loanDepot review

Reviewed by the Editorial Team · Updated July 10, 2026 · 6 min read

A large nonbank lender with a national retail footprint and a lifetime-guarantee refinance program for return customers.

loanDepot by the numbers

Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lending-data study.

loanDepot at a glance

loanDepot is a publicly traded nonbank mortgage lender (NYSE: LDI) founded in 2010 by Anthony Hsieh and headquartered in Irvine, California.

Licensed in all 50 states, it grew into one of the country's larger retail mortgage originators by pairing a direct-to-consumer call-center model with a network of local loan officers, so borrowers can apply entirely online or work with someone by phone.

In 2025 HMDA data it originated 91,730 loans worth roughly $25.7 billion, with an average loan size of about $279,914 and an approval rate near 72.8%.

The company's calling card is technology it markets under the mello brand. Its mello smartloan platform digitally verifies income, employment and assets and runs proprietary loan engines to surface options, which loanDepot says can shorten the path to closing by up to 17 days.

Where loanDepot's approval rate sits

loanDepot's 2025 approval rate of 72.8% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.

It also runs a Lifetime Guarantee program that waives lender fees and reimburses the appraisal cost on future refinances for returning customers, tied to the original borrower and property.

Product-wise it covers conventional, FHA, VA and jumbo loans across fixed and adjustable terms.

loanDepot's footprint mirrors the country's largest housing markets: California is its top state by loan count (16,655), followed by Texas (14,675), Florida (13,216), Georgia and Illinois.

The company has been through a turbulent stretch, exiting wholesale lending, cutting headcount under earlier cost programs, and, in January 2024, disclosing a ransomware cyberattack that exposed data on roughly 16.6 million individuals; it later agreed to an $86 million class-action settlement and security improvements.

Founder Anthony Hsieh returned as permanent CEO in 2025 under a strategy it calls Project North Star.

Who loanDepot is best for

loanDepot suits borrowers who want a largely digital application with the option of a human loan officer, and who value the Lifetime Guarantee if they expect to refinance with the same lender down the road.

Its broad 50-state licensing and full product menu, from FHA and VA to jumbo, make it a reasonable one-stop option for purchase or refinance shoppers who still want to compare its rates and fees against competitors.

Loan programs at loanDepot

Its most notable programs and specialties:

• mello smartloan fully digital application with automated income, employment and asset verification
• Lifetime Guarantee waiving lender fees and reimbursing appraisal costs on future refinances for returning customers
• Conventional conforming loans in 10-, 15-, 20- and 30-year fixed terms
• FHA and VA government-backed loans for lower-down-payment and eligible military borrowers
• Jumbo loans for balances above conforming limits
• Adjustable-rate mortgages in 3/1, 5/1, 7/1 and 10/1 structures

Typical industry minimum down payment by core loan type — loanDepot's own minimums or credit overlays may run higher:

Where loanDepot lends most

By federal HMDA records, loanDepot's largest 2025 markets were California, Texas, Florida, Georgia and Illinois. Explore local rates, home prices and down-payment assistance for each:

The verdict

loanDepot is a large, tech-forward nonbank lender whose mello smartloan platform and Lifetime Guarantee stand out, particularly for borrowers likely to refinance again.

It is worth weighing against its recent turbulence, including a major 2024 data breach and continued net losses, and its opaque upfront pricing.

As with any lender, borrowers should compare a personalized loanDepot quote on rate and total fees against competing offers before committing.

How to compare loanDepot

Shopping a few lenders is the single most reliable way to save. Before you commit to loanDepot:

1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
2. Compare the APR, not just the headline rate — it folds in the fees.
3. Weigh service and loan-type fit, not price alone.
4. Verify licensing on NMLS Consumer Access (loanDepot's HMDA filer ID: 549300AG64NHILB7ZP05).

Benchmark whatever you're quoted against today's average mortgage rates.

This review is editorial and independent — loanDepot did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.