loanDepot

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

Nightmare if you're in Underwriting

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

I have been working at loanDepot full-time for more than a year

Pros

Potential to be a great place if we would commit to making necessary changes.
Well funded and innovative in building the business in a number of different ways

Cons

Processing runs the company and takes no prisoners. File issues are either Sales fault or Underwriting's. Rarely there's. Some are untouchable regardless of how ruthless, unethical or clueless they are and have the owner's ear at all times (which creates havoc since he takes no time to get the facts when they run to him complaining. If he did, he'd be mortified at what is actually happening). We've also lost senior leadership in UW that had brought a breath of fresh air with real experience and integrity. He totally had our backs but his hands were tied and couldn't get through to anyone regarding changes that everyone talks about and knows we need to make but can't get passed processing leadership. We are hard working, solid producers with great quality and a passion to protect the company. Unfortunately many of us feel beaten down and treated like second class citizens by our "partners" in processing. Strangest and most debilitating thing I've seen in the years I've been in this business. As much as I want things to change and get better, I cannot encourage people I know to seek UW employment here.

Advice to ManagementAdvice

I think the above speaks for itself.

Doesn't Recommend
Neutral Outlook
No opinion of CEO

loanDepot Response

Jul 25, 2014Director of Recruiting

Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!

82 Other Employee Reviews for loanDepot (View Most Recent)

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  1. 4 people found this helpful  

    No room for improvement or advancement.

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

    I worked at loanDepot full-time for more than a year

    Pros

    If you enjoy making jokes at work about how you're going to pay your bills.... that's sometimes fun.

    Cons

    I worked at this company for over two years and was a top 5 banker in the company 5 times. When interest rates started to trend up the emails came out about how much, "Harder" it was to close loans. The VP's would explain that the loans were more challenging to close. The average funding month on the floor for a Banker was about 5 loans. This equates to $2500 a month in commission plus a measly $8 an hour. My average loan would take 65 days in process and when MB's show emotion and are upset as to why their PIW, W2, & 750 FICO borrower should have to wait this long- they are sat down and told we are the best in the industry. I truly felt embarrassed to work here. After missing tiers for the last year and being told that processing was, "Improving" [It became worse in actuality]- I am happy to finally be out.

    Advice to ManagementAdvice

    To get something across you would have to go through a Production Manager, Vice President, Senior Vice President, Executive Vice President, President, & then the CEO. Your company closed 2000 loans a month with more employees than you have loans funded [it's time to listen to your sales force]. Our past President left in the middle of the night along with a VP and there was no communication as to why [that's alarming isn't it?]. The CEO speaks about being number 1 in the industry but has all of his past companies were purchased and within a few years were dissolved. Innovation is needed in this company but anyone with ideas is seen as a "Problem".

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Jul 25, 2014Director of Recruiting

    At loanDepot we believe it is imperative to have the right people in the right roles at all levels who are committed to our core values. It also means we remain responsive to constant changes in the ... More

  2. 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 for 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
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