Josephine Norton
LoanDepot is a non-bank mortgage lender that offers a combination of digital and face-to-face services. It is one of the largest mortgage lenders in the country, providing services in all 50 states and Washington, D.C. The company offers a range of mortgage options, including fixed-rate and adjustable-rate conventional mortgages, FHA, VA, and jumbo loans, as well as refinance options and home equity lines of credit. LoanDepot has received positive reviews for its professional and knowledgeable staff, quick loan turnaround, and flexibility. However, it has been criticised for not disclosing rates until customers connect with a loan officer and for requiring a minimum down payment of 5% on conforming mortgages.
| Characteristics | Values |
|---|---|
| Rating | 4 stars overall by NerdWallet; 5 out of 5 stars for availability by Bankrate; 4.3 out of 5 stars for borrower experience by Bankrate; 3.9 out of 5 stars by Trustpilot; 628 out of 1,000 points in J.D. Power's 2024 US Mortgage Servicer Satisfaction Study; A+ rating by Better Business Bureau |
| Availability | Available in all 50 states and Washington, D.C. |
| Types of Loans | Fixed or adjustable rate; conventional; jumbo; FHA; VA; USDA; rate-and-term or cash-out refinance; HELOCs |
| Application Process | Online, over the phone, or in-person |
| Customer Service | Multiple options available: in person, over the phone, email, online form, or text message |
| Account Management | LoanDepot app available for download |
| Origination Fees | On the higher end |
| Interest Rates | Not available on the website |
| First-Time Home Buyers | Up to $4,500 cashback if a Mellohome real estate agent is used |
What You'll Learn
- LoanDepot offers a variety of mortgage types, including fixed-rate and adjustable-rate loans
- The lender provides a combination of digital and in-person services
- LoanDepot has a good reputation for customer service and convenience
- It is one of the largest mortgage lenders in the country, available in all 50 states
- The company has received positive reviews from customers and rating agencies
LoanDepot offers a variety of mortgage types, including fixed-rate and adjustable-rate loans
LoanDepot is a non-bank mortgage lender that offers a range of mortgage options, including fixed-rate and adjustable-rate loans. It is licensed to provide loans in all 50 states and combines the convenience of an online platform with in-person support at over 200 branches across the country.
The company offers a variety of loan types, including conventional, jumbo, FHA, VA, and USDA loans, as well as HELOCs and refinancing options. LoanDepot also provides renovation loans, such as the FHA 203(k) loan, which allows borrowers to tap into their home's equity. For first-time homebuyers, LoanDepot offers up to $4,500 cashback if they use a Mellohome real estate agent to find a home.
In terms of the loan process, LoanDepot offers an end-to-end digital experience, with the option to validate income, employment, and assets electronically. However, the company does not disclose its rates online and requires customers to connect with a loan officer to obtain this information. The minimum credit score required for a conventional loan is 620, while an FHA loan requires a minimum credit score of 580 and a down payment of 3.5%.
LoanDepot has received positive reviews for its professional and knowledgeable staff, quick loan turnaround, and flexibility. It has an A+ rating from the Better Business Bureau and a "Great" ranking on Trustpilot, with over 4,000 reviews. However, it scored below average in J.D. Power's 2023 Mortgage Origination Satisfaction Study.
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The lender provides a combination of digital and in-person services
LoanDepot is a non-bank mortgage lender that offers a combination of digital and in-person services. The lender operates in all 50 states and is based in Irvine, California. It provides an end-to-end digital process, allowing customers to complete the entire loan application process online. The company's website features a "Knowledge Cafe" with educational resources on buying and owning a home, and customers can also apply for loans and make payments online.
In addition to its digital services, LoanDepot also has over 200 physical branches nationwide where customers can receive in-person assistance. The lender offers multiple contact methods, including in-person, phone, email, online form, and text message. LoanDepot's mobile app allows customers to manage their accounts, make payments, view their loans, and sign up for new products.
The company offers a variety of mortgage types, including fixed- and adjustable-rate conventional mortgages, FHA, VA, jumbo, and USDA loans. It also provides refinance options and home equity lines of credit. LoanDepot's application and pre-approval process can be started online, over the phone, or in person with a loan officer. The loan officer will then help the customer through the mortgage underwriting process and ensure they submit any required documents.
LoanDepot has received positive reviews for its professional and knowledgeable staff, quick loan turnaround, and flexibility. The company has an A+ rating from the Better Business Bureau and a "Great" ranking on Trustpilot, with over 4,000 customer reviews. However, it scored below average in J.D. Power's 2023 Mortgage Origination Satisfaction Study.
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LoanDepot has a good reputation for customer service and convenience
LoanDepot is a non-bank mortgage lender that offers a combination of digital and face-to-face services. It provides an end-to-end digital process along with in-person assistance at its over 200 branches across the US. Its website includes a "Knowledge Cafe" with educational resources on buying and owning a home, and you can easily apply and make payments online.
LoanDepot has an above-average reputation in most regards. It is accredited by the Better Business Bureau and has an A+ rating with the organization. It has also received a "Great" ranking on Trustpilot, with over 4,000 customer reviews giving it a rating of 3.9 out of 5 stars. On NerdWallet, it has a rating of 4 out of 5 stars.
The company has received positive reviews from customers who commend its professional and knowledgeable staff, quick loan turnaround, and flexibility. One customer review highlights the ease of working with their loan officer and their team, who were able to leverage their knowledge into a smooth and seamless home-buying experience. Another review mentions that their main contact stayed on top of everything to complete the mortgage process from beginning to end.
LoanDepot also offers a mobile app that makes managing your account easier. You can use the app to make payments, view your loan, sign up for new products, and more.
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It is one of the largest mortgage lenders in the country, available in all 50 states
LoanDepot is one of the largest mortgage lenders in the United States, offering services in all 50 states as well as Washington, D.C. It is a non-bank lender, providing a combination of digital and in-person services. The company is based in Irvine, California, and has over 200 physical branch locations across the country.
LoanDepot offers a range of mortgage types, including fixed-rate and adjustable-rate conventional mortgages, FHA, VA, jumbo, and USDA loans, as well as refinance options and home equity lines of credit. The company provides an online platform for customers to manage their accounts and make payments. It also has a mobile app that allows customers to make payments, view their loans, and sign up for new products.
The lender has received recognition for its customer service, with positive reviews highlighting the professionalism and knowledge of its staff, quick loan turnaround times, and flexibility. LoanDepot has an A+ rating from the Better Business Bureau and a "Great" ranking on Trustpilot, with over 4,000 customer reviews.
In terms of the application process, LoanDepot offers an online pre-approval form, although it requires contact information to be submitted before seeing mortgage rates. The company also provides multiple customer service options, including phone, email, online form, and text message support.
LoanDepot guarantees no-fee refinancing for life on mortgages closed with the company and offers waived lender fees on refinances for customers who obtained their original mortgage through them. The company also provides up to $4,500 cashback for first-time homebuyers who use a Mellohome real estate agent.
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The company has received positive reviews from customers and rating agencies
LoanDepot has received positive reviews from customers who have praised the company's professional and knowledgeable staff, quick loan turnaround, and flexibility. One customer review on the LoanDepot website highlights the efficiency and professionalism of the loan officer and their team, stating that their "questions were always answered promptly and the experience was as smooth as it could be". Another review mentions the ease of working with the loan officer and their team, who were "very professional and prompt with their response to any and all questions".
LoanDepot has also been recognised for its strong customer service by several rating agencies. The company is accredited by the Better Business Bureau and holds an A+ rating. Trustpilot, a popular review website, has rated LoanDepot as "Great", with a score of 3.9 out of 5 stars based on over 4,000 customer reviews. Additionally, LoanDepot scored above the industry average in J.D. Power's 2024 US Mortgage Servicer Satisfaction Study, receiving a score of 628 out of 1,000 points.
NerdWallet, a personal finance website, gives LoanDepot a rating of 4 stars overall. The rating takes into account factors such as the variety of loan types offered, the convenience of features like online applications and multiple customer service options, and the transparency of providing sample rates on the website.
LoanDepot is a non-bank mortgage lender that combines digital convenience with human support at its branch locations. It offers an end-to-end digital process, allowing customers to manage their accounts and make payments through its mobile app. At the same time, it provides in-person assistance at over 200 branches across the United States. The company is one of the largest mortgage lenders in the country and is licensed to fund loans in all 50 states.
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Frequently asked questions
loanDepot is a non-bank mortgage lender that offers a combination of digital and face-to-face services. It is one of the largest mortgage lenders in the country.
loanDepot offers conventional, jumbo, FHA, VA, USDA loans, and HELOCs. It also provides fixed-rate and adjustable-rate options.
loanDepot offers an end-to-end digital process with in-person assistance at over 200 branches nationwide. It has a strong track record of customer service and provides a lifetime guarantee of no lender fees on future refinances after your first financing with them.
You can start the application process online, over the phone, or in person at a branch. You will need to provide basic information about yourself and the home you want to finance. loanDepot will then verify your information and provide an estimate of what you likely qualify for.
loanDepot has received positive reviews from customers, praising its professional and knowledgeable staff, quick loan turnaround, and flexibility. It has an A+ rating from the Better Business Bureau and a "Great" ranking on Trustpilot with 3.9 out of 5 stars based on over 4,000 reviews. However, it scored below average in J.D. Power's 2023 Mortgage Origination Satisfaction Study.
