Consumer complaint received 2020-02-26
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: LD Holdings Group, LLC (PA)

LoanDepot misrepresented a mortgage refinance loan to me, which I accepted based on what I was told by the Sales Representative XXXX XXXX from The CA office of LoanDepot in XX/XX/XXXX, then they delayed the processing for 4 months and collected late fees from me that were not my fault. Now they are withholding money ( taxes collected at closing that had already been fully paid, fees that were to be credited at closing but were not, points added to a what was supposed to be a no points loan ) that is due to me. They have not even responded to my complaint and request for resolving this issue sent via email in XXXX. I believe this company is stealing money from me and possibly other customers who are elderly and discriminating against me because I am a woman and they think I will not be able to fight back. Here is the complaint I sent to them : Loan Depot Request for Refund To : XXXX CC : XXXX CC : XXXX XXXX   XXXX CC : XXXX XXXX XXXX CC : XXXX XXXX XXXX CC : XXXX Subject : Loan Depot Refinance Loan # XXXX Transferred Loan number, XXXX XXXX XXXX  # XXXX History ; 1st telephone call/cost estimate with Sales Rep XXXX XXXX  -XX/XX/XXXX or XX/XX/XXXX 2nd telephone conversation & loan application date XX/XX/XXXX or XX/XX/XXXX Home Appraisal date - XX/XX/XXXX Original estimated closing date - XX/XX/XXXX Actual closing date - XX/XX/XXXX Disbursment Date - XX/XX/XXXX Notification that loan was funded XX/XX/XXXX Print Date of Final Settlement Statement XX/XX/XXXX Cash out deposit to XXXX XXXX  XXXX  account XX/XX/XXXX Old Mortgage payoff date XX/XX/XXXX Conversation with XXXX @ Loan Depot Customer Service XX/XX/XXXX at XXXX XXXX  EST Dear Loan Depot Quality Control Executive and Complaint Resolution Office , I am a returning customer and I am, hereby, filing a complaint about my recent refinance Account # XXXX. I have not received all the funds due to me from this transaction which was processed by LoanDepot and XXXX XXXX. Dates and account numbers are above. I was told certain things would happen at closing and they did not happen. This loan, which had all documentation that was required submitted timely, excellent credit score, satisfactory appraisal and no apparent problems, took more than 4 months to close. This was an excessive delay which caused me financial hardship, and I was overcharged. 

The following amounts are owed to me :. I request this amount be paid to me by XX/XX/XXXX. 
Apraisal fee, paid up front by me, to be credited back at closing {$490.00} Points charged that were supposed to be O % {$1400.00} Property taxes collected at closing after I had proved the taxes were fully paid {$1000.00} Late fees & interest to XXXX XXXX XXXX charged to me by XXXX after closing {$180.00} 2 months of mortgage payments to be waived, lost due to delay {$1600.00} TOTAL {$4800.00} I have notes from my 1st and 2nd conversations ( attachments 4 & 5 ) with Sales Rep XXXX XXXX ( which I understand should have been recorded ) and the initial written and emailed estimate of the potential closing costs that reflected our conversation. Closing costs for a returning customer on a 30 year refinance were estimated by XXXX  to be no more than approximately {$2100.00} excluding taxes and prepaid interest and the county filing fee. With this scenario, XXXX estimated I should receive cash of approximately {$6500.00} - XXXX after 2 mortgages were paid off. XXXX XXXX advised me that as a returning customer, lender fees of approximately {$1500.00} would be waived, ( and he later commented in an email message to me on XX/XX/XXXX that {$1300.00} in lender fees and the origination fee were waived, but I see nothing about this on the settlement sheet ), also {$490.00} for the cost of the appraisal, paid by me, would be credited back at closing, ( which it was not ), and that there would be no points for this loan at 3.75 % for 30 years, unless I wanted to buy the interest rate down, which I did not. XXXX said this loan should easily close by XX/XX/XXXX. He also said that the loan should go through quickly and would give me 2 months reprieve on paying the mortgage payments before the first payment that would be due in XXXX. That would have been a savings of {$1600.00} that did not occur because of the extreme 4 month delay in processing this loan that was not caused by me. These things should be contained on the tapes of our conversation on XX/XX/XXXX or XX/XX/XXXX and XX/XX/XXXX or XX/XX/XXXX. 


As you can see, this loan did not close until XX/XX/XXXX and was not finalized until XX/XX/XXXX. I was overcharged at closing for taxes that had already been paid in full through XX/XX/XXXX and I was charged for late fees that were in no way my fault. This loan was inordinantly delayed for some reason, that was not caused by me, and created financial hardship and anxiety for me for 3 months. 

Also, during the entire process, I was never given an accurate closing cost estimate on the Secure Portal and I complained about this in emails to XXXX XXXX and XXXX XXXX at least 6 times as I refused to sign the incorrect estimate forms on line that all showed huge amounts of Points added and did not show the credits I was promised. So when settlement actually occurred almost 3 months later than expected ( while I was out of town for a family emergency and away from my financial records ) I was surpised by the numbers and I received much less than the cash I was expecting from my original discussions with XXXX XXXX. 

I called Loan Depot Customer Service, when I received my copy of the settlement sheet on XX/XX/XXXX at XXXX XXXX  EST to find out how to make a claim for what I am owed. I talked to a woman named XXXX, who said she was going to listen to the tapes of phone calls between me and XXXX XXXX, the Sales Rep and she would get back to me, but I have heard nothing. She told me I had to contact XXXX about a refund on the tax payment of {$1000.00} that the local tax collector sent back to them because there were no taxes due. I called XXXX, XXXX XXXX, and was told XXXX would research this and send me the refund. I have heard nothing. Those taxes should never have been collected at closing because Loan Depot had copies of my receipts of these taxes having been paid in XX/XX/XXXX. It is Loan Depots responsibility to get this money back to me and collect it from XXXX, if needed. 

I request that Loan Depot send me what I am due, {$4800.00} as soon as possible. An uncomplicated settlement such as this should have been completed in 60 day or less. I expect to receive what is due to me by XX/XX/XXXX, XXXX, Should you have questions or wish to update me on the progress of resolving this complaint, please contact me by email at XXXX and call me at ***** I will accept a check mailed to my home address, *********** I would appreciate receiving a call as soon as the appropriate executive reviews this complaint and begins a plan of action. 

Thank you for resolving this quickly, The following Electronic Documents should be available on the LoanDepot Secure Portal or Loan Depot computer files Communications and documents that I provided and the dates that I submitted them from XX/XX/XXXX -XX/XX/XXXX Numerous Estimated Closing Statements that I never approved because they were all incorrect Electronic FINAL copy of the Settle Statement, dated XX/XX/XXXX submitted by XXXX Recordings of Telephone conversations between me and XXXX XXXX on or about XX/XX/XXXX or XX/XX/XXXX and XX/XX/XXXX orXX/XX/XXXX A copy of the Loan Depot Lifetime Guarantee Attachments submitted with this email : 1 ) Email from XXXX XXXX to XXXX XXXX dated XX/XX/XXXX, confirming telephone conversation & Loan Option Comparison attachment dated XX/XX/XXXX 2 ) email transcript to and from XXXX , dated XX/XX/XXXX 3 ) email transcript to and from XXXX & XXXX , dated XX/XX/XXXX 4 ) copy of photo 1 of ***** hand written notes during phone conversations 1 & 2 with XXXX XXXX 5 ) copy of photo 2 of *******hand written notes during phone conversations 1 & 2 with XXXX XXXX