LoanDepot Mortgage Review 2021

By Bankrate Staff

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

LoanDepot

NMLS: 174457

3.9

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Loans 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 refinancing
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Nationwide availability

Available in all U.S. states and the District of Columbia
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Min. credit score required

620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans

Pros 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:

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LoanDepot consumer reviews

3.3

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339 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
185
8
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12
132

Customer service rating

Knowledge
3.5
Level of service
3.6
Professionalism
3.4
Responsiveness
3.3

58% of reviews would recommend this lender

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Write a review of your experience with loanDepot.

10 of 326 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.

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The Best!

Andy | Tracy | 7/13/2020

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Extremely satisfied

DH | Sioux Falls | 7/13/2020

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Great experiance

Southerlands | Galt, CA | 7/13/2020

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Awesome experience

MVela | Dallas, Texas | 7/13/2020

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Fast and Easy!

ECSTATIC CUSTOMER!!! | Florida | 7/13/2020

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Good Experience

Pleased customer | Florida | 7/14/2020

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Best Buy EVER!!

Jayme | Middleton, ID | 7/15/2020

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Great process start to finish

LynnB | DFW Texas | 8/17/2020

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Professional Team- Darryl in Concord

Alex P | Oakland, CA | 8/27/2020

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Had the best experience

Shayma | Beaverton, Oregon | 9/11/2020