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loanDepot Mortgage Review
mello smartloan, loanDepot’s proprietary digital application process, closes mortgages 17 days faster than the national average.
loanDepot Mortgage Review
mello smartloan, loanDepot’s proprietary digital application process, closes mortgages 17 days faster than the national average.
May 10, 2021 / Nadav Shemer
loanDepot Mortgage Review
mello smartloan, loanDepot’s proprietary digital application process, closes mortgages 17 days faster than the national average.
May 10, 2021 / Nadav Shemer
Closure in as little as 8 days
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At a Glance

loanDepot is the second-largest non-bank mortgage lender in the United States by total loan value. It offers a full suite of purchase and refinance options involving conventional and government-backed loans. Its flagship product is mello smartloan, a proprietary digital assessment process which shaves up to 17 days off the time it takes to close your mortgage.

How it Works

loanDepot operates nationally and locally, online and in bricks-and-mortar locations. To begin an application, just go to the loanDepot online portal, speak with one of the 1,700 licensed lending officers, or walk into any of the 200+ branches located nationwide.

To use the mello smartloan tool, you must apply online. mello smartloan utilizes a secure data verification process to pull up information on your income, employment, and assets – saving you the trouble of manually uploading paperwork. Once connected, its proprietary loan engines quickly determine the loan options that give you the greatest potential cost and time savings. loanDepot’s expert loan agents are on hand to assist through the entire process.


  • Mortgages close 17 days quicker than average
  • 100% digital application, with no paperwork
  • In some cases, you may be allowed to skip appraisal


  • Contact details required to get rates

loanDepot says its mello smartloan can shave up to 17 days off the closing process, closing your mortgage within 30 days instead of the 47-day national average. Even if you can’t connect all your information digitally, it still claims to offer significant time savings. The appraisal waiver is another potential cost/time saver. Even if you don’t qualify for a waiver, you’ll still get the results of your appraisal sooner than average thanks to proprietary technology that providers the option of value approval and title clearance within minutes.

Despite the impressive digital platform, one important thing is noticeably missing from the loanDepot website: rates. Unlike many of its competitors, loanDepot doesn’t advertise mortgage rates online. You’ll need to request a quote to see the latest rates for your buyer profile. This requires you to fill out a form with your name, contact details, and basic financial information.

Types of Loans

As you’d expect of one of America’s largest non-bank lenders, loanDepot has mortgage products to suit all types of homebuyers and homeowners. It offers purchase and re-finance loans, with a choice between fixed and adjustable rates.

Here’s the full breakdown of loan types.

  • Conventional loans: Regular loan with 20% down payment.
  • Jumbo loans: Loan exceeding $548,250 in most areas to $822,375 in high-cost areas, typically with higher interest than a regular loan.
  • FHA loans: For borrowers with 500-619 credit, with down payment of 3.5-10%.
  • VA loans: For qualifying servicepeople and veterans, with option of 0% down payment.
  • 203K loan: FHA-backed loan with renovation feature.
  • Cash-out refinance: Alternative refinance that lets you cash out the difference between the new loan amount and what you owe on the home.

Loan Features

Applying for a mortgage can be a long and painful process. With that in mind, loanDepot offers several features to try and sweeten the deal.

Here are the top features:

  • mello smartloan: As described earlier, mello smartloan automates most of the mortgage assessment process, saving you the trouble of a prolonged paper-chase and getting you to close much faster than other lenders.
  • Expert loan consultants: loanDepot has 1,700 licensed lending officers across the US and its no-steering policy means you get a loan expert to help you find the best loan for your goals.
  • Lifetime guarantee. When you finance with loanDepot for the first time, you receive a guarantee that you’ll never have to pay any lender or appraisal fees if and when you refinance.
  • Calculators: loanDepot offers free mortgage and refinance calculators that help you assess your payment options instantly.

Rates and Terms

Unfortunately, loanDepot doesn’t offer much information about its rates. From what we can gather, its interest rates are competitive but not world-beating. When you apply to loanDepot, your APR is determined by the usual factors such as credit score, loan amount, and debt-to-income ratio. loanDepot offers jumbo loans, which means the loan amounts can go as high as $2 million+. Repayment terms range from 10-30 years.

Contact loanDepot

loanDepot has been serving American homebuyers since 2010, so you can be sure its agents have plenty of expertise. As mentioned earlier, loanDepot provides service over the phone and in person at 200+ branches. Call (888) 983-3240 to speak to a loan officer or click “Find an Expert” at the top of the loanDepot home page to find a loan officer or branch.


It’s easy to see why loanDepot is one of the largest non-bank lenders in the United States. It gives homebuyers what they want – a speedy, reliable, and transparent mortgage application. No one wants to wait for loan approval for more than a month. With loanDepot, the application process is quick and painless, and you could close 17 days faster than with other lenders.

Get started now, visit loanDepot
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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