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 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.

LoanDepot is 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.

LoanDepot loan types offered

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

Breakdown of LoanDepot score: 4 out of 5 stars

• 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.

Affordability: 3 out of 5 stars

LoanDepot’s mortgage rates and fees are not publicly advertised online. Instead, you’ll need to fill out a request for a personalized rate quote and preapproval. The lender offers a unique perk, however: If you finance with LoanDepot when you purchase your home, you won’t have to pay fees on any future refinances. In addition, its Grand Slam package allows you to receive up to $7,000 back at the close of your transaction provided that you work with an affiliated real estate agent and meet other qualifying criteria.

Availability: 4.3 out of 5 stars

LoanDepot is available to borrowers across the U.S. The lender offers a range of loan types to suit a variety of borrowers. It has closed loans in as few as seven days, but the typical timeline is 30 days, 45 days or 60 days.

Borrower experience: 4.7 out of 5 stars

LoanDepot employs a streamlined online platform to collect all of your application documents. The lender’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.

Reputation

LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,800 customer reviews on Trustpilot, the lender 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.

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

• Home.com 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