loanDepot
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loanDepot

 4.1/5 (563 ratings)
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loanDepot
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Written by Jessica Render
Edited by Vincent Landino

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.

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Top loanDepot Reviews

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Rated with 5 stars
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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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Rated with 1 star
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I applied for a refinance in July and at first it seemed like this was a good company. … More than three months later I STILL have not closed on the loan. … Allegedly my loan is c...

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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
  • 203(k) loans
  • New construction loans

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.

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 lower, fixed initial rate and then adjusts after a set period of time. 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 asset information. 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.

Who is LoanDepot right for?

There are several reasons you may consider going with LoanDepot for your mortgage needs over some other lenders, including:

  • Your credit score is not as high as is required by other lenders.
  • You are comfortable working through an online application process but still want the option of personalized help.
  • You are a first-time homebuyer looking to use an FHA or a VA loan product.

How does LoanDepot compare to other Mortgage Lenders?

There are many lenders in today’s marketplace for your to choose from, and it’s important to consider your options before borrowing. Here are a few alternatives worth comparing:

  • New American Funding is a family- and minority-owned mortgage lender.
  • AmeriSave Mortgage is a direct, online lender offering loans for home purchasing and refinancing.
  • Rocket Mortgage, formerly known as Quicken Loans, is an online mortgage lender and refinancing company.

To see more, check out our mortgage lenders buyers guide.

When making a choice, be sure to take into account the overall ratings and detailed user feedback from real customers on each of the lender profiles on ConsumerAffairs. Our reviews are from users with actual experience with each company.

LoanDepot FAQ

What credit score do you need for loanDepot?
Generally, you need at least a 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?
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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How do I know I can trust these reviews about loanDepot?
How do I know I can trust these reviews about loanDepot?
  • 3,769,237 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: 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.

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    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.

    2 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.

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    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.

    2 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!!!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 22, 2022

    Awful process. Account manager took weeks each time to ask for documentation even after they said they had everything they needed. Loan officer agreed on an interest rate, but they did not disclose they were using origination points to obtain that competing interest rate. As the process dragged on, without explicitly telling me, they would switch out the Loan estimate for one with higher and higher origination points. They also blamed me for how long it was taking saying they had to keep increasing the origination costs because I was "dragging my heels" with the documents.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 15, 2022

    Borrower Beware! I had a horrible experience with Loan Depot. Don't be fooled by their TV commercials. Thank God I cancelled my application! Here's some of my experience-- The first clue: they charged me an upfront appraisal charge of $495. No other company does that. By the way when I finally cancelled it took a couple of weeks for Loan Depot to refund my money. Next, my loan officer was either incompetent or dishonest. He kept changing the loan costs and the final Loan Estimate was simply unsatisfactory. When I cancelled he had a fit and his supervisor wasn't any better. They seemed desperate. They reminded me of used car salesmen. After I cancelled someone keep calling and calling. They wouldn't leave me alone. I could go on and on but I think you get the idea. I finally chose a local lender and am very pleased with the face to face service.

    10 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.

    6 people found 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!

    5 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.

    4 people found this review helpful
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    loanDepot Company Information

    Company Name:
    loanDepot
    Website:
    www.loandepot.com