Our take: loanDepot is one of the biggest mortgage lenders in the United States, and the loan options are extensive. Customer service is good, but transparency about rates is limited online, and the company is currently facing ongoing lawsuits. We recommend exploring our higher-rated picks for the best mortgage companies instead of loanDepot.
Purchase Mortgage
- Good customer service and high customer satisfaction
- Unique lifetime guarantee
- No rate information online
- Not transparent about fees
- Multiple lawsuits against the lender
| Rates (APR) | Vary by loan type; Start at 6.25% |
| Loan amounts | $150,000 – $3 million |
| Repayment terms | 10, 15, 20, or 30 years |
| Min. down payment | 5% conventional, 3.5% FHA |
| Type of rates | Adjustable or fixed |
| Customer ratings | 4.0/5 Trustpilot |
Mortgage Refinance
- Fast closing time
- Helpful loan officers
- Wide variety of loan options
- No rate information online
- Limited fee information
| Rates (APR) | Starting at 6.50% |
| Loan amounts | Up to $3 million |
| Repayment terms | 10, 15, 20,30, or 40 years |
LoanDepot is one of the largest mortgage lenders in the country, offering loans in all 50 states. The company earns good customer reviews, and overall satisfaction is above average.
Every borrower is assigned a dedicated loan officer who can be reached via text, call, or email. I had positive interactions with customer representatives and loan officers, with no pressure involved. While mortgage rates are competitive, there is limited transparency regarding rates or fees online.
Our loanDepot review can help you decide whether it’s the right fit.
Table of Contents
loanDepot company profile
As the third-largest mortgage lender in the United States, the company offers all the loan options you would expect. You can find local branches in most states, but it’s nearly impossible to get information about rates without handing over your personal information.
Purchase loan types
Here’s a look at several of loanDepot’s products.
Conventional
What to know
- Unique lifetime guarantee
- No rate information online
- Multiple lawsuits
LoanDepot offers a standard conventional mortgage with adjustable or fixed rates. Its lifetime guarantee is appealing if you think you’ll want to refinance with loanDepot in the future, but we recommend getting preapproved with several of the best mortgage lenders before proceeding with loanDepot.
| Rates (APR) | Start at 6.25% |
| Term lengths | 10, 15, 20, or 30 years |
| Loan amounts | Up to $3 million |
FHA
What to know
- High volume of FHA loans
- Direct FHA mortgage lender
- Helpful client education
- Rates are average
- No rates or fees online
LoanDepot is a seasoned FHA lender, with FHA loans making up nearly 30% of the company’s lending portfolio. Even though loanDepot understands the requirements, you can probably find better rates with a different lender.
| Rates (APR) | Starting at 6% |
| Term lengths | 10, 15, 20, or 30 years |
| Loan amounts | Up to $1 million |
VA
What to know
- Experienced VA lender
- Educational online database
- Hard to compare offers
About 10% of loanDepot’s business comes from VA loans. Since all lenders offer the same VA loan benefits, your choice often comes down to interest rates and customer service. LoanDepot’s customer satisfaction is high, but its rates tend to be average (and we couldn’t confirm its rates for VA loans specifically).
| Rates (APR) | Vary |
| Term lengths | 10, 15, 20, or 30 years |
| Loan amounts | Varies |
loanDepot mortgage refinance
What to know
- Fast closing time
- Helpful loan officers
- Wide variety of loan options
- No rate information online (we contacted customer service to confirm rates)
- Limited fee information
You can work with loanDepot for nearly every type of refinance, including adjustable-rate, fixed-rate, VA, and FHA. The starting rates are good, but you can’t find the highest rates online, which makes it tough to tell how competitive they are. What you get depends on your debt-to-income ratio, credit score, and a few other things.
| Rates (APR) | Starting at 6.50% |
| Term lengths | Up to $3 million |
| Loan amounts | 10, 15, 20,30, or 40 years |
Other mortgage features
Your house is the biggest purchase you’ll ever make, so it’s important to do a deep dive on mortgage terms and what to expect with each lender.
Let’s take a look at loanDepot-specific mortgage features.
Lifetime guarantee
LoanDepot’s lifetime guarantee means you won’t pay any lender fees if you have an existing loanDepot mortgage and decide to refinance with the company. According to loanDepot, most homeowners refinance every seven years, so it’s a valuable benefit.
Strict no-steering policy
A 2025 class-action lawsuit alleges that loanDepot incentivized loan officers to recommend more expensive loans to borrowers. The lawsuit also alleges that the company retaliated against employees who didn’t do so.
Today, loanDepot has a strict no-steering policy, meaning loan officers don’t receive incentives to recommend one loan over another. The company also “revamped” its leadership team after the lawsuit was filed.
Close On Time Guarantee
The company offers a Close On Time Guarantee. LoanDepot will pay you and the seller $1,000 if the loan doesn’t close on time. You can also receive up to $2,000 cash back if you buy a home through a mellohome network real estate agent.
$100 billion in loans
LoanDepot is one of the biggest mortgage lenders in the country, with $100 billion in loans. That’s a decent amount, but Rocket Mortgage, the nation’s largest lender, has closed on $1.8 trillion in home loans.
Licensed in all 50 states
You can get a mortgage from loanDepot in all 50 states. Its nationwide availability, including in-person branch locations, makes it an option for borrowers across the country.
Tech-enabled platform
LoanDepot uses mello smartloan to digitize paperwork during the application process. You can use the platform to collect proof of income and employment, which speeds up the preapproval process.
Is loanDepot legit? Customer reviews and ratings
Founded in 2010, loanDepot is a direct lender with over $100 billion in loans. It’s a reputable company with NMLS license number 174457.
The company earns high customer review ratings, averaging 4 out of 5 stars across most sites:
| Source | Rating | Number of reviews |
|---|---|---|
| Better Business Bureau (BBB) | 4.07/5 | 1,076 |
| Trustpilot | 4.0/5 | 4,348 |
| Zillow | 4.92/5 | 9,218 |
Here’s the bottom line.
- What it does well: LoanDepot is BBB-accredited and earns an A+ on the platform. The lender stands out with great customer service. Many reviewers give a shout-out to the loan officers who go above and beyond to make the process less stressful. According to reviewers, funding is quick, and loan decisions take only a few days.
- Where to be cautious: Some reviewers mention excessive sales phone calls after completing the preapproval process. A few customers also had issues being denied loans after a loan officer said it wouldn’t happen.
loanDepot pros and cons
Pros
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We were impressed by the patience and helpfulness of the company’s loan officers.
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LoanDepot’s customer satisfaction is higher than average, according to J.D. Power’s 2025 Mortgage Servicer Satisfaction Study.
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Lifetime Guarantee can help you save thousands of dollars if you refinance your loan with loanDepot in the future.
Cons
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No rate information on the company website.
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LoanDepot provides only one document that lists closing fees, and it’s not very user-friendly.
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A current lawsuit alleges that loanDepot prioritized profits over customers.
loanDepot alternatives
Here’s a look at how loanDepot compares to some of the best mortgage lenders on our list.
loanDepot vs. SoFi
SoFi is our top mortgage lender pick because it excels in every category: low rates, friendly loan officers, transparency, and benefits. The 45-day rate lock is beneficial if you’re in a competitive housing market and the search is taking longer than expected. However, the minimum credit score requirement for FHA loans is higher than average, and SoFi doesn’t have physical locations.
loanDepot vs. Rocket Mortgage
Rocket Mortgage makes homeownership more accessible with the ONE+ program for income-eligible borrowers. You only need a 1% down payment, since Rocket Mortgage covers the remaining 2%. LoanDepot has a down payment assistance program, but it’s only available in select counties.
loanDepot vs. Quicken Loans
Quicken Loans is one of the best mortgage refinance companies because it lets you access your equity in different ways, including a home equity loan and a cash-out refinance. One of the most noticeable differences between Quicken and loanDepot is transparency about rates and fees. All of the information is available on Quicken’s website, but you have to call loanDepot to get it.
Check out our full list of reviewed mortgage companies.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Mellohome, The Mellohome Grand Slam
- loanDepot, Home Purchase
- HousingWire, loanDepot Lawsuit Directs a Spotlight on LO Comp Practices
- Bloomberg Law, loanDepot’s $25 Million Data-Breach Deal Gets Initial Court Nod
- J.D. Power, Homeowner Satisfaction With Mortgage Servicers Declines Sharply, J.D. Power Finds
- Consumer Financial Protection Bureau, 2023 Mortgage Market Activity and Trends
- loanDepot, Home Refinance
- loanDepot, loanDepot Ranks Third By Units Among Largest Mortgage Lenders in America, According to 2022 HMDA Data
- loanDepot, About loanDepot
- Rocket Companies, Fast Facts
About our contributors
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Written by Taylor Milam-SamuelTaylor Milam-Samuel is a personal finance writer and credentialed educator who is passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found in the classroom teaching.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.