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
Loan Depot did not match competitor rates or cost
The loan process took very long. Almost a month. I had to keep emailing for updates. I was able to find a lower rate with less cost. But Loan Depot would not match it. Ended up closing the refinance even though I paid almost 9k in additional loan cost. BE CAREFUL WHEN THEY SELL YOU POINTS ON THE LOAN. Its a scam. You can find better rates with other lenders. And always apply with two or three lenders to get the best rate. I fell victim to not following my gut.
Closed with Lender:
Not the answer we asked for.
Went through the entire loan process, asked for 60K cashout. Final tally was 106K with $8,100 in fees and $601 cash to consumer. Spend 8100 to get 600...??? How stupid do you think people are?
Not for Retired Borrowers
Rates and points are very competitive. On-line process is efficient and easy to use. Howeve, IRA distributions are discounted in the income analysis as they are discretionary making it difficult or impossible for retirees to qualify. This is even with a required minimum distribution
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