loanDepot

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loanDepot Reviews

Updated August 11, 2014
Updated August 11, 2014
79 Reviews

2.9
79 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
60 Ratings

Review Highlights

Pros
  • Amazing company with great potential for high income and a steady career (in 4 reviews)

  • Strong management team that is forward thinking and VERY open with current and future plans (in 5 reviews)


Cons
  • Long hours that significantly cut into your social life (in 10 reviews)

  • No work/life balance and little or not relevant training or leadership direction (in 5 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1. 1 person found this helpful  

    Great people and Managers!

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

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

    Pros

    I love the people. This is the best group of people you could ask to work with.

    Cons

    They have not changed the comp plan in years and it no longer works in the current market. People are not making any money here anymore. The average person is funding less than 8 loans a month which is about 2k in commission. The insurance is also very expensive.

    Advice to ManagementAdvice

    If you see peoples pay decrease by 50%, you should change your comp plan or you will risk losing your best people, this is already happening.

    Recommends
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    May 8, 2014Director of Recruiting

    We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience.

  2. 2 people found this helpful  

    Bad place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

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

    Pros

    Some of the people. Benefits and salary were satisfactory.

    Cons

    They say they encourage you to go and fix something if you see something wrong, but they REALLY don't want to hear about it. The communication and coordination of people is the poorest I've ever worked in. You'll have 10 people trying to fix one thing and none of them know the other is working on it, while other things drop to the ground. I found an issue with one of the ways we were paying for something, and getting reimbursed (or not in some instances) by the customers, and when I brought it to the attention of my boss (with a way to solve it - that would have saved the company $2M) I was laid off a week later. Again, they REALLY don't want to know what is wrong or how to fix it. If you start working here my suggestion to you is when they send you a survey that will remain "anonymous", make sure you give everything all 5's because they do look to see who gave bad reviews. Also, have a contingency plan because they can let you go at any time, even if you are one of the good workers there because some of the management is intimidated by smart people who have mortgage experience (so I was told). When you interview, don't ask them how much revenue they bring in, ask them what the net profit is, that will tell you a lot more - but I doubt they will share that for more than one reason. Don't expect respect from people who have higher positions than you. They look down on people. I was a very high manager with a lot of responsibilities before I came to LD and hired in at a much lower position than I was accustomed to (it was close to where I moved). I went from having a huge office at my old job, to a small cube next to some very loud, cursing (F-bombs), mortgage brokers. I found the treatment I received from people that would have probably worked for me than the other way around at my old job, to be sad, stressful, and comical, and showed just how unprofessional they were. I went into this job with a lot of enthusiasm and thought it would be different - it's not, it's worse than any other place I worked in for the past 25 years up to and including the entertainment industry.

    Advice to ManagementAdvice

    I gave them enough advice when I was there. They don't deserve any more of my advice. I get paid a lot for my innovative ideas and skill sets. I am now CEO of my own company, which allows me to keep the millions I used to make and save for others.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Aug 11, 2014Director of Recruiting

    We’re disappointed to hear about your experience and thank you for speaking up. We would like to invite you to continue the conversation with us directly. Please feel free to come by the Human ... More

  3.  

    Worse company ever

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

    I worked at loanDepot full-time

    Pros

    They will pay for your licensing. They have a great licensing department.

    Cons

    Bad management who only cares about locks and getting the customers debit card info. The number of leads you receive is based on your tier. I have had peers receive two leads in a 10 hour shift working through their lunch and breaks. They will fire you at a drop of a dime. To current employees, do not trust management!

    Advice to ManagementAdvice

    For what? They don't care!

    No opinion of CEO

    loanDepot Response

    Aug 13, 2014Director of Recruiting

    We really appreciate you sharing comments and will be sure to forward them to the appropriate executive. We’re disappointed loanDepot was not able to meet your expectations as an employer.

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  5.  

    Better companies out there

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

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

    Pros

    Great co workers on the floor.

    Cons

    They try to paint that everyone is making tons of money and leads are plentiful in the initial interviews.... Truth is, you do get 15-20 leads a day.. The bad part, they are the worst agg leads I have ever received. It is very common to go days without a qualified lead to lock in.Most leads response when you talk to them is why r u calling me or I'm just looking for information. They have inexperience junior bankers transferring you calls..So plan on getting a lot of non qualified borrowers transferred to you..Never had so many appraisals come in low essentially killing the deal..Most bankers are making 4k or less. Processing is taking 60 days to close loans for clean deals and the dirtier deals processing doesn't work on... Favortism is rampant. They care about locks and talk time. People locking loans are submitting wood into the pipeline further causing the pipeline to be clogged. But they are treated better because they are locking loans and not looking at the fact that the loans aren't funding. My experience was with a newbie production manager who only seemed to push the LD reps veterans loans and the newer ones were left to make sure there pipelines moved. In 3 months, she pushed 1 loan in my pipeline and that was after a customer service issue caused by another associate. By far the least amount of money I have ever made..when mass hiring, they had no problem hitting me up for referrals.. Unfortunatley, I referred 4 people into the company and they are making peanuts as well. Needless to say, they are looking elsewhere.. When hit up for more referrals, I told my manager I won't refer anyone else until I make money. Best month was under 4 k. I Left a company making 13k a month for a company making under 4 k. They load u up with bottom of the barrel leads, log u in to force u to take them and than place u in tier 4 or 5 cause your numbers aren't inline. Once In Tier 5, the quality gets worse.. Top agents are fed the good leads and everyone else gets the scraps.. Agents constantly missing tier by 1 loan is very common here.. They commonly fired lo's 30 days on the floor or less cause they struggled getting deals in.. It is definately an adjustment. If you have lower quality state licenses, they will load you up with calls from those states.. They want you to spend a minimum of 15 minutes on every lead regardless of if they qualify for a loan. 5 hours talk time is minimum standards..50 percent credit pulls. A mass majority of the loan officers on the floor are out of the aces program.. This is for non experienced lo's learning the business.. These are the ones happy making 4k or less.

    Advice to ManagementAdvice

    Maybe get on the phones and see what the agents are getting for leads. Get processing and underwriting inline.. Initial underwrites shouldn't take 5-6 business days. Hold processing accountable as well for turn times..

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Aug 11, 2014Director of Recruiting

    We really appreciate you sharing comments and will be sure to forward them to the appropriate executive. We’re disappointed loanDepot was not able to meet your expectations as an employer.

  6.  

    Sweat shop!! Stay away!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Underwriter  in  Plano, TX
    Former Employee - Underwriter in Plano, TX

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

    Pros

    Pay is comparable to other mortgage companies. Great location.

    Cons

    They are good at painting a great picture when you start. You'll hear the place is about "culture" and everyone is "All In".. Don't let that fool you. That term "All In" will get thrown at you over and over again, like an abusive spouse.. If you're unable to work any of their "strongly suggested" overtime, you're not considered "All In". Processing runs the show there. Which a large number of the processors are new/green to the industry. Bottom line if processing says its ok, you better do it.. And if you don't, you're not "All In". Use caution if you're thinking of excepting employment at this company...

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    loanDepot Response

    Aug 11, 2014Director of Recruiting

    Thank you for taking the time to share your feedback. It is very unfortunate that we were not a good fit for you as an employer.

  7. 2 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

  8. 1 person 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!

  9. 2 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
  10.  

    Fresh out of training.. This place is AMAZING!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Mortgage Banker
    Current Employee - Senior Mortgage Banker

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

    Pros

    The company culture here is a complete 180 from the last lender I left. They supply 10-15 warm lead transfers daily. Many of the agents on the floor are very busy and are earning great incomes. Half of the agent earned in excess of $8,000 last month.

    Cons

    The technology isn't as good as it can be. Needs a better online presence with the website.

    Advice to ManagementAdvice

    Great company thus far! Please look at upgrading the CRM and phone systems, They are a bit out dated now.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    May 8, 2014Director of Recruiting

    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback! One of the areas we have invested in heavily is our training department. We are ... More

  11. 8 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 for more than a 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

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