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
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- 1 stars
- Available nationwide
- Wide selection of loans
- Online application
- Lifetime guarantee
- Limited fee transparency
- Some customer service complaints
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 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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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.
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Superb service is what you will receive when you request a mortgage home loan from Loan Depot. My loan officer Darryl ** is the best man for the job. He has assisted me and my real estate team with an abundance of loan. Always with a successful outcome and the lowest rates.
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.
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.
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.
Everything was smooth and fantastic. I had a great experience but a year later ——— Last year they gave me a rate that cost 400 a month lower than my last bank so I refinanced. Then a year later they raised my payment by 800 a month saying My taxes went up. But I checked, they are the same as on my last loan. So it’s now 400 more than my original loan with my 1st bank. They got me good because I can’t afford utilities and food now. I found this ** has an article on how a female employee alleged they were doing this. It says she was an employee and sued over it when she did not get a cut of the millions they made. I had closed right before Nov 2020. I’m not sure there is any help for me.
I was assured from the get-go that the refinancing process of my condo would be simple, especially because of my credit score (over 800), even though I was self-employed. I've had mortgages in the past (this was not my first home) and they just kept requiring more and more paperwork even though I was assured this would the last bit of information needed. In the end I was NOT approved, when I easily should have been, and I feel that this company is very deceiving and not forthcoming.
I was contacted by a Loan Depot rep who was in the customer retention department. I had just did a refi with this company 6 months earlier. He informed me that he could lower my payment to $2600. I laughed and said my payment is only $2400, and I don't need a refi. The next day I received a notice in the mail, June 15, 2021 that told me that in fact my payment had gone from $2400 to $3600, and said that amount was due in 15 days.
I called the rep back and told him he was right, my payment did go up and that his timing was incredible. I did not know at that time that this was part of the predatory lending practice, close a loan at a ridiculously low estimated tax escrow to keep the payment down, then call them in 6 months to refinance the loan once the escrow was adjusted to be able to charge another 12 to 16 thousand dollars in fees and costs to do another loan. One problem that happened was I had to take some time off work for some medical reasons. I told that rep on June 15th that I was on disability for as long as it would take to get my medical issues taken care of. He said no problem, he checked with his underwriters and they said no problem.
115 days later, and after they asked for the same documents several times, and all documents were given, and even after they racially profiled my wife and required that she provide proof of residency 3 times (my wife is a US citizen) they came back to tell me that the income would not suffice and that they could not verify my return to work date, which on June 15th 2021, 115 days earlier, I told them all of what they are now telling me is the disqualification. They ran my credit multiple times knowing every time that they would not do business with me. I'm fine with never doing business with this company ever again, I am shocked on how they can be in business with these types of business processes. They ruined my credit, after I told them not to run my credit unless they knew they could refi my home. They said no problem, they would do just that. They lied. I want those credit inquiries removed.
Told loan was going great. Last minute, long after appraisal I was told they couldn't help me. The loan officer Daniel found out I was looking elsewhere. Promised me all was done and ready to sign. Then told me he never said it. He meant it was ready to send to closing. Then I had to call them back to be told they couldn't do the loan. Be careful.
I received about fifteen different calls from LoanDepot after I did an online search through Lending Tree for a home equity loan. I finally got annoyed enough to call them back, at which point they tried to pull a bait-and-switch. They said they don't actually do any home equity loans, and tried to talk me into refinancing our entire mortgage (which has an unbelievably low interest rate). When I pointed out that they had been misleading in getting me on a call, the representative became rude, offensive, and condescending. I've been a homeowner for twenty years and this is the worst lender experience I've ever had.
We started the loan process two months ago. Upfront I asked what closing cost were to be and I was told it would be around 2500. They did not provide any of the financials until the day before we were to close. When we reviewed the documents we found the closing was 12,000. They were not transparent. They were pushy into locking in a rate. I will say I found Rocket Mortgage more transparent and upfront about the cost. When we brought this up, it was like you flipped a switch. Everyone that was nice turned. The initial call was recorded and we were told they did not discuss all the fees and that we were right. They did not try to rectify the issue. I would not recommend. There are too many other companies that I'm sure will treat their customers better.
This was a refinance offer. The loan officer seemed to know what he was doing at first. But things seemed to be moving very slowly, no one contacted us, when I finally reached out I was told bluntly that I didn't make enough money (ie 2020 tax return) I had to remind them that in my part of the country in 2020 there was a PANDEMIC. (They even advertise on their home page about helping people effected by covid, bla bla bla.) Loan officer #1 even tried some CYA by saying he was waiting for me to 'get back to him.' Yeah. No.
I had to reach out and call the 'processing manager' who let me know that the offer was about to expire. Then the condescension began, of course, because I'm of the fairer sex (big strong he men at Loan Depot). WARNING: if your loan says it's "in progress" (not "in process" but "in progress") you're done. They wasted an entire month of our time.
I have a renovation loan from LoanDepot and I had excess funds which loan depot put towards a payment on my mortgage and a little more on my principal. Months later they reversed the payment and put all the extra on my principal without my consent or knowledge and proceeded to send me default letters and robocalls. Tried calling but it was not straighten out, I now have to pay late charges and my credit score was ruined when they claimed I missed a payment when they actually reversed the payment and claimed I am behind 1 month when I was up to date until a payment was reversed. Terrible, wouldn't recommend.
Loan depot literally ruined my ability to buy a home for the next 2-3 years. This is the worst experience ever. I have 20 days to find a home for me and my children. I filled out an online preapproval application and was contacted by Yvonne **. She was very upbeat and positive and after I provided all of the requested information she contacted me to discuss my application. She reviewed my credit report with me over the phone and asked me why with no late payments and a strong length of credit did I have Experian boost on my report of 4 bills. I explained I added it when I downloaded the app because the app suggested it.
She told me that I should remove the 4 accounts because they were reducing the amount I could pay monthly on a mortgage. She also told me I should take out a new loan to pay off a personal loan on my credit because the personal loan payment was so high (1,100 but I only had 12 more payments and had chosen the high payment amount to pay it off quicker). She gave me a preapproval with desk underwriting and actually referred me to my agent who I got along well with.
We finally got an offer accepted and I paid the appraisal fee, etc. She said the loan was approved and already underwritten. That we were good to remove contingencies. She sent me closing disclosures and I waited for my signing date. As our closing date came and went she said that the loan was approved, underwriters were satisfied, but a “system issue” was preventing me from signing and that she had all the area managers working on it to figure it out.
My agent made an appointment with her manager to discuss the issue because the seller had begun charging us a daily fee for not closing. At that time he told her he didn’t know why I removed positive trade lines and paid off a two year old loan with perfect payment history for a new loan, but that had affected my credit dramatically and now the desk underwriting was kicking my loan out as high risk. She sent me an email with him saying the same. Luckily I had emails that showed Yvonne had actually told me to do this. He worked for a week trying to find a way to close the loan, but in the end I lost the house, my $8,000 earnest money deposit, and now have to go out and find someplace to rent with my credit literally in shambles. I can’t caution enough to be very careful using this company.
I reached out for an estimate but ultimately decided on another lender. I let them know I was no longer interested and then the unrelenting phone calls began. Each time I was told my name and number would be removed and yet the calls continued. The other lenders I reached out to respected my decision and stopped contacting me, but not these people.
LoanDepot gave me a prequalification letter in the middle of August 2021. We made an offer on a house, and closing was scheduled for April 30th. We were told that there would be no problems, with the loan. It was sent for review twice , and all was good. We had the home inspection done, and LoanDepot collected $525 for an appraisal. When April 30th came, we had to extend the closing date until May 15th. When May 15th came, the appraisal was not in. So, we extended to May 30th.
On May 29th LoanDepot told us that they could not approve us for a loan. So, we contacted another lender. We asked LoanDepot to transfer the FHA Case number to the new lender. They told us, that we had to pay another $225 for the appraisal to be released with the FHA Case. We refused to pay. LoanDepot waited 10 more business days, before transferring the Case. The appraisal didn't go with it. We contacted them to release it, and again, they said they would if we would pay the extra money. In my opinion, they are just trying to minimize their losses, by having us pay extra for that appraisal. DO NOT DO BUSINESS WITH THEM!!
Absolute crooks. Deserve zero star review. They failed to process a payment due to a system error on their behalf and reported us to the credit bureaus without notice. Now they’re refusing to correct the error. I am involving the Attorney General and Better Business Bureau as well as escalating with a private attorney. They are unethical. Avoid them!!!!
I recently decided to refi. with Loan Depot due to their favorable rates. I contacted their representative who offered me excellent terms which would have equated to a much lower monthly payment. FYI this was my only purpose. Did not take money out of my home. Here lies the beginning of a miserable experience. I posed a question as to whether I would be required to obtain an appraisal since I have so much equity, the original agent advised he could not answer that, would contact his manager and get back to me. 3 days went by, and I received an email from Loan Depot stating that if I contacted them they had a better offer than originally offered.
I made the call and was connected to agent who quoted me an additional 2300.00 in closing costs, 1.0 points higher than originally offered with the exact same payment I was originally quoted. When I called him out on his offer he claimed he was unable to see the original quote in his system. If that's the case Loan Depot needs to do something about it. At any rate he immediately backpedaled and offered me the original rate with 1.4 points down from his quote of 2.5. Unethical, you make the call. Right then and there I should have declined the offer, however with such a low rate, I pressed on.
I then was put in contact with a loan office who gave me the standard list of needed item, tax return, proof of income, home owners insurance policy and in my case Hurricane/Wind insurance required in Hawaii. Some days later I received the estimated closing costs form, signed and returned. When it came time for closing a notary was sent to my residents with a pile of doc's all in legalese, I went along signing my life away and unknowingly missed a very important detail, They had totally botched the costs for monthly home owners and hazard insurance. When the final closing paperwork was returned to me with a request to sign and return asap, I looked closer only to find that they were not only collecting monthly for my home owners insurance and my original hazard policy, they had added an additional hazard policy at 660.00 dollars a year.
Remember I was only doing this to lower my payment. I'm retired live on SS and a pension. So I contacted the loan officer who said she would look into it and get back to me. I received a call the next day and she advised that Loan Depot had neglected to figure in either one of the hazard policies on my monthly mortgage. They removed the one hazard policy. End result what I thought was going to be about 220.00 plus savings per month ended up being less that 100.00. Yes I could have backed out, but I didn't. Be forewarned, you do business by voice mail, sometimes days for them to return your calls. Be vigilant with all documentation, don't assume they have it all together they don't, finally don't be surprised if you directed to multiple agents and if so, be ready for the bait and switch.
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.
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.
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.
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