Both lenders are high-volume, digital mortgage originators with similar product offerings, fees and customer service ratings.
Our verdict: Rocket Mortgage and LoanDepot have similar offerings
Rocket Mortgage and LoanDepot are both technology-driven, nonbank lenders with similar loan products and service levels. Both lenders:
Offer conventional and government-backed loans.
Are best for people who are comfortable using digital platforms.
Let you apply for and track your loan’s progress electronically.
In our view, we can’t find any significant advantages to using one lender over the other. However, LoanDepot offers a product called the Mello Smartloan, which can save time and money with an entirely digitized process. In some cases, you may not even need an appraisal. If you’re ready to apply, both companies offer a clear path to applying online — although neither is up front about fees and costs charged. You’ll need to fill out an application first to see if you qualify and then work with a loan officer to complete the process. Both lenders have similar customer ratings as well. While many customers rave about fast, streamlined service and attentive loan officers, less satisfied ones mention rude service over the phone, delayed loan processing and closing, plus inexplicably high closing costs.
How do LoanDepot and Quicken Loans compare?
Choose this lender for helpful, professional loan officers
Watch out for high origination fees
A good option for borrowers who plan to pay off their loan early
Consider this lender if you’re after a quick closing.
As of September 2021, the Better Business Bureau gives LoanDepot an A+ rating after having closed 937 complaints over the past three years. The lender earns 3.97 out of 5 stars based on almost 2,853 customer reviews. On Trustpilot, LoanDepot receives 3.6 out of 5 stars based on 3,502 reviews.
Many borrowers speak highly of its loan officers, saying customer service is quick and professional. The most frequent complaints are about LoanDepot’s slow closing times, poor communications and being charged hefty appraisal fees only to be denied the loan.
Quicken Loans is accredited with the Better Business Bureau (BBB) and as of November 2020 has 3.67 stars out of 5 based on 1,930 customer reviews. On Trustpilot, the lender has 4.4 out of 5 stars with 16,814 customer reviews. Most reviews praise the attentive, personalized service they receive from its mortgage officers. Even when dealing with multiple representatives, borrowers report a keen attention to detail. Borrowers liked using Quicken Loan’s MyQL to track the progress of their loan.
However, some complaints point to hard credit inquiries without authorization during the application process. There are also reports that loan advisors were aggressive when trying to close the loan.
LoanDepot gets generally good reviews on sites like Trustpilot, yet hundreds of customers have filed complaints on the BBB site against LoanDepot — providing a mixed view of the company. While many borrowers speak highly of LoanDepot’s loan officers, saying customer service is quick and professional, the most frequent complaints are about LoanDepot’s slow closing times, poor communications and being charged hefty appraisal fees only to be denied the loan. Quicken Loans is rated highly on Trustpilot by thousands of customers, with the overwhelming majority of reviewers rating the company as “excellent” or “great.” Most reviewers praise the attentive, personalized service they receive from its mortgage officers. Even when dealing with multiple representatives, borrowers report a keen attention to detail. However, some complaints point to hard credit inquiries without authorization during the application process. There are also reports that loan advisors were aggressive when trying to close the loan.
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Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
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