{"id":21396,"date":"2022-11-09T19:05:37","date_gmt":"2022-11-09T18:05:37","guid":{"rendered":"https:\/\/ecreditdaily.com\/?p=9968"},"modified":"2022-11-09T19:05:37","modified_gmt":"2022-11-09T18:05:37","slug":"loandepot-reviews","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/loans\/loandepot-reviews\/","title":{"rendered":"LoanDepot Reviews"},"content":{"rendered":"<div readability=\"92.896909058424\">\n<p>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.<\/p>\n<h2>Both pros and cons<\/h2>\n<h3>Pros<\/h3>\n<ul>\n<li aria-level=\"1\">Refinance customers will be exempt from paying fees<\/li>\n<li aria-level=\"1\">It offers a completely digital process, from application to closing with its Mello Smartloan Platform<\/li>\n<li aria-level=\"1\">There are more than 200 branches all over the country<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li aria-level=\"1\">Online rates and fees are not available<\/li>\n<li aria-level=\"1\">USDA loans are not available<\/li>\n<\/ul>\n<h2>Overview of LoanDepot<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>It is proud to announce a Grand Slam package, a nod towards its status as Major League Baseball\u2019s official mortgage provider.<\/p>\n<p>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.<\/p>\n<h3>It\u2019s good for<\/h3>\n<p>Borrowers who desire a digital loan experience can seek in-person assistance at over 200 locations throughout the U.S.<\/p>\n<h3>Types of loans<\/h3>\n<ul>\n<li aria-level=\"1\">Conventional<\/li>\n<li aria-level=\"1\">Jumbo<\/li>\n<li aria-level=\"1\">FHA<\/li>\n<li aria-level=\"1\">VA<\/li>\n<li aria-level=\"1\">Fixed-rate<\/li>\n<li aria-level=\"1\">Adjustable-rate<\/li>\n<li aria-level=\"1\">Refinance at rate-and-term or cash-out<\/li>\n<li aria-level=\"1\">Construction and renovation loans<\/li>\n<\/ul>\n<h3>Lender fees<\/h3>\n<p>LoanDepot doesn\u2019t list online any lender fees.<\/p>\n<h3>Rates<\/h3>\n<p>LoanDepot\u2019s rates for a mortgage are not available online. To request a rate quote and preapproval, fill out the form below.<\/p>\n<h3>Reputation<\/h3>\n<p>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\u2019s originating loan score was 844 on a 1,000-point index (12 points lower than the industry average).<\/p>\n<p>This was according to J.D. The most recent Customer Satisfaction Rankings by Power. The lender\u2019s approach to servicing mortgages is more popular with borrowers. It placed eighth in J.D. Power\u2019s customer satisfaction survey for 2021 and scored 18 points higher than the industry average.<\/p>\n<h3>Online services<\/h3>\n<p>LoanDepot has a Knowledge Cafe that provides educational resources about buying and owning homes. Borrowers can also apply online and make monthly payments.<\/p>\n<p>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.<\/p>\n<h3>Minimum borrower requirements<\/h3>\n<p>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.<\/p>\n<p>The key requirements for conventional loans are good credit (typically a score of 620 or greater) and a minimum down payment of 3.5%.<\/p>\n<h3>LoanDepot \u2013 Refinance<\/h3>\n<p>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\u2019ll 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.<\/p>\n<h3>Are you unsure if LoanDepot is the right choice for you? These are some alternatives<\/h3>\n<ul>\n<li aria-level=\"1\">Homefinity mortgage review \u2013 Exceptional customer reviews with a similar focus to a digital application process<\/li>\n<li aria-level=\"1\">Quicken Loans mortgage review \u2013 The best company in customer satisfaction for mortgage servicing and mortgage originations<\/li>\n<li aria-level=\"1\">Guaranteed Rate Mortgage Review \u2013 Preapprovals in less than 15 minutes, and publically advertised rates<\/li>\n<li aria-level=\"1\">com Mortgage Review \u2013 All digital processes with no lender fees<\/li>\n<li aria-level=\"1\">Chase Home Lending mortgage review \u2013 Higher marks in J.D. Power offer similar loan programs and complete customer satisfaction surveys.<\/li>\n<\/ul>\n<h3>Overall Score of the Breakdown of LoanDepot<\/h3>\n<ul>\n<li aria-level=\"1\">Affordability: 13\/15<\/li>\n<li aria-level=\"1\">Availability: 13\/15<\/li>\n<li aria-level=\"1\">Borrower experience: 9\/10<\/li>\n<\/ul>\n<h3>Methodology: LoanDepot Review<\/h3>\n<p>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\u2019s products and services.<\/p>\n<p>BFN partners compensate us. However, our opinions and reviews are not influenced by partner relationships.<\/p>\n<p>\u00a0<\/p>\n<h4>Tags<\/h4>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\" readability=\"4.1447368421053\">\n<div class=\"abh_image\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"> <noscript><\/noscript> <\/div>\n<div class=\"abh_text\" readability=\"35.921052631579\">\n<p>Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth\u00a0knowledge of all things financial, he is a great asset to Greendayonline.<\/p>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><noscript><\/noscript><\/div>\n<div class=\"abh_text\" readability=\"11.050925925926\">\n<div class=\"abh_name\" readability=\"5.7435897435897\">Latest posts by Jason Rathman <span class=\"abh_allposts\">(see all)<\/span><\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 Pros Refinance customers will be exempt from paying fees It offers a completely digital process<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LoanDepot Reviews - Business Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessfinancenews.com\/loans\/loandepot-reviews\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LoanDepot Reviews - Business Finance\" \/>\n<meta property=\"og:description\" content=\"LoanDepot was established in 2010 and quickly became one of the most prominent names in the mortgage industry. 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