LoanDepot is a large, national non-bank lender known for its digital application process and wide range of loan products. They offer conventional, FHA, VA, and USDA loans, as well as HELOCs and refinance options. This makes them accessible to a variety of borrowers, including those with lower credit scores or non-traditional income. LoanDepot also emphasizes customer service and provides online tools and resources to guide borrowers.

However, loanDepot's rates and fees can be higher than average, and they don't publish rates on their website, requiring users to contact a loan officer for a quote. Some customer reviews mention pushy sales tactics and issues with transparency. Furthermore, in January 2024, loanDepot experienced a significant data breach that affected approximately 16.6 million customers, which may raise concerns about their data security practices.

LoanDepot offers a convenient online experience and a wide range of loan options. However, the higher costs, lack of transparency, and the significant data breach raise concerns. Borrowers should carefully compare rates and fees with other lenders and consider the potential risks associated with data security.