LoanDepot Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

LoanDepot

Bankrate Score

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3.8

User reviews
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( 16 )

3.3

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

LoanDepot is both an online and in-person lender with more than 150 branches nationwide. For borrowers who want a completely online experience, loanDepot created “mello smartloan.” From application to closing, the lender says this end-to-end digital service helps expedite the loan process. LoanDepot offers  a wide variety of mortgages to fit all types of needs. They also offer refinancing and cash-out refinancing for homeowners who want to lock in a lower rate and tap their equity. LoanDepot has a “no-steering” policy designed to ensure that homeowners get the right refinance option for them. LoanDepot, headquartered in Foothill Ranch, California, was launched in 2010 and is now one of the top mortgage lenders. They offer a wide range of mortgage and refinancing products, including conventional loans, ARMs, VA and FHA loans. With both a robust online and in-person presence, LoanDepot loanDepot offers flexibility for borrowers who want more than one way to do business. For people who value speed, their mello smartloan option uses proprietary digital technology to expedite the online application and closing process. Features like digital income and employment and asset verification technology eliminate the need to fax or mail in paperwork. According to loanDepot, mello smartloan can reduce closing time by up to 17 days.

Nationwide availability

Available in all 50 states and Washington, D.C.

Minimum credit score

620 for conventional and VA loans, 580 for FHA loans,700 for jumbo loans

Loan types

Conventional mortgages, FHA and VA loans, jumbo loans, adjustable-rate mortgages, 203k loans

Pros

  • Online, phone and in-person service available to borrowers
  • There are more than 150 brick-and-mortar locations nationwide
  • They offer 203k loans, which are FHA home renovation loans that cover the home’s purchase price as well as the cost of renovations
  • LoanDepot’s end-to-end online product, mello smartloan, gives borrowers the option to get a loan completely online
  • Loan modification programs are available for eligible borrowers
  • Mortgage refinancing options are available, including cash-out refinancing
  • They reimburse appraisal fees on future refinances after your first refi with them

Cons

  • There are no home equity loan or home equity line of credit (HELOC) options available
  • Lender fee information is not available online
  • They don’t offer USDA loans

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

LoanDepot overview

Loan Types

Conventional, FHA, VA,  jumbo, 203k loans and ARMs.  Refinancing options include rate and term refinancing and cash-out refinancing.

Lender fees

Loan fees vary by loan type. Origination fees range from 1 to 5 percent. 

Minimum borrower requirements

LoanDepot adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent is required.

Government requirements for FHA and VA loans are detailed here:

FHA loan requirements

VA loan requirements

 

 

 

Get started with LoanDepot

Borrowers can apply online or in person. Their online portal, called mello smartloan, is where borrowers can submit required documents electronically. These documents include things such as tax returns, online bank statements and identification.

Hours

Monday through Friday: 5 a.m. - 7 p.m. (Pacific time) Saturday: 8 a.m. - 3 p.m. (Pacific time) (888) 983-3240

LoanDepot consumer rating and reviews

3.3 reviews
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56% recommended

Customer Service Rating

Knowledge
3.3
Level of service
3.3
Professionalism
3.4
Responsiveness
3.3
10 out of 16 rates honored
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(16 reviews)
5 Star
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1 Star
9
0
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7

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 16 Reviews
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Satisfied Customer
Missouri

4/16/2020

Quick & Easy!

The process of refinancing was quick and everyone I spoke to was extremely helpful. I highly recommend using LoanDepot!

loanDepot replied to this:
"We appreciate the positive feedback and look forward to servicing your future lending needs. Please feel free to reach out to our team if you ever need assistance."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Helena Lopez
Las Vegas

4/15/2020

Great experience

I had a great experience with my refi. All my questions answered immediately. It was hazel free, easy and very professional. I would definitely recommend them

loanDepot replied to this:
"Providing excellent customer service is our top priority and we are delighted to hear that our team was able to exceed you expectations. THank you for this great feedback!"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Lisa
Tulsa

4/15/2020

So easy to refi

Worked with Rob, he made the entire process so easy and saved me a ton of money!

loanDepot replied to this:
"We appreciate your business and look forward to servicing your future lending needs. Please feel free to reach out to our team if you ever need assistance."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Brenda Schmidt
Rochester, MN 55906

2/14/2020

Hassle Free

The entire process was easy and provided knowledgeable and very helpful staff.

loanDepot replied to this:
"We truly appreciate your business, and we’re grateful for the trust you’ve placed in us. We hope to have the pleasure of doing business with you for many years to come."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Holly
California

2/12/2020

Such a great experience!

The whole experience was simple and hassle free!

loanDepot replied to this:
"We are delighted to hear that you had great experience with our team and appreciate the time you took to share your story. We value your business and look forward to assisting you in the future."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mark H
Tucson, AZ

2/12/2020

Wory free event

I had no problems with my refi with LD and would recommend them any time.

loanDepot replied to this:
"Thank you for taking the time to share your positive experience with Team loanDepot. Providing exemplary Customer Service is a top priority and we are delighted to hear that you were satisfied."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Migdalia Luviano
Illinois

2/12/2020

Great Experience.

Refi was almost seamless. I would recommend them to anyone.

loanDepot replied to this:
"Thank you for sharing this positive experience. We are here for you if you have any questions or future financial needs."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Paul C
Tennessee

2/11/2020

Great Service

Great service from Loan Depot. The application process was easy and Carol Hetyey and Kristina Jimenez were great to work with. Kristina kept us informed of what was going to happen with each step of the process and there were no surprises.

loanDepot replied to this:
"Customer satisfaction is our priority and your feedback is greatly appreciated. We are honored to be your lender of choice and look forward to working with you again."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Happy customer
North Carolina

2/11/2020

Great Experience

The whole process was very efficient. No surprises. Closed when they said I would close. Couldn't have gone better.

loanDepot replied to this:
"We are happy to hear that Team loanDepot was able to exceed your expectations. We take being your lender of choice very seriously and look forward to working with you again in the future."
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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John Dardick
Lafayette, CO

5/18/2020

Dishonest!

What a dishonest company! Gave me a rate, told me don't worry about locking it down and then increased the rate and reduced my lender credit the next business day, in the morning. Tried to contact them all day and they raised it again when they finally called late in the afternoon after my multiple ...

loanDepot replied to this:
"Thank you for sharing your experience. We would appreciate hearing more. Please contact our Customer Care Team at 888-337-6888 (x6789) or customercare@loandepot.com so that we can discuss your situation further. Thank you!"
Knowledge
1.0
Level of service
1.0
Professionalism
1.0
Responsiveness
1.0
Rates honored:
No
Would recommend:
No
Mortgage closed:
No