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loanDepot VA Loans Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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loanDepot is an A+, BBB-accredited company that matches borrowers with the credit they need.

For veterans, their services include loans for home refinance and purchase, as well as home equity loans.

In fact, they are the fifth-largest lender of VA-guaranteed mortgages, with specially trained loan officers in the area.
 
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How is loanDepot rated?

Breakdown

4.7/5
User Experience
4.7/5
Tools & Resources
4.7/5
Expertise

Overall Rating: 4.7 / 5 (Excellent)

loanDepot is a fast-growing national retail mortgage lender that matches borrowers with financial products through their unique technology infrastructure and consumer-centered sales approach.

The company offers an excellent selection of home purchase and refinance loans backed by the Department of Veteran Affairs and provides an easy application process with fast approval times.

Where loanDepot truly excels, however, is in their no-steering policy and lifetime guarantee, which ensures that their customers are paired with products that are right for them and that they never have to cover unnecessary lender fees in future refinance applications.

loanDepot is a go-to option for anyone looking for affordable rates, a hassle-free application, and a high-tech customer experience.

loanDepot Tools & Resources

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
30 Year Fixed
25 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
Maximum Loan Size
$453,100
Minimum Loan Size
$36,000

Tools & Resources - 4.7 / 5

loanDepot has an ample selection of fixed and adjustable rate VA loans for home purchase and refinance purposes.

They also offer jumbo loans, streamline refinance, and cash out refinance options for the construction or renovation of single-family homes, multi-family units, condos, and townhouses.

In addition to a broad range of mortgage products, loanDepot offers loan amounts that range between $36,000 and $453,100, in line with other, similar lenders.

loanDepot User Experience

Fee Information
VA Funding Fee
Waived Fees
Prepayment penalty, Private Mortgage Insurance

User Experience - 4.7 / 5

loanDepot waives prepayment penalties, private mortgage insurance costs, and application fees.

They also offer some highly appealing features such as their no-steering policy, which ensures that customers are always presented with realistic rates and products that meet their needs, and their lifetime guarantee, which states that customers who finance with them the first time never have to pay lender fees again and will reimbursed appraisal fees when customers refinance their home with loanDepot in the future.

loanDepot is also currently working on an online loan application process that will kick their game to the next level and make them an even stronger competitor in the online lending market.

loanDepot Expertise

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
174457
Nationwide Mortgage Regulatory Actions
3
NMLS Collection Date
2019-01-31

Online Reviews

Trustpilot Rating
3.8 out of 5
BBB Rating
A+
Date Collected
2019-01-31

Expertise - 4.7 / 5

loanDepot is accredited by the Better Business Bureau and currently holds an A+ rating with overwhelmingly positive customer reviews. The company has also received a Trustpilot score of 9.1 (Excellent) based on mostly positive client feedback. There have only been three regulatory actions against them with the Nationwide MultiState Licensing System & Registry since 2014. The company remains among the largest VA-backed mortgage lenders in the country.

Contact & Additional Information

Homepage URL
https://www.loandepot.com/
Company Phone
(888) 337-6888
Headquarters Address
26642 Towne Centre Dr, Foothill Ranch, CA, 92610
Mailing Address
P.O. Box 11733, Newark, NJ, 07101

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Customer Comments & Reviews

Loading Reviews ...
jwcorne
12/2/2020
I have never experienced worse customer service. I have a difficult time getting anyone on the phone, and when I do, they do not give me accurate information. There is always some issue that they forget to disclose, some document they neglect to ask for, or, in the case of property taxes and escrow, they just consistently lie to their customers. I would definitely recommend to any veteran thinking of using a VA Loan through these jackwagons to reconsider, and look for a different lender. Their service is horrible, and there is no one within the organization that is committed to customer service, at all. Bottom line - they make their customers feel like, "it's all about the money, shutup... Read More

jwcorne
12/2/2020
I have never experienced worse customer service. I have a difficult time getting anyone on the phone, and when I do, they do not give me accurate information. There is always some issue that they forget to disclose, some document they neglect to ask for, or, in the case of property taxes and escrow, they just consistently lie to their customers. I would definitely recommend to any veteran thinking of using a VA Loan through these jackwagons to reconsider, and look for a different lender. Their service is horrible, and there is no one within the organization that is committed to customer service, at all. Bottom line - they make their customers feel like, "it's all about the money, shutup... Read More

Timothy D
3/15/2020
Refinanced with them 3.5 years ago and VERY happy! Looking to finance a home again and they are my first (and only!) stop. Thanks for the awesome support to veterans!

F
Freddie D
5/16/2018
I am currently with Loan Depot with my VA loan. I have submitted multiple times since October 2017 for help with only 2 months payments when my wife had surgery and was out of work. It’s always that they need something else or my paperwork has expired. We have had multiple phones calls with them trying to get help with 0% luck. 22 years I’ve serve and 15yrs I’ve owned my home and they do not care!!

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