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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