loanDepot

  www.loandepot.com
  www.loandepot.com
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10 people found this helpful  

Upper Management is no more than a Good 'Ol Boys Club with no business savvy to run a large player in this industry

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Anonymous Employee in Foothill Ranch, CA
Current Employee - Anonymous Employee in Foothill Ranch, CA

I have been working at loanDepot full-time (more than 3 years)

Pros

Loan Officers can make decent money as long as they keep their heads down and never, ever speak up.

Cons

Loan Depot is run by many executives that have little to no experience running a centralized mortgage platform. If anyone in the ranks or middle management has a solution it is quickly dismissed because of their ignorance, their typical "holier than thou" attitude or possibly fear of people with better ideas. The reality is most of these upper executives at the Vice President level and above would never be anything if they weren't suckling off of the CEO. Preferential treatment among the upper management or friends of the upper management is at comical levels.

Awards are numerous and always go to the same people, but these same people magically get the best leads. Their top performer in 2013 did the vast majority of his loans in California, but to everyone else in the company with over 200 loan officers licensed in California those leads are usually impossible to get, yet magically a select few get saturated with them.

The CEO is oblivious, and his upper Management keeps it that way, they in no way want anyone messing with their gravy train. Managers and VP's smoke pot behind the movie theater nearby and then get back to work. There are Vice President's that are abusive to a comical level, they get weeks off at a time for "leave" (aka "rehab") then just come back with no consequences like it never happened.

Other Vice President's and SVP's sit at their desk all day and just crack the e-mail whip at everyone else. The comical thing is they tell the middle managers, "get up out of your desk and leave a deposit with your bankers" but they never leave their desks, it's a running office joke.

If you want to work here as a Loan Officer feel free, but do not have aspirations of getting further unless you're part of the in crowd. If you get in the right crowd it's amazing. You can be late every day with no consequence, they will just doctor your time card for you, dress like a bum, be abusive to customers and they will cover for you, show people obscene pictures or sexually harass them and it's all good as long as you kiss ass to the right people.

Advice to ManagementAdvice

They do not listen, no point.

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

90 Other Employee Reviews for loanDepot (View Most Recent)

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  1. 4 people found this helpful  

    Worst decision of my Life

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Banker in Scottsdale, AZ
    Former Employee - Senior Banker in Scottsdale, AZ

    I worked at loanDepot full-time (more than an year)

    Pros

    I do not have 1 good thing to say about working at loaDepot.

    Cons

    This Co lies to people during their Interviews. They present this great opportunity stating they have Unlimited Leads, 45 hours a week, Contests, and unlimited Income potential. If you like working in a Sweat Shop with terrible Leads and extremely Low pay, like $3-4k/mo, for a Sr Banker Position, this is your place. Keep in mind you will be working from 7am- 7pm and every Sat for this Income. They have terrible leads, they do Limit them. They have rotten "Tiering" system, so if you take a few too many calls without Locking a Loan, you get knocked down to a Tier 4 or 5, and its very hard to dig out of. Management encourages staff to inflate Home Values to get better Pricing, then re-sell the Customer when the Appraisal comes in Low. Expect only Top Producers to get excessive Pricing Exceptions to make deal work. Don't plan on going on Vacation, when you come back you are for sure in Tier 4 leads. Account Managers and Underwriters are lazy, and love to kill your deal. Underwriters are terrible and add Loan Conditions every week. Rates/ Fee's are not Competitive at all. Don't expect Fair with their Contests. An Equal, Fair opportunity is unheard of at this Sweat Shop!

    Advice to ManagementAdvice

    Give a Fair and Equal opportunity to all. Quit with the excuses. Have normal hours for your Employees. Promote fairly. Your Loan Depot Yacht is repulsive, pay your Sales people!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Apr 22, 2014Director of Recruiting

    As a high-growth and fast-paced company, we all at times work long days. At the same time, we also encourage employees to take advantage of their 15 days of PTO and the fun activities we offer ... More

  2.  

    Amazing company with opportunity to grow.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Appraisal Coordinator II in Foothill Ranch, CA
    Former Employee - Appraisal Coordinator II in Foothill Ranch, CA

    I worked at loanDepot full-time (more than an year)

    Pros

    Fast growing company with great pay and benefits. The overtime is a major plus when you're looking to make 5 or 6 figures.

    Cons

    Long hours that significantly cut into your social life. The company is like high school in a way with lots of cliques and gossip. At the corporate office there is very little face to face contact with coworkers from different departments. And lastly, management does not let lower departments forget that they are expendable.

    Advice to ManagementAdvice

    Upper management needs to stop treating lower department employees as expendable.

    Recommends
    Neutral Outlook
    No opinion of CEO
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