loanDepot Reviews

1.8 out of 5 stars
23 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3 out of 5 stars

2 5
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Most Helpful Positive Review

Apr 25, 2017
16lmck Borrower

I was completely happy with my refinance with Loan Depot.  The loan officers were friendly, extremely helpful, and very timely.  Everything was completed on time and quickly, information I sent was always

recevied and responded to right away.  I pretty much felt they took care of all my needs and questions professionally, and proficiently.  I will definitely be back for any future financing and would highly recommend

their services to anyone.

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Most Helpful Negative Review

Apr 18, 2017
Difficult and timely process
Anonymous Borrower

Being self-employed it was brutal...these folks asked for copies of same forms over nand over...seemed to have a disconnected process plus i dealt with 6+ different folks. i got the loan at a good rate but paid a prememun for a closing costs standpoint..

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These reviews were written by current and former borrowers in the last year.

Oct 16, 2017
Unscrupulous
dpearlgirl Borrower

Does credit  inquiry without permission which is a negative mark on credit report.

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Oct 12, 2017
Loan depot can hurt your crdit scores
Anonymous Borrower

Loan depot told my wife they would not do a hard credit pull when she replied to one of their ads about lowering your interest rate. In fact it is their policy to pull one credit bureau to verify a minimum score to qualify and they they pull that credit bureau again along with the other two which dings your credit. My credit bureau score dropped by 30 points even though I wasn't involved in the phone call. They mislead you on the phone and are not in any hurry to clean up their mistakes. I would advise you to look elsewhere for funding. Their inquiries will lower youyr credit scores.

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Sep 29, 2017
Terrible Experience
Charittey Borrower

If you are selling and buying a house at the same time, do NOT go through LoanDepot! My loan consultant was Steven Owens. I was purchasing a new house with a builder, and the builder recommended LoanDepot with an offer of paid closing costs and interest rate matching. Their online reviews were very nice. So of course I decided to leave my current lender at the time and switch to LoanDepot. In the beginning, Steven started out being very polite, professional and informative. He kept me abreast of each step of the process and answered any questions that I had. However as the process got further along, he became complacent. I was scheduled to close on the house that I was selling on a Thursday, and had to be out by the next Thursday. We were scheduled to close on the new house the following Monday, so weeks prior, I informed him that I needed to try to close on the Friday after for the new house so that I would have enough time to move out and have the house cleaned for the new owners. Steven waited until that Friday to tell me what the underwriters were requiring for me to close. I provided them everything they asked, and they kept coming back later saying they wanted it in a different format or notarized or anything else they could think of. The problem wasn’t me having to provide paperwork, it was the timing. LoanDepot waited until one business day before my closing to start asking me for required documents, and as a result, I ended up closing three days late. The day that I closed was the day that I had to be out of the house that I was selling, so I was literally in an eviction circumstance because of their procrastination and lack of care. I would much rather paid my own closing costs and closed on time than to go through this. I will never refer anyone to this company. 

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Aug 28, 2017
Dishonest Practices

They contacted me and I informed them that I was not interested in a loan at this time and just wanted information. They did a hard credit pull without my permission and dropped my credit score. I attempted toresolve the issue and they said they would do nothing about it. Filed comlaint with the better business bureau.

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Jul 13, 2017
Run away!
Anonymous Borrower

They have no idea what they are doing.  Their "customer service" just cost me my first late payment on my credir report in over a decade.  I would move my loan but that may be more difficult now thanks to their complete imcompetence.  Run away fast!

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Jun 11, 2017
Bad customer service
Anonymous Borrower

I was told at the beginning they would pay my credit card and student loans.after one week , they said they could not do it. they charged my account for the appraisal, and then said they had to cancel everything because the mortgage price they told me at the beginning changed from 500 to almost 900. worst experience, I lost my appraisal money.

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Jun 11, 2017
Bait and switch
Anonymous Borrower

First they lure you with the promise to waive their fees, then they get you to commit with hundreds of your dollars, and weeks of your time submitting paper work, then two days before signing 'forget' to waive the fees they promised to get you to sign. Avoid. Scam city!

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