They are not loyal to their customers for repeat business

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!

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6 reviews on loanDepot

  1. loanDepot Is Scammer

    These people are crooks! I do not know who is rating them 5 stars. These people are liars! Stay away from Loan Depot!

  2. lost the property by they way.

    So their appraiser totally got my square footage wrong by almost 200 sq ft in a very up and coming neighborhood. This blew up my deal and cost me the purchase. This is completely incompetent I lost nearly a month and interest rates are on the rise so cost me even more. Avoid these guys and get good references and go with someone else.

    They also would not offer a loan where I could pay bi-monthly and save a fortune…and you have to pay your homeowners insurance/Taxes through them or it’s a .25 point hit!!! That is hidden cost unless u ask about it. I am completely underwhelmed by them. Get a good reference from friends/family and forget these guys. I had to threaten legal action to get a refund on my incompetent appraisal…lost the property by they way,,,

  3. but now not ,all garbage

    Probably worst company ever,tell you what you want to hear ,then change it all .supposed to be fast refinace, 6 weeks later asking for papers i sent weeks ago .said appraisal was refundable, but now not ,all garbage

  4. Garbage

    Stay away countrywide reboot… scam boiler room sweat shop run by the same idiots that pushed loans through the first financial crisis.

  5. I contacted loan depot to compare home equity rates.

    I contacted loan depot to compare home equity rates. After calling other lenders I decided to borrow through my credit union, because their rates and terms were much more favorable. I notified the agent I originally spoke to you at loan depot and asked him to withdraw my application.

    However, I continued to receive email after email asking me to complete my application process. I have sent 4 requests to withdraw the application and to remove my name from their email list.

    However, my requests have been ignored. If you contact loan depot for infornation… Be prepared to be hounded for 30 days until the application expires on its own.

  6. He secured me an EXCELLENT rate

    Christopher Albanese is a superstar! I wanted to refinance and he was recommended to me by a real estate agent friend whose advice I really trust. He was extremely patient with

    my barrage of questions (many of them repeated or a bit silly) and gave me all the time and information I needed to feel comfortable in order to move forward with each step.

    He secured me an EXCELLENT rate (my home-owning friends are all super jealous) and – get this – even made the process enjoyable! You heard me right.

    He’s a great guy, great at his job and fun to deal with. Now that I’m set up with my 15 (!) year mortgage and some extra cash lying around, we’re working on a new home investment loan.

    I definitely recommend Chris be your first call for all your mortgage needs. Top tip: if you call by the Lorimer office you might be lucky enough to meet Dexter, Chris’s dog a.k.a the cutest puppy in the world.

Atlantic Avenue 407
11217 NY US
Get directions
Reported Loss :600 $
Severity of Scam :High
Reported by : anonymous
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