الثلاثاء، 3 سبتمبر 2019
St. Louis Bank Review
St. Louis Bank Facts
- Services personal and business banking customers in the greater St. Louis area from a single physical location in the western suburb of Town and Country, Missouri
- The impetus behind the bank’s origin was the acquisition of many local banks by larger institutions from outside the area
- Founded in 2005 and is approaching its 15-year anniversary
- Offers a variety of business loans, with a focus on small businesses
- The institution prides itself on offering personalized service and guidance for all customers
- Traditional banking hours of 9 am – 5 pm, Monday through Thursday, extended to 5:30 pm on Fridays, along with a drive-up window open from 8:30 am through 5:30 pm
St. Louse Bank Overview
St. Louis Bank was founded in 2005 as a response from a group of local businessmen to the acquisition of many local financial institutions by larger, out-of-town banks. The bank provides a variety of personal and business banking services, with a special focus on local small enterprises.
Business loan options include short-term working capital loans, commercial term loans, letters of credit, construction loans, homebuilder loans, and the U.S. Small Business Administration loans, among others. St. Louis Bank is accredited by the Better Business Bureau (BBB) and has an A+ rating.
St. Louis Bank History
St. Louis Bank, founded in 2005, is a small community bank servicing the greater St. Louis area.
It has a limited geographic reach, with just one physical location, and takes a traditional approach to banking in terms of hours and days of operation and limited online banking and financial tools and sources of information.
It balances those limitations with a strong commitment to customer service, the best possible BBB rating, an A+, as well as accreditation from that agency, and a variety of business loan options.
Business owners in the local area who want to partner with a locally-focused financial institution for a variety of business lending and financing needs
St. Louis Bank Loan Specifics
St. Louis Bank provides a number of different business loan options to companies operating in the greater St. Louis area. The bank emphasizes personalized customer service, which can help small-business owners find the loan option that best meets their financial and operational needs.
The bank provides a rundown of the various commercial loans it offers on its website, as well as detailing the first few steps of the process business owners and decision-makers should follow as they start to apply for a loan.
Company owners must complete the five-page personal financial statement. They can then reach out to one of the financial institution’s commercial banking specialists, by phone or in person.
More detailed information about applications, loan specifics, and other pertinent concerns can similarly be provided through a visit or call to the bank’s headquarters in Town and Country, Missouri.
Consider this information a starting point as you begin to make a decision about whether to pursue a business loan and which specific option provides the most benefits.
Short-term working capital loans
With loan options that address both the cash flow needs of single projects and ongoing business operations, short-term working capital loans can either be a contract line of credit financing or annually renewable facilities with floating interest rates, respectively.
Advantages include automated sweeps to reduce interest expenses and monthly payments that only address interest, with cash flow dictating reductions to the loan principal. Inventory and receivables can be used to secure these loans.
Commercial term loans
This loan can be used to acquire fixed assets and equipment, as well as help address the price associated with mergers and acquisitions. Fixed and floating interest rates are available from St. Louis Bank, with available terms of five and seven years.
These loans can help finance a major purchase that would otherwise be very difficult or impossible to pay for upfront without additional funding.
Commercial letters of credit
A common tool in international commerce, the financial institution provides letters of credit to address concerns such as vendor support, state sales tax, commercial import, and surety needs.
Commercial construction loans
With a loan option that can provide financing from the very beginning of finding the right piece of land through the completion of the construction process and until the property is occupied, business owners can fund a variety of projects.
Loans are available for distribution, retail, industrial, and office properties. St. Louis Bank also assists businesses through land acquisition and development loans intended for use with commercial and residential real estate.
Commercial real estate mini-perm loans
Providing permanent financing for a variety of different commercial, industrial and residential properties that are acquired with investment in mind. The loan period can fall between three and five years, with a fixed rate and an amortization period between 15 and 20 years.
Homebuilder loans
This umbrella category includes land acquisition, homesite development, and developed lot loans, as well as lines of credit financing for building pre-sold homes. St. Louis Bank also provides financing options for display and spec homes built by developers.
U.S. Small Business Administration loans
Options available through St. Louis Bank and backed by the SBA include equipment and working capital financing via the SBA 7a program, as well as the 504 program for fixed-asset loans.
St. Louis Bank Customer Experience
St. Louis Bank is a community bank, focused on serving customers in the St. Louis area from a single location in the city’s western suburbs. The bank makes several mentions of its personalized approach to customer service on its website.
It’s important to note that the inspiration for starting the bank came when a group of local businessmen decided to fund a community-focused financial institution after others in the area were bought by larger banks with few connections to the city.
As a smaller, single-location bank, it doesn’t have robust sources of information online or extended hours at its headquarters, but encourages potential and current customers to reach out by phone or in person.
St. Louis Bank Lender Reputation
St. Louis Bank enjoys accreditation and an A+ rating from the BBB. While the lack of any customer reviews is partially due to the small overall size of the bank, it also indicates that no customers had a negative enough experience to share that information with the BBB.
There is a lack of reviews in many other trustworthy sources on the internet, again likely reflecting the small market size of the bank compared with regional and national lenders in dozens or hundreds of locations.
Bankrate noted the company could perform better in terms of safety and soundness, mentioning below-average availability of capital to protect against losses. Many of these concerns may be tied to the bank’s relatively new nature, in contrast to the large coffers developed by more established banks over time.
- Information collected on Feb. 26, 2019
St. Louis Bank Loan Qualifications
Business loan qualifications for the options provided by St. Louis Bank aren’t listed publicly. All companies have to complete a five-page personal financial statement and certification of beneficial ownership, as well as get in contact with a commercial banking specialist as they begin the application process.
Considerations such as equipment, inventory and other assets owned by the company, as well as the personal property of the business owner in some cases, are important because they can be used to secure loans and lines of credit.
Business credit scores, which serve a similar purpose to personal credit scores, but are formatted differently and in a less consistent fashion from one bureau to the next, are also important.
Spending the money to access your business credit score from the three major bureaus, Dun & Bradstreet, Equifax, and Experian may be worth it to help you understand your company’s financial position. Typically, standard credit scores in relation to ease of approval are as follows:
| Credit score | Quality | Likelihood of Obtaining a Loan |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat difficult |
| No credit score | No credit score | Difficult |
St. Louis Bank Phone Number & Additional Details
Homepage URL: https://www.stlouisbank.com/
Company phone: 314-851-6200
Headquarters address: 14323 S. Outer Forty Road, Town and Country, MO, 63017
States Serviced: Missouri
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What To Do When You Keep Failing at Making Financial Changes
It’s a pretty common story.
Someone finds themselves in a bad financial situation, where “bad” varies a lot from person to person. “Bad” could mean being unable to pay one’s bills. “Bad” could be maxing out one’s credit cards. “Bad” could mean consistent overdrafts on one’s checking account. “Bad” could simply mean a realization that you’re behind the curve in saving for retirement.
Whatever it is, it’s upsetting, and it triggers some immediate financial change. You decide that you’re going to make a budget, make some changes to your spending, and so on.
At first, you really commit to this. For some relatively short period of time – a few days, a week, a month, whatever – you make some real changes to your financial habits.
Then… things change. You start to bristle against the changes. Then, you “slip up,” and you feel guilty, and you try really hard again for a day or two, and then you “slip up” again, and then you basically just give up on the whole thing.
The relatively small amount of progress you made helps, but within a handful of months, you’re right back to where you were, and the cycle begins again at the top.
How does a person break out of this cycle? I’ve struggled with cycles like this when trying to achieve many different flavors of self improvement in my life, and I’ve figured out that there are really only a few things that work.
What Is the Goal?
One big reason that progress falls apart at the end of the honeymoon period is that the goal for the change is never really spelled out.
First of all, is your goal really just a short term one? Is the only financial change that you want to make is the one that gets your head above water for the moment? Do you just want to get out of that immediate overdraft cycle? Do you want to just pay off a credit card so that you have some breathing room for the moment?
While that’s far from a long term healthy financial state, there are many people who are really just aiming to keep their head minimally above water, and beyond that, they’re not really concerned about their finances. You have to ask yourself if that’s where you actually are. Is your goal with this really just a short term goal?
If you actually want more lasting financial change, articulate where it is that you want to go with as much detail as you can. I usually try to set long term goals using the SMART system – specific, measurable, achievable, realistic, and time-limited.
For example, just saying “I want to fix my finances” isn’t really going to work. Instead, think about what you’re actually aiming for. Is it a credit card payoff? Is it an emergency fund of a certain size? Is it being able to sustain a certain retirement savings level? Fingure out what exactly you want to do (specific), how exactly you’ll know that you’ve achieved it (measurable, often a specific dollar amount, like $0), when you want to do it by (time-limited), and making sure that those aims are actually something you can do (achievable and realistic).
For example, rather than just saying “I want to fix my finances,” you could say, “I want to pay off all of my credit cards by the end of next year.”
Once you have that, you need to break that goal down until it’s something meaningful in your daily life. There are really two ways to do this. One is to try to break it down step by step until you have actions you can take today. The other approach is to ask yourself each and every day, “What would a financially responsible person do today?” and try to live in that way. Ask that question about specific situations that you face, particularly anything that involves money leaving your accounts or going on your credit cards.
Here are some additional tools that will really help with this.
Change Lots of Routines
The closer you stick to the routines you had in your life before you committed to change, the easier it will be to lapse back into the habits and routines you were doing before you made these changes.
So, one big thing you can do is change up a lot of routines. Obviously, it’s impossible to change everything – your job, where you live, and your immediate family are probably all tough to change – but what you can change is how you use your time and energy outside of those commitments.
Just change up a lot of things in your life. Try going to bed earlier. Try not watching television for the next month. Try turning off all smartphone notifications. Try walking to work each day instead of driving, or take the bus instead of driving. When you catch yourself doing the same old thing, stop doing it and find something else to do.
Along the way, avoid things that would cause you to spend money. Whatever you change to, choose things that don’t involve spending.
Find Enjoyable Things Within Your New Routine
Make a conscious effort to explore as many new free or ultra low cost experiences as possible during your honeymoon period. You’re already changing up your routine, so fill up the newly exposed time with actually doing a wide variety of things that don’t cost money.
Need some ideas? Here are 100 things to do that don’t cost anything. Here are 50 free activities for families and kids. Here are 50 ways to have fun completely solo, if you’re kind of an introvert like I am.
One great strategy is to dive into a few new low cost hobbies or, even better, a hobby that can potentially save you money or even earn you a little. Here’s a guide to getting started with cooking at home, a guide to getting started with hiking and nature walking, and a guide to several other wonderful frugal hobbies and another more detailed guide to a few more frugal hobbies.
The point is this: try new things. Try lots of them. Give lots of different things a try with an open mind. If you’re more socially oriented, go to lots of meetups oriented around various interests in your community. The less pre-judging you do, the better. The more “sure, I’ll give this a real shot!”, the better.
You’ll find that a lot of stuff doesn’t click, and that’s okay. All you really need to do is find a small handful of things that click with you and you’ll have more than enough entertainment and leisure for yourself than you’ll ever have time for, and when that’s true, you’ll have a lot less time for longing for the things you used to do.
Make Bad Choices (Much) Harder
One challenge that many people struggle with when improving their financial state is that bad financial choices are really easy to make. Simply having a credit card and having access to the internet provides an abundance of opportunity for bad choices. Many of the places people visit outside the home are places of commerce, solely designed to extract money from your wallet.
If you want financial change to really last, one thing you must do is make those bad choices a lot harder than they once were. There are a lot of things you can do to make this happen, but they vary a lot from individual life to individual life. Here are some of the most helpful techniques.
Leave your credit cards and debit cards at home, just taking minimal cash with you for what you need to do. Yes, it’s occasionally inconvenient to not have your credit card with you, but most of the time, this little technique puts a roadblock in your way that stops lots of little impulsive purchases.
Delete your credit card numbers and other purchase information from online sites. Just don’t store that information in the account, so that you can’t just click a couple times and make a purchase. Rather, if you decide to make a purchase, you have to dig out your credit card and type it in or enter some other payment information. This forces you to take a brief breather and really think about whether you want to make this purchase or not.
Make your passwords at e-commerce sites long and difficult to remember and to enter. This is another effective strategy for curbing online spending. By making your passwords at online shopping sites difficult to remember and enter, you’re making it harder to actually make purchases, which means you’ll be making a lot fewer unimportant ones. If you’re doing this, you should also not have your browser simply store the password for websites.
Carry minimal pocket money. Don’t respond to these changes by suddenly putting a lot of cash in your pocket every time you leave the house. Instead, just take along a little cash to cover whatever it is you intend to do. You might occasionally miss out on serendipity, but more often than that, you’ll just skip over unnecessary spending.
Dump out, throw away, and give away your vices (alcohol, cigarettes, and so on). If you don’t keep them in your home, you’ll find it much harder to indulge in them, and the harder it is to indulge, the less money you’ll be blowing on them.
Over time, little moves like these will kill a lot of bad financial habits and routines. On the flip side of that…
Make Good Choices (Much) Easier
At the same time you’re making bad financial choices much harder, you can also make good financial choices much easier and more compelling.
Again, there are many ways to do this. Here are a few that have worked well for me.
Make meals in the slow cooker before you leave so you know you have a hot meal ready to eat when you get home. The simple recognition that you have a meal at home that’s ready to go waiting for you makes it much easier to choose to go home and eat rather than getting drive-thru or takeout food. The same is true for things like coffee – if you drink coffee every morning, having a routine that puts a cup of coffee in your hand each morning as you leave eliminates the need to stop at coffee shops.
When you cook, make plenty of food and package leftovers in the most convenient way possible for eating later. Let’s say you came home to a delicious pot of chili in that slow cooker. Great! Ideally, you made enough to feed you and everyone else in your family, plus you have a bunch of leftovers. Take the time to package those leftovers in the most convenient way possible, so that it’s easy for someone to grab a bowl and heat it up with minimal effort, making a quick lunch very convenient and very inexpensive.
Buy household and hygiene supplies in bulk and have a smart replenishment strategy. Buying household and hygiene supplies (like trash bags and toilet paper and soap) in bulk ensures that you almost always have them on hand and don’t have to make a “quick trip” to the store (which usually means a bunch of unplanned purchases). If you notice yourself getting low, plan ahead and replenish them. Add them to a list on your phone and check that list when you actually need to go to the store.
Keep your home clean and welcoming so that it’s easier to invite people over instead of just going out all the time. Many people choose to go out because they don’t want to invite people over at a moment’s notice. Adopt a daily routine of, say, 15 minutes of freshening things up around your house so that it’s always at least presentable to guests. That way, you don’t have to worry about just inviting people over for a movie night instead of going out and spending a bunch of cash.
Automate, Automate, Automate
Another powerful strategy is to put as much of your positive financial moves on autopilot as you can, so that not only do you not have to think about them, but that you actually have to put effort into stopping them, something you probably won’t do even if other habits fall by the wayside. Here are a few ways to do just that.
Set up automatic payroll deductions and automatic transfers and automatic bill pays to handle all of your good financial moves automatically, without you even having to think about them. Set up an automatic weekly transfer from your checking to your savings to build up an emergency fund. Sign up for your 401(k) plan and set up an automatic withdrawal from each check so that your retirement is funded. Set up an automatic bill pay each month to make an extra payment on the debt you’re focusing on. Those things will happen without any further action from you, pushing along your financial progress even if your eye isn’t on the ball.
Take on a lot of one-shot tasks that cut down on energy use. Doing things like putting caulk around the edges of windows where you find air leaks, putting weatherstrips along the edges of doors, changing out all of your light bulbs to energy efficient long lasting LED bulbs, turning your water heater down to 120 F, and setting your ceiling fan to run in the correct direction for the season (if you feel air blowing down on you directly below the fan, you’re in “summer” mode; otherwise, you’re in “winter” mode) are all tasks that you can do once (or once every six months) and you’ll notice a nice subtle change to your energy bill for a very long time afterwards.
Figure out the most efficient ways of doing things you do every day (or at least once a week). There are a lot of little tasks we do all the time that involve spending money or using up things that cost money. Tasks like doing the dishes, washing the laundry, taking a shower, driving to work – we do them all the time, but those things eat up hot water, soap, shampoo, detergent, gas… it really adds up. Spend the time to really figure out what the most efficient way of doing each of those things is, and practice doing them the most efficient way until it becomes second nature. If you can shave a quarter off of each load of laundry and you do laundry every day, you’re saving $80 a year thereafter.
Next Stop? The “Boring Middle”
The thing to remember is that what you’re really handling with these changes is getting through the transition from the “honeymoon” period – the part where change is new and exciting and novel and you see immediate gains – to the “boring middle” period, where the goal seems really far off and it’s mostly a matter of repeating steps.
If you follow the strategies above, you’re really amping up your chances of getting through that transition… but then you’ll face the “boring middle” of your big goal. Getting through the “boring middle” requires a bunch of different strategies, but much like the strategies described above to get through this transition, they’re all doable strategies.
Final Thoughts
The most effective use of a “honeymoon” period, when you’re really excited about a new big initiative in your life, is to set yourself up for lasting success in that particular area. You want to be able to succeed at this thing over the long haul, not just for a few weeks. You don’t want to just get your head above water; you want to change things so that you’re never in this position again.
Don’t spend the first part of your financial turnaround doing a bunch of unsustainable stuff that you’ll eventually resent. Rather, spend it figuring out patterns that will work well for you over the long haul – things like automation, making bad habits harder, making good habits easier, and having a good mindset and approach regarding the goal.
If you do that, you vastly increase your chances of making this a lasting change, one that will set you on the path to great financial success.
Good luck!
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Money makeover: can we afford to retire soon and maintain our current lifestyle?
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I face redundancy. Is maternity pay taxable?
I’m seven months’ pregnant and have just been made redundant from my job. Because I have been at my workplace for just under two years, I’ve been told I don’t qualify for redundancy pay. Instead they have offered me my statutory maternity pay and my enhanced maternity pay, which adds up to around £24,000.
As I’m not getting a standard redundancy payout will I have to pay tax on the maternity pay?
I face redundancy. Is maternity pay taxable?I am sorry to hear you are being made redundant. It is correct that you are not entitled to statutory redundancy pay because of your length of service, although you are entitled to your contractual notice pay, which would be subject to statutory deductions.
As you are aware, because your employment ends in or after your qualifying week, you are entitled to statutory maternity pay (SMP) for 39 weeks. Your employer will pay you SMP in the same way as your salary was paid. They are also required by law to deduct tax and national insurance contributions.
However, the payment being made in respect of the additional enhanced maternity pay could, in my opinion, be made as an ‘ex-gratia payment’ as compensation for loss of office and therefore paid free of any statutory deductions up to £30,000.
Should your company agree to this, they may require you to sign a settlement agreement and this could include a tax indemnity clause.
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loanDepot Mortgage Rates Reviews: Today’s Best Analysis
loanDepot was founded in 2010. This online lender services all states across the nation, offering plenty of mortgage and refinance options for individuals in all regions. It currently has over $150 billion in assets, a large number considering it is a relatively new lender.
loanDepot Mortgage Facts
- Founded in 2010 by CEO Anthony Hsieh
- Currently has over $150 billion in assets
- Headquartered in Southern California
- Has a BBB rating of just under 4 out of 5 stars and a TrustPilot score of 9.1 out of 10 stars
- Offers fixed- and adjustable-rate mortgages with multiple different term lengths
- Provides government-sponsored VA and FHA loans to qualifying borrowers that cannot afford to put 20 percent down on their home
- Has 203k loans that combine FHA loans with construction loans, helping homebuyers fund home building and renovations projects
- Considers homebuyers for jumbo loans when they need to borrow an amount that exceeds $417,000
- Has multiple mortgage and refinance calculators to help prospective borrowers meet their financial goals
Overview
loanDepot’s current CEO, Anthony Hsieh, launched loanDepot in 2010 after working for years in the mortgage sector. He was the prior owner of LoansDirect.com, an online lender that was eventually acquired by E*TRADE Financial.
He then founded HomeLoansCenter.com, a national online lending organization that ultimately merged with Lending Tree. Hsieh used the mortgage expertise and leadership skills he gained from his years with LoansDirect.com and HomeLoansCenter.com to develop loanDepot into the major online lender it is today.
loanDepot matches loan borrowers through technology and hands-on customer care. This company prides itself on its impressive performance and leadership in the modern lending sphere. The organization operates with the mission and values of ethics and integrity, transparency, customer care, and excellence.
This online lender services all 50 states and Washington, D.C. loanDepot is currently the fifth largest retail mortgage originator in the country, a great feat considering its founding only nine years ago. Also, it is the second largest nonbank consumer lender after Quicken Loans. It provides extensive mortgage options for home purchase and refinance.
Current loanDepot Mortgage Rates
loanDepot Loan Specifics
This popular online lender offers a variety of home loan options to cater to different homebuyer needs and budgets.
Fixed-Rate Loans
These standard home loans provide consistent monthly payments over the lifetime of the mortgage. loanDepot recommends fixed-rate loans for buyers who plan on staying in their new homes for more than five years.
These loans allow for easy long-term budgeting, which makes them an ideal choice for money-conscious buyers. Thirty-year fixed-rate mortgages are the most popular choice for loanDepot borrowers, but term lengths of 10, 15, and 20 years are also available for those who would like to pay off their loan faster.
Adjustable-Rate Loans
Adjustable-rate mortgages (ARMs) have monthly payments that may change throughout the lifetime of the loan. ARMs begin with a fixed term, in which payments are typically low for a predetermined number of years.
Once this initial period is over, the rates can rise and fall based on market trends. loanDepot offers an interest cap to its ARM borrowers to prevent rates from increasing too much. loanDepot recommends their 3/1, 5/1, 7/1, and 10/1 ARMs to borrowers who plan on selling or refinancing their home in the next few years.
Jumbo Loans
loanDepot offers jumbo mortgages to homebuyers who need a loan that exceeds the limits set by Fannie Mae and Freddie Mac. While many lenders constitute jumbo loans as those that exceed the limits set by Fannie Mae and Freddie Mac, loanDepot considers loans that exceed $417,000 to be jumbo.
This online lender can provide borrowers with up to $2 million in financing for high-value homes. It offers both fixed- and adjustable-rate jumbo mortgages.
FHA Loans
These types of loans, which are assisted by the Federal Housing Authority, assist homebuyers who cannot afford to put 20 percent down on their homes. loanDepot allows borrowers to take out FHA loans at fixed- and adjustable-rate payment styles and with a 3-percent down payment.
VA Loans
The Department of Veterans Affairs assists veterans, current service members, and their spouses in finding home loans with low monthly costs. VA loans are a popular form of government-assisted mortgage and refinance option for eligible Americans.
HARP Loans
loanDepot can help homeowners refinance their home loans to a lower rate through the Home Affordable Refinance Program (HARP). This program allows homeowners that have loans owned by Fannie Mae or Freddie Mac on or before March 31, 2009, and are up-to-date on their mortgage payments.
Savings from loanDepot’s HARP refinancing program average $355 per month. This program allows homeowners to refinance their loans with no equity or private mortgage insurance. In addition, there is no credit minimum required to take out loans through the HARP.
203k Loans
loanDepot provides borrowers with these types of FHA home construction loans that include the cost of the home as well as the funds to cover renovations. loanDepot holds the funding in an escrow account that can be released to pay construction staff once home renovation landmarks have been made.
Borrowers of 203k loans have the opportunity to pay only 3.5 percent down on their home, making it a viable option for those who cannot typically afford to put 20 percent down.
loanDepot Mortgage Customer Experience
loanDepot provides customers with plenty of online tools that can educate them on the home mortgage and refinance processes. They offer clear descriptions of their home loan offerings, as well as updated interest rate estimations based on each of these options.
This online lender has multiple different mortgage and refinance calculators. These calculators help buyers see if they can afford to buy a home, compare the rates of different loans, and predict their monthly payments based on several factors, including:
- Home cost
- Down payment
- Term length
- Annual income
loanDepot allows its borrowers to apply for a mortgage online by filling out a quick form. This questionnaire asks for several pieces of information, including full name, address, phone number, and email.
Once they have submitted this form, a lender from loanDepot will get in contact with the hopeful borrower, working with them to figure out what type of loan they could use. Prospective borrowers do not need to fill out all this information at once.
Instead, they can create an account and save their progress at any time. This initial form does not require a Social Security number or any other compromising information.
loanDepot requires borrowers to submit different forms of documentation during the underwriting process. They will need to submit the following information to attain a home loan:
- Identification, such as a passport, license, voter ID, Social Security number, tax identification number, or birth certificate
- Information related to income, via pay stubs or Social Security income records
- Credit score
- Mortgage statement
- W-2 forms from the past two years
loanDepot has a Nationwide Multistate Licensing System number of 174457. It has thousands of licensed loan officers that can help borrowers find the best loans for their budgets and goals.
Webster Bank Lender Reputation
loanDepot is a national consumer lender that was launched in 2010. Currently headquartered in Foothill Ranch in Southern California, loanDepot has over 150 loan locations across the country.
This lender is comprised of 6,400 staff members, including over 1,700 qualified licensed loan officers. The organization has funded over $150 billion since its founding less than a decade ago.
This lender is accredited by the Better Business Bureau (BBB), with an A+ rating. loanDepot has an average customer rating that is just short of 4 out of 5 stars with 824 reviews. This score is significantly higher than the ratings of most lenders in the nation. There are a total of 399 BBB customer complaints against this lender.
loanDepot has a TrustPilot score of 9.1 out of 10 stars with 1,488 reviews. Of these ratings, 85 percent of customers considered the lender to be “excellent,” while 10 percent deemed it “great” or “average” and only 5 percent considered it “poor” or “bad.”
- Information collected on February 20, 2018
loanDepot Mortgage Qualifications
When applying for a mortgage through loanDepot, borrowers typically need to meet the requirements associated with standard home loans. Typically, this lender will offer the best rates to customers who put 20 percent down on their homes.
However, if the borrower qualifies for government-assisted loans, such as FHA or VA mortgages, loanDepot allows them to make down payments as low as 3 percent.
loanDepot offers the best mortgage rates to individuals with high credit scores. Typically, prospective borrowers with credit scores in the good or excellent range should have no trouble securing a loan through loanDepot.
It is still possible to get a mortgage with bad credit or no credit history, but it won’t be easy. Here are the typical ranges of credit scores in the U.S.:
|
Credit Score |
Quality |
Ease of Approval |
|
760+ |
Excellent |
Easy |
|
700-759 |
Good |
Somewhat easy |
|
621-699 |
Fair |
Moderate |
|
620 and below |
Poor |
Somewhat difficult |
|
No credit score |
n/a |
Difficult |
loanDepot Phone Number & Additional Details
- Homepage URL: https://www.loandepot.com/
- Company Phone: 888-983-3240
- Headquarters Address: 26642 Towne Centre Dr., Foothill Ranch, CA 92610
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