loanDepot Review for 2022

LoanDepot has made its name in tech-first mortgage lending and refinance. Many customers love this model, but as with any lender, there are pros and cons.

Lending flexibility 4.0
Customer service 4.5
Ease of application 3.5
Online experience 4.5
Minimum down payment 3.5%
Minimum credit score 580
Loan Products Offered

Fixed-rate mortgage
Adjustable rate mortgage
Jumbo mortgage
FHA mortgage
VA mortgage
FHA 203k loan

Best Features

  • Innovative mortgage technologies may help you close quickly
  • Good range of mortgage products offered
  • High levels of customer satisfaction


  • Rates and closing costs are about average
  • You have to apply to see any mortgage rates
  • No USDA loans


In an industry of financial giants, loanDepot is something of a new kid on the block. It's only been around since 2010.

In that time, though, loanDepot has grown to become one of the largest home mortgage lenders in the U.S.

It's known for deploying innovative mortgage technologies that make the home financing process smoother and faster for customers — especially those that are willing to conduct business online.

Overall, loanDepot is a strong contender if your main objective is to land a mortgage or refinance with minimum hassle.

Be sure to compare rates and closing costs and make sure loanDepot's pricing is competitive for you, too.

loanDepot mortgage rates

loanDepot does not show current mortgage or refinance rates on its website. You’ll have to ask for a quote to see loanDepot’s interest rates, which requires you to add personal details and contact information.

However, we did get a sense of how loanDepot mortgage rates stack up by looking at average 30-year rates from 2020 (the most recent data available).

On average, it seems that loanDepot mortgage rates are a little bit lower than the competition, while its lender fees are middle of the line.

Average 30-year mortgage rates at major lenders 

  loanDepot  Rocket Mortgage Wells Fargo  Freedom Mortgage
Average 30-Year Interest Rate, 20201 3.17% 3.20% 3.62% 2.92%
Median Total Loan Costs, 2020 $4,000 $4,610 $3,370 $3,340
Median Origination Fee, 2020 $1,600 $2,950 $1,280 $0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Verify your new rate (Jan 17th, 2022)

LoanDepot mortgage review for 2022

Despite being a relatively new mortgage company, loanDepot has quickly grown into a serious player.

From its headquarters in Foothill Ranch, CA, loanDepot is licensed to operate in all 50 states and has almost 200 branches or “lending stores.” It’s also one of America’s largest mortgage lenders according to the Consumer Financial Protection Bureau.

So, what’s loanDepot’s special sauce? Many customers choose the company for its innovative technology and good customer support.

loanDepot says it “matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives.” That makes it sound like a dating website for money, which isn’t a bad analogy.

The company’s main proprietary technology, called “mello smartloan,” pairs borrowers with loans based on their “income, employment, and assets” — all of which happens online. Ideally, this should make the process of getting a home loan simpler and faster.

But with loanDepot’s decision not to post rates online, you’ll have to commit to a preapproval application in order to learn whether it’s the cheapest lender for you.

Working with loanDepot

Unless you happen to live near one of loanDepot’s few branches, you’ll likely end up handling the majority of your home financing online, backed up by phone calls with one of the company’s 2,000+ licensed loan officers.

Of course, this digital-first method won’t be a drawback for the sort of tech-savvy customers loanDepot means to attract.

The loanDepot website feels modern and welcoming. It lets you apply online, upload documents securely and check your application’s status. Ultimately, you’ll be put in touch with a loan officer to finish the process.

What is mello smartloan?

loanDepot’s Mello smartloan digitizes and automates many of the steps involved in processing a loan application.

It verifies your income, assets, and employment; checks your credit; organizes your appraisal, title insurance, and flooding status; and lets you close online.

The company reckons this could shave 75-80 percent off normal closing times.

That means some customers might be able to finalize their home loan in as little as eight days. For comparison, the average time to close a home loan the ‘traditional’ way takes between 44 and 48 days.

All in all, loanDepot has some unique offerings that are particularly good for tech lovers.

loanDepot customer service reviews

Customers are generally satisfied with their loanDepot mortgage or refinance experience.

The company scored 844 out of 1,000 points on J.D. Power’s most recent customer satisfaction survey, and has fewer than one complaint per hundred customers registered with the Consumer Financial Protection Bureau.

Customer service at major lenders 

  CFPB Complaints, 20204  Complaints Per 100 Mortgages, 20205 JD Power Satisfaction Score, 20206
loanDepot 186 0.04 844/1,000
Quicken Loans 391 0.03 883/1,000
Wells Fargo 554 0.05 840/1,000
Freedom Mortgage  288  0.04  817/1,000

Mortgage loan products at loanDepot

loanDepot has a broader range of mortgage products than some of its competitors. That means different types of buyers should be able to find a fitting loan — from those with low down payments and challenging credit to multi-million dollar borrowers.

loanDepot offers the following types of mortgage loans:

  • Fixed-rate mortgages — Most borrowers opt for a 30-year fixed-rate mortgage, though 10-, 15- or 20-year options are all available with higher monthly payments
  • Adjustable-rate mortgages (ARMs) — Offers a lower rate, which is fixed for an initial period of 3, 5, 7 or 10 years, and a floating rate for the rest of the loan term
  • Jumbo loans — Offers a higher cap than conforming loans, generally for mortgages over $647,200. LoanDepot lets you borrow up to $2 million
  • FHA loans — Backed by the Federal Housing Administration, FHA loans let you borrow with down payments as small as 3.5 percent of the purchase price and have more flexible credit requirements
  • VA loans — Eligible service members and veterans can borrow with zero down payment, no continuing mortgage insurance payments, and easier credit hurdles
  • FHA 230k loans — These are special loans for fixer-upper homes that let you finance up to $30,000 more than the home’s value for necessary repairs

If you can’t decide which would suit you best, loanDepot says its experts will help you choose.

loanDepot home improvement financing

loanDepot offers a few types of home improvement financing, including FHA 203k renovation loans, cash-out refinancing, and personal loans. 

The FHA 203k combines a home mortgage and renovation costs into a single loan. It’s a great option for people buying older homes or fixer-uppers that will need major improvements right off the bat. You can also use an FHA 203k from loanDepot to refinance.

Cash-out refinancing is another way to finance home improvements. Using a cash-out refinance, you can tap your home’s equity and put the cash to work however you choose. You can also lock in a lower mortgage rate if rates have fallen since you first took the loan out.  

loanDepot also offers personal loans, which can be used for home improvements. Personal loans might be a good option if you don’t have enough equity in your home to use a cash-out refinance.

However, interest rates for personal loans are typically a lot higher than mortgage rates. So weigh your options carefully.   

Where can you get a loan with loanDepot?

NMLS ID: 174457

LoanDepot has branch locations in the following states:

  • AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, and WV

You can also apply for a loanDepot mortgage or refinance online in any state.

Overall, the company seems geared more toward tech-savvy borrowers than those who prefer a traditional experience.

That’s not to say you’ll be on your own, adrift in cyberspace. LoanDepot employs more than 2,000 licensed loan officers, and you’ll have one assigned to your loan to help you through the process.

Is LoanDepot the best mortgage lender for you?

If you’re gung-ho about getting the whole mortgage process done online, loanDepot is likely a good place to start.

With such a large volume of customers and consistently high satisfaction scores, it’s a safe bet your mortgage or refinance process with loanDepot will go smoothly.

Just remember that rates and costs vary by customer. Make sure loanDepot’s convenience comes hand in hand with a low rate and reasonable closing costs before signing on.

That means checking interest rates from at least 3-5 lenders before you settle on a mortgage. Comparison shopping often saves borrowers hundreds or thousands of dollars, so don’t skip this step!

Compare to These Lenders

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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings