Is LoanDepot a Scam?


Quick Answer

The Better Business Bureau states that LoanDepot is not a scam. It gives the company its highest A+ rating and confirms that it has been a BBB Accredited Business since 2014.

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Full Answer

Contributing to the BBB's positive rating is LoanDepot's long history of operation, as it has been in business since February 1995. Another factor is the company's complaint volume, weighted in with the company's positive record of responding to customer complaints and its ability to resolve those issues. LoanDepot's overwhelmingly positive customer reviews are also a consideration.

The BBB does mention a case brought against LoanDepot by the California Commissioner of Business Oversight regarding its failure to reconcile books properly in some instances, particularly regarding trust accounts. However, this has not negatively impacted LoanDedepot's overall rating.

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