LoanDepot Mortgage Review

LoanDepot has many home loan options, including:

The lender’s proprietary software enables a digital mortgage application for borrowers who prefer that option. Even if you don’t want a completely digital experience, this system allows you to validate your income, employment and assets electronically.

You can speak with a lending officer by phone or at one of more than 200 locations nationwide. You can use the lender’s mortgage calculators beforehand to estimate how much you can afford to borrow or refinance.

After you choose a mortgage, your loan officer will submit your loan to underwriting for approval. You can expect to schedule an appraisal, and you may need to submit additional documents to the loan officer. Once your loan is approved, closing will be scheduled.

The typical escrow period for new home purchases – the time between signing the sales contract and the closing date – can be 30, 45 or 60 days. But loanDepot has closed loans in as little as eight days. Refinance transactions typically take 45 to 60 days to close.

Borrowers will need to contact a loanDepot loan officer for information about rates and fees. Similarly, terms and conditions will depend on the type of loan you choose. A loan officer can provide a customized estimate.

After you refinance once, loanDepot will waive lender fees and reimburse appraisal fees on any future refinance with loanDepot.

For purchase and refinance loans, some of the documents you may need to provide include pay stubs, mortgage statements and two years of employment history. LoanDepot will also check your credit when you apply for a loan.

FHA and VA home loans have less stringent credit and down payment requirements than conventional or jumbo mortgages.

Typically, you will need a credit score of at least 620 to qualify for a conventional loan. This score falls in FICO’s fair credit range.

You can qualify for an FHA loan with a FICO score of 500 to 579 and a 10% down payment or a FICO score of at least 580 and a 3.5% down payment. Borrowers generally have to meet a debt-to-income ratio of 43% and show they earn sufficient income to repay the loan.

LoanDepot is licensed to originate mortgages nationwide.

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

LoanDepot is accredited by the Better Business Bureau and has an A+ rating. Trustpilot scores loanDepot 3.7 out of 5 stars, an average rating. The Consumer Financial Protection Bureau received 400 mortgage-related complaints in 2021 about loanDepot’s parent company, LD Holdings Group. Most complaints related to trouble during the payment process, applying for or refinancing a mortgage, and closing on a mortgage. All but 20 complaints received a timely response; 355 were closed with explanation, 17 with monetary relief and nine with nonmonetary relief. The company’s response is in progress for 18 complaints.

For new loans: You can reach a loan officer at 888-983-3240 from 8 a.m. to 10 p.m. Eastern Time Monday through Friday or from 11 a.m. to 6 p.m. ET Saturday. You can also email [email protected] or complete a form on the loanDepot site.

For home loan servicing and payoff information: If you send your payment to Newark, New Jersey, you can email [email protected] or visit loandepot.loanadministration.com. Speak to a representative by calling 877-420-4526 from 8:30 a.m. to 11 p.m. ET Monday through Friday or from 8:30 a.m. to 5 p.m. ET Saturday.

If you send your payment to Chicago and require service, call 866-258-6572 or email [email protected]. You can also submit a message with the form on the loanDepot website or visit loandepot.com/about/loan-servicing.

LoanDepot’s platform provides a digital mortgage application, which lets you not only validate your income, employment and assets, but also track the status of your mortgage electronically. You can opt for an electronic closing or hybrid closing and could close in as little as an hour.

Once you register your account, you can manage your loan from loanDepot’s loan servicing website. That includes making a payment or requesting assistance for a financial hardship.