At a glance: LoanDepot mortgage options

LoanDepot is a nonbank lender based in Irvine, CA. Mortgages are available in all 50 states, as well as Washington, D.C. LoanDepot offers a large selection of harder-to-find mortgage types, including the FHA 203(k) renovation loan.

» MORE: How to choose a mortgage lender

LoanDepot special offers and discounts

LoanDepot offers a few ways to reduce the cost of homebuying and speed up the process. Offers include:

• Down payment assistance: LoanDepot’s accessZERO program, available to first-time and repeat buyers, pairs with FHA loans to provide down payment assistance up to five percent of the loan amount. The assistance is structured as a repayable second mortgage.

• Cash back bonus: Buyers who work with an agent through mellohome, LoanDepot’s affiliated real estate agent network, can receive up to $1,000 cash back when they finance their home with LoanDepot — or $2,000 if they both buy and sell.

• Close on time guarantee: If your loan is delayed even after you’ve delivered all the necessary paperwork, LoanDepot will pay $1,000 to the buyer and seller. (Terms and conditions apply.)

• Speedy digital application: Borrowers who use LoanDepot’s digital application process, dubbed mello smartloan, benefit from efficiencies in the appraisal and title process. This can shave more than two weeks off their closing time, the lender claims on its website — although when we asked, LoanDepot declined to provide an average number of days to close its loans. (The national average is 42 days, according to data provider ICE Mortgage Technology.) Using mello smartloan, some borrowers are eligible for a home appraisal waiver, which can save money as well as time.

What does LoanDepot specialize in?

A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages LoanDepot handles most often. Just over half of the lender’s purchase loans last year were conventional, and about a third were FHA.

How we score LoanDepot

Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on categories that matter most to mortgage borrowers.

LoanDepot has a NerdWallet home loans rating of four stars overall. Here’s a breakdown of this year’s score.

• The Nerdy details: Our rating system, explainedThe Nerdy details: Our rating system, explained

  Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.

  Average mortgage rates and fees (30%)

  We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.

  Mortgage rate transparency (25%)

  We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.

  Variety of loan types (25%)

  There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.

  Customer experience (20%)

  How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.

LoanDepot bonus points and penalties

LoanDepot earned bonus points for accepting borrowers with credit scores below 600, providing assistance to first-time home buyers and offering conventional loans for manufactured homes.

» MORE: How to get the best mortgage rate

LoanDepot reputation and customer experience

NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from J.D. Power and Zillow and we contacted the lender’s customer support.

Potential concerns about LoanDepot

LoanDepot has seen some negative headlines recently, but these did not impact its NerdWallet star rating.

• A class-action lawsuit filed in Maryland on July 15, 2025, alleges that LoanDepot pressured loan officers to steer borrowers toward more expensive loans, penalized those who resisted and falsified records to hide the practice. (Tying loan officers’ compensation to borrower costs, such as interest rates and fees, violates federal regulations under Dodd-Frank and the Truth in Lending Act.) When NerdWallet reached out to LoanDepot via email, the lender declined to comment.

• In February 2024, LoanDepot settled a high-profile civil lawsuit, in which two plaintiffs claimed that racial bias during their home appraisal undervalued their property. LoanDepot agreed to pay an undisclosed sum and change its appraisal policy and procedures. LoanDepot emailed NerdWallet the following statement: “LoanDepot strongly opposes bias in the home finance process. While we continue to deny the specific allegations in this lawsuit and have made no admission of fault, we’re proud of the commitments announced today, which will formalize many of our existing practices and provide additional resources to help our customers in the appraisal and review process.”

LoanDepot customer service options

Here’s how you can get in touch with LoanDepot.

» MORE: How to apply for a mortgage

Alternatives to a LoanDepot mortgage

Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.

CrossCountry Mortgage

» MORE: Best nonbank mortgage lenders

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