SCORE: 3.9
By David McMilin
LoanDepot Mortgage Review 2021 | The Simple Dollar
Overview
LoanDepot was founded in 2010 and has quickly become one of the biggest names in the mortgage market. In 2020, the lender originated more than $100 billion in home loans, helping more than 84,000 homebuyers with purchases and more than 209,000 homeowners refinance. The lender offers an end-to-end digital process, but borrowers can also get in-person assistance at more than 200 branches across the U.S. The lender claims it can beat industry average closing times by 50 percent. In October of 2021, the lender expanded beyond helping you find a mortgage with a new Grand Slam package (a nod to its sponsorship as the official mortgage provider of Major League Baseball). If you use a matched real estate agent, secure your home loan with LoanDepot and choose its title and homeowners insurance services, you’ll be eligible for up to $7,000 back at closing a digital home security system and some other perks.
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Breakdown of LoanDepot review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 10/10
Pros and cons
Pros
- Waives fees for existing customers who refinance
- Offers an entirely digital process from application to close
- More than 200 branches across the country
Cons
- Rates and fees not available online
- No USDA loans
Good for
Borrowers who want a digital loan experience with the option to seek in-person assistance at more than 200 locations across the U.S.
Reputation
LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,400 customer reviews on Trustpilot, the lender scores a 3.6 out of five stars. In terms of originating loans, LoanDepot scored 844 out of a 1,000-point index (12 points below the industry average) in J.D. Power’s most recent customer satisfaction rankings. Borrowers are more pleased with the lender’s approach to servicing mortgages: It finished eighth in J.D. Power’s 2021 customer satisfaction study, scoring 18 points above the industry average.
Refinancing with LoanDepot
You can refinance your existing mortgage with LoanDepot. The lender offers a Lifetime Guarantee program: Finance one loan with the company, and it will never charge you a fee for another refinance on the same property. Plus, you’ll get your appraisal fee reimbursed. If you’re a new customer, you’ll need to ask a loan officer about refinance rates and costs, as they are not listed online.
Review methodology
To determine a mortgage lender’s SimpleScore, The Simple Dollar’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. The Simple Dollar’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
Click here to read the rest of LoanDepot’s consumer reviews.
