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loanDepot Mortgage Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
22 Customer Comments & Reviews - see all comments
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loanDepot is an independently-owned national consumer lender offering home purchase and refinance loans as well as personal and home equity solutions. The company, which has developed its own technology infrastructure to differentiate itself from similar competitors, has funded over $125 billion in home, personal, and home equity loans since their inception in 2010.
 
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How is loanDepot rated?

Breakdown

5.0/5
Lender Types
5.0/5
Available Mortgage Types
5.0/5
Customer Experience
5.0/5
Reputation & Transparency

Overall Rating: 4.9 / 5 (Excellent)

loanDepot has risen to become America's fifth-largest retail mortgage lender, with a wide portfolio of loan instruments including conventional loans, government-backed loans, and jumbo loans. Consumers interested in their service can complete an easy online mortgage application or speak to a loan officer to commence their mortgage transaction, which will then be originated and financed through one of the company's many subsidiaries.

loanDepot Loan Specifics

Available Mortgage Types - 5 / 5

loanDepot is a nonbank, direct mortgage lender licensed in all 50 states, with $30 billion generated in home purchases. They originate conventional adjustable and fixed-rate mortgages, government-backed FHA and VA loans, and Jumbo loans. Origination fees are flexible, commonly falling between 1% and 5%, depending on the loan grade. Two distinctive details about this lender are that they advertise a “no steering” policy meant to protect the interests of the borrower and that they extend a lifetime guarantee for all returning customers. This means that if clients later refinance their mortgage with loanDepot, they won't be charged additional lender fees and will be reimbursed for the appraisal.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate

loanDepot Customer Experience

Customer Experience - 5 / 5

loanDepot's webpage is easy to navigate and full of information. They provide a wide variety of tools and resources, so that prospective homeowners can make sure they're well-informed before making a potentially life changing decision. After providing some essential details, borrowers can obtain a quote estimate that will give them a good idea of how large a loan they could qualify for.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Document Checklist
Check Today's Rates
SSN Required for Quote
No

loanDepot Qualification Requirements

Qualification Requirements - 5 / 5

loanDepot doesn't advertise their minimum FICO score, but borrowers should be aware that conventional loans commonly require a minimum score of 620, whereas FHA loans can go as low as 580. Other requirements, such as debt-to-income ratio and down payment minimums aren't specified either.

loanDepot Lender Reputation

Reputation & Transparency - 5 / 5

loanDepot enjoys an excellent reputation, with good customer ratings across various websites, including an A rating with the BBB and a 9.5 score with TrustPilot. Despite their relatively short time in business, loanDepot has become one of the top retail mortgage lenders in the industry, thanks in great measure to their attention to consumer needs.

Key Facts

Lender Type
Direct Lender
Year Founded
2010
BBB Rating
A+
BBB Positive Reviews
565
BBB Negative Reviews
217
Trustpilot Rating
3.8 out of 5
Collection Date
2018-02-05

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
174457
The Nationwide Mortgage Regulatory Actions
2
Consumer Financial Protection Bureau Complaints
57

Company Profile

Full Name
loanDepot Mortgage
Company Website
https://www.loandepot.com/
Headquarters
26642 Towne Center Drive, Foothill Ranch, CA, 92610

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22 Customer Comments & Reviews

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C
Correll
9/30/2016
Very slow process and poor communication.

B
Brandon S
9/19/2016
What started out as a promising relationship turned bad quickly. I was wanting to refinance my existing 1st and HELOC and my initial agent walked me through a process that would allow us to do it at minimal out of pocket costs. It turned out, what she was doing was illegal and the result was my loan was not only prolonged but I took out a personal loan with them to payoff my HELOC at a high interest rate (I wasn't supposed to have it long enough to even make a payment). Two+ months in, and I have not heard anything back on the refi on our first mortage. My wife and I make great money, have credit scores over 780 and low debt to income ratio. Not only have I not heard anything back,... Read More

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