LoanDepot Mortgage Review

LoanDepot logo



Millennial Money rating

Bottom Line

LoanDepot is a mortgage and refinancing services company. They are the second largest non-bank loan provider in the U.S. That’s a pretty big deal! The company also has solid ratings from the BBB and JD Power.


  • Easy Online Process
  • Available In All 50 States
  • Option To Communicate Via Phone


  • No Mobile App
  • No Home Equity Loan Option



Ease of Use


Customer Service


Loan Options


LoanDepot logo

LoanDepot is an online mortgage lender that strives to simplify the mortgage process with digital tools.

The company is the second-largest non-bank consumer lender in the U.S., offering mortgage loans, refinancing options, and loans for builders and real estate investors.

Using the service, you can get a mortgage entirely online or work with a loan officer in one of their many branches located throughout the U.S.

Online mortgage lenders seem to be popping up each day. I find these companies to be really interesting because they’re disrupting a massive industry that has over $15 trillion invested in it.

What is LoanDepot?

LoanDepot was founded in 2010 by its current CEO, Anthony Hsieh, who previously helped build LoansDirect, E*TRADE Mortgage, and LendingTree.

Headquartered in Southern California, the company now employs over 6,400 people and has over 150 retail branch locations sprinkled across the U.S.

Over the past 10 years, LoanDepot has funded over $165 million in loans. That said, they’re not exactly a new player in the online mortgage lending industry.

The company’s growth is fueled by its online lending tools that automatically match borrowers to lenders—without the need for filing a bunch of paperwork or going to a traditional bank.

LoanDepot Mortgage Options

LoanDepot has a wide variety of home mortgage products. Here is a rundown of the different types of loans that the company offers.

LoanDepot Mortgages

  • Mello SmartLoan: Mello SmartLoan is loanDepot’s “smarter way to get a mortgage.” Using the service, you can electronically connect the information to your mortgage application (like your income, assets, and employment history). The platform then automatically calculates your loan options and pairs you with a loan consultant who helps you complete the process.
  • Fixed-Rate Mortgages: Fixed-Rate Mortgages are the most common types of mortgage loans. They come with a fixed interest rate, typically for a period of 10, 15, 20, or 30 years.
  • Adjustable Rate Mortgages (ARMs): ARMs offer a lower mortgage interest rate during the first few years of your loan.
  • Federal Housing Authority (FHA) Loans: FHA loans are government-backed loans that help lower-income individuals, those with bad credit, and first-time homebuyers purchase a home.
  • Home Affordable Refinance Program (HARP) Loans: HARP Loans are government-backed loans that help homeowners refinance if they owe more on their mortgage than their house is worth.
  • Jumbo Loans: Jumbo Loans are available for high-value home purchases that require larger-than-average mortgage amounts, up to $2 million.
  • VA Loans: VA Loans are available for military service members and their families. A main benefit of getting a VA loan over a traditional loan is that, in some cases, a down payment is not required to secure the loan.
  • 203k Loans: 203k Loans are FHA-backed loans that provide money for making home renovations. loanDepot offers both standard and streamlined 203k loans (which are described in more detail on the above link).

LoanDepot Lifetime Guarantee

All loanDepot loans are backed by the company’s lifetime guarantee.

If you finance your home with LoanDepot and decide to refinance in the future, you’ll only have to pay lender fees when you take out your first mortgage.

LoanDepot Mortgage Refinance

Looking for a better deal on your mortgage? Or maybe you’d like to take out some extra cash for a major renovation? You might want to look into loanDepot’s home refinance options.

You’ll get the same lifetime guarantee that I described above, along with expert guidance from the company’s loan consultants.

LoanDepot Rates

LoanDepot offers competitive rates on mortgages and home refinancing.

However, I’m reading that the company might charge higher-than-average lender fees.

That said, make sure to do your due diligence before finalizing your loan terms to ensure you’re getting the best deal.

LoanDepot, like many lenders, will consider a match if you can provide a loan estimate from another competitor.

Getting Started

To sign up for loanDepot, click on the green Get Started button in the middle of your browser.

Next, enter your zip code and the sale price and loan amount for the home you want to buy. Now it’s time to enter your credit score.

After that, enter your first name and last name, phone number, and email address.

In the next step, you’ll be asked to confirm your home address,

You’ll then create a password in order to save your information and establish an online account.

Next up, you’ll enter some additional details about your living situation, income, and identity.

At the next step, you’ll be asked to connect your assets and banking information to loanDepot electronically (which saves you the extra legwork of having to submit paper documents later on during the process).

After answering a few more questions, you’ll be able to submit your application and view your quotes online. The process took me just under 10 minutes to complete.

LoanDepot Security

loanDepot uses leading-edge encryption and firewall technology to protect its web platforms (and your data).

Customer Support

Customer support agents are available by phone from 5 a.m. to 7 p.m. Pacific Time, Monday through Friday, and on Saturdays from 8 a.m. until 3 p.m. Pacific Time.

Phone support doesn’t appear to be available on Sundays. Oh well! You can also send them an email or submit an online request at any time via their contact us page.

Overall, customers seem to be pretty happy with the quality of support that loanDepot provides.

The company has an A rating and a 4-star (out of 5) customer review average with the Better Business Bureau (BBB).

It’s also ranked in the top third for customer satisfaction in JD Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study. Not too shabby!

Pros and Cons of loanDepot


  • One of the first to offer online mortgages
  • Convenient online tools make it easier to sign up for a mortgage
  • Option to work with a real person over the phone or at a physical branch
  • Available in all 50 states


  • No mobile app
  • Home equity loans not available
  • Might charge higher-than-average lender fees (hard to tell)

Alternatives to loanDepot

There aren’t many online lenders that are as well-established as loanDepot. Two that come to mind are Better Mortgage and Rocket Mortgage.

LoanDepot FAQs

Is LoanDepot a Reputable Lender?

Yes. LoanDepot has been serving customers for 10 years and has funded over $165 million in loans.

Is LoanDepot Legit?

Yes. LoanDepot is a legitimate mortgage and refinancing services company. As I mentioned earlier, they’re the second-largest non-bank loan provider in the U.S. That’s a pretty big deal. The company also has solid ratings from the BBB and JD Power.

Is LoanDepot FDIC-Insured?

LoanDepot does not appear to be FDIC-insured, most likely because they’re not a bank. If this is a concern of yours, I would ask an agent directly if the company has FDIC insurance that might apply to your loan situation.

Is LoanDepot For You?

If your eyes are set on purchasing your first home or if you’re considering a refinance on your current mortgage, getting a free quote from loanDepot seems like a pretty good call.

The company is well-established and has a robust online platform that takes much of the legwork out of the traditionally slow-moving mortgage application process. On the other hand, if you’re looking for a home equity loan—or if you prefer to work with a traditional bank mortgage lender— you’ll have to shop around elsewhere.

As with any major purchase, you’ll thank yourself for doing the extra work upfront and shopping around for the best mortgage rates. Whether your mortgage lender is online or around the corner from your home, here’s to finding the right financing for your unique situation.

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