action, you will continue to pay the existing interest and fees on your home loan” would NOT appear on their correspondence.

    This type of language is too aggressive as though they are trying to FORCE borrowers to refinance the home mortgage.

    Many very unflattering reviews about their deceptive practices:

    We went through the entire refinance process only to have to call it off at the end. We had specifically asked about certain fees and were told that we would not have to pay them only to find out after signing all of the paperwork that they wanted to add those fees to the cost of the loan. We made repairs to our home to be eligible for the refinance that were to be paid through the loan that will now need to be paid out of pocket. Find a more reputable company that will tell you the TRUTH, even if it is not what you want to hear! Loan Depot baited and switched which was a devastating blow for our family.

    Spoke with a Mortgage Lender named Shawn Robinson about a possible refi-cash out loan and it was all a waste of time and maybe a sham. This guy was full of himself and offered did demonstrate any customer service skills or knowledge of the Mortgage Loan process. After I gave him my personal information, he would not provide me with a hard copy of quote or results. He was insisting that they would beat any lender but never delivered and simply dissapointed. I am still waiting for my quote. Can anyone tell me if have any legal recourse for obtaining a hard or electronic copy of quote because I did provide my SS# and all pertinent info to him. At the least be very wary of this outfit and really do your research before utilizing this rag tag Mortgager. I gave up a lot of personal info which could lead to identity theft and loanDepot did NOT reciprocate. Robinson’s lack of action was criminal!

    They contacted me and I informed them that I was not interested in a loan at this time and just wanted information. They did a hard credit pull without my permission and dropped my credit score. I attempted toresolve the issue and they said they would do nothing about it. Filed complaint with the better business bureau and agent intimated tons of people have grievances with Loan Depot.

    First they lure you with the promise to waive their fees, then they get you to commit with hundreds of your dollars, and weeks of your time submitting paper work, then two days before signing ‘forget’ to waive the fees they promised to get you to sign. Avoid. Scam city! They know they are cheating and do it anyway. They must of high powered legal team, because I am sure they get sued weekly!

    When I got the loan they gave me an address to send the first payment and a different address to send the second payment.
    I sent in each of these and they were credited fine.
    Then they sent me additional changes of address and I didn’t look closely, assuming these were duplicate of the first change of address.
    When I sent my 3rd payment, they returned it marked “Received” but indicated that I had to send it to a different address and it wasn’t credited.
    After resending the payment (but before it was received), they charged me a late fee, even though they marked my payment as received.
    They did call me a couple of times but never left a message saying I needed to mail to a different address. When I returned their call, I couldn’t get through because they said I entered the wrong last four digits of my SSN (of course the problem is theirs, not mine, I know my SSN).
    When I called them, they said it all must be my fault and I have to pay the late fee and if I don’t hurry up they will lower my credit score if I don’t accept their bumbling inadequacies!

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