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Loan Depot Review

Are 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.

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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
starfull Loan Depotstarempty Loan Depot

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


(888) 337-6888


Loan Depot Mortgage 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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{ 9 comments… read them below or add one }

Brown February 21, 2013 at 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 at 12:57 pm

I am in the process of refinancing with 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.


Stephanie April 2, 2013 at 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 at 7:52 pm

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


Paula September 7, 2013 at 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.


Kathy February 24, 2015 at 7:20 pm

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


Mary August 14, 2015 at 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 at 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 at 7:31 pm

I first contacted 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.


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