loanDepot

  www.loandepot.com
  www.loandepot.com

loanDepot Reviews

Updated November 18, 2014
Updated November 18, 2014
90 Reviews
2.7
90 Reviews
Rating Trends

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

Review Highlights

Pros
  • Amazing company with great potential for high income and a steady career (in 5 reviews)

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


Cons
  • No work/life balance and little or not relevant training or leadership direction (in 6 reviews)

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

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    GREAT COMPANY

    Current Employee - Senior Mortgage Banker in Plano, TX
    Current Employee - Senior Mortgage Banker in Plano, TX

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

    Pros

    First off I'd like to address all the negative reviews posted here. If you're upset because you were sold on the dream of funding 20+ loans every month, you're an idiot. Face it, it takes months of filling up a pipeline with clean loans (and we all know that the borrowers out there aren't exactly clean) to actually have a shot of funding this many.

    With the current market conditions, there is no better place to work at. loanDepot has a heavy footprint in the industry and we have accelerated our growth sevenfold this year. The marketing, the recruiting, the management, the everything of this company makes it the best mortgage company to work for. Competitive nature and the opportunity to make anywhere from $8K-$20K a month dependent upon how hard you work? Sign me up. Ability to actually talk to your clients the way you see fit so that you don't sound like a robot? Sign me up.

    Case and point. The youngest banker on the floor is 20 years old. He makes for one hell of a banker and in his first 6 months on the floor he managed to pop a 10K check. This place creates dreams for people. If you are willing to put in the hours and grind it out like the management has been preaching since day one, you can make more money here than anywhere else.

    Lastly, the management doesn't ask anything out of the ordinary from their bankers. They ask that you work hard because they know it will make you more money.

    Cons

    There are no stock options.... YET.

    Advice to ManagementAdvice

    Keep up the good work, gentlemen.

    loanDepot Response

    Nov 19, 2014Director of Recruiting

    Thank you for sharing your experience as a loanDepot team member! We couldn’t agree more, we are leading in the industry and growing year over year! We are excited to move forward with an exciting ... More

  2. 1 person found this helpful  

    The best loan and the best place to work. Period.

    • 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

    The company has a fun environment and culture (themed company lunches, ice cream days, annual department Halloween decorating contest, amazing holiday parties, and canned food and toy drives donated to organizations during the holidays). There are many opportunities for career advancement and growth. They are constantly hiring and promoting from within.

    Cons

    There aren't annual reviews, which could be helpful for us as employees to know where we are doing well and where we can improve.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Nov 12, 2014Director of Recruiting

    Thank you for the feedback! We are happy to hear you are enjoying the culture and work you do at loanDepot

  3. 1 person found this helpful  

    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 (less than an 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

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  5. 1 person found this helpful  

    Challenge Accepted.. This company is not for someone who wants to be average

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

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

    Pros

    Fantastic 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.

    Cons

    The 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 ManagementAdvice

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

    Recommends
    Positive Outlook
    Approves of CEO
  6. 2 people found this helpful  

    A Challenging Company

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

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

    Pros

    As 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.

    Cons

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

    Advice to ManagementAdvice

    Better commission structure of the amount of work.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Apr 22, 2014Director of Recruiting

    Thanks for sharing your experience. We are always striving to improve, so we genuinely appreciate you feedback!

  7. 1 person found this helpful  

    Great Opportunity, Great Support

    • 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

    From the very beginning, this company has had everyone's back. I came into the industry with no experience and not an idea of what to do. The company paid for my training and all of my licensing. The training staff had our backs the whole time, and you can tell people are happy with their jobs.

    You hear directly and frequently from the CEO, and there are numerous avenues where your input can be provided. Managers provide great support and I have never felt like I was left out to dry.

    You run your own business. You have to work hard for what you get but that seems to be the notion with life. At least I know I can control my results. There are many opportunities here.There are a ton of opportunities in this company and they are always hiring from within as well.

     I have recommended the company to my friends and family.

    Cons

    Sometimes the work and hours become heavy, but it is a result based industry.

    Recommends
    Neutral Outlook
    Approves of CEO
  8. 2 people found this helpful  

    Amazing 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 an year)

    Pros

    Fast moving and growing company
    Great management team
    Outstanding Pay

    Cons

    Long hours and can be stressfull at times, but for the pay everything is worth it. Bottom line is if you aren't looking to work hard with the potential of high earning ($125,000 plus) than this job isn't for you

    Advice to ManagementAdvice

    Keep up the great work thanks for listening to us and making loanDepot such an amazing place to work at. I couldn't have more trust in leadership team at loanDepot.

    Positive Outlook
    Approves of CEO
  9. 2 people found this helpful  

    Best place to work, hands down

    • 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 (more than 3 years)

    Pros

    The people are awesome. Huge emphasis on having a positive atmosphere. Having a positive attitude and good work ethic goes a LONG way here. Also, we get tons of leads. Even though the market slowed down this company is still growing, buying more leads and hiring more people.

    Cons

    I have ZERO complaints. Seriously.

    Advice to ManagementAdvice

    Jump in and silent monitor and second voice more sales calls. 2 heads are better than one, and everybody gets sharper at their job and makes more $. You guys are awesome = )

    Recommends
    Positive Outlook
    Approves of CEO
  10. 1 person found this helpful  

    Great company and people

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

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

    Pros

    The culture at loanDepot is unparalleled. Everyone gets along with one another very well. There is mutual respect among employees no matter what their position is. There are also a lot of events to keep morale up in the office to keep people going. A lot of potential for the current employees to move up. Also, the training they provide in their ACES program is amazing. They pay well for the training and provide you with an amazing structure to pass all the tests for licensing.

    Cons

    Only con is long hours, but realistically, 50 hours per week is not bad. Some employees work more but this is because they want to make more money. Plus, you get 1.5 pay for the hours over 40.

    Advice to ManagementAdvice

    Keep up the good work!

    Recommends
    Positive Outlook
    Approves of CEO
  11.  

    Great!

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

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

    Pros

    Work/ life balance, recognition, room for growth.

    Cons

    Nothing that comes to mind.

    Recommends
    Positive Outlook
    Approves of CEO

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