LoanDepot Mortgage Review 2021

Written by
David McMillin
Edited By

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At a glance

LoanDepot

NMLS: 174457

3.9

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
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Nationwide availability

Available in all U.S. states
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Min. credit score required

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans

Pros and cons

Pros

  • Waives fees for existing customers who refinance
  • Offers an entirely digital process from application to close with its mello smartloan platform
  • More than 200 branches across the country

Cons

  • Rates and fees not available online
  • No USDA loans

LoanDepot overview

LoanDepot was founded in 2010 and has quickly become one of the biggest names in the mortgage market. In 2020, the lender originated more than $100 billion in home loans, helping more than 84,000 homebuyers with purchases and more than 209,000 homeowners refinance. The lender offers an end-to-end digital process, mello smartloan, but borrowers can also get in-person assistance at more than 200 branches across the U.S. The lender claims it can beat industry average closing times by 50 percent. In October of 2021, the lender is expanding beyond helping you find a mortgage with a new Grand Slam package (a nod to its sponsorship as the official mortgage provider of Major League Baseball). If you use a matched real estate agent, secure your home loan with LoanDepot and choose its title and homeowners insurance services, you’ll be eligible for up to $7,000 back at closing, a digital home security system and some other perks.

Good for

Borrowers who want a digital loan experience with the option to seek in-person assistance at more than 200 locations across the U.S.

Loan types 

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Construction and renovation loans

Lender fees 

LoanDepot does not list lender fees online.  

Rates

LoanDepot’s mortgage rates are not publicly advertised online. Instead, you’ll need to fill out a request for a personalized rate quote and preapproval. 

Reputation 

LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,400 customer reviews on Trustpilot, the lender scores a 3.6 out of five stars. In terms of originating loans, LoanDepot scored 844 out of a 1,000-point index (12 points below the industry average) in J.D. Power’s most recent customer satisfaction rankings. Borrowers are more pleased with the lender’s approach to servicing mortgages: It finished eighth in J.D. Power’s 2021 customer satisfaction study, scoring 18 points above the industry average.

Online services 

LoanDepot’s website includes a “Knowledge Café” with educational resources on buying and owning a home, and borrowers can easily apply and make their monthly payments online. The mello smartloan platform is designed to verify all of your documentation and credit reporting in around seven minutes (not all borrowers are eligible to use the tool, however) and facilitate a paperless process.

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 U.S. Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and minimum down payment of 3 percent.

For FHA and VA loans, requirements are set by the government. You can find them here:

Refinancing with LoanDepot

You can refinance your existing mortgage with LoanDepot. The lender offers a Lifetime Guarantee program: Finance one loan with the company, and it will never charge you a fee for another refinance on the same property. Plus, you’ll get your appraisal fee reimbursed. If you’re a new customer, you’ll need to ask a loan officer about refinance rates and costs, as they are not listed online. 

Not sure if LoanDepot is right for you? Consider these alternatives 

Breakdown of LoanDepot overall review score

  • Affordability: 13/15
  • Availability: 13/15
  • Borrower experience: 9/10 

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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LoanDepot consumer reviews

3.4

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481 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
273
13
3
18
174

Customer service rating

Knowledge
3.5
Level of service
3.6
Professionalism
3.4
Responsiveness
3.7

60% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with loanDepot.

10 of 435 reviews

The consumer 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.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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PHENOMENAL EXPERIENCE!

ET | Las Vegas | 11/3/2020

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Best Refinance Experience Ever

Dave | Venice, FL | 11/4/2020

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Highly Recommend

Tara L | Florissant | 11/4/2020

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Amazing Experience

Antonio C | Staten Island, NY | 11/4/2020

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Great Banking Experience!

John S. | MA | 11/7/2020

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Ask for Jenn! Very happy!

Christian | Concord, California. | 11/9/2020

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Closed quickly, beat competition by 0.125

Paul | Colorado | 11/17/2020

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Excellent experience for us.

Ian A. | MD | 11/18/2020

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Great Experience!

Alfonso Jimenez | Fresno, Ca. | 12/11/2020

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Good times with LD

Behraam | 92618 | 12/15/2020

Written by
David McMillin
Contributing writer
David McMillin writes about credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor