Loan depot refused to honor returning customer incentive
in april- may my wife and i refinanced our home with loan depot. They were fantastic. It took 28 days. Simple, easy and no run arounds. They told us then to come back if rates drop and we were entitled to a $2,000 credit the second time around. Well, rates did drip and we came back. What a difference a year and $2,000 makes.
We dealt with cassandra emond, a delightful person. The gatherer of documents was karyn vogt. Karen is sloppy and has a poor memory. I had to tell her three times that they had a one year old file with financial information and that i would bring it all current. My wife has a credit score of 812 and mine is 799. We have been married 44 years and we were seeking to refinance plus $20,000 so the loan was a 62% loan. Is that hard?
They kept asking for the same documents twice. They were never frank and honest. Eventually they claimed we just did not have enough other assets despite the fact they made the same loan one year earlier and our payments would be $200 lower and we have the same net worth now we did then. Had they asked about more assets we would havbe told them about another $100,00 that we did not use one year ago and did not think they would need this time. Of course they fabricated the excuse to get out of honoring their own returning customer discount. I bet no returning customer ever gets the discount.
My conclusion is that they did not want to make the loan because we were entitled to the $2000 as a returning customer within 2 years, a program of their own. I think they looked at what they would make on this refinance and saw the $2,000 discount and gave us the royal run around for 86 days. Oddly the national rates came down twice during that time but they told me that since i was getting the $2,000 discount they were sticking with 3.86%.
I was unable to bring the deal together despite over forty years of experience in financing residences. I am left with one conclusion: when they saw they were going to make so much less on the refinance they decided to make us chase though enough hoops until like a sad shelter dog we would quit. I am writing this and posting it because times have changes and spurious business practices can now be made available to the general public. We have a voice. We can tell out stories truthfully and it may cause a new customer to look elsewhere.
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