Reputation. 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 do personal loans?
LoanDepot, an online lender that provided unsecured personal loans for borrowers with good credit, said it would stop offering them in fall 2018. The California-based lender is still active in mortgage lending.
Guaranteed Rate offers conventional loans with as little as 3% down. New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. LoanDepot offers conventional loans with as little as 5% down.
Besides, how long has loanDepot been in business?
How long is LoanDepot underwriting?
Under normal circumstances, initial underwriting approval happens within 72 hours of submitting your full loan file. In extreme scenarios, this process could take as long as a month. However, it’s unlikely to take so long unless you have an exceptionally complicated loan file.
Is LoanDepot a lender or broker?
As a direct lender, loanDepot says it can deliver low mortgage rates (depending on your credit score) and get you to the closing table 50% faster than the industry average. The company offers several types of mortgage loans, including conventional mortgage loans, jumbo loans, FHA loans, and VA loans.
Is LoanDepot federally 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.
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 does in progress mean with loan depot?
This typically means your loan is just days away from closing. At this stage, your application has been fully processed and vetted by underwriting and you have met all the requirements of obtaining a home loan. … For more information on the home purchase process, speak with a loanDepot licensed loan officer today.
What is it like to work at LoanDepot?
LoanDepot has been good to me. Great management support and great team mates. Mortgage industry is overall stressful no matter what company you work for. Working remotely is great.
What kind of loans does loanDepot offer?
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.
Who is Deborah on the loan Depot commercial?
Who is Debra from loan depot?
Debora Wilson – SVP Operations – loanDepot | LinkedIn.