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Updated Loan Depot Review

loandepotAre you considering Loan Depot for a purchase or mortgage refinance loan? How does Loan Depot compare to the best mortgage lenders? Here’s my unbiased review of Loan Depot services, interest rates and fees.

Loan Depot

Loan Depot is an online direct mortgage lender.

Should you trust Loan Depot with your next home mortgage?

Rating by Robert Regehr: 1.0 stars
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Loan Depot Profile

Claiming to be the pioneers of direct lending, they have no problem telling you they have the lowest purchase and refinance rates and fees without publishing anything on their website. The site is little more than a sales-brochure promoting their mortgage products.

Loan Depot Contact Information

Mailing Address:

26642 Towne Centre Drive
Foothill Ranch, CA 92610

Phone:

(888) 337-6888

Online:

http://www.loandepot.com

Loan Depot Review

Direct lenders fund their own home loans allowing them to take an advantage of a loophole in the Real Estate Settlement Procedures Act. My biggest problem with this lender is that they do not disclose any fees or publish interest rates on the site.

The only thing I could find on the website was a video about the rate lock deposit. The fees you pay at closing including the origination fee are one of the most important aspects of your home loan. If you’re not able to break even recouping your out-of-pocket expenses you’ll be losing money no matter how great your mortgage rates.

Do you have an opinion or an experience with this lender that you’d like to share? Please leave a comment below!

Common junk fees include application, processing, rate lock and courier fees. The less you pay at closing the more benefit you’ll get from a lower payment amount. You can learn more about getting the best deal on your next home loan by checking out my free Underground Mortgage Videos.

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Check out my free Underground Mortgage Refinancing Videos and you’ll discover how easy it is to save thousands of dollars getting the best refinance rates without paying unnecessary markup or lender junk fees.

  • Free Underground Mortgage Videos

Here’s a sample to get you started paying less for the loan origination fee from today’s best mortgage lenders…

{ 19 comments… add one }
  • Brown February 21, 2013, 8:14 pm

    I refied my home with a 710 fica score the cosing cost were $1500 I did a Discount Point to apply for my cost so my rate went from 3.5 to 3.75 and nothing out of pocket with a little hit on the monthly payment, I cant complain there was no junk fee like oridgination or processing and I closed in 27 days- went real smooth- when I was handed to processing I was in contact daily–so I can say they are great….

  • Tim D March 26, 2013, 12:57 pm

    I am in the process of refinancing with loandepot.com. Tim is the loan officer. So far he has been upfront in explaining the loan process, fees, rate, etc. I will give a final update when refi is complete.

    • Ralph Haynes August 9, 2016, 6:53 am

      What was the end result of your refi?

  • Stephanie April 2, 2013, 11:05 am

    Run away quick! Read threw the BBB reviews, all TRUE! I speak from experience. They stated in original email when we started one FLAT fee but when u close there’s and extra 2 points in fee’s with a large credit by the adjusting the APR and of course it’s only to benifet the consumer, YA RIGHT!! I wasted 5 months and a 30 point drop in credit score from start to finsh so they have ruined our credit/wasted our money on mandatory repairs/ lots of sleepless nights and time away from my family! These people break laws everyday…they are still practicing the old bait and switch routine…there just really sneaky about it! Just read threw the BBB complaints, you will see consistency in every complaint and yet they had an A- rating! One guy on ripp off report said it best they have over 300 complaints and yet they still have an A-….who has dirt on who??? All those people can’t be crazy so I’m going to assume LoanDepot are in violation of many laws and lawyers are too afraid to take them on so more consumers will continue to be hosed! It wasn’t till my funding day that my loan fell threw…7 days after closing with a notary! and NO nothing changed, not our income…not our debt ratio…nada!

    • Paula September 7, 2013, 7:52 pm

      I have not had your experience with them. They are very helpful!

  • Paula September 7, 2013, 7:50 pm

    I am currently doing a refi, scheduled to close on Monday. The two people I am dealing with are both very professional and good at returning calls and emails.

    • DOUGLAS W PETERSON February 26, 2020, 11:35 am

      just completed a re-fi with Loan Depot they couldn’t or wouldn’t get our paperwork to s on time which caused them to lose our first pmt. for Jan. then after their everyday harassing phone calls wee gave them another payment over the phone via credit card now they have lost that and the harassment has began all over again now they want another payment via phone with out us going to the bank to verify payment. Also notified them that they haven’t sent us our Mr. paument coupon. Each office we have been harassed by has a different story. They say because this is a new loan this is normal but we refied with them as they had the previous loan. Really wih we would have used a different lender.

  • Kathy February 24, 2015, 7:20 pm

    I am afraid of losing my appraisal fee the sales in my area are all over the place – wish me luck!

    • Melissa March 7, 2017, 4:36 pm

      You will lose your appraisal fee they won’t give it back to you even though they say they will.

  • Mary August 14, 2015, 8:49 am

    We have been working on a refi for MONTHS … nothing is happening. They keep asking for more paperwork. -Told us initially that we could come out with $30,000 and a slightly higher mortgage payment. Now we are being told we can only get $5000, and our mortgage payment will be significantly higher. RUN AWAY! This company will screw you.

  • Shelby F September 17, 2015, 7:30 am

    Loan Depot is a scam! They drug my family through 3 months of grueling employment, income, debt verifications while “my loan” went back & forth from underwriting to loan officer each of the 4 times coming back with a minor detail that other lenders I’ve worked with have had no problem collecting themsves. Yet each item that I provided sat on someone’s desk for a week and then we “lost our rate lock” twice during their complacency and we had to agree to $1000s more to buy the points to get our rate back each time. We finally made it to closing after >3 months & they declined our loan entirely several hours before signing because of my new job promotion that my loan officer had previously told me not to mention because of the increased paperwork! They said they would refund our appraisal but then never returned a call or email again after that! Crooks!! Don’t waste your time with Loan Depot.

  • John B. October 9, 2015, 7:31 pm

    I first contacted LoanDepot.com in July 2015 to check on a refinance of our home from a rip off loan we got before the bubble burst from one of the big boys that went belly up during the bust. I dealt with Arthur Ortega (Art) at this time and though we were not able to make the deal happen he gave me excellent advise on what to “clean up”. Well I took his advise and on Sept 2, 2015 I contacted Art again and we started the refinance process. He completed all his duties and got it advanced to the next level which was handled by Jacob Brockman. Jacob worked diligently on the package and I had to supply about 3 or 4 items to him after he had submitted the package to underwriting. Well at 4 P.M. today we signed the “closing documents” in the comfort of our home with the closing attorney. So now after 9 years of a rip off mortgage nightmare and mortgage service companies that sucked like a Hoover vacuum, we are finally free of it and have a great loan at a great rate with a great payment. So I highly recommend these two men if you need to buy, refinance or if you are lucky enough to have survived the bubble burst and have some equity you want to cash out. You will get excellent service from start to end. You will have continuous communication from both men as the process moves along. Art and Jacob my family and I thank you both for your professionalism and work on making this happen.

  • Melissa March 7, 2017, 4:34 pm

    They are terrible! The guy that was helping me talked so fast he didn’t slow down to listen to anything. They tell you that they will refi your loan down the road for free. Ha! Not unless they sell your loan then you’re screwed. Also, closing costs by third parties are always paid by you. They also ran my credit 14 different times. Very odd company I finally said never mind.

  • William S July 25, 2017, 11:33 am

    Loan Depot is the worst company out there STAY AWAY! Looked at getting my home refinanced with LoanDepot. I told them my current credit rating, Escrow amount and current payment to get an idea of what things would cost prior to running a credit check with them. Let them know my insurance and FEMA payment were included in my current escrow and what my monthly escrow charge was. Was quoted an interest rate and monthly payment based on the information I gave them but was told that things may not be the same as the preliminary quote should information I gave them be incorrect, so I told them to move forward. They then proceeded to charge my Credit card $10 to process a credit check. After the credit check was ran all was still the same so I said let’s proceed as the interest rate and payment were great and still what I had been quoted in the preliminary quote. A day later the loan person Dave calls me and says Oh I forget to add the charge for FEMA insurance to your escrow so you payment is going to be $100 more is that okay. No that is not okay I was quoted this and then things changed yet I made sure to tell the not to forget about FEMA since I live on the intercostal. This is the bait and switch loan company who records the phone calls for their protection but not yours. After all of this they even refused to request the hard inquiry be removed from my Credit report even though this was their error. Go t a reputable bank not this BS company if you want a legitimate loan and not get the bait and switch routine. I would recommend Quicken Loans as they are reputable and will give you the information straight. Quicken loans is who recommended that I ask Loan Depot to have my hard inquiry removed which I did and was denied by Loan Depot. Teach your people to do their job correctly and professionally. Will tell everyone who is willing to listen the horrid service and misrepresentation I had from you employee and company.

  • ken July 27, 2017, 9:37 pm

    My low ball appraisal came back and LoanDepot did not include the 3rd bedroom or new roof on house and garage or fence. Loandepot called and said I needed to come up with 5k to close. I told them I was at work and would call later. I called two days later and was told loan was closed out! WTF? I told them appraisal was incorrect. They said would get back to me next day. Never called me back and not returning my call! Probably lost my $350 for the bogus appraisal! STAY AWAY

  • brandy October 16, 2017, 9:18 pm

    I had the worst experience with loan depot. All I can say is run fast don’t even let them run your credit report. After a loan that seemed to drag out for months they kept sending request after request. After they asked for an inspection of our foundation we decided we had enough. When I checked my credit after this experience I found out they did three hard inquiries not one like I was told. This affects my credit score and Loan Depot refused to remove two of them. My friend looked into them and did not feel good about it. She went with someone local and had no issues. She was done in a month and had no changes in her loan.

  • Steven Gordon May 1, 2018, 9:05 am

    My Experience with Loan Depot. The Reps were professional Justin and Julius were great. But it took forever to close it. I started the process over a month and half ago. I signed paperwork Monday last week and it stated funded yesterday 7 days later, but no funds so far have been received. My Current mortgage even stated they have nothing pending for the pay off. I don’t think it was the reps I was working with, I think it’s the underwriters specifically for this company. They don’t seem to care to close on time which is really sad. The reality is it takes 3 days to process in case I wanted to cancel which would have been Thursday. So it probably should have closed & funded Friday. It now Tuesday and still have no funds or pay off on my mortgage. I will not use them again because of this delay after delay from underwriters not from the Reps. Like I said the Reps were great it’s not there fault they can only do so much and it’s out of there hands. A lesson learned for this lender is do not expect to close on time and give it 45 days or more. I have to admit it’s the worst experience I had in refinancing my home. Let see if it hits my bank today by 2pm or earlier. There is no reason why it should take this long with wire transfers of funds and holding things up. I would recommend that if you see any delay tactics go with another lender you probably be better off especially if you need the money to take care of things and you cannot afford to wait on them.

  • thomas Montague April 4, 2019, 10:28 pm

    we had a great experience with refinancing through Loan Depot everything was done above board and professionally.Everyone we delt with were kind and helpful.
    I was let down when they sold us to someone who has raised our automatic payment50.00 without an explanation as to why it was done.Also the payment is supposed to come out of our checking on the first and this is the 4thand it still has not come out.

  • Ms. Edie Boudreau November 15, 2019, 5:51 pm

    Nightmare is the most accurate word I can apply to my dealings with Loan Depot, and especially with Cole Shandrick, the man who called me about Loan Depot. Hard sell is the description of our conversation. I told him at once that I had already talked to a Quicken representative and was just waiting for a satisfactory interest rate quote. But he pushed and pushed & said he could give me the best rate immediately–just give him some basic info to work with. I told him the basics, but warned him not to go farther with it, as I wanted to wait for Quicken’s quote, and they already had my credit ratings. I am a former real estate agent, and I knew from my experience that too many requests for ratings were considered a negative. He gave me a quote that was .25 % higher than my current mortgage, and I said that was too high–that I was looking for a lower rate. I said I would call him back if it didn’t work with Quicken. A day later, I heard back and Quicken offered an interest rate that was lower than my present mortgage, so I accepted. We finished the details and started the ball rolling. I called back to notify Cole that I had closed with Quicken, and requested that he toss all my private information away because I wouldn’t be going with Loan Depot. After that: as many as 20 calls–one after another for days, until I finally blocked him. Later a woman called and I told her about Cole’s harassment. She said she would take care of it, but still I would get calls every day until I actually got a manila envelope with a contract for me to sign. It was such heavy-handed treatment that I sent him an email warning him to stop bothering me or I would go to the top management of his company. I was closing with Quicken, and if anything, his behavior had given Loan Depot a very bad taste in my mouth. But the icing on the cake arrived yesterday. I received an Adverse Action notice from him with a denial of a loan!! He had (or he claimed to have) sent in requests for credit information to Experian, Equifax, and TransUnion with outrageous lies, and even though he still listed my credit rating as 749, I have the lies in front of me. It came with a 4-page form for me to fill out if I didn’t want my private information released to the wind!!. If this affects my mortgage application with Quicken, I will sue Loan Depot and Cole Shandrick for enough to pay my house mortgage off!! And even if it doesn’t stop my loan application with them, I may still sue for his outrageous lies if I don’t receive verification from all three credit bureaus that they have destroyed his information. If this treatment is ignored by Loan Depot, they should expect to hear from my lawyer.

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