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LoanDepot Mortgage Review 2023

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At a glance


NMLS: 174457


Rating: 4.4 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

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

Pros and cons

Checkmark 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

Close X 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 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 interested a quick closing and a wide variety of loan options

Breakdown of LoanDepot overall score

  • Affordability: LoanDepot’s mortgage rates run above Bankrate’s averages. One benefit for returning customers: The lender waives fees on future refinances.

  • Availability: This lender operates nationally and offers the basic slate of loan offerings.

  • Borrower experience: You can apply for a mortgage on LoanDepot’s website, but the lender also maintains more than 200 locations if you’re looking for in-person help.


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: 4/5

LoanDepot’s mortgage rates and fees aren’t publicly advertised on its website. Instead, you’ll need to fill out a request for a personalized rate quote and preapproval. The lender’s Grand Slam package could net you $7,000 back at the close of your transaction, provided you work with an affiliated real estate agent and meet other qualifying criteria.

Availability: 5/5

LoanDepot offers conventional mortgages, jumbo loans, FHA and VA loans, construction and renovation loans and refinances. The lender has also begun offering home equity lines of credit (HELOCs). It operates in all U.S. states.

Borrower experience: 4.1/5

LoanDepot opened its doors 12 years ago, funding $275 billion in purchases and refinances since then. The lender is accredited by the Better Business Bureau with an A+ rating, and based on more than 3,900 reviews, has 3.7 out of five stars on Trustpilot. It scored above average in J.D. Power’s 2022 ranking for mortgage origination satisfaction.

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. The lender has closed loans in as few as seven days, but the typical timeline is 30 days, 45 days or 60 days.

For help with your mortgage, you can reach customer service Monday through Friday, 10 a.m. to 9 p.m. ET.

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’ll never charge you fees 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 aren’t listed online.

Alternatives to LoanDepot

LoanDepot consumer reviews


NMLS: 174457


Rating: 3.7 stars out of 5

806 reviews

5 stars
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3 stars
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About consumer ratings

Customer service rating

Rating: 3.8 stars out of 5
Level of service
Rating: 3.9 stars out of 5
Rating: 3.7 stars out of 5
Rating: 3.7 stars out of 5

67% of reviews would recommend this lender

10 of 10 rates honored

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Write a review of your experience with LoanDepot.

of 226 reviews

The consumer reviews posted on ("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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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor