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loanDepot
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loanDepot

 3.4/5 (325 ratings)
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loanDepot

About loanDepot

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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Available nationwide
  • Wide selection of loans
  • Online application
  • Lifetime guarantee

Cons

  • Limited fee transparency
  • Some customer service complaints

Bottom Line

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.

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 rates

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.

LoanDepot FAQ

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.

loanDepot Reviews

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Page 1 Reviews 0 - 6
Rated with 4 stars
Verified Reviewer
Original review: July 28, 2021

The agent quickly understood my request and got me on the path to a IRRRL "EARL" refi loan dropping my interest rate over 1.5%, a very simple process. Works on all loans, but especially VA, no inspections, no appraisal, verify income and current debt.

3 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: April 15, 2021

    Find this lender to regularly be available for personal communication and answers to my questions. Their digital platform is very user friendly. They keep me informed of changes in the mortgage industry. I receive sufficient notice on changes to my account. They keep me informed of their latest financial products. Their mortgage approval process was very smooth and timely.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 4, 2021

    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.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Feb. 17, 2021

    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.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 18, 2022

    We started on 12/30/21 to re finance our home; paperwork was sent; then after a week a different loan officer takes over and has to start from scratch, after a week did not lock interest rate, than total for closing went from 11K to 19K. Stated previous person was fired for doing wrong loan paperwork. His boss was trying to fix this mess, to no avail. Company don't want to proceed even if it was their fault. Florida's attorney's office will receive all information. Hopefully Loan Depot will stop these practices. BE AWARE.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 13, 2021

    They said I had my loan 2 times, they wanted 2 appraisals because they strung me out for 9 mos! Retired, Paid all my payments, Was 3 months ahead! DON"T Fool with this people! No Worry! I am going to report Y'all! Discrimination!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Resolution response: Jan. 12, 2022

    I find the employees may not be too terribly bright, but at least the owner tried.

    Original review: Dec. 12, 2021

    My gosh!! Consistently harassed by Loan Depot. They call and tell me I applied for a loan. I tell them I never applied. They tell me I did online. I ask them when did I apply? How did they gather my information? They told me never to contact them again. And they will file charges against me. I don’t know I was curious who was using my personal information? Seriously I was blamed.. Then they contact me by use of my deceased younger brother. As well as some guy who lives in Colorado. They refuse to stop.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 10, 2021

    We are not even a customer, but they won't leave us alone! If the company were a person, we could get an order of protection against them. We looked online 5 weeks ago for rates on a potential conventional loan refi. We ended up with a list of more than a dozen companies. Loan Depot was on the list, but used high points costs and fees to allow them to advertise a competitive interest rate.

    They were calling within minutes of our inquiry, believing I guess that we would go with the first caller. We didn't answer their call then. Instead, we spoke with OUR top companies. About one hour later, we talked to Loan Depot. They could not match our deal of no points, a couple of hundred dollars in fees, and low interest rate. Not only was their monthly payment higher, they were multiple thousands of dollars higher in points and closing costs. We told them no and that we would call them if we changed our minds. While other more professional companies accepted our no, Loan Depot did not. It was the only one. It is mystifying why they think stalking someone is a good business practice. We hate that they get away with it.

    We told them 3 more times "no"--in writing no less. Yet, they continued to call and email us. Sometimes as much as 8 times in a single day. We did not respond, beyond the multiple "nos" which included our statement that we did not ever consider ourselves their customer nor would we ever be. It is 5 weeks later, our refi with their competitor closed 2.5 weeks ago which they know because they emailed us that they knew it was closed. But, the harassment continues with multiple calls everyday that are not identified as Loan Depot. No message is left. I confronted them today, but they had no apology, nothing. They have also promised to make money by selling our information even after we have told them multiple times not to and we are on the Do Not Call and Do Not Mail lists. How do they get away with this? No ethics, no morals, no customer focus. This is a very bad company.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 3, 2021

    It started out great. At first gave them the first information and told her I was 1 month behind and she kept taking more info and send to underwriting and I would hear back. Well I did 3 different times for different papers and after 4 different extension dates and a total 3 month waiting told declined because of being behind and was told by voice mail over the phone. So not very happy with them. Also paid for an appraisal which never should have been done in the first place. Looking for a refund. "Sorry cannot give it because we already paid it to the appraiser." To top it off I get an email the other day saying, "Sorry for misunderstanding you." P/S I would not recommend them at all.

    2 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Nov. 25, 2021

    I had a fine time with LoanDepot at 1st. Then things went really south. The rep dropped the ball SO MANY TIMES. She kept claiming she had family engagements, that's nice but you're conducting business. I shouldn't of had to reach out on my own accord and keep doing her job. The biggest ball drop she has committed has been a year after closing. She MISCALCULATED MY PROPERTY TAXES!!! Not by a few hundred. By almost 2k! So now a year later after the loan has been acquired by a new company I am stuck paying the difference to get my balance fixed! She made 3500 off this sale and shouldn't of gotten a dime! That money should go into my escrow because now due to her failure to do her job I have to pay out 2200 a month for a house that is 53 years on on a 82k loan!!! I can't believe this company is still up and running!! Their employees are horrible!! The consumer is the one who suffers!!

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    loanDepot Company Information

    Company Name:
    loanDepot
    Website:
    www.loandepot.com