loanDepot Reviews

Updated July 5, 2015
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
92 Ratings

Pros
  • Fast growing company with great pay and benefits (in 5 reviews)

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

Cons
  • If you don't mind the long hours and no work life balance and being miserable at work then go for it (in 6 reviews)

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

More Pros and Cons

131 Employee Reviews

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  1. "Surround yourself with people who take their work seriously, not themselves, those who work hard and play hard."

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

    I have been working at loanDepot full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    As the saying goes: Money comes when you do what you're good at and work hard at it! You can make as much money as you are willing to work for. Mortgage business has NEVER been banker's hours... If you want a 9-5, then be a teller. If you want to make great money and can handle the hours, Loan Depot is where you need to be. The atmosphere is energetic & fun. Management truly appreciates the employees and it shows- raffles for iPads, gift cards, Go Pros, etc. If you want to earn what you're worth, work at Loan Depot.

    Cons

    You always hear the same complaints- sales could take a more better app, processing could submit the files more complete/clean, underwriting could ask for less conditions, etc. The bottom line is that the cons are nothing that are too difficult to handle.


  2. Helpful (2)

    Second Family

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Hard work and Dedication brings you to the top. If you want to be sub par, don't waste your time, you will just complain that you are "working too hard" There is great opportunity to grow at this company, products are always being added. Innovation is key, and there are a lot of things that are happening here. The most important "Pro" is the man that heads this ship.. Anthony Hsieh. There is no one like him, and he expects nothing but Excellence. loanDepot is his baby, he and his team care for us as employees. They do monthly company paid lunches, yearly events, most companies take their top loan officers to company paid trips, loanDepot does too, but they include processing, funding, underwriting, etc! This is a great place to learn, move up and continue to learn..

    Cons

    I read all the reviews, and it's interesting to see some of the comments, as I have been at loanDepot for 4 years, I mostly keep to my self and take pride in my work, but I can always point out the negative Nelly's that hang out by the water cooler and spread their negativity, I can always tell who they are as right after they are gone, there is a comment on Glass Door. The truth is that the only negative comment I have about working at loanDepot is that they give too many people chances that in their gut they know they probably shouldn't have. lt seems that sometimes LD thinks that the person is just looking for a place to finally call home, and disregard the person's tenure in their previous job, but I think we all know better than that, the person will never change, not matter where they go. Go with your gut loanDepot, save yourself from bad reviews, because I have seen my colleagues grow, move up into different roles, buy homes, build strong friendships, and I have seen people's lives improve because of the opportunities you have given us. Our families thank you.


  3. Helpful (1)

    Great fast-growing, employee-focused company!

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

    I have been working at loanDepot full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    It’s clear senior leadership has a vision to navigate the ongoing changes in the industry to ensure long-term success.
    Dedicated management that puts a premium on office culture, morale and employee satisfaction while driving for continued production and growth.
    Good pay and incentive plans. Company puts a lot of money and effort into marketing and generating leads to support ongoing volume and increasing market share. Management encourages collaboration between internal partners.

    Cons

    As with all jobs in the mortgage industry, when it’s busy it can seem like there’s not enough time in the day to get through the workload. There are a lot of customers to assist right now (which is a really good thing) so high production and overtime is expected, but management does its best to support production staff with lunches and dinners on those big days and there are numerous employee appreciation activities whenever possible. Communication between sites in different states needs improvement.


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  5. Helpful (2)

    Mortgage Banker (Loan Officer)

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

    I worked at loanDepot

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    None!! I WISH I WOULD HAVE READ PRIOR REVIEWS.

    Cons

    Your regular hours are 8-6. If site production is low, a "call night" is given without notice That means you stay until after 7 pm. If your a minute late in am you will get written up. You are treated like a child. On a day-to-day basis, employees work long hours under terrible conditions for a small sum of money .because your loans take over 90 days to close. You will work for $8 an hour. Don't do it. Very happy I left, enjoying my family work balance now.

    Advice to Management

    Focus on turn over and your processing issues. STOP TREATING LICENSED MORTGAGE PROFESSIONALS AS CHILDREN.


  6. Senior Account Manager

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

    I worked at loanDepot full-time (More than a year)

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    Good location, Grear Co-workers and awesome benefits

    Cons

    Poor manager, unorganized, Lack structure no work life balance, underwriting isnt consistent with conditions, management is very messy

    Advice to Management

    Need manager with passion for success in their employees that is knowledgeable and strong leadership not afraid to fight for their employees


  7. Helpful (3)

    Total Nightmare

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

    I worked at loanDepot full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    At one time was bearable during last refinance-wave of 2012 when the compensation plan was OK. I did make some good friends while there.

    Cons

    Its been summarized very accurately here already, unless you count the rah-rah reviews that are clearly written from the current management. It wouldn't have been so bad if all of the demands for more locks, more hours etc would have netted results. No banker who is there for any length of time can be accused of not embracing hard work, its welcomed if there is a tangible reward. The issue is that the company is so bad at doing loans that the locks had such a low conversion %. All managers wanted were locks to keep their bosses off their backs. So you're getting threatened on an hourly basis to "dig deep", be "all in" or "there's the door" and when you do get a lock you know that there's a 50/50 chance that the total clown show that you work for may not even execute the most basic loan. This understandably leads to angry clients.
    The motto at LoanDepot is that everything they do is "best in class".
    What they don't tell you is that class is kindergarten.

    Advice to Management

    No point. Less effective than telling Tom Cruise that there might be a hole or two in the Scientology narrative.


  8. Loan Officer

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

    I worked at loanDepot full-time (More than a year)

    Neutral Outlook
    No opinion of CEO
    Neutral Outlook
    No opinion of CEO

    Pros

    Plenty of leads, they leave you alone and don't ride you, friendly staff

    Cons

    Processing SUCKS! Bad attitudes of US Vs Sales.

    Advice to Management

    Rework your ops


  9. Helpful (1)

    Mortgge Banker

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

    I have been working at loanDepot full-time (Less than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The incredible leads we are given n a daily basis. the support and overall culture. We are an enviable employer which many would like to be a part of.

    Cons

    not hearing about Loan Depot earlier in my mortgage banking career.

    Advice to Management

    keep doing what you are doing. Austin Hirsch is a fantastic motivator, leader and mentor


  10. Helpful (1)

    Senior Account Manager

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

    I have been working at loanDepot full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The compensation is amazing. The ability to work from home when something unexpected comes up is a big plus too.

    Cons

    None that come to mind

    Advice to Management

    Keep up the great work


  11. Helpful (1)

    A Great place for your career

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

    I have been working at loanDepot full-time

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    loanDepot is the 1st company that actually gives you the tools to run your own business. There is very little micro management which is great! The support that is available is amazing. I have definitely found a home at loanDepot.

    Cons

    My only wish is that we would incorporate the other sites that are apart of loanDepot more. We have four amazing sites and it would be really nice to be able to vist and collaborate more with the other sites.

    Advice to Management

    Keep allowing the banker the freedom to control their own business. It is a great attribute of our company and one of the great reasons to be a member of loanDepot.



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