Consumer complaint received 2018-09-14
Company: LD Holdings Group, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
In XX/XX/2018, my husband and I went under contract for a home purchase. Our options in lenders was limited due to our participation in the Florida First Time Home Buyer program. We chose LoanDepot and the beginning of the process with our loan officer was pleasant, she was quick to respond and extremely helpful. We met all conditions and provided all paperwork in a timely manner, on the same day the majority of the time. Once we moved to dealing with our Loan Processor,, things quickly went down hill. She was slow to respond and rather rude both to us and the HR Department at my office when verifying employment. All of that would have been frustrating yet manageable if it was not for our loan being completely botched a week before closing. 

When we applied, we submitted all financial documents and were approved for the {$10000.00} down payment assistance program. On Thursday XX/XX/XXXX, we received a call from our loan officer stating we made too much money and did not qualify for the program. She stated she would be working with her compliance department in attempt to get them to see that we should qualify, but if not we would need to be switched to the program that provided {$7500.00} down payment assistance. The next day she switched our bond program and generated the second mortgage account. There was never a second mortgage created for the {$10000.00} down payment assistance account, which leads me to believe we would have had these delays even without the bond program switch. 

Since the beginning, we had a closing date of Wednesday, XX/XX/XXXX. We were told everything was in order and we were set to close, my husband and I had taken the time off work in preparation. The night before closing I received a message from our loan officer stating that closing would be delayed to Thursday, XX/XX/XXXX due to a three day waiting period required for closing disclosure. We questioned TRID regulations because closing disclosures are not to be used with no interest deferred loans used for down payment assistance. She agreed with us and went to compliance, we did not hear from her again. Wednesday night I received a text from my realtor stating that our closing had been delayed until Tuesday, XX/XX/XXXX. LoanDepot did not even bother to contact us themselves. This not only lost us the holiday weekend to move and caused us to need to cancel all appointments set, but pushed us into XX/XX/XXXX when we needed to be out of our rented condo by the end of XX/XX/XXXX. LoanDepot stated CFPB regulations that require a week waiting time before close after a new loan is generated, even though this type of loan is exempt. LoanDepot 's office stopped replying at this point, but kept sending over updated closing disclosures with slightly changed information. They provided me with an incorrect cash to close amount which could have delayed closing even further if I had not called the title company to verify amounts. In addition, they held up closing further due to charging us for a duplicate appraisal fee of {$470.00} which we had already paid and overcharged by {$25.00} for our title company fees. Our loan officer ignored all calls and messages from myself and my husband and only corrected her error after our realtor and title company called.

Unfortunately, LoanDepot turned our first time home buying experience from something wonderful to traumatic. Their compliance office is incompetent and violated CFPB regulations while all but admitting they knew that they were. This cost us valuable time and money and caused an innumerable amount of stress. Our closing was such a mess that our loan officer was the one that stated we should file this complaint.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation