loanDepot vs PennyMac

A side-by-side comparison of rates, lender fees, products, and where each one actually wins.

loanDepot (nonbank) and PennyMac (nonbank) are both top-volume mortgage lenders, but they win for different buyers. loanDepot typically prices in line with the market average and charges around $1,295 in lender fees on a clean file. PennyMac typically prices in line with the market with around $1,395 in lender fees.

The right choice depends on what you actually need. We compare both on rate trends, fees, products, and the trade-offs that matter at the closing table.

Worked examples

Real numbers for common scenarios. These are estimates - your final closing disclosure will reflect the exact fees your specific loan and property require.

Scenario

$400,000 home, 20% down ($320,000 loan), 30-year fixed

Inputs

Loan amount: $320,000
Loan type: Conventional 30yr fixed
Credit score band: 740+

Estimate

loanDepot typical rate: in line with market average
loanDepot typical lender fees: $1,295
PennyMac typical rate: in line with market average
PennyMac typical lender fees: $1,395
Cash difference at close (illustrative): $100

Numbers are typical ranges from public rate-sheet samples and 2024 HMDA data. Your actual Loan Estimate will differ based on credit, LTV, and lock window.

Scenario

$250,000 home, 5% down ($237,500 loan), 30-year fixed

Inputs

Loan amount: $237,500
Loan type: Conventional 30yr fixed
Credit score band: 740+

Estimate

loanDepot typical rate: in line with market average
loanDepot typical lender fees: $1,295
PennyMac typical rate: in line with market average
PennyMac typical lender fees: $1,395
Cash difference at close (illustrative): $100

Numbers are typical ranges from public rate-sheet samples and 2024 HMDA data. Your actual Loan Estimate will differ based on credit, LTV, and lock window.

Run your own numbers

The calculator gives you the same itemized breakdown for any price, down payment, loan type, and location.

Open the calculator

Frequently asked questions

How should I actually compare two mortgage lenders?+

Get a full Loan Estimate from each on the same loan amount, same lock period, same close date. Compare APR (not rate), Section A (origination charges), Section B (services you can't shop for), and Section J (total estimated closing costs). Most surface-level comparisons miss that one lender is quoting points and the other isn't.

Why don't advertised rates match what I get on a Loan Estimate?+

Advertised rates almost always assume a perfect-credit borrower paying discount points to buy the rate down. The actual rate you're quoted reflects your credit score, loan-to-value, occupancy, property type, lock period, and whether you're paying points. APR is the closer apples-to-apples number.

Is one lender always better?+

No. Pricing is competitive, fees vary by file, and lender strengths differ by product (FHA, VA, jumbo, non-QM, conforming). The right answer is to get 3 to 4 Loan Estimates and pick the one with the best total-cost number for your specific loan.

Is loanDepot better than PennyMac?+

Neither is universally better. loanDepot is best for buyers who plan to refinance with the same lender and want fee-free refis later. PennyMac is best for buyers who want a stable long-term servicer and don't mind a digital process. The only way to know which one wins for your specific loan is to get a Loan Estimate from both, on the same date, with the same lock period.

All numbers shown are estimates for planning purposes. Closing costs, taxes, and fees vary by lender, title company, county, and individual transaction. LoanElk is not a lender, broker, or financial advisor. Your final Loan Estimate and Closing Disclosure are the authoritative figures.