LoanDepot Reviews

LoanDepot was established in 2010 and quickly became one of the most prominent names in the mortgage industry. The lender has originated over $100 billion in home loans and helped more than 84,000 homeowners purchase homes.

Both pros and cons


  • Refinance customers will be exempt from paying fees
  • It offers a completely digital process, from application to closing with its Mello Smartloan Platform
  • There are more than 200 branches all over the country


  • Online rates and fees are not available
  • USDA loans are not available

Overview of LoanDepot

The lender provides an all-digital process called Mello Smartloan that allows borrowers to access online assistance. However, there are more than 200 branches in the U.S.

According to the lender, it claims that it can reduce closing times by 50% compared to industry averages. The lender will be expanding its services beyond finding a mortgage.

It is proud to announce a Grand Slam package, a nod towards its status as Major League Baseball’s official mortgage provider.

You can get up to $7,000 back at the closing, a digital security system, and other perks if you use LoanDepot as your matched realty agent.

It’s good for

Borrowers who desire a digital loan experience can seek in-person assistance at over 200 locations throughout the U.S.

Types of loans

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Refinance at rate-and-term or cash-out
  • Construction and renovation loans

Lender fees

LoanDepot doesn’t list online any lender fees.


LoanDepot’s rates for a mortgage are not available online. To request a rate quote and preapproval, fill out the form below.


The Better Business Bureau has awarded LoanDepot an A rating. Based on over 3,400 Trustpilot reviews, the lender scored a score of 3.6 out of 5 stars. LoanDepot’s originating loan score was 844 on a 1,000-point index (12 points lower than the industry average).

This was according to J.D. The most recent Customer Satisfaction Rankings by Power. The lender’s approach to servicing mortgages is more popular with borrowers. It placed eighth in J.D. Power’s customer satisfaction survey for 2021 and scored 18 points higher than the industry average.

Online services

LoanDepot has a Knowledge Cafe that provides educational resources about buying and owning homes. Borrowers can also apply online and make monthly payments.

The Mello Smartloan platform allows you to quickly verify your credit reports and documentation in just seven minutes. However, not all borrowers can use it.

Minimum borrower requirements

LoanDepot follows the conforming loan requirements of mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae, Freddie Mac, those backed by the Federal Housing Administration (FHA), and the U.S. Department of Veterans Affairs.

The key requirements for conventional loans are good credit (typically a score of 620 or greater) and a minimum down payment of 3.5%.

LoanDepot – Refinance

LoanDepot can help you refinance an existing mortgage. LoanDepot offers a Lifetime Guarantee program. It will finance one loan and never charge you for another. You’ll also get your appraisal fee refunded. You will need to speak with a loan officer if you are a new customer. Refinance rates and costs are not available online.

Are you unsure if LoanDepot is the right choice for you? These are some alternatives

  • Homefinity mortgage review – Exceptional customer reviews with a similar focus to a digital application process
  • Quicken Loans mortgage review – The best company in customer satisfaction for mortgage servicing and mortgage originations
  • Guaranteed Rate Mortgage Review – Preapprovals in less than 15 minutes, and publically advertised rates
  • com Mortgage Review – All digital processes with no lender fees
  • Chase Home Lending mortgage review – Higher marks in J.D. Power offer similar loan programs and complete customer satisfaction surveys.

Overall Score of the Breakdown of LoanDepot

  • Affordability: 13/15
  • Availability: 13/15
  • Borrower experience: 9/10

Methodology: LoanDepot Review

The BFN editorial team rates mortgage lenders on a scale from one to five stars. This rating is based on many factors related to the lender’s products and services.

BFN partners compensate us. However, our opinions and reviews are not influenced by partner relationships.



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I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.  I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.

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A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.