April J.

Loan depot literally ruined my ability to buy a home for the next 2-3 years. This is the worst experience ever. I have 20 days to find a home for me and my children.

I filled out an online preapproval application and was contacted by Yvonne Bobadillo. She was very upbeat and positive and after I provided all of the requested information she contacted me to discuss my application. She reviewed my credit report with me over the phone and asked me why with no late payments and a strong length of credit did I have Experian boost on my report of 4 bills. I explained I added it when I downloaded the app because the app suggested it. She told me that I should remove the 4 accounts because they were reducing the amount I could pay monthly on a mortgage. She also told me I should take out a new loan to pay of a personal loan on my credit because the personal loan payment was so high (1,100 but I only had 12 more payments and had chosen the high payment amount to pay it off quicker). She gave me a preapproval with desk underwriting and actually referred me to my agent who I got along well with.

We finally got an offer accepted and I paid the appraisal fee, etc. she said the loan was approved and already underwritten. That we were good to remove contingencies. She sent me closing disclosures and I waited for my signing date. As our closing date came and went she said that the loan was approved, underwriters were satisfied, but a "system issue" was preventing me from signing and that she had all the area managers working on it to figure it out. My agent made an appointment with her manager to discuss the issue because the seller had begun charging us a daily fee for not closing. At that time he told her he didn't know why I removed positive trade lines and paid off a two year old loan with perfect payment history for a new loan, but that had affected my credit dramatically and now the desk underwriting was kicking my loan out as high risk. She sent me an email with him saying the same. Luckily I had emails that showed Yvonne had actually told me to do this. He worked for a week trying to find a way to close the loan, but in the end I lost the house, my $8,000 earnest money deposit, and now have to go out and find someplace to rent with my credit literally in shambles. I can't caution enough to be very careful using this company.