LoanDepot Mortgage Review 2022
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At a glance

NMLS: 174457
4.0
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loansNationwide availability
Available in all U.S. statesMin. credit score required
620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loansPros 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. The lender offers an end-to-end digital process, mello smartloan, but you can also get in-person assistance at more than 200 branches across the U.S. Notably, the lender claims it can beat industry average closing times by 50 percent, and its new Grand Slam package (a nod to its sponsorship as the official mortgage provider of Major League Baseball) offers up to $7,000 back at closing if you work with an affiliated real estate agent and meet other qualifying criteria.
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
Based on more than 3,600 customer reviews on Trustpilot, LoanDepot scores a 3.7 out of five stars. In terms of originating loans, LoanDepot scored an above-average 856 out of a 1,000-point index in J.D. Power’s most recent customer satisfaction rankings. Borrowers are also pleased with the lender’s approach to servicing mortgages: It finished eighth in J.D. Power’s study, scoring 18 points above the industry average.
Online services
LoanDepot’s website includes a “Knowledge Cafe” 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
- Homefinity mortgage review: Exceptional customer reviews and a similar focus on a digital application process
- Rocket Mortgage review: A top-ranked company for customer satisfaction with mortgage originations and mortgage servicing
- Guaranteed Rate mortgage review: Preapprovals in 15 minutes and publicly advertised rates
- Better.com mortgage review: All-digital process and no lender fees
- Chase Home Lending mortgage review: Earned high marks in J.D. Power’s customer satisfaction surveys and offers a similar suite of loan programs
Breakdown of LoanDepot overall review score
- Affordability: 3/5
- Availability: 4.3/5
- Borrower experience: 4.7/5
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.
LoanDepot consumer reviews
3.6
738 reviews
Customer service rating
66% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with loanDepot.
10 of 300 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.
Great Loan Lending Officers
Professionalism | Maryland | 7/6/2021
LoanDepot overall is a great company. Mrs. Tomkins made my refinance experience Outstanding! I would recommend that people request her for refinancing. I've done several refinances over the years and Tomkins made this the best of them all.
Response from loanDepot
Hello! 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.
Great experience through the entire loan process. Would HIGHLY recommend!
Dave S | New Jersey | 7/12/2021
The entire mortgage process from start to finish was seamless and pain-free. My loan team at LoanDepot was always available and were quick to respond to any questions or concerns. The online portal and electronic documentation made is simple to move through the lending process. I would use LoanDe...
Response from loanDepot
Hello Dave! 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.
Awesome experience
The best team in town | Woodland Hills, CA | 7/12/2021
Ken Riedel at LoanDepot helped us immensely and made the process very easy to follow, keeping in touch with us on a daily basis. He got us approved and funded without hassle!
Response from loanDepot
Hello! 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.
Fantastic Experience - Highly Recommend!
Val | FL | 7/12/2021
This is my second transaction with Loan Depot and I'm very glad I used their services again. From Day 1, Rob Buscemi brought his A game-- he was extremely responsive, proactive, and always kept me in the loop on where things stood. He was amazing! He even pushed it so we could close a day early d...
Response from loanDepot
Hi Val! Thanks for sharing your story with us. We are so glad you had a great experience with loanDepot. Please keep us in mind for any of your future financial needs.
First Time Homebuyer
Always responsive, even outside of normal business hours. | Oklahoma City, OK | 7/15/2021
Casey Kunard always goes above and beyond to help me. I really appreciate all the help she's given me, especially outside of normal working hours. Dinner time, late at night, weekends, holidays, you name it -- she was always there to talk on the phone or respond through text. As a first time home...
Response from loanDepot
Hello! 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.
Easy process
Communication was above expectations. | Vacaville, CA | 7/19/2021
Easy every step of the way through the process.
Response from loanDepot
Hello! We value your feedback. Reach out to a member of Team loanDepot if we can assist you further.
Extremely helpful & fast responses to all questions
Jordan | Chicago | 7/26/2021
My entire process with LoanDepot was extremely helpful. They responded to all questions very quickly and were very knowledgeable. When I needed pre-approval letters, they sent one over right away, even if it was late on a Saturday or Sunday. Very great experience and would definitely recommend usin...
Response from loanDepot
Hi Jordan! 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.
Great experience
Tom S | Charlotte, NC | 7/26/2021
Alex was very informative and easy to work with. He worked on our behalf to get us the best rate and to make sure we received everything that we qualified for. He was extremely helpful and we enjoyed working with him!
Response from loanDepot
Hi Tom! Thanks for sharing your story with us. We are so glad you had a great experience with loanDepot. Please keep us in mind for any of your future financial needs.
No Stress, Great experience.
Jamie E Kelly | 18014 | 8/3/2021
Appreciate the online process and the portal made it easy to submit my documents. Good to have single points of contact. Loan only changed a little but expected. Information and expectation was transparent. I would suggest you add a item to the dash board to view submitted documents.
Response from loanDepot
Hi Jamie! Thank you for sharing the positive experience you had with loanDepot. Customer satisfaction is our priority and your feedback is greatly appreciated.
easy to get a hold of and good rates
S Herskovich | new jersey | 8/3/2021
Was able to reach my loan officer whenever needed and he helped the best he could
Response from loanDepot
Hello! We value your feedback. Reach out to a member of Team loanDepot if we can assist you further.