loanDepot
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loanDepot

 4.1/5 (568 ratings)
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loanDepot
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Written by Jennifer Schurman
Edited by Cassidy McCants

About loanDepot

LoanDepot (NMLS #174457) is a direct lender that offers home loans, refinancing and other mortgage services. The company provides a completely digital mortgage experience that starts with an online application. LoanDepot was founded in 2010 and has funded over $275 billion in consumer loans.

Overall Satisfaction Rating

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Pros

  • Available nationwide
  • “No steering” policy helps you get the right loan
  • Offers a 40-year loan

Cons

  • Limited fee transparency
  • Some customer service complaints

Bottom Line

LoanDepot is a home loan and refinancing company that offers a completely digital process and a variety of loan types. The lender has a large network of local agents and is available in all 50 states. You can contact loanDepot for a personalized quote on a purchase or refinance loan.

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Rated with 5 stars
Verified

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 i...

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Rated with 5 stars
Verified

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...

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Rates

For the most accurate current rates, you can contact loanDepot for a customized quote. The company provides pre-qualification decisions in a few minutes — pre-qualification does not require you to give your Social Security number, and the company performs a soft pull that does not impact your credit score.

LoanDepot’s rates for home purchase loans are generally close to the national average for home purchase loans that year; in 2021, the company’s rates were only one-hundredth of a percent higher than average.

In addition to fixed-rate loans, loanDepot also offers adjustable-rate mortgages (ARMs), which become more common when mortgage rates rise. LoanDepot’s ARMs have an initial fixed-rate period of three, five, seven or 10 years.

loanDepot average home purchase rate vs. national average

YearDifference from national average
2021+0.01%
2020-0.01%
2019+0.1%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Mortgage rates change constantly; the rate you get depends on your credit history, mortgage type and loan term. When looking at rates, keep in mind the differences between interest rate and annual percentage rate (APR): The interest rate does not include additional fees, like origination fees or discount points.

Your APR includes these charges, so it tends to better reflect the true cost of the loan.

Application process

You can view your mortgage rates and get pre-qualified with loanDepot without a hard credit check, and the company offers an online application. You need to provide a valid email address and phone number to start the application process.

You should be ready to provide information relating to your income and assets; loanDepot uses information to calculate how much you can borrow.

LoanDepot is a direct lender and typically services its loans, so it’s likely you’ll work with the company from your application all the way until your loan is paid off or you decide to sell.

loanDepot application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches
Publishes minimum rate on websiteX
Rate lock
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

LoanDepot offers several mortgage products online, including conventional loans (ARM or fixed-rate), government-backed loans (like FHA and VA loans) and jumbo loans for those who need to borrow beyond the conforming loan limits set by Fannie Mae and Freddie Mac.

The company offers 10-, 15-, 20-, and 30-year terms on its conventional loans. LoanDepot also offers a 40-year interest-only loan. With this type of loan, the borrower can make interest-only payments for the first 10 years, then interest and principal payments for the remaining 30 years of the loan term.

In 2021, loanDepot took in close to 127,000 home purchase applications and closed on 75%. The company denied about 8.5% of these applications.

Loan applications for home purchases only by year

202120202019
Home purchase applications126,877110,32375,705
Home purchase loans closed94,71881,40854,623
Home purchase applications denied10,7538,6014,817
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

More borrowers refinanced in 2020 and 2021 due to historically low interest rates, which likely explains loanDepot’s higher percentage of refinance loans over the past few years. With the rise of rates in 2022, fewer people are expected to refinance this year.

In 2021, about 36% of all U.S. mortgage loans were used for home purchases, while 38% were used for refinancing, and 20% were used for cash-out refinancing.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans26.27%28.98%39.08%
Refinance loans42.51%51.39%27.85%
Cash-out refinance31.22%19.63%31.33%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Requirements with loanDepot differ by loan type. You can use loanDepot’s online resources or speak with a loan officer to determine your eligibility and how much you can borrow. Conventional loans tend to be more difficult to qualify for than government-backed loans.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders

LoanDepot doesn’t offer USDA loans. For information about USDA loans, check out our guide for choosing the best USDA-approved lenders.

Cost and fees

Like other lenders, loanDepot charges an origination fee that varies depending on the loan amount. Most origination fees fall between 0.5% and 1% of the loan total. You can also expect to pay other closing costs in addition to the origination fee, which altogether can account for 2% to 5% of the total home loan amount.

One of loanDepot’s features is its “Lifetime Guarantee,” which waives lender fees and reimburses appraisal costs if you refinance a mortgage you originally got with loanDepot.

FAQ

How does loanDepot work?

You can apply for a loanDepot home loan through the company’s website. You can go over mortgage options, apply for approval and manage your account online. Loan officers are available to answer your questions and help you through the application process over the phone or at a branch.

Is loanDepot legit?

LoanDepot is a legitimate lender that's licensed to offer a variety of home loan products throughout all 50 states. The company has been in business over a decade and has funded over $275 billion in loans.

Where is loanDepot available?

LoanDepot is available in 50 states; it has more than 200 branch locations in the U.S.

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1 featured review
How do I know I can trust these reviews about loanDepot?
How do I know I can trust these reviews about loanDepot?
  • 4,008,659 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Aug. 14, 2022

The following explains my experience with this company. On January 19th, I spoke with Mr. **, who conducted the initial in-take of my loan. We were on the phone for about 2 hours. I explained to him thoroughly that I was an expatriate who lives and works abroad and I come home to the US periodically throughout the year. He assured me that this would not be an issue and that he will make sure to keep me in the loop. Within a few weeks, I heard from Alexis ** via email. She requested information from me and never responded to any of my inquiries about the status of my loan. (The month of March) Two months passed after the above inquiry and I received an email from Alexis stating that LoanDepot would need to do a rate lock extension. I immediately tried to reach out to her and Mr. **.

Since I could not reach either of them, I reached out to Jay ** and he explained to me that Mr. ** was no longer with the company. I inquired about my loan and I was advised that the loan sat dormant for 2 months (Now bringing us to April). Jay apologized and proceeded to work on moving it forward. Within a week of working with Jay, Alexis was removed from my account, and Missy ** was assigned to be my new account manager. (The month of April) On April 11th I uploaded the new notarized and signed POA to the portal and received a call from Terrence **, stating that underwriting could not approve my loan based on the fact that I did not live in my primary residence for 6 months out of the year. At which time, I reached out to Joe **, who advocated for me for two weeks. On 4/29/22, I received a final decision that my loan would not be approved because I live abroad.

The issue is that I lost my locked-in rate. I could have gone with another company. They did not apologize to me, they blamed it on COVID that communication was lost. In my opinion, information should have been communicated to me on the day of the initial intake. It was easier for them to give me a reason that justified their decision instead of taking ownership of their incompetence and lack of communication.

In short, this company does not take ownership, what they tell you may be questionable and they do not communicate or follow up at all. I had three reps, one of them quit, the other ended up reassigned to another loan and the last one was not empowered to make a decision. All of this was not communicated to me. It does not take almost 4 months to refinance. I suggest looking for another Refi/Mortgage Company.

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    Rated with 2 stars
    Verified Reviewer
    Original review: Aug. 7, 2022

    I was very happy at first working with loanDepot and we were in underwriting. They told me I needed a co-signer. My Mother signed on and all seemed great. As it turned out at the last minute I found out that I really needed a co-borrower which meant I would have to add her name to our deed, which was unacceptable for a variety of reasons. I put on the brakes and cancelled the deal after which I received several letters saying they declined me when I actually declined their offer. Needless to say we were disappointed since it was going so smooth. Go with National Debt Relief!!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 14, 2022

    Home was refinanced, escrow account set up. Once we needed home repairs due to a snow storm, Loan Depot wrote that we had no home owners insurance and said that we would need to pay out of pocket for repairs. We looked at our contract which included our payment for home insurance. Regardless, LoanDepot had failed to send State Farm the premium. We had the repairs made at a cost of about $10.000. After sending them all the information they requested, including a copy of our contract with them, they stonewalled our request for reimbursement. Instead, they ran us through the gamut of numerous phone calls, requests for information which they already had received, and still have had no resolution 16 months later. Extremely frustrating experience.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 3, 2022

    Slowest lender I have ever seen. Took them over a week to review survey, blew past contracted closing date. We ended up having to find another house. Calls to management go unanswered. They charge $22 to check your credit, other lenders do not. Their rates were higher than other lenders. They actually wanted to charge me $2k to buy down to the rate all other lenders were at with no fees. They say they might approve recasting after a long period and $30k min down. This is also way above the expectations of other lenders. Really can't come up with one good reason to get involved with loanDepot except to maybe short their stock.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 25, 2022

    Processed a recast. Told it would process in 30 days and after payment of 30k min down payment (I did more) and a $250 fee. I am still waiting 60 days into the process. I get excuses but no action. The frontline soldiers are well trained in the excuse exercise and are doing their job. The rear army support and leadership is counting dollars and customers and provide service at their leisure.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 5, 2022

    Disgusting company!!! Please do not refinance with them! You will be highly disappointed. As many people have stated, they will get you to pay the appraisal feel, but either refuse to refinance your home or take forever to close. This company claims to give good customer service but that's just to bait you in. The loan officer we used, Andrew **, was nice at first and stated that we can call him if we need anything. He pressured us into paying the $500 non-refundable deposit for the appraisal and the appraisal was completely botched! We had to do an appraisal appeal and that's when their communication stopped. They are not transparent at all. After multiple attempts to reach Andrew, he would not email or call us back.

    The account manager, Jennifer **, is completely incompetent. She told us we could do the appraisal appeal or go with the undervalued appraisal the appraiser wrote up. Why would we use an undervalued appraisal for a home loan? That makes no logical sense at all. The third party appraiser they hired apologized and corrected her errors, but Loan Depot did not accept the corrections. Jennifer, like Andrew, was not transparent and gave us the run around. Loan Depot will qualify you for the loan, pressure you into paying the appraisal fee, and then leave you in the wind for weeks to months. We told them to cancel the loan process and we are going with another company. I wish we never dealt with them because they are dishonest crooks.

    2 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: April 19, 2022

    Refinanced mortgage. Took over 6 months while the rates went up. Refinanced again and went better. Had three different websites to log into account status. Changed loan servicer address. Lost payment. Constantly have issues with proof of insurance. Never dealt with a loan company so bad in that area.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 12, 2022

    I decided to refinance my home due to having to complete major repairs in my home. The original loan officer I expressed the reason why I was refinancing. Then the loan was given to a processor name Molly who did not verbally inform me that there was a $89,000 lien on my home. I knew about that but was under the impression that the lien was to be paid off at the time that I sold my home. Since I was not selling my home I did not know I had to pay off the $89,000 in loanDepot. Never informed me of this. If I had known I would have pulled out of the application process.

    I now have a mortgage that increased by $700 a month and my interest rate went from 2.5 to 3.67 and I have no cash out. Molly never informed me of the lien and I believe that this loan was pushed through because everybody was making money off of this loan. When I called to inquire why I was never informed of the lien on the home I was told there was nothing that they could do. Beware of Loan Depot. They are scammers.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 11, 2022

    After a prolonged process where I was told they had everything they needed they would require more. My loan officer Mike ** disappeared completely after paying their $495 fee to start the process. He literally stopped answering any emails, text, etc. Now, 4 days before loan closure they have told me it will require another $4412 out of pocket to rewrite and file the deed. These are state fees they said and there is nothing they can do about it. I contacted the state office and was told the fee is $120 for the first page and $1 for additional pages, usually around 40 total, about $160. The state agent advised I push back. Seems like extortion to me.

    loanDepot response

    Hello – We apologize that your experience was not satisfactory and would like to learn more. Please call our Customer Care team at 888-337-6888 (x6789) or customercare@loandepot.com.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 23, 2022

    After months and multiple phone calls, changes of information I was told I could not refinance with them even though I had a loan already with them. My PMI is 600. Have made 16 payments on time. They were asking me to get documents from the company even though they work for the company. Just very poor overall!!!

    3 people found this review helpful
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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed June 13, 2022.

    loanDepot Company Information

    Company Name:
    loanDepot
    Website:
    www.loandepot.com