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LoanDepot Mortgage Review 2021
Breakdown of LoanDepot review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 10/10
Pros and cons
- Waives fees for existing customers who refinance
- Offers an entirely digital process from application to close
- More than 200 branches across the country
- Rates and fees not available online
- No USDA loans
Borrowers who want a digital loan experience with the option to seek in-person assistance at more than 200 locations across the U.S.
LoanDepot is accredited by the Better Business Bureau with an A+ rating. Based on more than 3,400 customer reviews on Trustpilot, the lender scores a 3.6 out of five stars. In terms of originating loans, LoanDepot scored 844 out of a 1,000-point index (12 points below the industry average) in J.D. Power’s most recent customer satisfaction rankings. Borrowers are more pleased with the lender’s approach to servicing mortgages: It finished eighth in J.D. Power’s 2021 customer satisfaction study, scoring 18 points above the industry average.
Refinancing with LoanDepot
You can refinance your existing mortgage with LoanDepot. The lender offers a Lifetime Guarantee program: Finance one loan with the company, and it will never charge you a fee for another refinance on the same property. Plus, you’ll get your appraisal fee reimbursed. If you’re a new customer, you’ll need to ask a loan officer about refinance rates and costs, as they are not listed online.
To determine a mortgage lender’s SimpleScore, The Simple Dollar’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. The Simple Dollar’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.