loanDepot, LLC
Now in its second decade, loanDepot is a mortgage industry leader dedicated to creating seamless borrower experiences through its proprietary mello™ technology and mello smartloan™, the industry’s first end-to-end digital mortgage. An innovator since its inception, loanDepot continues to disrupt the lending industry with its focus on technology to deliver personalized experiences to its customers. The Company has funded over $212 billion since its founding in 2010, and currently ranks as the second largest nonbank lender and one of the leading retail mortgage lenders in the U.S.
NMLS #174457
88%
Loved working with them helped me at every step. Very timely response and dealt with every problem I had.
By: Haley
The entire was very well orchestrated and excellently done. It was very nearly done, would recommend to everyone
By: Aravind
The entire process is awful. No calls back mistakes made higher rates. Will never be using again not a great company
By: Curt
Initial experience with loan officer and getting estimates was amazing, very competitive and easy to use tools with online portal. Its the reason we chose Loan Depot for the Refinance. After decision to refinance with them was made, the hand off process and notary for closing was poor. Person did not communicate well, send documents in online portal on time, was hard to get callbacks with some questions/scheduling issues with notary which caused some minor delays. Closing was completed in a timely manner but frustrating on the communication side which would lead me to not recommend them in the future. Online portal was easy to use.
By: Jared
Mr. Aguilar and Mrs. Tyler are very professional and clear about the necessary documentation. They explained the process and kept me in the loop during the entire time. I would recommend their services to anyone.
By: Robert
Headquartered in Southern California, loanDepot brands itself as a nonbank alternative to traditional lenders. The company was started in 2010 by Anthony Hsieh and has since grown to become one of the top five mortgage originators in the country.
The lender’s products and services, which include both consumer loans and mortgages, are available to customers in all 50 states. In 2017, loanDepot originated 135,000 mortgages.
If you are in the market for a new home and need a mortgage, you can learn more about loanDepot’s options below.
As noted above, loanDepot offers mortgages in all 50 states. With more than 2,000 loan officers and more than 350 locations across the U.S., a branch may be close enough for you to visit in person; but if not, there are other ways to get assistance.
The lender staffs its customer service line Monday through Saturday. Its contact page also has a feedback form that says loanDepot will respond to your message within 24 hours during business hours. Those who have spoken to a loan officer previously can use the website to search for them by first or last name.
Like other lenders, loanDepot has certain types of mortgage products available, and you should review these products and the requirements prior to applying. Your personal credit score is a big factor in determining if you are approved or denied, so depending on the loan product you select, there is a minimum credit score expected. For example, if you select an FHA loan — a insured by the Federal Housing Administration and designed for homebuyers who need more-flexible requirements — borrowers are expected to have a credit score of at least 580. When applying for a VA loan — for veterans and active servicemembers, guaranteed by the U.S. Department of Veterans Affairs — there is no minimum credit score required.
In addition to determining credit score requirements, borrowers should ensure the type of home they plan to purchase is an eligible property. Loans issued by loanDepot can be used to buy residential properties, including condominiums and manufactured homes.
Buyers should note that loanDepot utilizes a digital lending platform. This allows for an automated loan process where buyers access an online system to complete the loan application.
How to apply: Although not required, buyers can begin the application process by getting pre-qualified and receiving an estimate of how much they can afford to pay. A loan specialist will need to collect a prospective buyer’s personal information and review their income and debt. A soft credit inquiry, which a loan specialist can walk through with applicants via phone or they can complete online, will need to be done at this stage.
Disclosure process: When buyers determine which loan product to apply for and whether or not they can afford a mortgage with loanDepot, they can move forward with getting preapproved. To complete this step, they need to provide more detailed information about their finances, as well as submit various documents, such as proof of income and tax returns, to verify the information that has been provided. At this point, loanDepot will check their credit, and it will appear as a hard inquiry.
Submission for loan approval: Following this, you’ll be able to review the loan offer and lock in the rate, which will require you to sign a lock agreement and provide a lock deposit. If it is necessary to update the information that has already been provided during the preapproval process due to some time passing, this is to be completed before your application can be reviewed. If additional documents are needed, they can be submitted online by logging into your loanDepot account.
Final approval: Your application and documents will be reviewed, but before you can be officially approved, you will need to schedule an appraisal of the property, which is to ensure the home you plan to buy is worth what you will be paying. Your loan specialist will contact you to schedule the appraisal.
Closing: If approved, you’ll have to sign your loan documents in person at the title company or an attorney’s office. You will review and sign all your loan documents and pay whatever closing costs are due. If loanDepot has all the necessary information and documents, loan funds will be wired in two to three days.
Homebuyers can contact loanDepot to begin the homebuying process. The website provides easy access to the contact information for customer service, where you can speak with a loan specialist, as well as the option to search for a local branch or a specific loan officer. The loan officers are there to help buyers determine which loan product is a good fit, guide them through each step of the process and connect them with the necessary parties, such as appraisers.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
