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LoanDepot: Review

  3,608 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   3,608 Reviews

trustpilot-stars

TROY HOLLOWAY

01 December, 2021

trustpilot-stars

Refinance with ease

The entire loan process was smooth and timely.


JOE AND KRISTA

30 November, 2021

trustpilot-stars

Ricky Pacheco

Ricky Pacheco and Aly Acevedo were extremely knowledgeable and easy to work with. They were both always available to answer any question or concern that I had during the entire process. Quick and Easy closing. Thank You Ricky and Aly!!!


HAZEL BRYANT

29 November, 2021

trustpilot-stars

Greatest refi ever

I just did a quick, easy painless refi. My agent Lisa Kutcha couldn't have been better. Professional, courteous, quick response A wonderful experience.


DAVID ALDER

29 November, 2021

trustpilot-stars

Great tools, people and rates

Even though the process with completed online, LoanDepot connect me with a personal representative, that walked me through the entire process. The rep made this an enjoyable experience and took time to explain every question I had. I highly recommend; personal touches, online tools and the rates were all tops!


MELISSA GALLARDO

24 November, 2021

trustpilot-stars

Thanh Tran and Stacey Grein was very…

Thanh Tran and Stacey Grein was very helpful and very professional through the process. They kept me in the loop every step of the way.


BARRON JOHNSON

24 November, 2021

trustpilot-stars

“Ricky Pacheco 949-465-9121”

The Refinace procedures were quite easy, Loan Officer Ricky Pacheco 949-456-9121 and Senior Account Manager Robbin Sowell were very professional in there dealing with me, they took time to explain every step in the process. I give Ricky and Robbin a 5 Star rating. Thank You Barron Johnson Loan # 104647562


BRENDEN FOSTER

23 November, 2021

trustpilot-stars

Great experience

Great experience, fast and convenient. Lisa Kuchta was extremely helpful and had excellent communication with me throughout the process.


GLENN CARTER

23 November, 2021

trustpilot-stars

I bought my house in 2008 through Wells…

I bought my house in 2008 through Wells Fargo, I tried to refinance and I went to a Wells Fargo office and set down face to face with a representative and he directly lie to me. This year I reached out the loandepot and I started talking to Thanh Tran, He and he alone rebuilt my confidence about loan companies. So thank you my friend


ROSEMARY LEE

22 November, 2021

trustpilot-stars

Inexperienced loan processors

Worst loan application process we have ever experienced. My husband & I were assured that we could get our loan approved. After submitting countless documents, sometimes twice, because they kept insisting they didn't receive them; we were told that we didn't earn sufficient income to qualify. They could have told us that upon receiving our 1099 forms. We went through the nearly the whole process only for them to discover this. Any loan processor worth their salt would have noticed this. As far as I'm concerned, this speaks to the inexperience of the loan processor. I would advise anyone considering Loan Depot to look elsewhere.


CHRIS GREEN

22 November, 2021

trustpilot-stars

Loan Depot called me over 50 times in 3…

Loan Depot called me over 50 times in 3 days. When I answered and asked the rep to remove me from their call list as this is ridiculous, he hung up on me. I refuse to use a company that behaves in this manner.


MARY SHAW

20 November, 2021

trustpilot-stars

Insurance not paid from escrow account

My insurance agent sent them the required documents for loan Depot to pay our insurance. After several phone calls I had to pay our insurance to keep it from lapsing. Supervisors never called back as promised and then they didn't want to give me back the full insurance amount from the escrow account.


NIKKI SMITH

19 November, 2021

trustpilot-stars

Thanh Tran - 949-595-7197

Thanh was patient, informative, prompt and kept us in the loop every step of the way! Would work with him again- if we ever needed loan services!


DAVID

18 November, 2021

trustpilot-stars

LoanDepot

AC was very gracious and explained the process and assisting me with the application. In less than a week we are already at the underwriter awaiting final approval. Then we set a closing date.


MLW

18 November, 2021

trustpilot-stars

Worse loan application process ever

I had the worse experience with the branch manager out of the Bolingbrook IL branch. My husband and I completed an application and uploaded all the appropriate documents for a home purchase back in September. We never heard from the officer so reached out to the lady who handled getting all the documents from us and she advised that we reach out to the branch manager, Glenn who was handling our file. I started calling him and even sent several requests through the portal to find out the status of our file and he never returned our call nor sent an email advising one way or another. The portal showed a loan amount but we never received any communication from Glenn. Also he did provide my son and his wife a pre-approval but also would not return their constant calls to find about the details of their approval and he also handled their situation the same with the non responses etc. Once they got a contract and the agent sent it to him, he did prepare documents in the portal but still would not answer or return their constant calls. My husband and I as well as my son ended up going with different lenders and we are getting ready to go through our closes. Glenn pretty much caused this company to lose 2 loans due to his lack of communication, responsiveness and lack of care and commitment for these 2 loan files.


CAROL BURRESS

15 November, 2021

trustpilot-stars

RACE OR NO RACE

RACE OR NO RACE After 10 days of dealing with loan officer Andrew Rivers we were told everything has gone to his processor and now we wait for the appraisal. next day we received a call from Andrew saying we were denied. why you ask??he said the mortgage statement was a day late.Hmm.but you just said you had everything ! All documents were in PDF together ask how can this be ???? Credit check in hi 800s, he sad we had more income than we needed. You first charged us an appraisal fee of $495.00,then a credit check of $21.00. "oh ok will get the appraisal fee back in 15days but the $21.00 is just the cost of doing business". And what business is that ???? I am not exactly sure. IS IT POSSIBLE WE WERE DENIED BECAUSE WE DECLINED TO ANSWER THE RACE,GENDER,ETHNICITY QUESTION ??????


JIM

13 November, 2021

trustpilot-stars

Entry level process was excellent

Entry level process was excellent, timely, smooth...lots of paperwork, all leading to a successful end.


ADALBERTO RODRIGUEZ

13 November, 2021

trustpilot-stars

My experience refinancing my home was…

My experience refinancing my home was the best experience that I've ever had. The loan officer Myrna Alcaraz (NMLS# 2226455) was truly knowledgeable and took her time explaining the whole refinance process to me in a very polite and patient manner. I would give my experience with her a one hundred instead of a ten. She embodies what a lending officer should be and if I could recommend her to someone else refinancing their home, I will. She deserves a raise!!


DON

13 November, 2021

trustpilot-stars

Exceptional Refinance Experience

Lisa sets an exceptionally high bar for Customer Service. We felt like she was totally invested in looking out for our interests. Loan Depot is a great company with great people. Well done!


DAVID MARINSIK

12 November, 2021

trustpilot-stars

Pretending to be the VA these pigs keep…

Pretending to be the VA these pigs keep harassing me.


MARGARITA SAMBEVSKI

12 November, 2021

trustpilot-stars

Easy and quick refinancing

Ricky Pacheco 949-465-9121 and Patty Soto made my experience with my refinancing very smooth. I will highly recomend them.


KELLI ARMOUR

11 November, 2021

trustpilot-stars

Tony was kind

Tony was kind, respectful, and personable on the phone.


NORMA BATES

11 November, 2021

trustpilot-stars

Very Good experience.

Just like to take the time out to say thanks Loan Depot for being there in a time of need. Special thanks to Josh Aaron. Josh took time out to make sure i understood what was taken place after talking to him i explain that as a parent that is getting older our children feel the need to make sure we are doing things right ( LOL). So my son would be calling to check in on things. Josh laugh and said send him on. After talking with Josh for about 5 min i felt like a grandmother being taken care of by a grandson. We had a very good experience.


ERVIN RONEY

10 November, 2021

trustpilot-stars

Jeremy wright his professionalism is…

Jeremy wright his professionalism is above standards his knowledge with the refinance process is unmatched he is a master with the numbers and you feel like you are part of his family!!! Jeremy keep up the good work 👍


YAVUZ C

10 November, 2021

trustpilot-stars

Don't give your number

They called me once, and after 15 minutes of conversation, they said they cannot do jumbo loans in Texas. But it was all there in my application. Then calls never stopped, every day another person keeps calling


JUSTIN BULLOCK

10 November, 2021

trustpilot-stars

great experience

great experience. constant communication throughout the process. I appreciate that the team is always willing to offer advice and expertise.


SQ SCHERER

10 November, 2021

trustpilot-stars

If I could give zero stars I would

If I could give zero stars I would. Their lowest rate and price match guarantee are not guaranteed at all. They pressure you into “locking” in your rate by collecting a fully refundable appraisal fee. While they’re processing the appraisal fee they’ll mention in passing that there was also a credit report fee and then charge your card a second time for that. I requested a cancellation of my application and was assured they’d meet the other lenders loan estimate so I waited. I had to keep contacting them to get a status. I finally gave up and went with the other lender. I again asked for a cancellation and refund of my money, however due to the rude behavior of the lending officer I later called customer care to make sure that the request had actually been processed. I do not trust these people and would never do business with them or recommend them to anyone I know.


BARRY

10 November, 2021

trustpilot-stars

run run run and stay away from loan depot

this company Loan Depot was a total joke what started out as a good process with bryce then when loan processor karen lynch took over it went down hill fast she never communicated with me at all she spent more time walking her dog then dealing with her customers also left me voice message which i still have not to bug her or call her lots of class there then when she did call it went straight to music in background and i would wait 15 to 20 minutes before she pick up phone oh and by the way on her voice mail she states that if you feel you are not getting good customer service to call her boss which i finally did and she never called me back karen you really need to find another occupation because you are terrible at this one


FOREST GILLAND

08 November, 2021

trustpilot-stars

NO CUSTOMER LOYALTY

Still processing, painfully slow absolutely no finish date and the lock date means nothing. At this point I really regret starting the process. I wanted to stay here even though I would profit approximately $400,000. Looks like I’m going to have to sell anyway I won’t extend past the 23rd (62days) and the sad part is that my existing loan is with loanDepot. So much for valued customers! Day 69 , still nothing


CHRISTIAN BRASHEAR

08 November, 2021

trustpilot-stars

Best Loan Officer - Scott Brown

We originally started this journey with a local competitor due to the fact that loanDepot doesn't provide construction loans. The loan originator was a former school friend and they were recommended by a builder. However any expectations that we were working with someone half-way competent quickly dissipated. Fortunately, since we get to convert/refinance into a standard mortgage loan, we decided it was fruitless to hold out any hope of having a good experience with our former lender. While there's some merit (and convenience) in maintaining the same lender through the entire process, it's a night and day difference working with Scott Brown as your Loan Consultant. Having the opportunity to work with Scott again has been invaluable. He has been and will continue to be our go-to resource for any mortgage lending needs as we've realized first-hand that his professionalism and expertise are a rare asset in this industry. At every opportunity that is presented, we will continue to recommend Scott to any potential home buyer that is looking to leverage his exceptional services.


LISA COBLE

08 November, 2021

trustpilot-stars

Sabrina Bilancione 949-470-6316

This was such an easy and stress free experience! Sabrina was available day and night to answer any questions and help clarify some of the things we were un clear on. I highly recommend her services to anyone looking to buy or refinance a home.


ELLEN CORTINAS

06 November, 2021

trustpilot-stars

This was hands down THE BEST…

This was hands down THE BEST refinancing experience in our 48 years of home ownership! “Sabrina Bilancione 949-470-6316” Was top notch, always available to answer our questions and we were kept up to date every step of the way. I would tell anyone looking to refinance or get a mortgage thru loan depot. Eloisa was our loan officer and she was awesome as well, but Sabrina was our “person” who made herself available to us whenever we needed. Thank all you so much for this pleasurable experience!


SHANNON CORE

05 November, 2021

trustpilot-stars

Good Experience

Their interest rates were good and their closing costs were good. I researched other companies and this company gave me the best offer. They communicated well and did what they promised they could do.


TONI SHINGLEDECKER

05 November, 2021

trustpilot-stars

The extra mile

After working in banking for 20 years, I can recognize when someone(Sarah Rold/Loan Depot)goes over and above to close a loan. We had fallen victim to a solar panel scam, thought would be the end of a much needed home refinance. Sarah Rold a Senior Loan Processor for Loan Depot went the extra mile. Thank you Toni S.


JAIME SIERRA TECHNICAL TRADERS

04 November, 2021

trustpilot-stars

Definitely they have wasted my time…

Definitely they have wasted my time ,money and energy. 3 people involved in the loan that not communicate to each other , giving different options and requesting different information. At the end came with a proposal totally different from what we agreed at the beginning. Very disappointed with this service


ABIGAIN SANCHEZ

04 November, 2021

trustpilot-stars

Shady company once they collect the…

Shady company once they collect the appraisal money they'll stop answering their phone, stop returning call, wouldn't recommend this company to anyone, help your self and don't.


RICHARD VICKERY

04 November, 2021

trustpilot-stars

Sabrina is the BEST

Hi we had very good experience and went quit well !! “Sabrina Bilancione 949-470-6316” was very efficient always answered us Right Away by phone or email and hung in there till the very end!! Thanks so much !!


LORI

03 November, 2021

trustpilot-stars

Scott Kirkeby (949)-330-4958 and…

Scott Kirkeby (949)-330-4958 and Adrienne Hewitt were simply AMAZING to work with. They were both very professional and made the entire process quick and simple. Admittedly I was hesitant to give out my information over the phone, but checked their credentials, which were perfect. I was still skeptical until we closed and I saw our mortgage with the other institution was paid off and then received our funds from the consolidation loan. Extremely happy customer here!!


BF

03 November, 2021

trustpilot-stars

Very unprofessional company

Very unprofessional company. Nothing but issues with untrained people. Ran credit while in the process of getting the loan which makes sense. Ran credit again two months after I got the loan. Credit score took another hit. This company is made up of liars, pirates and thieves. Beware they will run your credit every couple of months or when they feel like it. Your score will take a hit each time they do this. Stay away. Use an honest company.


PETER & CELIA

02 November, 2021

trustpilot-stars

Its been a pleasure to work with Lisa…

Its been a pleasure to work with Lisa Kuchta. She made sure we understood the process, and what to expect. The very first impression that we had with Lisa is, wow, she really knows her stuff! She's beyond knowledgeable. It was also so comforting to know that she truly cares and put our best interest to heart.


LINDA STALEY

02 November, 2021

trustpilot-stars

I recently did a refi through Loan…

I recently did a refi through Loan Depot. The loan officer that I worked with was Morgan McDougall - 949-242-8991. The entire process was quick and seamless, They stayed in touch and kept me abreast of everything that was taking place. It was a quick and efficient experience. The entire process was great and I would definitely use them again and I wouldn't hesitate to refer them to family and friends.


JOSH

02 November, 2021

trustpilot-stars

Loan depot is a master at manipulating…

Loan depot is a master at manipulating numbers and changing numbers. They will agree to one thing. Then change things on you right before you sign. I wish I wouldn't have refinanced with loandepot.


MARCIA KAMM

01 November, 2021

trustpilot-stars

Loan Depot is absolutely amazing as…

Loan Depot is absolutely amazing as they were able to climb mountains for us, partnering with us and making sure that we got the best possible rate. Lisa Kuchta is so attentive, so kind and patient that I felt like she was a family member. We had a very rough road to travel to get our Refi but Lisa Kuchta made certain that all the documents were obtained-she worked nights and weekends and was always positive and cheerful. I’m happy to say that our loan closed today saving a significant amount of money. Lisa Kutcha is professional, creative, persistent and very devoted to her clients. Highly recommend Lisa Kuchta. Loan Depot is very lucky to have her working on their behalf because she truly cares.


TONY

01 November, 2021

trustpilot-stars

Just terrible service

Just terrible service. The loan office just was not efficient with his time, he thought his time was better spent signing loan docs with me in person at escrow, versus talking to his underwriters to clear our conditions so that we could close. Due to this lack of attention to detail, we closed on our home two weeks late.


CHARLIE BOY

30 October, 2021

trustpilot-stars

I was very comfortable with the process.

I was very comfortable with the process.


MARK THORPE

28 October, 2021

trustpilot-stars

Exemplary, Speedy, and Competent

I started the re-finance process on Oct 12 thru a web inquiry and closed on Oct 27. The LoanDepot.com client portal is very easy to use. The best part of the process for me had to do the with the people I dealt with. On the initial call Mike Nelson quickly answered my questions and got me set up with portal access. Uploading the needed documents was very easy due to the excellent design of the portal using a "to-do list" approach. Mike handed me off to Autumn Charles and the stellar service continued. These folks really know what to do and they do it quick! This has been the easiest finance/refinance ever. Many thanks to Mike and Autumn for a great experience!


SUSAN GILBERT

28 October, 2021

trustpilot-stars

A good Broker is key to the success of any mortgage

Because of my broker, Eric Dias, LoanDepot issued the mortgage with very little trauma and a great deal of satisfaction due to Eric.


DANIELLE KEIL

28 October, 2021

trustpilot-stars

Loan Depot was awesome

Loan Depot was awesome! I was trying to refi with another company... it was taking forever! I went to Matt Sharp who took over, gave me a better rate, with a no-cost refinance (the other company was going to charge me $12k!), got it done within one month (when I was on month 4 with the other company). I definitely recommend Matt and his team at Loan Depot.


PEDRO GARCIA

28 October, 2021

trustpilot-stars

Pleasantly Surprised

My contact was professional, courteous, and patient. Highly recommend!


CHRIS HALLBERG

28 October, 2021

trustpilot-stars

Sergio Custodio-Noriega (949)-434-5474

Sergio and Dennise were great to work with! Very clear and concise on how to proceed and very helpful. A pleasure to deal with and will recommend them to anybody.


ARVIND DESHPANDE

26 October, 2021

trustpilot-stars

Great service

Josh Aaron was exceptional and relentless to see my refi through and Tiera Swanson was always available and very responsive with anything and everything throught the process. Thank you.

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Rate of 1.75%, Annual Percentage Rate (APR) of 1.75% and $0 fees are for a 15 year fixed refinance loan available through Better Mortgage based on Good Credit Score, Single Family House, Primary Residence, in the state of FL, with an anticipated mortgage balance of $540,000, property value of $1,000,000 and an estimated monthly payment of $3,413 as of 08/16/2021. Monthly payment does not include taxes or insurance. ID: 380108943

Assurance IQ, LLC (“Assurance IQ”), NMLS #1912050 (nmlsconsumeraccess.org) is a lead generator only and is not acting as a mortgage broker except in the following states: AZ, CA, CO, CT, FL, OH, OR, PA; See our current state licenses below and online here. Assurance IQ is also not acting in the capacity of a mortgage loan originator, mortgage correspondent lender or mortgage lender. Information received will be shared with one or more third parties in connection with your residential mortgage loan inquiry. 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.

State broker licenses: Arizona - Mortgage Broker License: #1010424 4949 Pioneer Ln, Lakeside, AZ 85929. California – Licensed by the DBO under the California Residential Mortgage Lending Act #60DBO-115120. Colorado – Assurance IQ, LLC, 206-413-6771, Regulated by the Division of Real Estate, Mortgage Company Registration #1912050. Connecticut – Mortgage Broker License #MB-1912050. Florida - Mortgage Broker License #MBR3633, 920 5th Avenue, Suite 3600, Seattle, WA 98104. Ohio – RMLA Registration #RM.804628.000, Oregon – Assurance IQ, LLC, Mortgage Lending License #1912050. Pennsylvania - Mortgage Broker License #78592.

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