Consumer complaint received 2020-10-16
Company: LD Holdings Group, LLC
State: NH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/2020, I contacted Loandepot company over their toll-free number for refinancing my home loan as one of my friends suggested that they are offering a refinance rate of 1.99 % with XXXX  closing costs. 

I got connected to a Licensed lending officer named XXXX XXXX. I wanted to reconfirm if it is 1.99 % with XXXX closing costs and got a confirmation stating 1.99 % with XXXX Closing Cost for 15 years, for referrals. Before proceeding, I provided my loan amount and asked XXXX that after running the credit report, the rate/closing costs will not change, and he mentioned he has all the required approvals for this offer and it would not change. He did insist that I go thru the application process that night and I completed the application while he was on the phone with me until about XXXX XXXX. He also charged me {$20.00} for the credit check. After the application was completed, he mentioned that I would receive the welcome package with declaration page that would outline the loan estimate and costs. 

Nextday XX/XX/2020, I received the welcome package and reviewed the loan disclosures to find that the offer was for 1.99 % with closing costs of {$8200.00} + {$150.00} for recording fees. I tried contacting XXXX immediately so he can correct the disclosure as it did not reflect any lender credits, as promised by him previous night. As I could not get him on his direct line, I left a voice mail on his phone, then sent a follow-up email, also sent text messages, but he did not respond to any of them. 

After multiple tries since then and reminders from my friends who I referred to him ( while he was in constant communication with them ), he responded to my email on XX/XX/2020, without any real update or explanation. But he would not still respond to my calls. So I decided to write a detailed email to his manager about what happened so far. Then he immediately responded back and called me to explain that the credits were not approved ( as opposed to what he mentioned at the time of application ). He said that my case was not being considered as referral due to a situation in the marketing system. He asked me to provide an email response from my friend that he referred me to the Loandepot, which I followed thru and sent him the email he asked for. He would take the email to his management to get the referral approved and provide me the lender credits as promised. An hour later he responded with a text message that it is approved ( Approved my man. Congrats. So sorry for the back and forth. Tomorrow new disclosures will be in the site by mid afternoon the latest ). 

By the end of XX/XX/2020, I did not receive the updated documents. I sent an email to XXXX asking for a status update. No response from him. 

On XX/XX/2020, I followed up with a text message. He responded to my text message few hours later that the he will fix it that day and the updates will not appear until XXXX or XXXX XXXX. Reason he gave was that the manager did not approve the correct discount. 

By XX/XX/2020, no updated documents were received. I sent a text message and email asking XXXX for an update and what is causing the bottleneck. He responded with an email that he will call me back, and the same day my loan status was showing Inactive on their website. 

On XX/XX/2020 morning, I emailed him and his manager that I plan to lodge a formal complaint as they kept on manipulating me. 

XXXX called me immediately and told me that he tried to follow thru on his promise and get the appropriate discount approved. But his management would not support this much discount. He mentioned that he could only get a small discounts and I would still have to bear XXXX closing costs. So I asked him then how come you mentioned the management approved not once but more than twice. If that was the case, then you should have told me it is not possible at the start. All he told me is sorry, I can not help without my management support. 

Finally, Loandepot sent me an email on XX/XX/2020 that Loandepot is not able to offer you funding at this time. Loandepot wasted my time by providing me false promises. Since Loandepot is not able to follow thru on their promises, I would like 1 ) Loandepot to place a request with the credit bureaus to remove the credit check from my file. 
2 ) I would like them to refund the charge that they made for my credit report.

3 ) A formal apology letter I can submit all the email/text communications mentioned above if required/requested.

Company response to consumer: Closed with monetary relief