LoanDepot Mortgage Review 2024

Good for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Taylor Getler
Last updated on April 12, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take


Home loans overall
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The Nerdy headline:

Borrowers can apply online, though LoanDepot does not provide sample rates on its site. The lender offers unique benefits for buying and/or selling through LoanDepot’s partner mellohome, streamlining the homebuying process for qualified borrowers.

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loanDepot: NMLS#174457

Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA


  • Offers a variety of repayment terms.
  • Online loan calculator lets borrowers compare monthly payments and lifetime interest.


  • No sample interest rates are provided.
  • Origination fees are on the higher end, according to the latest federal data.
  • Lender’s website does not have a live chat feature.
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Full Review

LoanDepot and consumer trust

LoanDepot has been in the news for two reasons in 2024. The first occurred when LoanDepot disclosed a cyberattack on January 8, 2024. In a statement on a webpage dedicated to the incident, the lender announced that it "determined that an unauthorized third party gained access to sensitive personal information of approximately 16.6 million individuals in its systems.” The company said it would notify those affected and offer free credit monitoring and identity protection services. On March 18, 2024, the company said that the services could be accessed via a team at Experian. Eligible borrowers can call 833-918-0895, reference number B114814.

The lender also made headlines with the resolution of a civil lawsuit, in which two plaintiffs claimed that racial bias during their home appraisal undervalued their property. The case was settled in March 2024, with LoanDepot agreeing to pay an undisclosed sum. Terms of the settlement also required changes to the lender’s appraisal policy and procedures within 120 days.

The lender emailed 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.”

While noteworthy, these events did not affect LoanDepot’s NerdWallet star rating.

What borrowers say about LoanDepot mortgages

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • LoanDepot receives a score of 692 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.) 

  • LoanDepot receives a score of 618 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.)

  • LoanDepot receives a customer rating of 4.91 out of 5 on Zillow, as of the date of publication. The rating reflects more than 6,500 customer reviews.

LoanDepot’s mortgage loan options

  •  5 of 5 stars

LoanDepot’s site is easy to navigate, and we were able to quickly locate their loan offerings.

LoanDepot mortgage product options

LoanDepot offers both fixed-rate and adjustable-rate conventional purchase mortgages, as well as jumbo, FHA and VA loans. Conventional loans made up the majority of LoanDepot’s originations last year, though government mortgages accounted for more than a quarter of their originations, according to the latest federal data.

While 30-year mortgages are typically the most popular option among borrowers, LoanDepot also offers 10-year, 15-year and 20-year terms for customers who are interested in paying off their home loan sooner. Adjustable-rate borrowers have a choice of 10-year, 7-year, 5-year and 3-year options. The lender’s site features a loan calculator, allowing borrowers to compare monthly costs for different payback terms.

Borrowers with existing mortgages have the option to refinance their loan with a new mortgage from LoanDepot, or access some of their home’s value with a home equity line of credit.

LoanDepot HELOC

A home equity line of credit (HELOC) is a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

LoanDepot’s HELOC differs from traditional home equity lines of credit. With a typical HELOC, the borrower has 10 years to draw from the line and 20 years to pay off what they’ve borrowed. During the 10-year draw period, required minimum payments are interest-only. In LoanDepot’s case, borrowers have a 10-year period where they can choose to pay only interest without repaying the principal balance, but they can only draw from the credit line for the first three years. After that, they cannot borrow any more money.

Homeowners borrowing less than $50,000 are required to take out the entire loan balance at origination, while those borrowing more than $50,000 must take out at least 75% of the loan at origination. The minimum line of credit is $35,000 and the maximum is $250,000. The lender does not offer HELOCs in all states.

What it’s like to apply for a LoanDepot mortgage

  • 4 of 5 stars

Borrowers can access an application on LoanDepot’s site. They’ll be asked to provide personal information, details about the property, income and asset information, among other requirements.

LoanDepot application portal

Borrowers in qualifying areas can take advantage of LoanDepot’s affiliation with mellohome, a real estate agent network. According to mellohome, LoanDepot borrowers can receive up to $3,500 cash back for buying or selling a home through the network, or $7,000 for both buying and selling. There are additional cash rewards of $1,000 for first-time home buyers and borrowers whose transactions don’t close on time.

mellohome offer for LoanDepot customers

LoanDepot also has a highly rated mobile app that provides secure payment and autopay functionality, as well as loan tracking and statement access.

The lender’s customer service line is available Monday through Friday from 10:00 a.m. to 9:00 p.m. (EST). We made four attempts to call, but never successfully connected with an agent.

There’s no chat option on the website, but borrowers can contact the customer care team via email. Branch locations are searchable by location.

Answers to questions such as “What type of documentation do I need for a purchase loan?” and “How long is the purchase process?” can be found on LoanDepot’s FAQ page. The lender’s site also features a page that outlines each step in the homebuying process.

LoanDepot’s mortgage rates and fees

  • 3 of 5 stars

  • LoanDepot earns 2 of 5 stars for average origination fee.

  • LoanDepot earns 4 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. LoanDepot’s average origination fees are on the higher end compared to competitors, while their interest rates are on the lower end.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

LoanDepot’s mortgage rate transparency

  • 1 of 5 stars

The lender does not publish sample mortgage rates on its website. According to LoanDepot, borrowers can receive a quote online or over the phone.

NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, making it easier for home buyers to comparison shop, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan.

Alternatives to a home loan from LoanDepot

Borrowers with credit scores on the low side may be interested in exploring a mortgage from New American Funding, while Guaranteed Rate may be a good fit for borrowers looking for a streamlined online experience.

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Bella Angelos contributed to this review.

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NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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