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loanDepot Mortgage Refinance Review


Rating: 8.9 / 10 (Excellent)
14 Customer Reviews - see all reviews
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Founded in 2010, loanDepot is a national consumer lender and financial services company with headquarters in Southern California. The company matches borrowers and lenders through their online marketplace, helping customers find competitive mortgage rates and loans with ease. loanDepot currently operates in over 180 locations across the nation and is affiliated with over 1,700 licensed professionals.

How is Loan Depot rated?

Breakdown

9/10
Loan Options
9/10
Application Process
9/10
Reputation

Overall Rating: 8.9 / 10 (Excellent)

California-based loanDepot has been providing qualified borrowers with mortgage refinance loans since 2010. Their loan offerings are fairly standard, though they do have a good variety of term lengths. The company does take the unusual step of incentivizing additional refinance loans, by waiving lender fees and reimbursing appraisal costs for second-time customers. Backed by excellent reviews, loanDepot is a great choice for your mortgage refinance, especially if you plan on doing so more than once.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
HARP
Jumbo
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM

Loan Options - 8.9 / 10

loanDepot has been offering mortgage refinance loans since 2010, funding more than $100 billion. Their over 1,700 licensed lending officers across the U.S., and their no-steering policy, ensures that borrowers are matched with the loan best suited to their needs. Their debt instruments include both conventional loans, and FHA, VA, and USDA-backed alternatives, with one of the largest varieties of term lengths to choose from in the refinance marketplace.

Application Process

FHA Minimum Credit Score
580
Closing Time
Loans close in 3-5 days, once the loan documents are signed and delivered back.
Waived Fees
After refinancing once with loanDepot, they waive the lender fees and reimburse appraisal fees for any future refinance.

Application Process - 9 / 10

Refinancing your mortgage with loanDepot is a hassle-free process, with quicker approval and closing times than is usual in the industry. They also offer some incentives for refinancing with them more than once, waiving all lender fees and reimbursing appraisal costs.

Loan Depot Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
174457
Nationwide Mortgage Regulatory Actions
2
NMLS Collection Date
2017-07-18
CFPB Total Mortgage Complaints
409
CFPB Collection Date
2017-07-13
Total VA Loans Written (Q1 2017)
5,747 loans
Total VA Loan Amount (Q1 2017)
$1,705,766,976

Online Reviews

Trustpilot Trustscore
8.4
BBB Rating
A
BBB Positive Reviews
434
BBB Negative Reviews
168
BBB Neutral Reviews
8
Date Collected
2017-07-18

Reputation - 8.8 / 10

loanDepot is a BBB-accredited business with overwhelmingly positive reviews, a solid A rating, and only two regulatory actions with the Nationwide Mortgage Licensing System. They have an above average 8.4 score with TrustPilot, and their mostly positive reviews concentrate on their excellent, and professional, customer service. However, the company does have multiple complaints filed with the CFPB.

Contact & Additional Information

Homepage URL
Company Phone
(888) 983-3240
Headquarters Address
26642 Towne Center Drive, Foothill Ranch, CA, 92610
Mailing Address
P.O. Box 11733, Newark, NJ, 07101
Year Founded
1995

Latest Loan Depot Reviews

Loading Reviews ...
J
jon s

7/25/2017
These people are horrible to deal with, did all the paper work and everything all set then they tell us at the last minute to pound sand, no reason.


L
Lucy
Sayreville, New Jersey

6/5/2017
I just recinanced my house with LDW, I did not have any problems at all. Every step they did they communicated electronically to me. I started the process on 4-27-2017 and I closed on 5-30-2017 with very good interest rate. Thank you very much. Luvel.


D
Dan
Wyandotte, Michigan

2/21/2017
I attempted to do a cash out refinance of my FHA mortgage. I began the process in Late August. I had a variety of issues along the way. Specifically, I was entered into the process with an experienced mortgage processor. I was then passed on to another specialist to help me through the refinance. That inexperienced specialist failed to maintain contact with me. I was receiving calls from various companies and Loan Depot would not leave messages. I would contact him via email and recieve emails days later that failed to address my questions. My employer had similar issues when they contacted him to confirm my employment. I had difficulty in getting my appraisal. The appraisal itself was... Read More


Lori R
Denver, Colorado

2/14/2017
Caught them trying to slip by a refinance rate on me that added up to almost.$8,000!! They put it into "pieces" and did add-ons as if I wouldn't notice. Crooks!! True, this may have been just one guy in the nusiness, but why take a chance? Plenty of other optoons out there. Stay away!!


Layo V

2/2/2017
great site and very use full, resourceful. has every thing relevant to what i was looking for, look no further than this site to gain what u are looking for. very easy to use, attractive site as well. i like this site


K
Kerri F
Exton, Pennsylvania

1/22/2017
Can't really give them a star at all. These people are rude and told us everything was a go. Paid for appraisal that they gave us a discount on but they knew all along they wouldn't be giving us a loan. Got all the way until settlement signed the preliminary papers. Then via email said no. Worst company ever. They will string you along to get money out of you then you get denied. Horrible experience


J
Joan
, California

1/17/2017
These people were horrible They took forever to review documents, then they bill you fees for their delays They didn't communicate and they constantly changed the terms on you. I would never recommend them.


G
G. B
Miami, Florida

1/8/2017
Go elsewhere for your mortgage. Poor follow through from assigned mortgage broker, failure to account for all sources of incomes and 10+ days to get a decision after my appraisal. Wasted time and $300+ dollars on an appraisal. Managed to get a refi with another company at a better rate!


C
Catherine

12/23/2016
I beg you, Do Not Use LoanDepot! I had the worse experience dealing with them. Very unprofessional! After the appraizal, they dropped the ball. Did not send me time sensitive requests. Did Not communicate with me on the progress. I lost a large sum of money dealing with this company and ended up with a deal I would have never accepted.


Lisa S
Roseville, California

11/4/2016
I'm trying to pay my mortgage on a bi-monthly basis and keep hitting walls with this company. They won't accept the 1/2 payment early and if they do, they apply all to principal. The only way to get on a bi-monthly schedule is to pay current month and following month in full. Their second rule was that they needed two cycles in a month to withdraw, ok, fine. So a 3 cycle month is coming up and I inquired about signing up then for the bi-monthly. Was told I couldn't because the first cycle was on the 2nd day of month which covered the second half of the current month payment. Therefore there were 2 cycles left to withdraw in order to fulfill the next month payment in full on the 30th day of... Read More


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loanDepot Mortgage Refinance

Our Partner
8.9 / 10
  • Easy Online Refi Calculator
  • Historically Low Interest Rates
  • Talk to a Licensed Mortgage Banker If You Prefer Phone
  • Cash-out & Debt Consolidation Options
  • Convenient in-home document signing & No Closing Cost Options Available!