Have a complaint against loanDepot? We want to hear it
Yes, loanDepot is a real company. The company was founded in 2010 and specializes in mortgage lending.
loanDepot definitely is a real company, however, real companies still do unfair things from time to time. If you have complaints about loanDepot, you can share them.
loanDepot is a mortgage loan servicer. They have a dedicated servicing portal for people to view documents, send questions, and make payments.A mortgage loan servicer is a company that handles your mortgage or manages your loan. A mortgage loan servicer processes things like payments, keep track of what interest is owed, and respond to your enquiries. A loan servicer met service loans that they provide, or loans provided by other companies.
loanDepot is also a direct lender. A direct lender is the financial institution that loans you money. A direct lender is different from a loan servicer in that the direct lender directly lends you the money for your loan, in this case a mortgage or a personal loan but the loan servicer keeps track of how much was lent to you and how much you still owe.
loanDepot is not a debt collector. Debt collectors purchase existing debt like personal loans or mortgages from a mortgage lender. If a mortgage lender cannot collect on a loan the debt collection company buys it for a fraction of the value. After that the debt collection company takes over trying to get repayment from you. Loandepot is a loan servicer so they will follow up with you to try and get payments on your mortgage and keep track of how much you still owe.
There are different situations where a direct lender may not want to service a mortgage or a personal loan so they typically use other mortgage services after selling to a company like loandepot. Similarly, there are situations where companies like loanDepot will sell your mortgage to someone else to service.
As of 2022, Anthony Hsieh is the CEO and president of loanDepot.
Anthony Hsieh owns loanDepot. loanDepot is aCalifornia-based mortgage lender that went public in February of 2021. He currently owns 54% of the company.
loanDepot is headquartered in Foothills Ranch, CA. According to Bloomberg, their address is: 26642 Towne Centre Drive Foothill Ranch, CA 92610 United States.
If you are contacting loanDepot over a home loan you can call 1 877-420-4526. They are available Monday through Friday from 8:30 a.m. through 11 p.m. Eastern Standard Time and on Saturday from 8:30 a.m. through 5 p.m. You can also email them at customerservice@oanadministration.com.
Through their website you can submit a question or complaint but the small print states that loanDepot and all affiliates and partners might deliver your email address to telemarketing promotions unless you opt out.
If you are sending a payment they provide two addresses, one in Newark and one in Chicago: loanDepot, P.O. Box 11733, Newark, NJ 07101-4733 OR loanDepot, P.O. Box 5710, Chicago, IL 60680-5681
The best way to speak with a human at loanDepot is to call customer service during their hours of operation at 1 877-420-4526. They are available Monday through Friday from 8:30 a.m. through 11 p.m. Eastern Standard Time and on Saturday from 8:30 a.m. through 5 p.m.
FairShake complaints about loanDepot have to do with late payment fees, false advertising, and misleading marketing.
In addition there are complaints about poor customer service and issues contacting customer service as well as many hidden fees like a hidden appraisal fee of $495. Customers have complained regularly about simple processes taking longer than necessary and multiple requests for the same documentation.
You can pay loanDepot online with a one-time payment or recurring payments through the website. You have to log into your account. You can also contact customer service at 866-258-6572 to pay over the phone. For insurance claims, homeowners insurance payments, and non escrow property tax payments their website has a variety of different numbers and email addresses for things like delinquent taxes, tax exemptions, supplemental taxes, and so forth.
A payoff letter is a letter providing you with the exact time of money you owe in your mortgage, what you have paid so far, and any remaining interest or fees.
If you believe you are owed a payoff letter, you can request one by calling 949 5957008 or emailing directly to payoffs@loandepot.com. You can also log into your account and send a private message through the internal portal.
There may not be public information out there about all current legal proceedings.
We do know that loanDepot is involved in a class-action lawsuit in 2021 over violations of the Fair Debt Collection Practices Act, violations of the Fair Credit Reporting Act, and violations of the Illinois Consumer Fraud and Deceptive Business Practices Act
You can send a complaint against loanDepot to the Consumer Finance Protection Bureau, the Federal Reserve, or a regulatory agency for loanDepot. You can also make a complaint against loanDepot with FairShake. If you share a complaint with the BBB it is posted in public, though it is not guaranteed anything will be done.
If you think loanDepot has caused you harm you might be able to make a compensation claim. Exactly how and for how much depends on your contract with loanDepot. If you believe loanDepot is guilty of a breach of contract, you might have legal protection based on your situation.
How you can sue loanDepot is based on your contract terms and the amount of money involved. You might be able to use small claims court, legally binding arbitration, or a traditional court case. Consider consulting with a lawyer about your situation. If you submit a loanDepot complaint to FairShake, it will be shared with eligible lawyers who will review your situation.
This is a question for a lawyer. Class action lawsuits are reserved for groups of people who suffered the same type of relatively minor harm; they come together for a single lawsuit rather than filing individually. Class action lawsuits might be prohibited depending on the terms of your loanDepot contract.
This depends on your situation. Lawyers will review aspects of a case before they are willing to represent you. This includes whether loanDepot violated their obligations in any way that caused you harm, what the amount of damages were, and what evidence you have.
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