LoanDepot Mortgage Review 2022 | American News | SehndeWeb

LoanDepot is a mortgage lender that operates nationwide with over 200 branches and offers both a digital experience and face-to-face service. The lender offers conventional fixed and adjustable rate mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and home improvement loans. The company was founded in 2010 and is based in Foothill Ranch, California.

  • More than 200 physical locations can provide in-person service.
  • The entire loan process, from mortgage application to closing, can be managed online.
  • Borrowers can choose from a variety of mortgage products.
  • A lifetime guarantee waives lender fees and reimburses appraisal fees on future refinances after your first refinance with the lender.

  • LoanDepot does not offer USDA loans, home equity loans or lines of credit.
  • The lender does not provide much information online about rates and fees.

LoanDepot offers many home loan options, including:

  • Conventional loans.
  • Giant loans.
  • FHA Loans.
  • VA Loans.
  • 3/1, 5/1, 7/1 and 10/1 adjustable rate mortgages.
  • Rate and term refinancing.
  • Refinancing by collection.
  • Renovation loans.

The lender’s proprietary software enables digital mortgage application for borrowers who prefer this option. Even if you don’t want an all-digital experience, this system allows you to electronically validate your income, employment, and wealth.

You can speak with a loan officer over the phone or at one of over 200 locations nationwide. You can use the lender’s mortgage calculators beforehand to estimate how much you can afford to borrow or refinance.

After choosing a mortgage, your loan officer will submit your loan to underwriting for approval. You can expect to schedule an appraisal and you may need to submit additional documents to the loan officer. Once your loan is approved, closing will be scheduled.

The typical escrow period for new home purchases – the time between signing the sales contract and the closing date – can be 30, 45 or 60 days. But loanDepot closed loans in as little as eight days. Refinance transactions typically take 45-60 days to complete.

Borrowers should contact a LoanDepot loan officer for information on rates and fees. Likewise, the terms and conditions will depend on the type of loan you choose. A loan officer can provide a personalized estimate.

After refinancing once, loanDepot will waive the lender fee and refund the appraisal fee on any future refinancing with loanDepot.

For purchase and refinance loans, some of the documents you may need to provide include pay stubs, mortgage statements, and two years of work history. LoanDepot will also check your credit when you apply for a loan.

FHA and VA home loans have less stringent credit and down payment requirements than conventional or jumbo mortgages.

Generally, you will need a credit score of at least 620 to qualify for a conventional loan. This score falls within FICO’s fair credit range.

You can qualify for an FHA loan with a FICO score of 500-579 and a 10% down payment or a FICO score of at least 580 and a 3.5% down payment. Borrowers generally must meet a 43% debt-to-equity ratio and demonstrate that they earn sufficient income to repay the loan.

LoanDepot is licensed to originate mortgages nationwide.

Is your dream home within reach? US News’ Mortgage Calculator will show you how much home you can afford.

LoanDepot is accredited by the Better Business Bureau and has an A+ rating. Trustpilot gives loanDepot 3.7 out of 5 stars, an average rating. The Consumer Financial Protection Bureau received 400 mortgage-related complaints in 2021 about loanDepot’s parent company, LD Holdings Group. Most complaints were about issues during the payment process, applying for or refinancing a mortgage, and closing a mortgage. All but 20 complaints received a timely response; 355 were closed with explanation, 17 with monetary relief and nine with non-monetary relief. The company’s response is ongoing for 18 complaints.

If you need help with a loan, you can call a loan officer, email, or visit one of LoanDepot’s more than 200 branches.

For new loans: You can reach a loan officer at 888-983-3240 from 8 a.m. to 10 p.m. EST, Monday through Friday or 11 a.m. to 6 p.m. ET on Saturday. You can also email customercare@loandepot.com or fill out a form on the loanDepot site.

For information on home loan servicing and repayment: If you are sending your payment to Newark, New Jersey, you can email customerservice@loanadministration.com or visit loandepot.loanadministration.com. Speak to a representative by calling 877-420-4526 from 8:30 a.m. to 11 p.m. ET Monday through Friday or 8:30 a.m. to 5 p.m. ET Saturday.

If you are sending your payment to Chicago and need service, call 866-258-6572 or email service@loandepot.com. You can also send a message with the form on the loanDepot website or visit loandepot.com/about/loan-servicing.

LoanDepot’s platform provides a digital mortgage application, which not only allows you to validate your income, employment and assets, but also to track your mortgage status electronically. You can opt for an electronic closure or a hybrid closure and you could close in as little as an hour.

Once you have registered your account, you can manage your loan from LoanDepot’s loan management website. This includes making a payment or asking for help with financial hardship.

  • Borrowers who prefer a digital mortgage application.
  • Clients who wish to access in-person service.
  • Homebuyers looking for multiple loan options.

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