loanDepot – Franklin, TN
Our Mortgage Bankers receive a large number of “warm transfers” and internet leads from clients in 50 states. They build rapport, analyze financial… loanDepot
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- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I worked at loanDepot full-time (more than a year)Pros
Pay can be good at times. BEFORE changes to the comp plan in May 2013 it was possible to make very good money.
Licensing/Compliance is excellent.
HR is very helpful.
Benefits are good.
Company trainers are great.
Endless supply of 5 hour energy (you'll need it)Cons
Turn times remain very SLOW, and even though they attempt to improve processes there remains a great deal of lag time.
There is a tremendous (life sucking) amount of pressure placed on sales people to perform at the highest levels daily. Sales people are asked (directly or indirectly) to work late and work weekends.
Sales management from Senior VP level down lacks integrity.
The culture is terrible (see above on high pressure environment), and rather than acknowledge/addressing the problems the company ignores it and fires good people.
The company touts an open door policy at all levels, but watch out! They retaliate like snakes that will bite you when you least expect it. They will terminate your employment with ZERO notice. I was an employee (top producer at times) for almost 2 years. After recently having a discussion with my sales manager in which I inquired about my own performance and standing I was told, "Trust me. If there's a problem I will let you know." I was fired for not having a good attitude toward the company, but this was NEVER , EVER mentioned to me in any way until I was terminated on the spot with no questions asked.Advice to ManagementAdvice
Treat employees as though loanDepot does not have to be the center of their universe. Human beings are not machines. If you have a problem with an employee LET THEM KNOW. To expect 110% loyalty from your employees, then turning on them without any notification that there is a problem is distasteful to say the very least. My attitude toward the company was NOT negative. I was nothing but positive as the company grew and expanded the branch in which I worked. Treat employees like people. DON'T just EXPECT LOYALTY, but also SHOW SOME LOYALTY.Doesn't RecommendNegative OutlookApproves of CEO