LoanDepot Mortgage Review 2020
By Natalie Campisi
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NMLS: 174457
Bankrate Score
3.8
2.9
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.
LoanDepot is both an online and in-person lender with more than 150 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. LoanDepot offers a wide variety of mortgages to fit all types of needs. They also offer 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 that homeowners get the right refinance option for them. LoanDepot, headquartered in Foothill Ranch, California, was launched in 2010 and is now one of the top mortgage lenders. They offer a wide range of mortgage and refinancing products, including conventional loans, ARMs, VA and FHA loans. With both a robust online and in-person presence, LoanDepot loanDepot offers flexibility for borrowers who want more than one way to do business. For people who value speed, their mello smartloan option uses proprietary digital technology to expedite the online application and closing process. Features like digital income and employment and asset verification technology eliminate the need to fax or mail in paperwork. According to loanDepot, mello smartloan can reduce closing time by up to 17 days.Nationwide availability
Available in all 50 states and Washington, D.C.
Minimum credit score
620 for conventional and VA loans, 580 for FHA loans,700 for jumbo loans
Loan types
Conventional mortgages, FHA and VA loans, jumbo loans, adjustable-rate mortgages, 203k loans
Pros
- Online, phone and in-person service available to borrowers
- There are more than 150 brick-and-mortar locations nationwide
- They offer 203k loans, which are FHA home renovation loans that cover the home’s purchase price as well as the cost of renovations
- LoanDepot’s end-to-end online product, mello smartloan, gives borrowers the option to get a loan completely online
- Loan modification programs are available for eligible borrowers
- Mortgage refinancing options are available, including cash-out refinancing
- They reimburse appraisal fees on future refinances after your first refi with them
Cons
- There are no home equity loan or home equity line of credit (HELOC) options available
- Lender fee information is not available online
- They don’t offer USDA loans
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LoanDepot overview
Loan Types
Conventional, FHA, VA, jumbo, 203k loans and ARMs. Refinancing options include rate and term refinancing and cash-out refinancing.
Lender fees
Loan fees vary by loan type. Origination fees range from 1 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:
Get started with LoanDepot
Borrowers can apply online or in person. Their online portal, called mello smartloan, is where borrowers can submit required documents electronically. These documents include things such as tax returns, online bank statements and identification.Hours
LoanDepot consumer rating and reviews
48% recommended
Customer Service Rating