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I explained why I wanted to refinance my home loan to the loan officer and made the erroneous assumption that he understood. Unfortunately, Loan Depot back-loaded fees that were never explained to me which, in essence, increased the cost of my mortgage by over $10,000.00. The reduction in my monthly payment was minimal (and that was his selling point) but it would take over 5 years to pay down my loan to where it was before I began the refinancing process. That together with steep closing costs sent up a red flag. This was a win-win situation for Loan Depot but not very beneficial to me. The day before closing, I cancelled the refinancing and walked away from the deal. Three weeks later I received a letter informing me that an Adverse Action Notice, which they say was required by law, had been filed. They said that under the Fair Credit Reporting Act (FCRA) lenders are required to let you, the applicant, know why they've taken the notice against you. And why they were unable to offer a mortgage loan to you because of information contained in a consumer report. And that they are required to describe the principal reason for Credit Denial. What the letter does not say is that there was no credit denial, and that it was the applicant who terminated the refinancing process (which was my right to do) prior to closing. The letter was issued in bad faith and should not have been filed because there was no information contained in any consumer reports that could be used to deny credit. Loan Depot had nothing to do with the termination of the refinancing process. The principal reason for terminating the refinancing process was listed as CREDIT APPLICATION INCOMPLETE, which unto itself was correct. Loan Depot filed a notice against me because I cancelled the refinancing process, not because of any credit issues. The letter is misleading by design and is a wake-up call; it uses terms like credit denial. as noted above; there was no credit denial. So, be forewarned, if you terminate the refinancing process for any reason at any time before closing, Loan Depot will attempt to adversely affect your credit which they say the law requires them to do. BUYER BEWARE, Loan Depot is using questionable business practices to adversely and improperly affect a customers credit. Use common sense and go elsewhere.