Consumer complaint received 2018-05-19
Company: LD Holdings Group, LLC
State: AZ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am writing to request that the CFBP investigate and take appropriate action against Loan Depot for not adhering to the ECOA/Regulation B requirements for Loan Applications specifically Section 1002.9Notifications. On or about XX/XX/XXXX I made an application for credit with Loan Depot. On XX/XX/XXXX I was informed by Loan Depot that they would no longer be offering the loan product that I had applied for and that I would have to originate the loan with them by close of business XX/XX/XXXX. I informed them on XX/XX/XXXX that I would not be able to meet their deadline due to competing priorities. On XX/XX/XXXX I received an email from Loan Depot saying that they regret to hear that I had " Withdrawn '' my application. From the applicants perspective I didn't expressly withdraw my application. I don't believe that Loan Depot fulfilled their requirements under Regulation B and falsely categorized my application as " Withdrawn ''. It would have been more appropriate for them to notify me under Section 1002.9Notifications as there was an Adverse Action taken because the applicant did not take action expressly or implied that the application had been " Withdrawn '' Additionally, I have been harmed due to Loan Depot 's actions. I have made an application to another lender and can not prove that Loan Depot does not have an application pending because no notice of the adverse action taken by Loan Depot was made available, because Loan Depot is claiming that the Loan Application was withdrawn by the applicant. I have a credit inquiry from XX/XX/XXXX with no corresponding proof to give to the new lender that there isn't a application in process by Loan Depot. Thank You. Below is a timeline as best as I can provide. 


XX/XX/XXXX I received an email from the CFBP regarding Complaint XXXX. 

XX/XX/XXXX I was contacted by XXXX XXXX of Loan Depot. 

XX/XX/XXXX - XX/XX/XXXX Traded some messages and was informed by XXXX XXXX that Loan Depot had agreed to complete a Full Summary Appraisal on my property at no charge. 

XX/XX/XXXX Agree to the Appraisal and ask that Loan Depot have the Appraiser Contact me. 

XX/XX/XXXX - XX/XX/XXXX Appraisal is completed and I contacted by XXXX XXXX that the value was now sufficient to proceed with the loan that I was previously declined for due to insufficient value ( See Complaint XXXX ) Agree to proceed with new loan application as long as they turn me over to a different representative. 

XX/XX/XXXX Was contacted by XXXX XXXX and we started the Loan Application. 

XX/XX/XXXX I was contacted by XXXX XXXX to inform that the Loan Product I had applied for was no longer being offered and that I needed to originated by XX/XX/XXXX. 

XX/XX/XXXX I informed Loan Depot that I would not be able to meet their deadline due to some competing priorities. 

XX/XX/XXXX I receive an email from Loan Depot advising me that they regret to hear that I had " Withdrawn '' my mortgage loan application. 

Emails- From : Customer Care <XXXX> Sent : Saturday, XX/XX/XXXX XXXX XXXX To : XXXX Subject : loanDepot Customer Satisfaction Survey - Reference XXXX Hello XXXX XXXX, We regret to hear that you have decided to withdraw your loanDepot mortgage loan application at this time and hope to have the opportunity to help you meet your financial goals in the future. 

At loanDepot, we are committed to providing you with top tier customer service and would like to hear your feedback about your experience with our team. 

Please take a few moments to complete the survey below. 

Please click on this link to start the customer survey Thank you for your participation. 

Sincerely, The Customer Care Team From : XXXX XXXX <XXXX> Sent : Friday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX ' Subject : RE : Message HI Sir, All we have to do is start the process and ESIGN before Monday ..Im in today and tomorrow morning. 



Once its started and Esigned we have plenty of time. Let me know XXXX this is a good opportunity! 



Thanks! 




XXXX XXXX Production Manager NMLS # XXXX ( XXXX ) XXXX ( XXXX ) XXXX ext. XXXX ( XXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, AZ XXXX NMLS # XXXX Customer service is our top priority : If you are not receiving exceptional customer service, or if you have any questions, please contact us at www.loandepot.com/about/contactus. 

Confidentiality Note : This email and any attachment ( s ) are for the sole use of the intended recipient ( s ) and may be confidential and/or privileged. Any unauthorized use, disclosure or copying is strictly prohibited and may be unlawful. If you have received this communication in error, please immediately notify the sender by return email, and delete the message. 

Please consider the environment before printing this email. 
From : XXXX XXXX [ mailto : XXXX ] Sent : Friday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX Subject : Re : Message XXXX, Thank you for the note. I am not going to be able to meet your deadline due to some competing priorities for my time. 



From : XXXX XXXX <XXXX> Sent : Thursday, XX/XX/XXXX XXXX XXXX   To : XXXX XXXX ' Cc : XXXX XXXX Subject : RE : Message HI XXXX, We need to  make this happen today	omorrow. We just received work LD is suspending the 2nd MTG product on Monday XX/XX/XXXX we have to originate today	omorrow, or we may lose our window. 



This was just announced so I dont mean to pressure, but XXXX wont be able to control this after Monday.sorry for last minute notice. 



Please contact XXXX XXXX or I ASAP today. 

Thanks! 





From : XXXX XXXX [ mailto : XXXX ] Sent : Wednesday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX Subject : RE : Message Got your message. Been tied up this morning to call back. 



Have appraisal firm contact me. 



Thanks. 







Sent via the XXXX XXXX XXXX XXXX, an XXXX XXXX XXXX XXXX XXXX smartphone -- -- -- -- Original message -- -- -- -- From : XXXX XXXX <XXXX> Date : XX/XX/XXXX XXXX XXXX ( GMT-XXXX ) To : XXXX XXXX ' <XXXX> Subject : RE : Message Hi XXXX XXXX, If you are OK with letting an appraisal conduct a full appraisal at our cost I can inform my team to proceed.. Are you open to getting a full value completed? 



Im in the office all day today DIRECT XXXX Thanks! 





From : XXXX XXXX [ mailto : XXXX ] Sent : Tuesday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX Subject : RE : Message Returned your call last week. We going to connect? 







Sent via the XXXX XXXX XXXX XXXX, an XXXX XXXX XXXX XXXX XXXX smartphone -- -- -- -- Original message -- -- -- -- From : XXXX XXXX <XXXX> Date : XX/XX/XXXX XXXX XXXX   ( GMT-XXXX ) To : XXXX Subject : Message Got your message will connect with you later. 



Thanks for the follow up

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