loanDepot
3.3 of 5 73 reviews
www.loandepot.com Foothill Ranch, CA 1000 to 5000 Employees

loanDepot Reviews

Updated Jun 26, 2014
All Employees Current Employees Only

3.3 73 reviews

                             

71% Approve of the CEO

loanDepot Founder and CEO Anthony Hsieh

Anthony Hsieh

(56 ratings)

52% of employees recommend this company to a friend
73 Employee Reviews
Relevance Date Rating
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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
  • Show more review highlights

Reviews

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    Fresh out of training.. This place is AMAZING!

    Senior Mortgage Banker (Current Employee)

    ProsThe 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.

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

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

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    loanDepot Director of Recruiting responded to this review May 8, 2014 EditDelete
    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
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    Nightmare if you're in Underwriting

    Underwriting (Current Employee)
    Foothill Ranch, CA

    ProsPotential 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

    ConsProcessing 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 Senior ManagementI think the above speaks for itself.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Once was a great place to work....

    Senior Mortgage Banker (Current Employee)
    Foothill Ranch, CA

    ProsThe 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.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Software Developer

    Software Developer (Former Employee)
    Foothill Rnch, CA

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

    ConsThere 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 Senior ManagementConsider 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.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    If you put in the work you will get paid well. "SWEAT SHOP" LOL

    Senior Mortgage Banker At LoanDepot (Current Employee)
    Franklin, TN

    ProsYou are provided 10-15 inbound calls from new borrowers per day and internet leads. You can make good money here if your a good banker. If you are just an average banker you will not cut it here. You will be closing 10-15 loans per month, so if you can't keep up with the pace because your used to closing 3 or four loans a month you will end up elsewhere. We do have some freaks here that can close 20-25 deals per month. If your a great banker/loan officer you get paid what your worth. I also find it funny that people on here say it is a sweat shop, if you can't work 50-60 hours a week to make 100k+ your in the wrong place. If you are use to sitting your butt at home and kissing relators butts this company is not for you. We have tvs and are provided lunches pretty regurally. I really enjoy reading those comments because it keeps people who just can't cut it out off of my team. We don't need you on our team if your going to whine about working more then 40 hours a week, Come On!! If you are money motivated and don't mind putting in the time for your six figures you will like it here. It is unlike any other company out there that I have worked at in my career since 2002.

    ConsSometimes management will push for you to get multiple deals locked per day. We typically will work one Saturday shift from 10-2 a month, but the warm transfers are still coming in so its not a complete waste of time. If you can't close deals you will find the door.

    Advice to Senior ManagementConsider going back to the old comp plan. I know there are talks of it happening so make it happen.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    loanDepot Director of Recruiting responded to this review Apr 22, 2014 EditDelete
    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!
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    3 people found this helpful  

    Management through Pesterment... Proper slogan.

    Senior Mortgage Banker (Current Employee)
    Foothill Ranch, CA

    ProsI 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.

    ConsGet 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 Senior ManagementEase 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.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Great people and Managers!

    Mortgage Banker (Current Employee)
    Scottsdale, AZ

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

    ConsThey 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 Senior ManagementIf 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.

    Yes, I would recommend this company to a friend – I'm not optimistic about the outlook for this company

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    loanDepot Director of Recruiting responded to this review May 8, 2014 EditDelete
    We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience.
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    Challenge Accepted.. This company is not for someone who wants to be average

    Senior Mortgage Banker (Current Employee)
    Foothill Rnch, CA

    ProsFantastic culture. Fantastic place to work. This place is not for people who want to coast through and work at a minimum standard.. Don't take a job because its a job, take a position because you know you can own it, and move up the ladder. Coming to loanDepot has been the best decision I have ever made. Anthony and his executive staff know this business better than anyone in this industry.

    ConsThe cons is that disgruntled past employees talk so poorly about the company. Management does a lot to pick up the employees that are not performing, they are given several chances to improve.. and those employees choose not to. I have never seen a company provide you with guidance, and performance plans to help you improve, people take this as negative, some people do not take well to constructive criticism, they decide to check out and that is too bad.

    Advice to Senior ManagementContinue to lead with positive reinforcement, give employees recognition and a pat in the back.. that goes a long way..

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    2 people found this helpful  

    A Challenging Company

    Senior Mortgage Banker (Former Employee)
    Foothill Ranch, CA

    ProsAs a former senior mortgage banker, the company incentivizes you to work hard and produce. As you are performing on the metrics and follow company/federal guidelines, you will make hefty checks because leads are plentiful. It's a very simple process that consists of talking on the phone(5+ hours per day), securing solid deals that can fund(NOT WOOD), collecting documentation, and funding loans. This is a sales environment, so if you're not producing, you will not last. The mangement cares about metrics (lead to conversion ratio, lock to docs ratio, processing to fund ratio, and number of fundings) Also, if you are a tenured banker with poor habits, you will not make it. You will work 50+ hours per week.

    ConsThe cons of the company consists of days of poor quality leads, which happens in any sales environment

    Advice to Senior ManagementBetter commission structure of the amount of work.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    loanDepot Director of Recruiting responded to this review Apr 22, 2014 EditDelete
    Thanks for sharing your experience. We are always striving to improve, so we genuinely appreciate you feedback!
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    I enjoy going to work everyday!

    Anonymous Employee (Current Employee)
    Foothill Ranch, CA

    ProsI actually enjoy coming to work, everyday! Even a “tough” day is easy when surrounded by the culture. Teams are really teams, working with one another for a common goal. True it’s a production environment but the FREIDNLY competition keeps people engaged. Support departments are great. You can really speak to HR and lean on IT, Admin Services for the things you need. Upper management listens to “suggestions” and leads efforts for change when it’s in the best interest of the company. Like I mentioned, I actually LIKE going to work! Culture is awesome…. There are rewards and recognition programs that are peer nominated. Lunches are catered; sweets and treats are passed out by a FUN committee and you can feel the high energy throughout all areas/ all departments!

    ConsParking is tough, but nothing horrible... communications throughout the company could be better presented. Mangers need better training on how to be leaders.

    Advice to Senior ManagementKeep moving us in the right direction! can't wait to get leadership training!

    Yes, I would recommend this company to a friend

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    loanDepot Director of Recruiting responded to this review Apr 22, 2014 EditDelete
    Thank you for your feedback! We appreciate you sharing and we are so happy you enjoy your employment with loanDepot.
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loanDepot is the third largest private, independent retail mortgage lender in the U.S. and provides residential loans. loanDepot’s current business channels include direct lending, affinity, branch retail and servicing… Full Overview

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Glassdoor is your free inside look at loanDepot reviews and ratings — including employee satisfaction and approval rating for loanDepot CEO Anthony Hsieh. All 73 reviews posted anonymously by loanDepot employees.