LoanDepot Mortgage Review 2021
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.
At a glance
NMLS: 174457
3.9
Bankrate Score
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Find my best matchesLoans offered
Conventional loans, FHA and VA loans, jumbo loans, adjustable-rate mortgages, 203(k) loans; refinancing options include rate-and-term refinancing and cash-out refinancingNationwide availability
Available in all U.S. states and the District of ColumbiaMin. credit score required
620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loansPros and cons
Pros
- Online, phone and in-person service available
- More than 200 brick-and-mortar locations nationwide
- Offers FHA 203(k) renovation loans
- End-to-end mello smartloan gives borrowers option to get a loan completely online
- Loan modification programs available for eligible borrowers
- Reimburses appraisal fees on future refinances after your first refi with the lender
Cons
- No home equity loans or home equity lines of credit (HELOCs)
- Lender fee information not available online
- Doesn’t offer USDA loans
LoanDepot overview
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.
Loan types
- Conventional loans
- FHA
- VA loans
- Jumbo loans
- Adjustable-rate mortgages
- 203(k) loans
- Rate-and-term refinancing
- Cash-out refinancing
Lender fees
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:
Other mortgage lender reviews:
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LoanDepot consumer reviews
2.3
121 reviews
Customer service rating
34% of reviews would recommend this lender
0 of 0 rates honored
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10 of 121 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 Experience
Happy customer | North Carolina | 2/11/2020
The whole process was very efficient. No surprises. Closed when they said I would close. Couldn't have gone better.
Response from loanDepot
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 Service
Paul C | Tennessee | 2/11/2020
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.
Response from loanDepot
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.
Great Experience.
Migdalia Luviano | Illinois | 2/12/2020
Refi was almost seamless. I would recommend them to anyone.
Response from loanDepot
Thank you for sharing this positive experience. We are here for you if you have any questions or future financial needs.
Wory free event
Mark H | Tucson, AZ | 2/12/2020
I had no problems with my refi with LD and would recommend them any time.
Response from loanDepot
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.
Such a great experience!
Holly | California | 2/12/2020
The whole experience was simple and hassle free!
Response from loanDepot
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.
Hassle Free
Brenda Schmidt | Rochester, MN 55906 | 2/14/2020
The entire process was easy and provided knowledgeable and very helpful staff.
Response from loanDepot
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.
So easy to refi
Lisa | Tulsa | 4/15/2020
Worked with Rob, he made the entire process so easy and saved me a ton of money!
Response from loanDepot
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.
Great experience
Helena Lopez | Las Vegas | 4/15/2020
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
Response from loanDepot
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!
Quick & Easy!
Satisfied Customer | Missouri | 4/16/2020
The process of refinancing was quick and everyone I spoke to was extremely helpful. I highly recommend using LoanDepot!
Response from loanDepot
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.
The Best!
Andy | Tracy | 7/13/2020
When Refinancing a Home it can be difficult. Like everyone, we wanted a better interest rate but also to shorten the term of our loan to pay it off faster. Our Loan Consultant Pete Beshai was intelligent, mature, knowledgeable, no pressure guy and was helpful to the end. Plus he saved us money! ...
Response from loanDepot
Thanks for taking the time to share your great experience with Pete. Our team works hard to meet expectations like yours, and we’re happy to that hear he hit the mark. Feel free to reach out if you ever need assistance.