Consumer complaint received 2022-01-21
Company: LD Holdings Group, LLC
State: DC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am writing to file a complaint against Loan Depot and their deceptive and misleading business practices. 
I am a XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  and have a reasonable amount of experience with lending institutions through the years. I have never experienced such a bait and switch as I had with Loan Depot. 

I contacted them in mid XXXXXXXX XXXX  and applied for the refinance of 3 of my properties : my personal refinance and my two rental properties. Over the next couple of days I worked with their loan originator on the processing of my loan application. In our conversation I let him know that I was a self employed real estate developer and that my tax returns were more complicated than most and that I would want them to be comfortable that they could do my loans and understand where my income comes from. On XX/XX/2021 I emailed him all of my tax returns ( personal and corporate ) so they could review them. They reviewed and came back with confirmation that they could fund my loans. We then subsequently spent considerable time on the phone on XX/XX/2021 getting the loans into their system and conditionally approved. 
From there I was required to review and acknowledge loan disclosures, which I did. 
Then appraisals were ordered for the 3 properties and I coordinated access for the appraisers through all 3 properties. The appraisal values all came in at or around the value that we anticipated for the approved loan amounts, with the exception of 1. And as a result of that, LoanDepot adjusted the new loan amount down to account for the LTV required. The appraisals were received in the early part of XXXX, between XX/XX/XXXX and XXXX. Once they were in, the status of the loans changed to Conditionally Approved in the LoanDepot system. It was at this time I was having more regular contacts with two seperate processors on the files, each time them telling me it should be out and ready to schedule closing anytime. This of course never happened. Around the XXXX of XXXX, they contacted me to tell me that the investors in their loans had different requirements and that they needed to change the originally quoted ( and I thought locked and committed ) loan amounts and rates. We went through a round of this. Then for the balance of the month of XXXX nothing happened. I would send a series of emails and attempt calls with the originator and the processors and I would responses that now the loan file was " back in underwriting ''. The loan status within the LoanDepot system would say " Conditionally Approved '' and then I would receive notice of new disclosures to acknowledge. 
In the early part of XXXX after my insistence on trying to determine why these approved loans were not being scheduled for closing ( given that all of the required documents had been provided, the appraisals were in and satisfactory ), one of the processors reached out to tell me they were having a challenging time now getting the loan approved with their underwriter. I was shocked that we were now over 45 days into the process where the loans had already been approved to now be being told that the underwriter is having challenges. This back and forth continued from XXXX XXXX XXXX  with my request to speak to someone else on the matter. Those requests were never returned and representatives stopped communicating with me on XX/XX/2021. 
In my possession I have a Financing Commitment that they provided me however they have not followed through on that. Instead it appears they wasted my time and money over the course of XXXX months in the way they represented their willingness and approvals to fund these loans, but in the end did not. They were misleading and fraudulent in their dealings with me and I hope that someone can help ensure this doesnt happen to others. Due to their misleading business practices, the interest rate environment has changed significantly over the past 60 days and the loans I am now looking to refinance are a meaningful amount more expensive. 
I would like to see some action brought against LoanDepot for this. Again, I want to re-iterate I have a Financing Commitment in writing from them that they have completely refused to follow through on. Something needs to happen here.

Company response to consumer: Closed with explanation