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
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
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:
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
LoanDepot consumer reviews
3.3
304 reviews
Customer service rating
57% of reviews would recommend this lender
0 of 0 rates honored
Review this lender
Write a review of your experience with loanDepot.
10 of 293 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.
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.
Extremely satisfied
DH | Sioux Falls | 7/13/2020
Hesitant to work with an online mortgage lender, I was happy and much relieved with the friendliness and helpfulness of my loan processors. Professional courteous and prompt service. I would highly recommend.
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.
Great experiance
Southerlands | Galt, CA | 7/13/2020
This is the second time we have used Loan Depot. Both times we have been blessed with helpful and polite staff. They answered all our questions clearly even when asked multiple times. After spending the time to research we were able to secure the best interest rate with Loan Depot. We will use them...
Response from loanDepot
Thank you for this review. Your experience is important to us and we take being your lender of choice very seriously. Please reach out if you ever need further assistance.
Awesome experience
MVela | Dallas, Texas | 7/13/2020
Had a great experience from beginning to end, started process and closed within a less than two month time frame with not one hiccup. Communication was great, kept in the loop and updated constantly on status and progress. Felice was amazing! Will always keep in mind in the future and highly recomme...
Response from loanDepot
Thanks for sharing your story with us. We are so glad you had a great experience with loanDepot. Please keep us in mind for any of your future financial needs.
Fast and Easy!
ECSTATIC CUSTOMER!!! | Florida | 7/13/2020
The title says it all! From start-to-finish it was 3.5 weeks to close! Competitive rates, encouraged me to shop around during the process, and not only MATCHED but BEAT a competitor's offer that came in lower... LESS THAN A WEEK BEFORE CLOSING!! Agent (Matt B.) was FANTASTIC... explained the process...
Response from loanDepot
We value this insight into your experience with our team. Providing exemplary customer service is our No 1 priority and we are delighted to hear about your seamless process.
Good Experience
Pleased customer | Florida | 7/14/2020
Our family found a house, and closed on it in two months. The process was efficient and easy. Overall, we had a good experience in spite of the global pandemic at the time! With anything there will be something that comes up unexpectedly but our team did what they could as fast as they could. No c...
Response from loanDepot
Thank you for sharing your experience with our team. Providing excellent customer service is our top priority and your kind words will be shared with our team.
Best Buy EVER!!
Jayme | Middleton, ID | 7/15/2020
We worked with Carter Bianchi in Idaho. He was very professional, helpful, and kind. If i ever had a question he was available, and he knows his line of business very well!!
Response from loanDepot
We value your feedback regarding your experience with Carter. We are delighted to hear that he went above and beyond to provide a seamless process and will share your kind words with our team.
Great process start to finish
LynnB | DFW Texas | 8/17/2020
We did back to back loans with Loandepot, we refinanced one home (which three other lenders told us due to Covid-19 could take up to 90 days). to use the proceeds to both purchase and flip another home. The refinance was completed in less then 30 days and the purchase was smooth and closed on time!...
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.
Professional Team- Darryl in Concord
Alex P | Oakland, CA | 8/27/2020
We worked with Darryl Rountree in Concord office (you can call him directly). He was professional and his team kept the whole process moving even when I was distracted by work. The key is to be a little patient with locking rate, do the paperwork to get pre-approved, then watch the rates on BankRat...
Response from loanDepot
Thank you for sharing your experience with our team. Providing excellent customer service is our top priority and your kind words will be shared with our team.
Had the best experience
Shayma | Beaverton, Oregon | 9/11/2020
I used LoanDepot to refinance my house for the 3rd time...they have the best customer service and always the cheaper rate for our need. I had the pleasure to work with Mike Reyes each time! I definitely recommend them.
Response from loanDepot
We appreciate the feedback and are glad to hear that you had a great experience with our team. If you need anything in the future, please let us know.