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LoanDepot: Review

  3,127 Reviews on Trustpilot

LoanDepot Snapshot

Overall, LoanDepot is a speedy mortgage lender that offers a variety of home loans including VA, FHA, and home equity loans without needing to sign up.


LoanDepot Spotlight

Best For
Comparing Different Loan Options

Marketplace or Direct Lender
Direct lender

Loan Types
Home Refinance, Home Purchase

Loan Features
Fixed or Adjustable Rate

Repayment Terms
Multiple options, depending on the loan terms

Summary

LoanDepot is a portal homebuyers can use to compare different mortgage loan offers. Without having to sign up for an account, you can access their basic mortgage information. It’s simple to input or update your information. Plus, accessing additional loan offers is easy to do on their straightforward platform. A wide number of loans are available through their search engine, including difficult to find 10 and 20-year fixed loans.


Loan Types

In its class, LoanDepot is one of the few lenders that offers home equity loans. Plus, it also offers Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans for qualified borrowers looking for assistance. LoanDepot has a reputation of being extremely quick on closing on a loan, which can be very helpful if you’re needing to get into your new home as soon as possible.


Mortgage Loan Rates & Terms

Loan terms depend on the type of term you’re looking for. Easily search for different options, from 30, 20, 15, and even 10-year fixed loans. LoanDepot also lets you search for 3/1, 5/1, 7/1, and 10/1 Adjustable-rate mortgages (ARM). Depending on the information you put in, your results can vary, but it’s possible to find both 10 and 20-year loan terms.

LoanDepot includes a variety of annual percentage rate (APR) offers. The lowest APRs are mostly reserved for the 5/1 ARM offers. Adjustable rate mortgages aren’t the most beneficial option for every home buyer. Sometimes, interest rates are considerably lower than APR by a wide margin.

For adjustable rate mortgages, there are interest rates as low as 2.25% and for fixed rate mortgages you can get interest rates as low as 3.25%.

The one downside is that only those with a credit score of 700 or higher will have access to these rates. The further you dip below 700, the higher the rates get. For instance, if your credit score hovers around 650, you’ll likely see rates around 4%.


LoanDepot Pros

  • Easily access basic mortgage information without having to sign up
  • Search for additional loan types easily due to a simple platform interface
  • Easy-to-use mortgage calculators let you crunch numbers and build a budget
  • Choose from a variety of fixed or adjustable rate mortgage loan offers

LoanDepot Cons

  • It’s not very easy to find mortgage offers without various adjustments
  • For some loan information, you’re required to enter income statements

Terms of Repayment

Your monthly payments are likely to be close to average when compared with other lenders. In the company’s Rate Quote form, you can use the large range of parameters to see numbers that are consistent among a number of other lenders.

For instance, if your credit score is 690 and you enter in a 30-year fixed mortgage for a $300K home, you’ll find monthly payments for as low as $900 per month.

LoanDepot’s site also includes a practical Mortgage Purchase Calculator that can give even more insight into what you should expect to pay each month.


LoanDepot Application Process

LoanDepot’s application process includes a few more steps than others on average. However, the entire process is also quicker than most. LoanDepot’s application process has 7 steps:

1. Fill Out a Short Questionnaire. After the questionnaire, you will be asked to be contacted with a Licensed Lending Officer.

2. Talk to a LoanDepot Licensed Lending Officer. One of LoanDepot’s 1,700 licensed lending officers will help you through a “no steering policy” which means you will get the best loan for your goals, not for their wallet.

3. Define Your Goals. Determine your budget, needs, wants, to find the home of your dreams.

4. Choose the Right Loan for You. Pick from fixed-rate to adjustable rate terms, or government loans.

5. Get Approved. Your Licensed Lending Offier will coordinated the necessary parties to make sure your laon is submitted properly for approval.

6. Submit Documents. Some documents you may need to submit include mortgage statements, paystubs, 2 years of employment history, etc.

7. Close Your Loan. When you’re approved, LoanDepot will schedule a closing appointment at a time that works best for you.


Customer Support

If you’re looking for extra help, LoanDepot lets you chedule an appointment through the website. Plus, you can also contact a customer service rep through the simple live chat option for even quicker help


Final Thoughts on LoanDepot

So, should you use LoanDepot to access a home mortgage loan?

Overall, LoanDepot offers home buyers a number of term options through an easy-to-use platform. Comparing and reviewing information is quite simple, especially since you don’t need to sign up.

The downsides are that you’re quite limited in the number of options available online, and LoanDepot can be pushy towards moving towards a phone call after you get past the loan rate estimator. If you do use the platform, one final tip is to get ready to negotiate a bit before you secure your finalized loan.


FAQ

What Will a Meeting With a LoanDepot Licensed Loan Officer Look Like?

When you talk to a licensed loan officer, you’ll be able to get all of your loan questions answered. Since everyone has different loan needs, the loan officer will be able to match you with the best possible loan and monthly payment.

They will also explain all the steps to start including locking in a low rate to closing your loan quickly (even in as little as 30 days).

Loan Depot Direct Customer Testimonials

Great   3,127 Reviews

trustpilot-stars

LIBBY KRUSE

18 hours ago

trustpilot-stars

I would give them ZERO stars if…

I would give them ZERO stars if possible. They changed terms for my re-finance and tried to talk me into going with a higher interest rate. Hit my credit 4 times within 32 days which dropped my credit score...I suspect they do this to people in order to bump them from the best rates. Employees use high pressure tactics and talk like used car salesmen. After I withdrew my application they had the nerve to say my loan was declined. RUN away from this company!!


PROLIFIC POS

20 hours ago

trustpilot-stars

Very professional and their…

Very professional and their communication was on point. They walked us through the whole processes and communicated on what the next steps were going to be. I highly recommend using this branch. I was in this industry for 15 years and by far this is the strongest team I have ever worked with.


NATASHA PASQUALE-FRANCIS

19 January, 2021

trustpilot-stars

Alex Booth 949-575-5444

Would highly recommend loanDepot! Fantastic rates, such a quick smooth process and excellent customer service by Alex! He was efficient and responded patiently to all my questions in a timely manner! In all years of refinancing this was fastest and most seamless process by far!


PATRICK

19 January, 2021

trustpilot-stars

Refinance

Keith Baize did an outstanding job on handling all my concerns when I escalated things to him because the initial person(Sonya Sowell) who was supposed to help me navigate Underwriting, Escrow, Title and Funding was doing a poor job and not being professional. Keith is a true example of someone who embodies the definition of Exceptional Customer Service! LoanDepot should be really lucky to have him and I really hope a lot of folks can learn from him.


JOHN CONTRENI

18 January, 2021

trustpilot-stars

Excellent rate and wonderful customer care

We got an excellent rate, no points, no appraisal needed; generous lender credits. Entire process took 30 days. Worked with excellent loan officer, Rob Tones, who was consistent, responsive, and helpful. Mobile notary was a big plus. Online portal easy to navigate.


IAN

18 January, 2021

trustpilot-stars

Great during covid times....

Loandepot uses a online portal to submit and sign all the necessary documents to make the loan process smoother.


JOHN PLANAS

18 January, 2021

trustpilot-stars

I would never use this company again

I would never use this company again. I applied for a loan and was approved on October 7, 2020. It is January 18, 2021 and LoanDepot has cancelled the closing 4 times on me. My loan officer is Bernadette Albarado she has been very hard to communicate with. I have sent numerous emails with very little response. The reasons for the cancelled closings have been computer issues and lost documents or trouble with documentation not on my part. I had to reach out to Yasmin Kalvakhi who is the production manager. Yasmin ststed that they would contact the VP and take care of this. Well now I have another closing date possibly tomorrow night. I emailed them and still no response to confirm this closing now either. I will be opening a case with Consumer Protection on Wednesday if they cancel for a 5th time. When I first got the approval I recommended 2 other people to this company. They went through the process and they are also very frestrated with the process. They are both still waiting for a closing date after 3 months of waiting. I'm sure they will respond to this review with their common response of "Thank you for reaching out to us about your experience. We would like to have a member of our Customer Care team to discuss this further with you. Please call our Customer Care team at 888-337-6888 (x6789) or customercare@loandepot". That seems to be their cookie-cutter response to these reviews. Why do I have to call you to fix these issues YOU CAUSED? I want action, not empty words. SIncerely, Very Pissed Off Customer


MARY C

18 January, 2021

trustpilot-stars

140 DAYS from application to funding…

140 DAYS from application to funding despite a credit score over 800 and an LTV of 50%?!? AUGUST 5, 2020 completed application MID- NOVEMBER I had to update and resend ALL previously submitted bank and credit statements b/c the originals had become outdated. After I threatened a fraud report to FTC they finally closed on DECEMBER 23, 2020. But the loan was NOT disbursed until JANUARY 5, 2021, while also having been charged “prepaid interest” for December! An incredible, inexcusable and seemingly endless debacle! I’ve had 7 previous mortgage loans over the years and NEVER had such an absurd experience and would not recommend loanDepot to ANYONE EVER.


KENT HARTLE

17 January, 2021

trustpilot-stars

Absolute worst customer service every experienced. Engage at your own risk.

After spending 7 months to file a loan application and engage in continuing to submit more and more documentation we have ended this engagement. We were informed that were were approved multiple times after resubmitting and resubmitting the same documents. Communication with Loan Depot was almost non-existent. Escalated to upper management and was simple told issue was resent to the same person who was totally incompetent. All of the lines stating customer service is important to them is totally a joke. Most frustrating experience we can remember. Lost seven months providing more time for these people. Suggestion, RUN do not walk from this experience. 1/19/21. Your response was to contact your “customer service”. So I can just get more frustrated with your “NON-service”. Customer care is simply not in your company culture !


ANKIT CONTRACTOR

17 January, 2021

trustpilot-stars

worst customer support.

This is worst company you can go with. The loan process with loan depot is mentally harassment to your self. The lowest customer service. I will never suggest anyone go through with this company.


SRIDHAR GUNDA

17 January, 2021

trustpilot-stars

Refinance

Kirk Domines made me feel extremely comfortable in entire refinance process . He is professional, clearly explains the the steps. The Refinance process was quick and simple and most importantly saved me a lot of money. I would Highly recommend Kirk to anyone looking to buy a home or refinance. I have refinanced earlier but this was the most smooth progress that any one can expect.. Hands down to Kirk Domines, I truly appreciate his honesty and prompt response.


MARK LEWEN

16 January, 2021

trustpilot-stars

Loan depo ran my credit

Loan depo ran my credit, 3 times in one week dropping my score over 30 points. “3times”.I’ll not use them again.


KENYA BRADLEY

16 January, 2021

trustpilot-stars

Not like the old LoanDepot

Not enough space, But this was my 2nd time around with LD and it was NOTHING like the 1st time. Renee Hodges was terrible which explains why Jennifer France was just as terrible. You're only as good as your "leader". My Sr. Account manager Marilyn Haymon was the ONLY professional I dealt with through the entire process, her manager Larry, well I can't really tell you too much about him since he was not present and didn't seem to want to be. I was completely blown away of how much LD went downhill. When I worked there missing a purchase closing date was not heard of let alone missing 3 closing dates. Something LD missed the 1st time I purchased with them bit me during this transaction but by the time I applied with them on 11/17 that issues should've been a non issue but it wasn't. I missed 3 closing dates and Jennifer France knew I had a close date of 12/14 and all Renee had to say to that was "Jennifer should not have agreed to that because it was less than 45 days. Not my issue. Because of that mistake, they should have honored my date but they did not.. My file sat in underwriting for 10 days with no movement. Again, I've always known LD to pride themselves on Customer Service. Although your rates are not competitive, people are willing to accept that for excellence in Customer Service. I even called the "Customer Satisfaction complaint line" and got hung up on twice and when I finally spoke with someone they called over to operations then told me someone will be reaching out that day and I received no call back until the next day in the afternoon. My husband, my grandson, and myself stayed with my mother in a one bedroom apartment for a month because of all the mishaps with LD and I didn't even get so much as lender credit for all the errors. Not that it matters, but I'm soo disappointed in the level of service I received from a company that was previously known for their exceptional customer service.


OSCAR VALDEZ

16 January, 2021

trustpilot-stars

Good experience

Good experience


ROD CHRISTENSEN

16 January, 2021

trustpilot-stars

Used Car sales tactics

Loan originator pushed me to select a particular product, even though it was more expensive than market. He steered me away from other options that I specifically asked to review in favor of a quick close. Reckless


ETHEL ROSALES

16 January, 2021

trustpilot-stars

I got several comparisons and…

I got several comparisons and possibilities of borrowing/refinancing with the options of cash back appropriate to my ability and resources to pay the loan comfortably.


BELISARIUS

16 January, 2021

trustpilot-stars

Great experience with LoanDepot

The loan officers were knowledgeable and helpful. They weren't aggressive and didn't try to sell me a product I didn't want. I ended up with the loan I wanted. The process was straightforward, and I always had a pretty clear sense of what steps still needed to happen and when we were likely to reach closing. The online portal was easy to use, and the process for e-signing and uploading documents was user-friendly.


M R

16 January, 2021

trustpilot-stars

Excellent experience !!

The professionalism and clarity of its representatives is incredible, the promptness to respond to each call, and most of all LoanDepot 's online site where it was super easy to work, import documents , sign and print the details of the loan and the process itself make the experience smooth and with positive results !! Thank you to Alvaro Montiel , an excellent professional and attentive representative, highly recommended !! MReyes


DANIELLE

15 January, 2021

trustpilot-stars

Excellent customer service

Excellent customer service, easy to use consumer portal to upload documents, very responsive, great rates. Would highly recommend.


J. F. MARTIN

15 January, 2021

trustpilot-stars

I have been pleased with the ease of…

I have been pleased with the ease of how to upload documents. The loan has been proceeding at a good pace and I am now waiting for underwriting to request any further documents. I hope the process is quick because I am attempting to refi another property.


FERNANDO

14 January, 2021

trustpilot-stars

Almost caused me to default on my contract.

I initiated two loans with loanDepot. On the refinancing one, it took too many months (almost 5?) to get it processed and on the closing date I didn't even get information of where I was going to meet the notary. On the other, a purchase loan, I almost defaulted in my contract because loanDepot did not have things ready on the closing date, even after pressing them for weeks to have everything ready. The lack of communication and the difficulty of getting somebody accountable during the process was excruciating. They gave me an excellent interest rate, that's why I give it two stars. Otherwise they would get less than one.


ROBERT HUNT

14 January, 2021

trustpilot-stars

The longest time to not accomplish anything

The loan officer was good, and some of the four different loan processors were good, but communication overall was horrible and underwriting proved to be utterly incompetent. I worked with them for nearly seven months before I gave up. Found a better rate with a better company.


NATASHA MILLS

14 January, 2021

trustpilot-stars

sell information

The one thing that frustrated me the most was they sell your information. There is no way around it until after. By then it is to late, the information is already out there. It seemed like there were hidden costs within the closing costs that were out of your control but no rhyme or reason.


SHANNON L

14 January, 2021

trustpilot-stars

I have refinanced with several other…

I have refinanced with several other companies and Loan Depot was definitely the worst experience. There was several mistakes, process took forever, horrible communication and to make matters worse, on two separate final signing appointments, the notaries never received the documents from Loan Dept. Loan Depot wasted my time and money and to them you are truly just a number, they don’t care how much they inconvenience you. The process was awful and stressful. My husband and I definitely made a mistake going with Loan Depot.


RISE SPIEGEL

13 January, 2021

trustpilot-stars

Great Service and Communication!

Interest rates were the best. Great service all the way through!


BRENT JEROLIMIC

12 January, 2021

trustpilot-stars

Outstanding service throughout the loan process

John and Loan Depot were wonderful to work with to help complete the purchase of our new home. It was nice to work some someone who doesn't apply pressure to try to win my business, and in fact was honest and upfront about everything. John was extremely knowledgeable about the mortgage options and he was confident that not only would he have very competitive rates and prices but in his ability to close the loan quickly. He was patient as I priced out his offerings versus other lenders (I wound up comparing more than 20 mortgage options from 12 different lenders) which confirmed his confidence was warranted as Loan Depot's offerings were amongst the best I could find! John was able to get our loan closed in only 5 weeks (would've been less but there was a holdup with the historical society in town having to inspect the changes the seller made to the property) and the whole process was smooth from start to finish. I plan on referring John & Loan Depot to any friends or family I know that are looking at a purchase or refi. Thanks again John and the Loan Depot team!


MILENIS PIEDRA

12 January, 2021

trustpilot-stars

LEO RODRIGUEZ representative in…

LEO RODRIGUEZ representative in Florida. Very bad service. I do not recommended this company


P PATIL

08 January, 2021

trustpilot-stars

Overall the loan process was very straighforward

Overall the loan process was very seamless and straightforward. The team was helpful and responded immediately with any queries.


GCN

08 January, 2021

trustpilot-stars

Highly professional people and made my…

Highly professional people and made my refinancing process so smooth. Special thanks to Ricky and Katrina they worked so hard and my life so easier. Very highly recommended lender.


JACKSON CHAU

08 January, 2021

trustpilot-stars

We try to refi

We try to refi. One loan on August 2020. They charge around $9000 for points. And the total cost is $14000. That is too much money for a Loan . So we didn't sign the go ahead paper with Loan depot. The agent Cody keep insist we have to sign. We didn't. And they charge us 4 times for the Credit Report. And they didn't approve my loan.


FRANK R

07 January, 2021

trustpilot-stars

Good Start but AWFUL service and applying payments to loan

They started off good with rates and closing. However, they did not apply my first payment. Payemnt was sent by my bank with verification. I even got an email from loan depot saying they got payment. I called over 7 time and have 5 messages to them trying to correct the issue with NO results! I filled a complaint with BBB. Loan Depot replied here and just said call back. Still no help when I call after waiting over an hour on HOLD. Again POOR service!!!


MATT H.

07 January, 2021

trustpilot-stars

Great start, terrible follow through

Update - although their own mail asking me to review them on Trustpilot suggested including employee names, they have flagged my review and asked me to remove them, so I have. The original loan officer I worked with in the "sales" phase, as I'll call it, [name removed at lds request], was great. Clear communication, docs were fast, and the rate was fantastic with no fees. However, once we got into the meat of doing the work, the lending officers dropped the ball repeatedly, at all 3 of my attempted closing dates. 1st closing date rolls around - no one shows up, no communication. I attempted to call my loan officer - no response. I called her manager - no response. I found the direct contact info of the notary they contracted with, who let me know they hadn't sent any paperwork. Eventually the lending officer gets back to me and we set a new date. Again, the date comes, no one shows up. This time I didn't even get contact info for a notary. Multiple communications were never responded to. I was busy with the holiday season and let it lie for a bit. Weeks pass. Eventually, a manager named Brent reached out to me to let me know that some how or another, he ended up with my account. He had no idea what happened to the last person, who to this day hasn't responded to me. He assures me we have a new date and everything will go smoothly and to call him immediately for any issues. Closing date # 3 rolls around. I've received notification that my notary changed 3 times in under 24 hours. Finally, 30 minutes before our appointment the middle notary calls me to let me know that she never received any paperwork and had to let go of the contract. I email and call Brent - no response. I call Brent's manager - no response. I call his manager's manger (a VP at this point) - no response. Eventually Brent does email back that he will look into it and get back to me. Shortly after this I get a call the 3rd notary, who says she just got word that my paperwork has been made available, however she will need to delay by a few hours because she needs to drive back to her office to print it. At this point, we were finally able to close. I still haven't heard back from Brent though. The only reason I carried through at this point was the rate and the cost (they flubbed the math on my credits, and eventually it worked out that they were not only covering all my fees, but actively paying me to take the loan). I am hopeful they will resell my loan to another servicer in short order so I can cease dealing with them.


ELIZABETH P.

07 January, 2021

trustpilot-stars

NEVER DO BUSINESS WITH THESE LOW LEVEL DUMPS

I applied and received a call from a rep immediately. The rep was Suzel and she demanded I provide her my SS# directly even though I applied online. Since I told her I did the online app she refused to give me a rate unless I gave her my SS# . This was not necessary and I decided to withdraw my appl. They started processing it anyway. 4 days later Suzel calls back and I advised her again and followed yet again with an email telling them to withdraw the loan appl. And more processing emails came. Then the area manager, Matt calls. He only called to defend Suzel regarding all her alias I found out about her, the 24 addresses she has lived at and her 2 bankruptcies that were on line. Apparently LoanDepot hired someone, who passed background check under an alias and that is good enough for them. He made every excuse under the sun and then started to access my personal information and credit report without my consent. I spoke with Matt Mcain and found his demeanor to be rude and offensive. On top of that, he wanted to go into my credit file and discuss my credit rating without my consent.  Again showing me what ignorant and illegal activities that Loan Depot continues to feel their entitlement to.  I advised him that is illegal and he disagreed and continued to pursue his course of action. Any further communication shall be in writing and I do not want any unsolicited calls from your company again. See folks this is why I will never do business with these unscrupulous employees! EVER! They are self-entitled people!  I do not wish to be harassed or have my personal information accessed by anyone at LoanDepot and plan on filing a complaint to the Attorney general and the State of Florida.


PRAMIDA POSANIPALLI

07 January, 2021

trustpilot-stars

Re-financing

Initiated re-financing discussion in early August 2020. Loved the rate provided and how seamlessly I was able to complete the application. We are in January 2021 now - all correspondence has stopped at this point. I had numerous follow ups throughout, got one line responses that loan is with underwriting and that we are almost there... and now pretty much nothing. I wish I had caught on how terrible they would've been early enough and quickly pivoted to another lender. Very disappointing.


RAJ JAYARAM

06 January, 2021

trustpilot-stars

Highly Recommend.

Overall refinancing process went smoothly. Simplicity, Speed and Delivery were just excellent. Keep up the good work!


PRAKASH YAJI

06 January, 2021

trustpilot-stars

Mike Guerrero gave best rate, discount and appraisal waiver

Mike Guerrero gave best rate, discounts possible and appraisal waiver and closed the loan very near to the initial promised date. It only slipped by 5~10 days at max. It allowed me to start purchase of next property soon. Amount of money I saved is well worth the effort I put in these days. Overall time to close was ~50 days. I can understand that this is due to COVID situation and high number of refinance applications. My home purchases from other lender generally closes in 30 days though.


AGNELIOS

06 January, 2021

trustpilot-stars

This is a hopeless company

This is a hopeless company, and I am unfortunately stuck with them. Not having a brick and mortar establishment for something like a mortgage is absolutely debilitating when there is a problem. My 6 months of escrow payments have gone missing and I am stuck on the phone with customer service who don't have enough access and it is the most frustrating thing I have dealt with, like losing thousands of dollars in a split second. Avoid these online banks and keep your peace of mind.


CAROLYN

05 January, 2021

trustpilot-stars

A Loan Depot Customer

My husband and I have owned different homes with different lenders for 25 years. We have even had investment properties. Loan depot takes the grand prize for worst lender we have ever dealt with. They do not pay insurance and taxes on time. My insurance got cancelled for 2 days despite me asking for 2 months before it was due through emails and phone calls. Then when they pay it they are over a 100 dollars short. That should be enough to dislike them. It gets better, they put customers on hold for 30 minutes minimum or longer, then when the call finally transfers to someone it hangs up before they even answer so either spend hours trying to get through to them or figure a way to handle your problem on your own. Even their executive officer just transfer you to the same number that you may get through in 30 minutes or you may not. Who knows??? It is a nightmare.


DANA ANNIS

01 January, 2021

trustpilot-stars

Stay away! Bait and switch! No accountability!

After initial contact with loan officer could never get a hold of him! After leaving voicemails, texts, e-mails had to call customer service twice to get a call from him! He worked from home and his excuse was car trouble! He initially said closing costs would be 3500.00 ended up at 6,000.00! I believe this is a bait and switch company who simply passes the buck! Tried to talk to manager about the loan officer could not even be given the respect of having that happen! Will never use loan depot and suggest others stay away as well!


HEATHER TYNER

31 December, 2020

trustpilot-stars

The loan officers I have worked with at…

The loan officers I have worked with at Loan Depot have been amazing. This review is for their customer service at the main office. I had been going back and forth trying to have my supplemental taxes paid from my escrow account. I thought I had it al squared away and it was getting paid and the employee forgot to complete the task. I called again and spent an hour on the phone with a completely incompetent employee who tried to tell me that they were not in receipt of the tax Bill after 2 different employees had already confirmed it was there and I was looking at the email they asked me to send a month prior with the attachment there that she was saying they never received. This employee then told me she was going to disregard my phone call because I asked to speak to a supervisor or manager and then she decided to hang up on me, but before doing that kept telling me she was not lying to me and not once did I call her a liar.


CHANDRA

30 December, 2020

trustpilot-stars

“Ricky Pacheco 949-465-9121”

The loan processing was so made very easy by Ricky from the beginning, he is awesome to work with. Never had to go to clarify things much , very easy to communicate with.


RIVA KESTENBAUM

30 December, 2020

trustpilot-stars

The Good and the Bad

Harry Oda was my first contact, he was efficient polite and quick. There was mistake with title using the incorrect wording, that took over a month to resolve. i was very frustrated and it should have been corrected much sooner. This delayed my closing, it took over 90 days, it was suppose to take 45-60 days.


JOSH YOUNG

29 December, 2020

trustpilot-stars

Worst wait times ever

Worst wait times ever. Been on hold for 4 days now. Still have not resolved my issue. 100% will not go through this lender again.


WESLEY MCCLELLAN

29 December, 2020

trustpilot-stars

S-L-O-W

I obtained Loan Estimates in early October for a "streamlined" refinance of our VA loan (under IRRRL) from multiple lenders, including Loan Depot. The initial contact with Loan Depot was painless and uneventful and I obtained a Loan Estimate on October 6 from LoanDepot.com, LLC. After obtaining the loan estimate, everything slowed way down. I obtained an email stating that underwriting would be a breeze as this is a "streamlined" refinance and that it would take about 15 business days for approval. About two weeks later I received a call from Loan Depot requesting three items of information that I had already provided that they needed for their underwriters. Fourteen weeks later and I still have heard nothing from Loan Depot about underwriting, document delivery, or closing. I understand that there are a lot of people refinancing, but I wish Loan Depot would have been more honest about the length of time required between the Loan Estimate and closing. UPDATE: I plan to contact their customer care department as they requested. Amber, a Senior Account Manager, was awesome getting this refinance moving again so I have updated this review due to her patience and persistence. The only complication for closing was sorting through multiple closing disclosures containing multiple amounts for closing. After one call with Amber, we were able to sign all the documents. The various closing disclosures, which were all produced within two days of each other ranged from us paying $605, to us receiving $151.00 at closing. Too many cooks in the kitchen I suspect.


CHARLES CLOWNEY

29 December, 2020

trustpilot-stars

This post is being written on behalf of…

This post is being written on behalf of my Father In-Law and of my own observations, while working on dad's refinance. I worked, with my father In-law on this refinance process and it was a very frustrating experience for him as a Senior Citizen, Veteran and me as a Realtor, with vast personal knowledge of the loan refinancing process. He should have closed before Thanksgiving but the closing date kept changing because of Loan Depot's ineptitude and last minute request for documents, they could have had weeks before the closing date. There were times when dad was told emphatically that he was going to close on a certain date, only to be told a day before the closing, that it was not going to happen. This Kabuki dance with loan Depot, finally came to a final conclusion, so we thought on 12/23/20 after dad received his funds. Dad has now been informed by his Attorney, that he owes them money because of an over payment by the Lender. Just another example of incompetence by Loan Depot. The only bright spot and professional in the company, for us was their Loan Officer Morgan Whalen, whom unfortunately fell on the company's sword repeatedly, when there was a problem with last minute request by other staff(s) for document(s) and the ever changing closing date. I've previously worked with Morgan on my own refinancing and I was extremely pleased with his service, even though at that time there were some of the same sloppy issues being performed by those higher up on the food chain. And unfortunately that dad had some of the same experienced with his refinance. However, the negative issues we experienced during our refinances were made by folks above Morgan's title and pay grade. So, the sub par service my father In-law received was not an aberration but appears to be the norm. Morgan, was a good solider in a bad company, and it was fortunate for us that he was the face and voice behind this refinance process. But is was also unfortunate that he had to take the heat for those who did not do their job's, thoroughly and efficiently. I understand that Morgan, has left Loan Depot for a new company with a smaller and more "Professional Customer Service Work Environment". We wish him well and "Much Success" and It will be a pleasure to work with him again, in the future. I nor my Father In-Law will be recommending Loan Depot to any of our family members or friends. I only gave one star because I didn't have the option for No Stars! Sincerely Charles & Bilal


MARK

29 December, 2020

trustpilot-stars

Sabrina Bilancione 949-470-6316

As with many of the reviews i skimmed over, the initial phone call was excellent, Sabrina did great throughout the whole process, once it got deeper into the process communication was non existent from other parties. I was lost in the dark throughout the majority of the process. Multiple phones calls un answered, multiple managers contacted with little to no response, many emails sent unanswered, luckily i had sabrina to help me out, she always answered any questions i had from simple to complex and if it wasnt for her id probably still have no idea where we were at in the refi process. Thank you sabrina!! overall im glad the process is completed, if i have one recommendation to anybody lost in the dark, or contemplating using loan depot, i would still use them, but keep your initial lending officers contact information as they seem to be the only ones who care, answer questions, and help guide you through the process.


JOHN BRAUN

28 December, 2020

trustpilot-stars

This company is terrible!

This company is terrible! They originally told me there would be no appraisal fee, then charged me $495.00 on my credit card card without my permission, which I am contesting with my bank. I have been given the run around from guys named Lorenzo and his boss Federico all thru this process which has gone on for way to long. They keep changing closing costs on top of charging me without my permission. Terrible! STAY AWAY!


NEED A REFINANCE

26 December, 2020

trustpilot-stars

Why more Bad reviews than Great reviews

Applied yesterday for refinance and all is well so far. However, on Trustpilot there are 34 Excellent/Great reviews Nov-Dec 2020 and 50 BAD (one star) reviews. Will have to trust my loan officer. He has been excellent so far. No complaints at all. Thanks Ali.


DARREN MITCHELL

24 December, 2020

trustpilot-stars

WARNING

WARNING: Stay Away from Loan Depot! I am recently married and was watching from the outside-in, the process my wife went through with this lending company to refinance her house with cash-out to remodel and sell her home. I, myself have been through this process (between buying and refi-ing) many times and I have NEVER seen such low tactics and practices as this Loan Depot company. She hit underwriting around the 7th of Sept. There she sat . Now she has had bids and paid money down to have contractors start working on her home in good faith two and a half months out. She sat in underwriting for almost 70 days! She started this process at the end of August ! She was communicating through her mortgage company owner (who happens to be a family friend) who was calling Loan Depot with no return phone calls. Not just the operators at Loan Depot but the OWNER of Loan Depot. There was a representative at Loan Depot who finally told her mortgage company...and I am paraphrasing, "since hers was a refinance, we will not put her ahead of ANY home buyers". Order of time of acceptance has nothing to do with them making the big bucks off of a buyer of a home. Meanwhile, she has contractors chomping at the bit to start before the snow comes. Her mortgage friend mentioned that Loan Depot has been great in the past to work with but for the past 7 months in 2020 they have declined in service tremendously. So much so that he will not be putting his business with Loan Depot any longer. Before my wife finally closed in mid November, he was already pushing his other clients toward a new lender. I am refying my current home and was locked in 3 weeks ago at a 2.25% and am closing NEXT WEEK. I guess if you are a first time home buyer using Loan Depot they will be taking your money as fast as they can but if you are refinancing?! ...have fun with Loan Depot. If I could have given this company a lower rating I would have. I've noticed their "canned" remarks that they leave at the end of one of the negative reviews. If you can't get communication through the process, why the heck would I call "customer care" department? What a joke. Just as crass and detached as their company is toward their clients... So save them. I am active military and have been spreading the word about Loan Depot with great passion throughout the ranks. In the end, her concrete work will not be done until the ground thaws out. Windows and other projects are 8-12 weeks out. To me, it's a lesson learned. People buy from people they trust. I often turn to the popular phrase that starts, "fool me once"


HL

23 December, 2020

trustpilot-stars

Trouble with loan officer Garrett Goddard (NMLS#: 1419177)

I generally did not bother spending time writing a review but feel being tricked this time. I was referred by a friend to LoadDepot because of its low rate. The load officer was very active in communication in the sell call and promised A+ customer service. If anything is dissatisfactory, I can escalate to his manager or withdraw from the process. I have perfect credit history so decided to trust my friend's referral. Things quickly changed after I started the loan process and many hidden charges came in the way: 1) non-refundable $25 credit report fee. This fee is not refundable if you decide to withdraw. 2) additional $670 closing fee. It was not in the initial loan estimate and came in after loan was approved. Firstly, it was listed as "endorsement fee". They later corrected to "other". This fee was added without prior notice after my load was approved! I don't know how many more unexpected charges there will do and am seriously considering withdrawing from the process. 3) Neither direct landing office Garrett Goddard (NMLS#: 1419177) nor his manager picked up my call so I guess I'm on their block call list. 4) Tried to call 888 customer service number and no one picked up the call.

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Assurance (NMLS #1912050) is not a lender. The lenders determine whether you will be approved and the rate you will be offered. There is no guarantee that you will be approved for credit or that you will qualify for the advertised rates, fees or terms shown. The lenders’ credit decisions may vary based upon your loan request, your particular financial situation and other criteria determined by the lenders. All rates, fees and terms are not guaranteed and may change.

Annual Percentage Rate (APR) calculation and fees are as of 2021-01-20 based on information previously provided by you, the customer, including refinance period, credit score, state, mortgage balance, and property value.

The offers that appear on this site are from third party advertisers from which the operator of this site receives compensation. This compensation determines which offers appear on this site and the order in which they appear. The order is determined at our own discretion and should not be considered an endorsement of any specific offer. We strive to provide a wide array of offers, but the offers shown do not represent all financial services companies or products. The information and vendors which appear on this site are subject to change at any time.

The operator of this website, Assurance IQ, LLC, is a wholly owned subsidiary of Prudential Financial, Inc.

Rate of 1.875%, Annual Percentage Rate (APR) of 1.928% and $1295 fees are for a 15 year fixed refinance loan available through Farmers Bank & Trust (NMLS#613839) based on Excellent Credit Score, Townhouse, Primary Residence, in the state of TX, with an anticipated mortgage balance of $490,000, and property value of $600,000 as of 12/04/2020.

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