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Overall Satisfaction Rating 3.70/5
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  • 1 stars
Based on 109 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

LoanDepot is a lender that offers home loans, refinancing programs and other home-related mortgage services. The company uses mello smartloan technology to provide a completely online mortgage experience.


LoanDepot is a home loan and refinancing company that specializes in streamlined, digital mortgage experiences, although it works with local agents. The company is a direct lender.


  • Uses mello smartloan tech
  • Available nationwide
  • Various loans available


  • Doesn’t service all its loans

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    Are you this business?

    What is LoanDepot?

    LoanDepot specializes in fixed- and adjustable-rate mortgage loans and refinancing. LoanDepot offers the following loan types:

    • FHA loans
    • HARP loans
    • Jumbo loans
    • VA loans
    • 203(k) loans

    LoanDepot prioritizes creating a streamlined loan process through its mello smartloan program. With mello, LoanDepot can eliminate a large part of the paperwork that’s usually required for a mortgage by digitally verifying your income, employment and more. The technology also helps you determine which loan types work well for your situation.

    Because LoanDepot’s mello smartloan process is totally online, you could be cleared to close in as few as eight days.

    Applying for a loan with LoanDepot

    If you’re interested in applying for a mortgage with LoanDepot, visit its website to begin your application and see daily mortgage and refinancing rates. To start your application, you need to give LoanDepot some specific information about your situation, such as whether you are:

    • Buying or refinancing
    • Already working with a loan agent

    If you don’t already have a loan agent, LoanDepot will help you find a local agent in its network who can help you get started with your mortgage process.

    How do I pay my LoanDepot mortgage?

    Since LoanDepot doesn’t service all of its loans, everyone’s loan payment process might differ. Work with your transferred provider to find out what payment methods are acceptable.

    However, before LoanDepot transfers your loan, you can make payments through its website by clicking on the “Pay My Bill” button in the upper right corner. 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 new provider within that time.

    LoanDepot rates

    Because its loan rates change daily, we can’t state what LoanDepot’s mortgage rates are at any given time. The company does claim that, as a direct lender, it has access to lower interest rates. You can check the company’s website for its loan and refinancing rates every day.

    LoanDepot FAQ

    Is LoanDepot a reputable lender?
    Yes, LoanDepot is a reputable lender. It offers a variety of services in every state.
    Is LoanDepot available everywhere?
    Yes, LoanDepot is available in all 50 states.
    Does LoanDepot sell its loans?
    LoanDepot does not service its own loans. Your loan will likely be transferred to a new servicer within 30 to 90 days of closing.
    Is LoanDepot part of QuickenLoans?
    No, LoanDepot isn’t a part of QuickenLoans.

    Is LoanDepot legitimate?

    LoanDepot is a reputable lender that offers a variety of home loans and refinancing services. Its services are available nationwide. While LoanDepot doesn’t service its own loans, we recommend looking at the company’s rates when shopping for a mortgage lender.

    LoanDepot Reviews

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    Page 1 Reviews 0 - 30
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 14, 2021

    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.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 12, 2021

    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!

    Be the first one to find this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 29, 2020

      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, 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.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer Verified Buyer
      Original review: Dec. 18, 2020

      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.

      Be the first one to find this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 22, 2020

      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!

      9 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 15, 2020

      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.

      13 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Sept. 4, 2020

      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.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 22, 2020

      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.

      6 people found this review helpful
      Rated with 3 stars
      Verified Reviewer
      Original review: Aug. 20, 2020

      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.

      5 people found this review helpful
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