Consumer complaint received 2023-05-30 00:00:00
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Getting a line of credit — 
Company: LD Holdings Group, LLC
State: VA

Complaint narrative:
I was attempting to obtain a HELOC or simple home equity loan after being persistently solicited by my two current mortgage companies, but was frustrated by their attempts to push me into a cash out refinance, instead. Frustrated by what appeared to be a bait and switch scam on the part of XXXX XXXX and XXXX I went on XXXX XXXX on XX/XX/XXXX and submitted a request for a home equity loan. I was immediately contacted via phone by a loan officer from loanDepot who seemed to understand my needs and the fact that I had no desire whatsoever for a cash out refinance. I informed him of my current income and provided substantiating documents. At no point was I asked permission to perform a hard pull of my credit file as he informed me they were such a large bank he could do a soft pull without impacting my credit score. I was unable to view a couple of emails he had sent inviting me to establish a web account, but was able to set up an account on my own at a later time. It requested some additional documents, which I provided. A week or so went by and I began to receive texts and calls from other lending officers from loanDepot with the theme of " we're sorry we couldn't earn your business, but perhaps we can interest you in a cash out refinance. '' I explained to them that I was unaware of any issues with my application and concerned that they were engaging in bait and switch. I logged onto the site a short time later and found a notice stating they could not extend a HELOC to me at this time, but suggested I consider some of the other financial products they offer. It also said I could review the related documents, but the tab took me to a blank screen. I noticed my credit score had dropped and both a soft and unauthorized hard pull of my file had been performed by loanDepot. I addressed this with XXXX XXXX, the initiating loan officer and he denied performing the hard pull. He had also claimed to his supervisor that he had informed me of his decision on my application and reasoning, which never occurred. This was relayed to me by a XXXX XXXX XXXX who also passed along that the reason was due to my debt to income ratio. 
I have a net income of {$77000.00} from retirement and XXXX with additional rental income that could not be considered for the loan. I have over {$300000.00} in equity in the subject property with a current mortgage balance of {$130000.00}. I was seeking a loan of {$130000.00} to consolidate some debt and to reinstate a mortgage that XXXX XXXX fumbled the transfer of servicing to XXXX XXXX XXXX XXXX while I was XXXX. That mortgage underwent an illegitimate if not illegal foreclosure after public gatherings were discontinued during the spread of COVID-19, but my lawyer has negotiated a reinstatement of the mortgage. 
I believe my interaction with loanDepot is a case of bait and switch and would appreciate any assistance you can provide in helping me obtain the HELOC that was initially offered to me and that I am more than capable of repaying in a timely if not very short term fashion.

Company response to consumer: Closed with explanation