they are not loyal to their customers for repeat business. I am an investor and serviced my first investment property with loan depot. My property was appraised at 225k and I was seeking half that to refinance to a traditional mortgage. It was a long 2 month grueling process that eventually got done.
To keep things simple I went back to loan depot thinking ok we have a relationship now all of my things are on file this should be easy…. I was terribly wrong. It was now a 3 month process of sending receipts, bank statements from tenants because I prefer to accept rent in cash or PayPal.
I gave them every single piece of document they asked for only for some in-experienced loan officer come back to tell me Underwrighting didn’t approve the loan because it doesn’t meet “investor standards” that is a load of crap.
But I thank them because when they were given me the run around I sought out a small local bank. And they are happy to do business with me cashing me out for 104K!!!
I urge you to do business where you live with local banks. They will work for you and believe in building relationships unlike this online things that take your money for apprasials and waste your time!