loanDepot

  www.loandepot.com
  www.loandepot.com
There are newer employer reviews for loanDepot

3 people found this helpful  

Once was a great place to work....

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

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

Pros

The benefits are some of the best in the industry and free pizza four times a year, they have subsidized vending machines and the technology support is good. Great place to work if you are under 25 and do not have any other responsibilities.

Cons

****The pay scale changed and most employees saw a significant decrease in pay.

The culture of the office is not what the company portrays to the public, they preach a professional environment while most employees wear tattered jeans, t-shirts and expose as many tattoos as humanly possible. Working a 10 hour mandatory day along with mandatory Saturdays is fine when the pay is commensurate, but it is no longer.

Managers became whip crackers rather than helpful to employees due to the culture change and their hands were tied. The company grew too fast for it's own good and can no longer keep the promises it makes to its clients causing additional stress to the producing employees. Clock watching became more important than production and breaks were "discouraged" unless you had produced.

There became several layers of management and when something rolls down hill, it gains a lot of momentum and lands square in the lap of the sales department. Most of the managers were forced to lead by fear and made sure to let sales people know that they are easily replaceable.

If the CEO really knew what was taking place in the office, he would be inclined to clean house.

Doesn't Recommend
Negative Outlook
No opinion of CEO

90 Other Employee Reviews for loanDepot (View Most Recent)

Sort: Rating Date
  1. 9 people found this helpful  

    Management through Pesterment... Proper slogan.

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

    I have been working at loanDepot full-time (more than an year)

    Pros

    I like most of the employees on a personal level. Good for people who are new to the industry and know no other way or young kids who don't mind being bossed around and controlled. Pay at higher tiers is good. Busy.

    Cons

    Get ready to be chained to your desk while the "watchers" scream MORE at the top of their email lungs and try to "manage" you down to the minute. They manage reports and matrices, not people.

    You would think most sales jobs would be happy with production but this place seems more interested in controlling every second of your day and hitting "benchmark" numbers to report to the "watcher" above them to justify their own position. I have never seen a company with SO MANY people in management. I think there are more Managers, Assistant Managers, Directors, VPs, SVPs, EVPs, Ps, and Chiefs then people actually producing the loans. And their seats are as much as a revolving door as the agents are too!

    You can't blame the people themselves though if their only job is to monitor other people who monitor other people who monitor other people who actually work. With such a convoluted management structure it's no surprise that the assembly line nature of the loan process here is equally as inefficient with each person having very little say or impact on each loan. 45 day lock? YOU WISH! Want something done, email this person to email that person, to ask permission from this person to have this other person do something and sit and pray for a response. Why not just have person A ask person B? Not allowed... Go through channels. Sure this isn't the government?

    Processing is hit or miss as to be expected in a place this size. There are some really good ones and some that I can't believe can tie their shoes or figure out their car keys in the morning to drive to work. And it's all luck of the draw really.

    They will track your call time, time at desk, time away from desk, inbounds, outbounds, averages for everything, time to answer the phone, time picking nose, time picking butt, time in bathroom, time to set up a file before they can plug you back into the matrix, etc. etc. etc. Personally the best part about the mortgage industry (or sales for that matter) is that they primarily tracked the fundings (see: MONEY) above anything else and how you ran your race was your business as long as you got to the finish line they wanted. Not here... Close a loan in 15 minutes, why isn't your talk time more? Close 4 loans in 6 calls? Why didn't you take 10 calls (and still close 4?) They definitely appreciate busy over efficient. Their slogan is ALL IN as they want ALL of your time spent IN the building chasing that dangling carrot that so very few people actually reach.

    The pestering emails don't even wait until you get there. I've come to work before and have seen emails to VPs that agents weren't there yet before it's even their start time. Of course they aren't there! They aren't even supposed to be. It's 7:55 and Bill is not in. Yeah that's because Bill doesn't start until 8:00. What is the point of pointing out he isn't there yet before his start time?! Then the endless amount of updates. It's 8:30 guys these are the numbers, what's going on...? Umm, it's 8:52 guys these are the updated figures we need 20 more... It's 9:27 guys this team has this many and we have this... It's 10:07 guys we need some extra effort today... It's not 10:39 guys we are falling behind again... It's 10:54 guys we need everyone logged in... It's 11:34 guys we need people on the phone... It's 12:03 guys let’s not have a repeat of yesterday and have people leaving for lunch at lunch time... it's 12:22 guys and we need you guys who are working through lunch to pick up the slack... it's 12:58 guys people who left for lunch at 12:00 should be back... it's 1:14 guys let's start the second half of the day strong... it's 1:50 guys we need MORE locks, etc. etc. etc. ad nauseam until the end of the day That seems to be the business model though, get em young, dumb, excited and ride them hard until they burn out and swap them out like a Mexican pony on the beach.

    Upper management is a bit disconnected as well. True example: Owner of the company sends out a sob email saying how he can't just pay us more because we want it (after people were complaining of a PAY CUT, not even asking for more money) and how the company is in the red some months and how we are all lucky he has been able to keep us afloat and not had to cut even more pay. Then literally the very next day, speaking of "afloat," they send out an email with pictures of the owner's new "super yacht" on its way through the Panama Canal after it's $120,000,000 (that's $120 MILLION) RENOVATION, not price... but RENOVATION, with a sales contest for 4-5 people to come experience a "once in a lifetime" experience to live like the rich and famous. Really guy?! I can't pay you more (or even the same) because we don't have money, but hey look at my SUPER YACHT!! REALLY?! As they nickel and dime guys making $3000-$4000 a month out of an extra $100-$200 per loan they send that garbage and expect it to inspire. Did you think at all before that????

    They do not inspire they just demand MORE and MORE and MORE.......

    Advice to ManagementAdvice

    Ease up and let people work. People may work for a company but they don't work FOR a company that they don't feel cares about them.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  2. 2 people found this helpful  

    Software Developer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Software Developer in Foothill Rnch, CA
    Former Employee - Software Developer in Foothill Rnch, CA

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

    Pros

    Great company. Benifits are good. CEO has good vision and Dynamic.

    Cons

    There are some useless managers at mid level in IT. They use third party software and lot of customization.
    They use some loan numbers( for all fields, entity) to manage all their core software. This throws all software checks built my microsoft (like compile time data type errors, hooks for run time code execution etc) out of the window. The software crashes at run time and needs too much testing at QA . Violates all modern software principles. Also all form generation code are compared byte by byte by the manager wasting everys ones time and discouraging developers.

    Too many analysts and few developers puts some stress.

    Some managers spend reviewing the code without doing any useful work!

    Advice to ManagementAdvice

    Consider rewring software based on modern software prriciples. If you use third party ask them to fix rather than your staff modifying their code without fully understanding what is going on.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
There are newer employer reviews for loanDepot

Work at loanDepot? Share Your Experiences

loanDepot

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.