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.
Additionally, does loanDepot have a float down option?
And to make the deal even sweeter for prospective home buyers, loanDepot is tacking on a float-down option. If rates happen to go down, loanDepot will allow the borrower to take the lower rate 30 days prior to the close of escrow.
Thereof, how long has loanDepot been in business?
Is LoanDepot a credible company?
LoanDepot earns an A-plus rating with the Better Business Bureau, and Trustpilot scores loanDepot 3.5 out of 5 stars but an overall Average rating. The Consumer Financial Protection Bureau received 276 mortgage-related complaint in 2020 about loanDepot’s parent company, LD Holdings Group.
Is LoanDepot a direct lender?
As a direct lender, loanDepot has access to low refinance rates and we can help make the process of refinancing your home fast and easy.
Is LoanDepot FDIC insured?
LoanDepot does not appear to be FDIC-insured, most likely because they’re not a bank. If this is a concern of yours, I would ask an agent directly if the company has FDIC insurance that might apply to your loan situation.
Is LoanDepot federally backed?
LoanDepot mortgage loan types
LoanDepot has a variety of mortgage products: fixed- and adjustable-rate loans for purchases and refinances, jumbo loans and loans backed by the Federal Housing Administration and the Department of Veterans Affairs. … Speaking of refinancing, LoanDepot does a lot of it.
What are LoanDepot requirements?
To qualify for an FHA loan and FHA Streamline refinance borrowers need to:
- Be a U.S. citizen with a valid social security number.
- Have a steady employment history that demonstrates adequate income.
- Use the loan to purchase, build or refinance a primary residence.
- Ensure total debt does not exceed 43 percent of your income.
What is considered a good credit score?
Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What is it like to work at loanDepot?
loanDepot is the best company to work for in the mortgage industry. The company offers competitive compensation, unlimited leads, and great support to ensure that each one of its LLOs has an opportunity to succeed. I’ve been with the company for over five years and my life has sincerely changed for the better.
What kind of company is loanDepot?
LoanDepot, sometimes stylized as loanDepot, is a Lake Forest, California-based holding company which sells mortgage and non-mortgage lending products. In 2015, the company claimed to be the second largest non-bank provider of direct-to-consumer loans in the United States.