LoanDepot ("loanDepot") is both an online and brick-and-mortar lender with more than 200 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. Features like digital income and employment and asset verification technology eliminate the need to fax or mail in paperwork. According to the lender, mello smartloan can clear closings in as little as eight days, and closings in general are up to 50 percent faster than the industry average.
LoanDepot offers a wide variety of mortgages to fit all types of needs, including conventional loans, ARMs, VA loans and FHA loans. The lender also offers 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 homeowners get the right refinance option for their situation.
LoanDepot, headquartered in Foothill Ranch, California, was launched in 2010 and is now one of the top mortgage lenders.
- Conventional loans
- VA loans
- Jumbo loans
- Adjustable-rate mortgages
- 203(k) loans
- Rate-and-term refinancing
- Cash-out refinancing
LoanDepot does not provide lender fee information on its website. Loan fees can vary by loan type. Origination fees typically range from 1 percent 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:
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