Phawk LoanDepot...

[Mtbcoach]

In a thread a few months ago, flood insurance was an issue that I was able to provide my provider to help out. I just went thru a refinancing, selecting Loan Depot, locked in at 2.75% 30yr fixed, although it was an extended process, thought it went well. Until...

received notification that they did NOT accept the private flood insurance I had with Neptune, requiring NFIP policy, TRIPLING my premium that was NOT disclosed in the closing documents.

The ONLY reference is that IF they SOLD the loan, then a new requirement MAY be had by the new lender.

Screw them, now I have to go thru this again to find a lender who does NOT have this requirement? Phawk me, how do I get into these things, seems predatory to me...

 

[JohnVee]

@Mtbcoach Let me know if you'd like info for the lender we used for the lake house in April. Sarah handled the entire thing but it was the second time we used him with great ease.

 

[GLTHFJ60]

No experience with flood insurance, but coastal fcu is who we used to refinance the house last year, and is who we've been using for other banking services for the past 10 years. Bought two points and got in at 2.25% for a 15yr fixed. Couldnt have been a smoother process with them. 10/10 would buy/refi with them again. Very up front about everything and you had a real person you were dealing with!

 

[pkniland]

Whats the difference in premiums?

 

[SHIfTHEAD]

In a thread a few months ago, flood insurance was an issue that I was able to provide my provider to help out. I just went thru a refinancing, selecting Loan Depot, locked in at 2.75% 30yr fixed, although it was an extended process, thought it went well. Until...

received notification that they did NOT accept the private flood insurance I had with Neptune, requiring NFIP policy, TRIPLING my premium that was NOT disclosed in the closing documents.

The ONLY reference is that IF they SOLD the loan, then a new requirement MAY be had by the new lender.

Screw them, now I have to go thru this again to find a lender who does NOT have this requirement? Phawk me, how do I get into these things, seems predatory to me...

FWIW I too had a sh1t experience with Loan Depot several months back. They suck big time.

 

[Mtbcoach]

Thanks for everyone's feedback and guidance, I had to step back for a moment from this mess.

Neptune insurance premium $900, new $4200
Provided Neptune's policy (2x) before closing, no notification their provider wouldn't be accepted
Yes, I would appreciate any lenders with positive/reasonable services

Thanks again...

 

[Mtbcoach]

Follow up...my feedback to my loan agent, bringing my issue to the "escalation department" (WTF does a financial institution have a department with such a designation?) such my insurance agent was able to provide documentation to satisfy Loan Depot, avoiding the change of insurance providers...for now. I'm highly skeptical it's resolved but will be at peace for the time being.

Thanks again for everyone's feedback and my whining