Loan Depot Mortgage Review(s) and Rates

December 9, 2012 6 Comments »
Loan Depot Mortgage Review(s) and Rates

Loan Depot was one of the original pioneers of the ‘direct lenders’ phenomena that exploded when the internet began allowing consumers to apply for loans online.

Loan Depot has had so much success with the online mortgage game in fact that over the last 25 years they have built and launched two similar start-ups that later merged with Lending Tree and E-Trade.

Today there are hundreds of brokers and lenders offering below average rates through their online lending platforms rendering Loan Depot a far less unique entity than it once was in the 90′s.

According to Loan Depot, they attempt to separate themselves from the other various online lenders by providing a more vast array of online resources for mortgages.

To be honest though, these resources are similar to what other online mortgage lenders provide such as calculators, loan comparisons and graphic illustrations. Their most original online tool being their “videoDepot.” They’ve compiled an entire library of videos dedicated to educating consumers on loan programs and the loan process. So if you’re in the market for your first mortgage, this can be very helpful.

They offer a wide range of mortgage products. Among these are: fixed rate mortgages, adjustable rate mortgages, FHA loans, interest-only loans, jumbo loans and home equity loans. Their most popular product is their 30 year fixed rate mortgage.

Mortgage Rates Provided by Loan Depot:

(Rates accurate as of December 2012)

30 year fixed 3.311%
25 year fixed 3.476%
20 year fixed 3.362%
15 year fixed 2.729%
10 year fixed 3.101%

Loan Depot Consumer Complaints

Loan Depot has received somewhat low ratings from users with an average rating of between 1 and 3 stars out of 5. The reviews and complaints users have left on various consumer review websites as well as the BBB haven’t been particularly flattering. However, one must take into account that when everything goes smoothly with a mortgage application and home loan process there is a less likely chance of that individual writing a review than one who had a negative experience. Studies have shown the individual with the negative experience is more likely to voice his/her opinion than one who had a positive experience.

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  • Jim

    While I have no experience in dealing with this company, I like the point you bring up at the end of this article. People are always ready and willing to vent online, but who actually knows if it was a problem with the company or just that they got turned down for a mortgage because of something wrong with their paperwork or credit score?

    The bottom line is that when things go right – it’s expected and thus doesn’t call for a review or rating from the customer, however if things go wrong you’re very likely to get a negative review by people warning the masses against the corrupt company.

    Again, I have no experience with this company, I’ve actually never heard of them. But I would say do your own due diligence and homework before applying for any mortgage with a company your not familiar with. Dont just listen to other people’s reviews.

  • Jen

    I have been researching this company, in my search to refinance, and am a little put off by the suspicion that many of their good reviews seem to be ‘staged’ on Not sure what to think of them. Many of the other companies on this site have 0 or few reviews, yet Loan Depot has 664 reviews with a few bad but still a 5 star rating overall. So many of the good reviews are similar and just seem fishy to me. I definitely agree with the fact that people are much more likely to post a bad review when things go bad, but when things go well, rating is forgotten.

  • Ed

    I had no problem with these guys. They were fast with the loan process and answered all the questions we had. It was sometimes hard getting our rep on the phone but he answered emails promptly.

  • Eric Joy

    I just had a dealings with them and let me say at first it was all good until I decided to move to another lender (loan broker in fact) and they sarted manuvering to stall my loan transfer of the FHA case #.

    Look on RipOff Report for Sean Morales and and you will find an interesting report there.

    Sean was my loan originator too.

  • frank fitz

    I wanted to refinance my house and somehow ended up getting a phone call from a guy named Chris who gave me the standard car salesmen speech. I had him check my credit (which is in the 750s) and he gave me the “I must commit with some money to lock my rate in,” so i did .

    I made it clear to him that I work offshore on an oil platform and that I may have communication problems which he said was “no problem.” I was told by christ that I had a guy named Brandon taking care of my loan who was one of the best apparently. “He told me I was lucky to have Brandon helping me with my loan. LOL!

    I went back and forth sending emails and paperwork etc, etc and after 3 months I sent emails to both Chris and Brandon asking “whats going on ????” I was reassured that everything was ok and in a few weeks ill have my refinance and everything is fine.

    Another 6 weeks passed so I sent another email asking when this is going to be finalized. They blame something on someone and tell me in a few weeks I will close.

    Finally when I happened to be home they said everything is ready to go and I was so happy to have it finally over. I sent emails to Brandon telling him I was ready, however, I get no reply until the following afternoon and he then tells me it has to go to a lawyer because where I live (Texas) is so complicated. I’m thinking, I thought we were done?? I didn’t realize I was about to be taken for a fool.

    I get a phone call from brandon telling me, a day after, he was going to send it to lawyers to finalize the loan, that I TOOK TOO LONG AND THAT I HAD TO START THE PROCESS ALLOVER AGAIN. WTF? I never got a warning saying we need to finish this by a certain day, deadline, or whatever. These guys are UNPROFESSIONAL, MISLEADING, AND EXHIBIT BEHAVIOR THAT I BELIEVE TO BE CRIMINAL .

    I ask what my next step is to Brandon and he says I HAVE TO PAY ANOTHER FEE AND START ALL OVER. I’m by no means rich, thus the reason I am refinancing. I believe they took advantage of this. They took my money and then when I asked to talk to management they refused to connect me to anyone. Loan Depot has to be the most unprofessional banking entity I have ever dealt with. I feel I was robbed and laughed at.

    MY EMAIL IS if anyone wants details of this horrific experience.

    Thank You and Good Luck.

    I will be calling the B.B.B. about this.

  • TwoYellowDogs.Terri

    This is a positive report for It is easy for people to complain… people are not so inclined to file positive reports.
    Our loan went through amazingly well. Even though there were some glitches (see the less-than-positives below), we are quite delighted with the overall process. I worked with Justin Lehman for two weeks prior to the official start of the process and our refinance loan then funded in 35 days.
    1. Do your research. I contacted about 9 other lenders. Most of the other lenders representatives did not want our business (in my opinion). loanDepot was very competitive–and the best “deal” for our specific situation. Justin made this loan happen, and deserves the credit for our positive experience.
    2. No matter what mortgage company you decided to go with, YOU, the customer is responsible to ensure you ask questions about the process, help keep things moving along (get additional documents requested as fast as possible), give sufficient time for loanDepot to respond, but stay on-top of the process and contact them when something doesn’t go as you are expecting. Be prepared to monitor your incoming email when going through the process, there are phone calls, but most of the communication is done via email.
    3. Our primary contact, Justin Lehman (Sr. Mortgage Banker), in a word, was AWESOME. Our loan situation was a little unique (retired)… and Justin did a lot of work upfront, before we locked in (i.e., paid money) to help insure our loan would go through. He gave us lists of the documents we would need to provide, so that I could prepare all the docs digitally (before locking in). He nearly pre-approved us, before we officially started the loan process.
    4. Justin negotiated the cost that we paid up-front. I was totally surprised by this, but maybe this act of faith on his part (that we would likely qualify for this loan) was the trigger that convinced me to move forward with loanDepot.
    5. I appreciate all the work Jannalee Balenger, our Sr. Account Manager, did and communicated. Once your loan gets to an account manager, there are a lot of things that must transpire. Be sure to communicate clearly/frequently with your account manager. I think that Jannalee and Justin were effective representatives/team to get our refinance completed.
    6. If somethings appears to not be on track, be sure to reach out to a manager IF you think something is not right and have not had communications. The folks doing the work have a lot going on, remember, part of the loan happening is the customers responsibility too.

    The slightly-less-than-positives were:
    1. Sometimes it was a little difficult to get a person on the phone. Being an internet loan company, you should expect this. The customer must be patient waiting for email. However, Justin was always very quickly responsive–and I reached out to him directly when something was not going right–Justin consistently communicated clearly (either by email or phone-when needed).
    2. You may need to resend documents you are sure you already sent. In our case, some of the re-uploads were our “fault” (our scanner cut off part of docs, as I already mentioned). But documents that were “missing” from notary… we were sure we had signed. There is a lot of paperwork… and instead of focusing on getting upset about re-doing, just re-uploaded as fast as possible. Things do get lost, even in digital age.
    3. Things sometimes don’t go right. The customer has to be patient and reach out to the correct individual to make sure things stay on track. In our case, the notary did not contact us as expected; in all fairness that is not loanDepots “fault”. But things got back on track when I reached out to correct people to get notary issue sorted out.
    4. loanDepot sending security-sensitive documents via UNSECURE methods. Having worked in computer security, I am sensitive about sending any information, including attached documents, via clear-text. Insist all sensitive documents be sent via the loanDepot secure site, learn to use it, insist anything sent to you is encrypted, password protected.