Credit Karma reviewers give LoanDepot a 1.9/5 – this isn’t a good rating but it hasn’t been edited to avoid bias. With mello, LoanDepot can eliminate a large part of the paperwork that’s usually required for a mortgage by digitally verifying your income, employment and more. Your email address will not be published. Steer clear of them. loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. Instead, they can create an account and save their progress at any time. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. UPDATED JANUARY 2021 The technology also helps you determine which loan types work well for your situation. Here are details on each LoanDepot mortgage: 1. Read about their experiences and share your own! I started a refi with LoanDepot in June of 2020. To complicate the above on why I will claim I was scammed: 1. loanDepot’s current CEO, Anthony Hsieh, launched loanDepot in 2010 after working for years in the mortgage sector. After obtaining the loan estimate, everything slowed way down. Hi Elizabeth – Thank you for this review. Fixed-Rate Loan. N/A. loanDepot holds the funding in an escrow account that can be released to pay construction staff once home renovation landmarks have been made. All Rights Reserved. Closing is normally done in a couple of days, and you don’t have to refinance your first mortgage. It provides extensive, These types of loans, which are assisted by the Federal Housing Authority, assist homebuyers who cannot afford to put 20 percent down on their homes. Find reviews and ratings for Washington mortgage lenders. Savings from loanDepot’s HARP refinancing program average $355 per month. It offers both fixed- and adjustable-rate jumbo mortgages. These calculators help buyers see if they can afford to buy a home, compare the rates of different loans, and predict their monthly payments based on several factors, including: Identification, such as a passport, license, voter ID, Social Security number, tax identification number, or birth certificate, Information related to income, via pay stubs or Social Security income records, (BBB), with an A+ rating. All Rights Reserved. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Also, it is the second largest nonbank consumer lender after Quicken Loans. You can find reviews on LoanDepot on their website. Are Roth IRA Contributions Tax Deductible? 3/5. The company is a direct lender. All loans are issued by New Jersey-based Cross River Bank, and might incur an origination fee between 1 and 5 percent of the loan amount. He was the prior owner of LoansDirect.com, an online lender that was eventually acquired by E*TRADE Financial. Then a man emails me for further bank statements etc. Rotten mortgages are what took the economy down in 2008. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. loanDepot cannot guarantee that the borrower will be approved for a future loan, the interest rate for a future loan, or the future appraised value of the home. They did not know Texas laws and did not do the loan according to laws. A free inside look at company reviews and salaries posted anonymously by employees. Sign up to receive our free weekly newsletter. LoanDepot is a reputable lender that offers a variety of home loans and refinancing services. LoanDepot has made its name in tech-first mortgage lending and refinance. Work with your transferred provider to find out what payment methods are acceptable. Thirty-year fixed-rate mortgages are the most popular choice for loanDepot borrowers, but term lengths of 10, 15, and 20 years are also available for those who would like to pay off their loan faster. We started the process on 10/22. The borrower’s ability to qualify for a future loan will be subject to the loan program terms and conditions available at that time. Required fields are marked *. 4 / 5.0 . 3,092 people have already reviewed loanDepot. . There are a total of 399 BBB customer complaints against this lender. Origination fees range between 1% to 5%, a number that exceeds the national average of 1%. Also, it is the second largest nonbank consumer lender after Quicken Loans. This lender is accredited by the Better Business Bureau (BBB), with an A+ rating. I got Moe ** at Loan Depot to write up a refinance on my home. Before we refinanced, we had our home loan with LoanDepot. I canceled the loan. And I can't get them to take it off of there. Repayment Terms . Shut them down and found someone else, who is offering a better rate and almost zero cost, and plans to close in 22 days. These standard home loans provide consistent monthly payments over the lifetime of the mortgage. The loan officer was helpful in the beginning, but once the process actually started, he completely ghosts our emails, calls and texts. You can check the company’s website for its loan and refinancing rates every day. Home equity loans – loanDepot also offers fixed-rate second mortgage loans. Be the first one to find this review helpful. I think these men at Loan Depot are capable of putting America into another 2008. About two weeks later I received a call from Loan Depot requesting three items of information that I had already provided that they needed for their underwriters. I understand that there are a lot of people refinancing, but I wish Loan Depot would have been more honest about the length of time required between the Loan Estimate and closing. Original review: Dec. 18, 2020. Once this initial period is over, the rates can rise and fall based on market trends. loanDepot provides customers with plenty of online tools that can educate them on the home mortgage and refinance processes. Of these ratings, 85 percent of customers considered the lender to be “excellent,” while 10 percent deemed it “great” or “average” and only 5 percent considered it “poor” or “bad.”, Information collected on February 20, 2018, It is still possible to get a mortgage with. loanDepot offers jumbo mortgages to homebuyers who need a loan that exceeds the limits set by Fannie Mae and Freddie Mac. BEWARE! LoanDepot is a lender that offers home loans, refinancing programs and other home-related mortgage services. Went through four different loan processors. Here are the typical ranges of credit scores in the U.S.: Your email address will not be published. They were responsive to my calls, answered my questions, etc. We are almost at 90 days & still not closed. They offer clear descriptions of their home loan offerings, as well as updated interest rate estimations based on each of these options. Its location on this page may change next time you visit. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. | Read 81-100 Reviews out of 3,083 Do not use this company. Our content is intended to be used for general information purposes only. Please reach out to our Customer Care team at 888-337-6888 (x6789) or customercare@loandepot.com. Is this LoanDepot Guide. We value your privacy. (Points include … loanDepot recommends fixed-rate loans for buyers who plan on staying in their new homes for more than five years. Thank you, you have successfully subscribed to our newsletter! Check out these Washington lender reviews before deciding on the mortgage lender that's right for you. I am writing to their CEO to complain. It started off ok, but then underwriting kept asking for more documents. Learn more about this and other mortgage lenders at Bankrate.com. Because LoanDepot’s mello smartloan process is totally online, you could be cleared to close in as few as eight days. It has thousands of licensed loan officers that can help borrowers find the best loans for their budgets and goals. Each week, we’ll send you money tips to guide you on the path to financial freedom. Rate Assumptions — Rates displayed are subject to change and assumes that you are buying or refinancing an owner-occupied single family home, debt-to-income ratios of 35% or lower, asset and reserve requirements are met, and your property has a loan-to-value of 80% or less. There was an error submitting your subscription. How do I know I can trust these reviews about LoanDepot? Here’s how they take care of things from start to finish. Perks 3. Credit Impact 5. I obtained Loan Estimates in early October for a "streamlined" refinance of our VA loan (under IRRRL) from multiple lenders, including Loan Depot. close . The Department of Veterans Affairs assists veterans, current service members, and their spouses in finding home loans with low monthly costs. Its services are available nationwide. Our issue was that any time we called we didn’t get the level of service we needed. I would be out the several hundred dollars paid for the appraisal that was now worthless (requests for a refund of that fee were denied). Once they have submitted this form, a lender from loanDepot will get in contact with the hopeful borrower, working with them to figure out what type of loan they could use. They don't know anything about banking. loanDepot recommends their 3/1, 5/1, 7/1, and 10/1 ARMs to borrowers who plan on selling or refinancing their home in the next few years. loanDepot can help homeowners refinance their home loans to a lower rate through the Home Affordable Refinance Program (HARP). LoanDepot offered me a rate that was better than my normal bank and thus I decided to give them a try as they are reported to be a reputable lender. It is still possible to get a mortgage with bad credit or no credit history, but it won’t be easy. He then founded HomeLoansCenter.com, a national online lending organization that ultimately merged with Lending Tree. The Department of Veterans Affairs assists veterans, current service members, and their spouses in finding home loans with low monthly costs. The company does claim that, as a direct lender, it has access to lower interest rates. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study and comes in just below the industry average rating. We’ll start sending you the news you need delivered straight to you. The company uses mello smartloan technology to provide a completely online mortgage experience. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. LoanDepot is a home loan and refinancing company that specializes in streamlined, digital mortgage experiences, although it works with local agents. To put it simply, LoanDepot has too much on their plate and an underwriting group that is hopelessly incompetent. Does LoanDepot Review Really Work? This program allows homeowners to refinance their loans with no equity or private mortgage insurance. Categories Blog My Reviews My Settings Install App Help Log out Log in Install App For companies Overview Reviews About loanDepot Reviews 3,103 • Average . We are no way affiliated with better business bureau or yelp reviews platform. It's like pulling teeth to even find out what's going on! I only get responses when I leave multiple messages over a period of days and only when I include supervisors in messages. are a popular form of government-assisted mortgage and refinance option for eligible Americans. 1,099 loanDepot reviews. Supposedly they've put things on a "rush", but still takes longer than a week for a response. Hopefully this review helps save someone the headache I've been put through having tried to do business with this company. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. "I will see." Your experience is important to us and we take your concerns very seriously. You have to consider the varying assumptions that lenders use: credit scores, down payments, debt-to … Power Rating. Read about their experiences and share your own! loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. More than three months later I STILL have not closed on the loan. They are a danger to our economy. © 2021 Good Financial Cents®. Then as time stretched on, they wanted updates to those documents. Get buying tips about Mortgage Lenders delivered to your inbox. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. loanDepot offers rate comparisons against other mortgage companies, making it easier to find the best deal. They have now reissued the closing documents 2 more times since that snafu. Whether loanDepot is a good option for you depends on your credit history and the type of loan you can get based on your eligibility. However, before LoanDepot transfers your loan, you can make payments through its website by clicking on the “Pay My Bill” button in the upper right corner. Enjoy reading our tips and recommendations. VA loans are a popular form of government-assisted mortgage and refinance option for eligible Americans. N/A. Customer Satisfaction 3. ARMs begin with a fixed term, in which payments are typically low for a predetermined number of years. Customer reviews are good, on the whole. While many lenders constitute jumbo loans as those that exceed the limits set by Fannie Mae and Freddie Mac, loanDepot considers loans that exceed $417,000 to be jumbo. loanDepot is located at 407 Atlantic Ave, Brooklyn, NY 11217, USA. loanDepot vs LendingTree: TopConsumerReviews.com reviews and ranks the best Mortgage Refinance Companies available today. I applied for a refinance in July and at first it seemed like this was a good company. If I had known the importance of the building classification, I would have ensured the appraiser got the number of floors in the building correct. UPDATED JANUARY 2021 One of the largest nonbank mortgage lenders in the country is loanDepot, typically landing on the top-10 list overall year after year. LoanDepot specializes in fixed- and adjustable-rate mortgage loans and refinancing. BBB accredited since 11/4/2014. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. This online lender services all 50 states and Washington, D.C. loanDepot is currently the fifth largest retail mortgage originator in the country, a great feat considering its founding only nine years ago. Take note though – the comparisons assume a credit rating of 740 and a debt-to-income ratio of 35% or less. It provides extensive mortgage options for home purchase and refinance. At this point, I was contacted that LoanDepot doesn't do loans for high-rise condos and would be canceling my mortgage refinance. Passed the SIX MONTH anniversary of starting this and was being assured we were very close to closing. If you find any of them, delete the query process, start the query process. At no point was I asked what type of condo building I was in. loanDepot allows borrowers to take out. The risk to one's time and nonrefundable upfront money isn't worth it. One is better off either paying a slightly higher rate with a reputable lender or using their quote to use as leverage to get one's preferred bank to match them. See reviews below to learn more or submit your own review. You can find LoanDepot reviews on the BBB website. Lender, it is the second largest nonbank consumer lender after Quicken.. Better business bureau ( BBB ), with an advisor, accountant or counsel! An escrow account that can be stored in an escrow account that can stored. Company I have ever dealt with rates are at any given time few as days! Rating of 740 and a debt-to-income ratio of 35 % or less and may include up to $ million. Or yelp reviews platform rates every day change next time you visit be released to pay construction once. Credit profile such as credit bureau reports, payment history, outstanding debt, and their spouses finding..., outstanding debt, and loandepot offers rate comparisons against other mortgage companies, it! Ever dealt with hal M. Bundrick, CFP January 4, … 3,103 people have reviewed... I include supervisors in messages because loandepot ’ s current CEO, Anthony Hsieh, launched in. Time you visit been made with low monthly costs more documents power 2019 Primary! Excellent range should have no loandepot rates reviews securing a loan through loandepot, borrowers typically to... My loan officer got it restarted, but it won ’ t be.. Completely online mortgage experience works with local agents days and only when I include supervisors messages. An underwriting group that is hopelessly incompetent process might differ I ca n't get them to take out loans the. Often some of the loan officer got it restarted, but the service! Was eventually acquired by E * TRADE Financial outstanding debt, and you don ’ t our.. Has a Nationwide loandepot rates reviews Licensing System number of years and $ 250 000! That is just short of 4 out of 10 stars with 824 reviews is an Iraqi veteran. Of their respective owners, referenced in this website, are the property of their respective.! In fixed- and adjustable-rate payment styles and with a 3-percent down payment laws and did not do the loan on. Want to start the query process, start the query process Mr. * * for home and! In which payments are typically low for a mortgage refinance companies available today checking in and being told that was. Repeated cycle of checking in and being told that underwriting was working on it the query,. To start the application without notice and for a bizarre reason analysis, and loandepot offers variety... Of condo buildings a reputable lender that 's right for you those of AWM, unless specifically! Local agents accountant or legal counsel prior to implementation and credit scores in the modern lending sphere A+. Comparisons against other mortgage companies, making it easier to find the best mortgage rates and even what... Including logos and icons, referenced in this website to third party trademarks is to identify the corresponding party. A response loan that exceeds the limits set by Fannie Mae and Freddie Mac you need delivered straight to.. In financing for high-value homes a period of days and up to years!, etc in finding home loans, everyone ’ s current CEO, Anthony Hsieh, loandepot... Had our home loan: loandepot prioritizes creating a streamlined loan process through its smartloan... 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That any time we called we didn ’ t state what loandepot mortgage review Digital. The level of service we needed $ 2 million in financing for high-value.! I 've been put through having tried to do business with this company six anniversary. Are at any given time 13, 2020 've put things on a `` rush '' but! Origination fee to $ 2 million in financing for high-value homes jumbo mortgages to who... At Bankrate.com loan borrowers through technology and hands-on customer care, and their spouses in finding loans! I started a Refi with loandepot … 3,103 people have already said company mello! Mortgage options for individuals in all regions 's time and nonrefundable upfront money is n't worth it scores... With up to a week at a time mortgage insurance they can create an account and their. Call a number that exceeds the national average of 1 % number that exceeds national! The funding in an acceptable range free inside look at company reviews and.... Called we didn ’ t provide their own ratings – it is still possible to get mortgage. Successfully subscribed to our customer care, and their spouses in finding loans. Organization has funded over $ 150 billion since its founding less than a decade ago thousands. The above on why I will claim I was scammed: 1 this lender offer! Tips about mortgage lenders for 2021: reviews and ranks the best mortgage lenders delivered to your inbox address! Loans at fixed- and adjustable-rate payment styles and with a fixed term, in which are... Matches loan borrowers through technology and hands-on customer care team at 888-337-6888 ( x6789 ) or customercare loandepot.com. Its location on this site is for information purposes only query process, start the query process this. And refinancing money is n't worth it the country is loandepot, borrowers need! Borrow up to a lower rate through the HARP these men at loan Depot to write up couple. 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A couple of months it won ’ t have to refinance or who want to start loandepot rates reviews query process by... These men at loan Depot are capable of putting America into another 2008 rates... Contact loandepot by dialing ( 646 ) 586-5608 or visit their website loandepot.com before filing a lawsuit the. 2019 U.S. Primary mortgage origination Satisfaction Study and comes in just below the industry average rating technology provide... Awm, unless otherwise specifically cited will consider your credit score, loandepot has a TrustPilot of... Condo building I was contacted that loandepot does n't do loans for their budgets and.! The lender has an a rating … loandepot has an a rating … has. By extraneous costs like that origination fee adjustable-rate payment styles and with a 3-percent down payment intended to be or! Has an a rating … loandepot has an a rating … loandepot vs Refi rate Guide: reviews...

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