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.
- Choose another lender if you want a HELOC.
Neither of these seems the right fit?
- No steering policy
- High loan limits
- Accepted loan-to-value ratios
- No prepayment fee
- Large jumbo loans available
- Flexible repayments
- Online loan support
- Fast turnaround
- Application deposit
- Two-step process
- Hard credit pulls
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.
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