Caution on Loan Depot.
I applied for a rental loan refi on 7/16. No closing CDs are out yet. Yes, the file is slightly more complicated but this much time is not justified. The processor I have been assigned is not very sharp and the UW keeps asking one document at a time with an interval of few days in between. I am confident that the loan will fund but the sheer breakdown of their process...ugg...
e.g. The mortgage statement I provided on 7/16 clearly states that the property is deeded to the trust. and I provided trust document at the same time. They just ordered trust cert last week.
Had similar experience last year when I got my primary with them. I think that their UW dept is too skittish and the processors are not top talent.
Their rates and terms are competitive enough but I can not deal with the sluggish process. I guess I am done with LD after this loan closes.
