loanDepot Home Equity Loans Review

Rating: 9.2 / 10 (Excellent)
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loanDepot is a California-based, non-bank financial lender that was founded in 2010. Along with loan products that feature minimal origination and closing fees, the company also offers home equity loans. The company offers fast and easy application and quotation services, handy loan calculators, and other online services meant to assist borrowers through the potentially confusing process.

How is loanDepot rated?


Consumer Experience

Overall Rating: 9.2 / 10 (Excellent)

loanDepot is an online lender that's well-rated in the industry, with below average customer complaint volume. They feature some unique innovations, such as the fact that they've built their own ecosystem and technology infrastructure. They also have an interesting one-time origination fee policy, which only charges borrowers for their first loan, and even reimburses appraisal fees for any subsequent debt instrument.

loanDepot Loans

Lender Type
Online Lender
Loan Types Available
Home Equity Loan
Cash-out Refinance
Minimum Home Equity Loan
Maximum Home Equity Loan
Home Equity Loan Max Term
15 years
Cash-out Refinance Terms
10, 15, 20, 30, 40 Years
Origination Fee
1% to 5% of the total loan amount

Loans - 9 / 10

loanDepot offers two ways to access the equity accumulated in your home: via home equity loans or cash-out refinance loans. Both of these are excellent options for obtaining ready cash, although the company does retain an origination fee of between 1%-5% of the total loan amount (more than 3% is a bit above average, but if you refinance with them again, these fees are waived and appraisals are reimbursed). Their cash-out refis are more flexible than usual, with loan terms ranging anywhere from 10 to 40 years.

loanDepot Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Home Equity

Qualifications - 9 / 10

loanDepot requires an appraisal, proof of employment, and that the home being mortgaged be the borrower's primary residence. These are all standard within the industry. Where loanDepot shines is with their commitment to rate shopping transparency, as evidenced by their rate comparison page.

loanDepot Customer Experience

Total Consumer Financial Protection Bureau Complaints
Total CFPB Complaints/Originations
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote

Consumer Experience - 9.3 / 10

loanDepot provides a large amount of resources on their site, including calculators for a variety of different purposes, and mortgage rates with live updates. Borrowers can also apply and obtain quotes fully online, as well as contact a loan officer or branch office directly. Additionally, loanDepot's complaint volume with the Consumer Financial Protection Bureau is well below average.

loanDepot Reputation

Total Originations (in millions)
Number of Originations
Average Mortgage Size
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
Nationwide Mortgage Regulatory Actions
Trust Pilot Rating
8.3 out of 10
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Reputation - 9.5 / 10

Since its 2010 launch, loanDepot has funded more than $1 billion in home, personal, and home equity loans. They are now positioned as the U.S.'s fifth largest mortgage originator, with only two regulatory actions with the National Mortgage Licensing System. Their consistently strong balance sheet has also led to their excellent reputation within the lending community.

Additional Details

Homepage URL
Company Phone
(888) 983-3250
Headquarters Address
26642 Towne Centre Dr, Foothill Ranch, CA, 92610
Mailing Address
P.O. Box 11733, Newark, NJ, 07101
Year Founded

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Customer Comments & Reviews

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Dan M
Oakland, California
I want to say right from the start, buyer beware! They appear to be a reputable company, but they are not. I went through a refi process that lasted 5 months!! They made me jump through tons of "hoops" and I was required to get not one, not two, but three differest pest reports (there were no noteworthy conditions, LoanDepot just did not like the "way it was written"). I spent hundreds of dollars only not to get the loan after 5 months of effort. Please try Quicken, or Lendinging Tree, I have had good luck with them in the past, and will return. Large companies have the resources and the structure to provide excellent customer service at a good price.

Chung Y
Fullerton, California
In short, do not waste your time with this shady company. I started my loan application for $80,000 after a rep from this company called me and offered me a deal with good interest rate, 3.75%, I believe. The rep (his initial is BR) said it would cost me $3,000 and another $439, which would be refunded after loan is approved. So the total cost of loan is $3,000, I thought and I asked him from the very first call that I would receive $80,000 when everything is done, and he said yes, I would get $80,000. After I submitted every paperwork required for the loan application and home inspection, this company sent a documents detailing my loan. Despite what BR promised me that I would get... Read More

San Diego, California
This company is a HUGE waste of time. They do not communicate within departments, they are incompetent, and have lousy customer service. We spent over 2 months working with them only to get told that we couldn't get refinanced due to the condo complex having to many renters. 2 months and you wait until the end to check that??!! We were also told the HOA wasn't responding to them, but when I contacted the HOA they forwarded me an email that they had sent two weeks prior! We also had to contact our own HR to ask proper questions that LoanDepot hadn't. The whole process was a joke really. I would run as fast as you could to another lender.

Atlanta, Georgia
I am work in a service industry and the service I received from LoanDepot was truly awful… Do not do business with them. Here are the indisputable facts: 1) I told Loandepot up front that if they did not think that the loan could not be completed for the amount I was looking for that we not proceed because it would be a waste of everyone's time and my money. 2) They wasted 6 weeks of my time in working through a loan process that was never going to be underwritten at the amount discussed because they did a very poor job on their upfront due diligence. I would have been fine with a “no” answer up front – but they assured me they could get this done. 3) They have an inherent flaw in... Read More

Paramount, California
Really liked it and am very interested

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