What is LoanDepot?

loanDepot is a nationwide mortgage lender headquartered in Foothill Ranch, California, which is located south of Los Angeles. Despite being on the West Coast, loanDepot is licensed to originate mortgages and other lending products in all 50 states and Washington, D.C. loanDepot provides a variety of different loan options to customers, including fixed-rate mortgages, adjustable rate mortgages (ARMs), VA loans and FHA loans.

Loan Types and Products

LoanDepot says it has more than 300 loan products, so whether you need to purchase a home or refinance an existing mortgage, you’ll probably find what you’re looking for. Right now loanDepot offers the following major types of mortgages:

  • Conventional loans
  • Jumbo loans 
  • Federal Housing Administration (FHA) loans
  • Department of Veterans Affairs (VA) loans
  • Refinance loans
  • Cash-out refinance loans
  • FHA 203(k) renovation loans, which allow you to take out just one loan to fund both the purchase and renovations. You can also use this type of loan for a refinance if your home needs improvements.

  • More than 200 brick-and-mortar locations can provide service in person.
  • The entire loan process, from applying for a mortgage to closing, can be handled 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.

The lender's proprietary software enables a digital mortgage application for borrowers who prefer that option. Even if you don't want a completely digital experience, this system allows you to validate your income, employment and assets electronically.

You can speak with a lending officer by phone or at one of more than 200 locations nationwide. You can use the lender's mortgage calculators beforehand to estimate how much you can afford to borrow or refinance.

After you choose 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 has closed loans in as little as eight days. Refinance transactions typically take 45 to 60 days to close.