LoanDepot Mortgage Review 2022

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:

• FHA loan requirements
• VA loan requirements

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.