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LoanDepot is a direct lender that offers home loans, refinancing and other related mortgage services. The company uses advanced technology to provide a completely digital mortgage experience that includes an online application and free calculator tools. LoanDepot was founded in 2010 and has funded over $275 billion in consumer loans.
LoanDepot is a home loan and refinancing firm that offers a streamlined digital process. Rates and fees can vary by location. The lender works through a large network of local agents. Services are available in all 50 states.
- Available nationwide
- Wide selection of loans
- Online application
- Lifetime guarantee
- Limited fee transparency
- Some customer service complaints
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What is LoanDepot?
LoanDepot is a mortgage lender with services in all 50 states. It's considered a “nonbank lender” because it provides lending but not depositing services. The lender offers the following loan types for purchasing and refinancing:
- Conventional loans
- FHA loans
- Jumbo loans
- VA loans
- 203k loans
- New construction loans
LoanDepot offers mortgages and refinancing loans with fixed or adjustable rates. However, it doesn’t display interest rates and APRs on its website. Because loan rates change daily, the best way to find out what LoanDepot’s rates are is to contact the company when you're ready to apply.
A 30-year fixed mortgage is one of the most popular options. The lender also offers fixed rates with terms over 10, 15 or 20 years. The hybrid ARM (adjustable-rate mortgage) offers a short introductory period with a low initial rate and then adjusts over a set period of time. As of early 2021, available terms include:
- 3/1 ARM
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
LoanDepot refinance process
LoanDepot offers cash-out and rate and term refinancing. It prioritizes creating a streamlined process through its mello smartloan. This eliminates a large part of the paperwork usually required for a mortgage by digitally verifying your income, employment and more. The technology also helps determine which loan types work best for your situation. Results may vary, and conditions apply.
LoanDepot also has a program to help homeowners refinance multiple times. Once you refinance, the company’s Lifetime Guarantee waives lender fees and reimburses appraisal fees when you refinance with LoanDepot in the future.
- What credit score do you need for LoanDepot?
- Generally, you need a minimum FICO Score of 500 to be eligible for a home loan. In addition to credit scores, LoanDepot also considers an applicant’s employment history and debt-to-income ratio. With FHA loans, those with a credit score lower than 580 are required to make a larger down payment. Compared with some other lenders, LoanDepot offers more flexible programs with a range of terms and rates. Still, not all applicants will qualify.
- How long does it take to close a loan with LoanDepot?
- The company claims to have closed home loans in as little as eight days. However, some customer reviews indicate the process can take longer. The average appears to be between 30 and 60 days.
- How do I apply for a loan with LoanDepot?
- If you’re interested in applying for a mortgage with LoanDepot, visit its website to begin your application. To start your application, you need to give LoanDepot some specific information about your situation, such as if you are:
- Buying or refinancing
- Already working with a loan officer
If you do not want to go through the mortgage process digitally, loanDepot has 200 branches that can assist you with the process.
- How do I pay my LoanDepot mortgage?
- Since LoanDepot doesn’t service all its loans, everyone’s loan payment process might differ. Before your loan transfers, you can make payments online or over the phone or mail a check. To make a payment through its website, click on the “Make a Payment” button.
According to LoanDepot's website, most loans are transferred to a new servicer within the first 30 to 90 days, so be on the lookout for a letter mailed to you 15 days before the transfer. Work with your new servicer to find out what payment methods are acceptable.
Is LoanDepot legitimate?
LoanDepot is a legitimate lender that's licensed to offer a variety of home loans and refinancing services. Like many reputable lenders of its size, the company has both positive and negative reviews. We do recommend considering LoanDepot when shopping for a mortgage lender. The national company claims that, as a direct lender, it has access to lower interest rates.
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They were timely and didn't add increases to our closing costs. I do have to say, I kept all paperworks and had to ask about points twice, but in the end the points were reduced to original quote. I am happy with the end result.
This company could care less about closing on your home after they got your appraisal $. This company should be called APPRAISAL DEPOT! This is what they are truly after. You will have an inside appraisal forced upon you. It doesn't matter if you just had one done by your past lender or you want to go with the appraiser you know & trust. This lender will state that it is required by law to have a new one done even if your appraisal is current and acceptable by law. Once you cave to their demands & buy their over-priced appraisal notice how slow and not important that you have become. This is also considered Billing Abuse.
If you are in too far and have to remain then you should record every conversation that you have with this company (They are also recording you). I knew something was odd right away when I could not be involved with the appraisal and nothing would proceed forward with the loan unless I were to pay the company of their choice (Their HOOKUP!) to do the job for more. I felt pressured and I felt the red-flags going off. If this happens to you contact the CFPB so it can be investigated. (CONSUMER FINANCIAL PROTECTION BOARD).
I had to do this review after I was connected with this company. I hope this review will save a person from falling into this trap. *Please do not think they will do your closing for free. It will always be rolled into the cost of your loan. I also do not understand why this company is rated 4 stars when I cannot find enough positive reviews for the math to show 4 stars. If this company is a paid advertiser then I think it is only correct & creditable to say that somewhere in the fine print. Good luck with your home. I hope this personal review remains here online.
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I started my refi process 5 months ago and it still hasn't completed. It started out like many other times I've refinanced over the years - asking for standard information, etc. But then it dragged out and when I would ask what the time frame would be, they just said it was a busy time. So I didn't say anything for a while, but after weeks and weeks, I'd check in again and not get a response. Worrisome, so I'd send another email or call and then I'd get a request for more information for the underwriters, but it would be information I already sent. My "guy" said several times over the months how embarrassed he was and that he would fast track it. Nothing happened. When I went above him, I at first thought this guy would definitely help out, but he was all talk and no action. When I confronted him with my feelings about how I was being treated, he was arrogant and just rude. I can't believe how this has all gone down.
I put a deposit down for an appraisal which is supposed to be refunded when I close, and he reminded me of that when I said that I will look elsewhere for this loan. He held that over me in a gloating way. I honestly don't know what to do with them. Don't even start with them! And by the way, I completely qualify for this small refi - that's never been the issue. They just seem to be incompetent and prefer to blame the customer....
I was contacted in August 2020 to refinance my condo. The initial contact was pleasant and easy to deal with- with settlement in 60 days. Once I was turned over to the person handling the refinance my problems started:
- Documentation had to be sent via email several times.
- It was requested that I sign inaccurate or false documents.
- I had to pay "upfront" for the appraisal - even though my neighbor who refinanced with Loan Depot 30 days before me never had to put up any money- I was told that this was a requirement and everyone had to do this.
- Twice I received correspondence that my loan was approved with "conditions" - finding out the conditions took weeks.
- Settlement finally happened 90 days after the initial go ahead.
- I was instructed to got to a local UPS store to have them notarize all the documents - I refused because of past experience - I hired a traveling notary to come to my home for settlement.
- They failed to notify my insurance company that they were now responsible for the homeowners insurance.
- After settlement Loan Depot is insisting that I need Special Flood Hazard Insurance for my 3rd floor condo. A simple search on FEMA flood zone maps would tell them that I am not required to have this insurance - but to get them to look for this has taken 2 months.
So if you are trying to decide on a mortgage company - try anyone else.
I have a lot of experience with Mortgages. As a landlord and homeowner I have finance and refinanced many times. A mortgage is a mortgage, so let’s find the best deal and go through the process. All those Mortgage providers are the same. Wrong. How wrong I was. There are some that are really bad. And LoanDepot win in this category. They have absolutely no professionalism, have zero respect of their customers, and will not recognize their mistakes. So please do yourself a favor, stay away from them. There are so many to choose from, it’s not with the risk.
Getting a Mortgage has always been stressful for me. They are asking for so many documents. They want to know everything about your and your wife life. They dig and find all kind of information, which is offer erroneously, and ask your to prove it. The process takes forever, it is a long torture. So it is important to be able to trust the mortgage company with all this very private information. And it is very important for the mortgage company to communicate clearly, listen carefully, be as accurate and diligent as possible, and move as fast as possible.
This is exactly the opposite of LoanDepot. They keep making mistakes, they do not communicate and take 24 hours to respond to status inquiry, making sure to tell you that you are a pain slowing them down in their process. They tell you to just sit and wait. You tell them about the mistake you noticed and they tell you that there are no mistakes. Or that they will fix it and a few weeks later you see it still has nothing been fixed.
Of course they force sell an appraisal on you at the early stages. "You have to provide your credit card and we will charge you $500 for an appraisal as the condition to lock the rate." There is absolutely no reason for this. Getting an appraisal is just one of the conditions to get a loan, and there is absolutely no reason for asking this money upfront for locking a rate. I have to say this practice of asking money from the customer to lock the rate is very common, and it is anti-competitive. It’s not unique to LoanDepot, but it’s is one more reason to be very careful who you are doing business with.
So after 5 months of no progress at all, and still the same mistakes in the paperwork they created. After so many emails and phone calls. And still no visible end to the nightmare I had enough of this. They claimed that it’s because of Covid. I went ballistic, I did lost trust in them, I did provide all the documents they needed in time. I always told I was qualified. I was told I was in final approval. For 5 months? I just could not stand this anymore. It was pure torture. I need this to stop. Just recognize you failed, please give me my money back and let me go.
This is when finally the manager gets involved. Rob **. And he is not here to help you. He recognized the file was a mess. But he took pleasure in telling me I was out of luck because they had me sign legal document that said they can do whatever they want, take how long they want, and not give me the money back. I say he enjoyed it because he literally was laughing on the phone when I told him I won’t be letting this go and I will get my money back. I am not making this up, he really enjoy this. So I do not know if I will ever get my money back. It is true that they spent the money into getting an appraisal, but every business has a cost, and as a customer I am not responsible to pay for their salary, or rent or anything else. They failed to provide a Mortgage, so why am I responsible for any of their expenses?
I did qualify BTW. In fact I have finalized the exact same refinance with a different mortgage company in less than 3 weeks total! So I feel much better, but I am really pissed I have been abused by LoanDepot. Please learn from my mistake. Do not use LoanDepot. They have no respect for customers. They still haven’t apologized for messing up. They don’t care, they make sure they are legally covered and as a customer you have to serve them, provide every document they ask for how long they decide.
Great Mortgage company, they have great follow up, do what they say. They will guide you throughout the mortgage process and they will have the documents delivered on time so your closing is not delayed. They do a very good job keeping all parties in the loop.
I used Loan Depot refinance a recent home purchase with a high rate. I told the agent I recently purchased the house and the appraisal would come in right around the purchase price. They used a drive by appraisal that came in at the purchase price. So instead getting good rate I could only get a slightly better rate and have to pay fees upfront. I was not happy. So after thinking about I challenged the appraisal. We had done some upgrades and I had not gotten credit for owning my own solar panels. I got the higher appraisal I needed and got the good rate no thanks to Loan Depot. Because I got the higher appraisal I got a supplemental tax bill. In LoanDepot’s website it says you can request to have the supplemental taxes paid from your escrow if there is money to do so.
I quick Excel spreadsheet showed there was. Now my nightmare begins. It takes forever to talk to a person. While the agents tried to be hopeful, I could not talk to a tax person. Basically they made a request and the tax department said no. I kept complaining and showed I had plenty of escrow funds. Finally I was told they would be paid. I kept checking the loan dashboard and never saw the payment. I called again and was told again that a request was made to have them paid by the tax department. Again I waited and called again to be told they had been paid. I checked after the tax due date and again nothing showed the payment being made. I kept calling and calling spending hours on the phone and online.
I asked repeatedly to speak with a supervisor which eventually resulted in getting hung up on. When the supervisor did call, they called at 6:00 am in the morning and left no voicemail. Finally, I got to a supervisor and he said the taxes were paid and sure enough they showed up on the dashboard on the website. It has been 2 months trying to get this done and they were late so I had to pay fees even though I had asked to have them paid earlier. Now they are showing the next payment to be higher than it should be. That means the payment will be returned but the county and I will have to pay late fees again. I regularly got disconnected and can’t get the tax payment to the proper amount.
Because they think they have to pay the higher amount they raised my house payment to boot. I pray they will sell my loan to someone else as Penny Mac had great customer service even in the pandemic. Unless you can’t get a better rate somewhere else, I would avoid LoanDepot. Their customer service is terrible. Also there are a lot of contradictory statements on their website and service. For example, I was asked to email a document to particular email address by an agent. I did but got an email saying the document was refused because it wasn’t done through their secure email system even though their agent told me to do it. Also, they list a fax number that never picks up. It upsets me that I watch TV and see their commercials that talk about their commitment to customer service.
Be careful they share your personal information to all kinds of people that has no reason to have it. Started a refinance with them...they kept asking for more and more documents. Suddenly another person received all my personal information and started asking for yet more information. Guess what? My credit card was compromised. When asked about it they canceled the refinance only after changing my insurance company payment to them. Don’t use them.
I started a refi with LoanDepot in June of 2020. It started off ok, but then underwriting kept asking for more documents. Then as time stretched on, they wanted updates to those documents. Then they cancelled the application without notice and for a bizarre reason. The loan officer got it restarted, but by then we'd used up a couple of months. Then we went into a repeated cycle of checking in and being told that underwriting was working on it. Went through four different loan processors. Passed the SIX MONTH anniversary of starting this and was being assured we were very close to closing.
As we approached the seven month point, underwriting re-discovered my one open credit account (which they had known about and calculated in since the beginning) and suspended the application again. Shut them down and found someone else, who is offering a better rate and almost zero cost, and plans to close in 22 days. To put it simply, LoanDepot has too much on their plate and an underwriting group that is hopelessly incompetent.
We started the process on 10/22. We are almost at 90 days & still not closed. The loan officer was helpful in the beginning, but once the process actually started, he completely ghosts our emails, calls and texts. We've given them everything they've needed very timely. Supposedly they've put things on a "rush", but still takes longer than a week for a response. It's like pulling teeth to even find out what's going on! Would NOT recommend!
I obtained Loan Estimates in early October for a "streamlined" refinance of our VA loan (under IRRRL) from multiple lenders, including Loan Depot. The initial contact with Loan Depot was painless and uneventful and I obtained a Loan Estimate on October 6, 2020 from LoanDepot.com, LLC. After obtaining the loan estimate, everything slowed way down. I obtained an email stating that underwriting would be a breeze as this is a "streamlined" refinance and that it would take about 15 business days for approval. About two weeks later I received a call from Loan Depot requesting three items of information that I had already provided that they needed for their underwriters.
Fourteen weeks later (October 6 - December 29) and I still have heard nothing from Loan Depot about underwriting approval, document delivery, or closing. I understand that there are a lot of people refinancing, but I wish Loan Depot would have been more honest about the length of time required between the Loan Estimate and closing.
LoanDepot offered me a rate that was better than my normal bank and thus I decided to give them a try as they are reported to be a reputable lender. Everything was great until the home appraisal was done that reported my condo being in a high-rise building. At this point, I was contacted that LoanDepot doesn't do loans for high-rise condos and would be canceling my mortgage refinance. I would be out the several hundred dollars paid for the appraisal that was now worthless (requests for a refund of that fee were denied).
To complicate the above on why I will claim I was scammed:
1. At no point was I asked what type of condo building I was in. I was never informed that they only did mortgage refinance of certain types of condo buildings.
2. My condo title and HOA both classify my building as a mid-rise condo that they do refinance mortgages for. My request to have them use that documentation over what the appraiser had written was denied. If I had known the importance of the building classification, I would have ensured the appraiser got the number of floors in the building correct.
As LoanDepot can suddenly deny your loan for reasons they never previously explained to you and that don't exist in any piece of documentation, I recommend to avoid using them. The risk to one's time and nonrefundable upfront money isn't worth it. One is better off either paying a slightly higher rate with a reputable lender or using their quote to use as leverage to get one's preferred bank to match them. Hopefully this review helps save someone the headache I've been put through having tried to do business with this company.
I got Moe ** at Loan Depot to write up a refinance on my home. I sent him the documents. He said everything looks fine. I got two emails from LoanDepot saying my loan was conditionally approved. The loan process began on August 13, 2020. Now 67 days later I called Mr. **. "I will see." Then a man emails me for further bank statements etc. I canceled the loan. I think these men at Loan Depot are capable of putting America into another 2008. They are not bankers. They don't know anything about banking. They are a danger to our economy. They are doing mortgages. Rotten mortgages are what took the economy down in 2008. BEWARE!
If I was allowed to give zero stars I would give zero stars. I applied for a refinance in July and at first it seemed like this was a good company. They were responsive to my calls, answered my questions, etc. As soon as I gave them money for the application fee it all went off the rails. More than three months later I STILL have not closed on the loan. My loan officer and other people assigned to my loan have been replaced multiple times. My calls go unanswered for days and up to a week at a time. I only get responses when I leave multiple messages over a period of days and only when I include supervisors in messages.
Last week my loan was FINALLY supposed to close and they send a notary to my house with two different conflicting sets of closing documents. They have now reissued the closing documents 2 more times since that snafu. Allegedly my loan is closing tonight by certainly am not holding my breath. If you can go anywhere else for a mortgage refinance, do it. Do not use this company. This process has been exhausting and infuriating and the people have proven themselves incompetent.
Loan Depot has changed... I used them before and it was a walk in the park... This time I had to jump through one hoop after another and the agent lied to me... Said I was approved and then withdrew it for nefarious reasons... I am writing to their CEO to complain.
Absolutely the worst mortgage company I have ever dealt with. They did not know Texas laws and did not do the loan according to laws. Also when I had to declare bankruptcy my house was never in it but they show me as my house was in the bankruptcy so they really messed up my credit. And I can't get them to take it off of there. Steer clear of them.
Before we refinanced, we had our home loan with LoanDepot. The company as a whole was not a bad company, but the customer service was anything but service. We had a good loan, so that wasn’t our issue. Our issue was that any time we called we didn’t get the level of service we needed.
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