loanDepot Reviews

Updated July 27, 2015
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3.2
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
94 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

141 Employee Reviews

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  1. Helpful (1)

    Loan Originator

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

    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

    This is a great company that takes care of it's own. We even have a chief culture officer that makes sure it's fun to work here. The company appreciates and recognizes excellence. It's up to you how much you make. The more you work, the more you'll make. It's up to you. If you're looking for a life long career, this is the place you want to be. The training is top notch, and the vison is sound. very transparent transaction, and truth in lending. This company will foster your life. Literally, this company has changed my life, for the better. I'll always have a appreciation for this company and the people that work here. It truly feels like a family.

    Cons

    Nothing, If you have a problem, maybe you're not cut out to be a professional in this industry.


  2. Opportunity opportunity opportunity

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

    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

    Great pay, decent benefits for the company's size( will get better with more employees ) where else can you be an effective sales person and work hard with a medical degree or phd and make 200,000-300,000, almost nowhere. When people complain about long hours it baffles me, no one gets rich working 9-5. You have to put in the over time to bring the extra lead or sale opportunities for your benefit. You don't work for free. You do get paid overtime. If most of the people on here don't realize surgeons, chemical engineers etc don't make that working 40 hours a week. I'm really enjoying the aces program directed by Leslie , she really cares about your success and they actively look for employees motivated to succeed and don't make excuses for them not succeeding. You're given every tool and opportunity to succeed. It's up to you.

    Cons

    Coming from a employer with better benefits. That's the only I thing I could say is con. But it's not even that. It's still a very reasonable benefits package. I'm satisfied with my benefits.


  3. Great place to work

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Great place to work. Excellent training. Great atmosphere. Amazing pay. Friendly people. Genius and ambitious CEO. What is there not to love?

    Cons

    No downsides to working at this company. I guess I could say the location. I have to pay the toll to get to work but the pay definitely takes care of the few dollar toll.

    Advice to Management

    The interview process could be a little bit more personal. Rather than doing 2 group interviews. You could learn more about a potential employee.


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  5. This job ruined my life.

    • 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 (Less than a year)

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

    Pros

    Blonde girl at front desk was nice. Free coffee, free creamer, nice water machine that provides ice.

    Cons

    Sweatshop/overworked/60 hour work weeks/overzealous sales trainer/they act like you were chosen from 500 applicants but really they had a hard time filling 30 applicants. The sales trainer in so many words pretty much told me I can't sell. I have been trained by all of the best sales guru's and have a consistent track record of staying #1 in revenue 10 months out of the year. This sales trainer also made inappropriate comments about how I need to work it out with my girlfriend that she never gets to see me anymore. I would rather have a million in serenity than a million in dollars.

    Advice to Management

    Don't drag out the aces program so long, I taught 3 aces more in a couple hours at my house simplifying things for them, then they learned in 3 weeks in the classroom, the sales trainer overwhelms the new aces with mountains of literature. Then when you get in the classroom the trainer makes something simple look like quantum physics. I came in with all my licenses so I didn't go through the pressure that was put on everyone else thankfully.


  6. loanDepot

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Earning potential is unlimited. Endless quality pre-screened warm transfers. If you want to hussle and make a ridiculous amount of money then loanDepot is the place for you.The company is very profit driven and promotes employees to earn while never at the expense of the borrower. Pricing is great, customer service is top notch and the company is eager to eat up market share so the banker and borrower really can get what both are after which is the banker making a good income and the borrower truly getting the best loan they qualify for. .

    Cons

    The only true downside as which seems to be with any competition driven sales floor environment is burnout associated with long hours. loanDepot is extremely fast paced which I happen to thrive in and enjoy but it's not for the feint of heart.......again the earning potential is awesome but burn out can set in if you're not motivated to earn the surgeon's salary that you'l make there. That's not loanDepot's fault that simply the nature of the beast.

    Advice to Management

    It's hard to knock management. Again compensation is ridiculous so there should be certain expectations that come along with that. Managers have a lot on their plates and are stretched thin everyone sees that but just stay approachable. Overall management cares and there's an open door policy and issues are handled quickly and appropriately.


  7. Helpful (3)

    Read ALL reviews and believe what you read on the negative ones.

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

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

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Great vision, fast growth, and great at making you want to be a part of the team. Great at saying they care about their employees. They are a lot of talk and no follow through. They also don't have a long term outlook and only look for the now and immediate gratification. This is apparent in all aspects of their business but it starts in their interview process...how quick they are to hire compared to other companies. Think about it, they aren't taking the time to invest in you & their team, they are only thinking of the now, and not having you in the long term.

    Cons

    Again, They don't seem to have a long term approach in managing their business. They still have the fly by night mortgage company mentality though they are big & growing fast. If they want to be successful in the long run, they need to treat their employees and customers well. Invest in their employees by training them and mentoring them to grow within their company, then their employees with invest in their customers by providing excellent customer service. The company then has loyal employees and loyal customers who do repeat business and refer family and friends.

    Advice to Management

    It's simple, respect your employees and treat them well, and they will respect you and your customers and treat them well, and your customer base will expand. Read your online reviews, and believe them. When over 40% of your reviews are for the same problems, it's not them, it's you. Also, it's time to weed out the incompetent SVP's, especially the ones who don't understand how to read data. Your a mortgage company, that's shameful and sad. If you just had the right people and processes in place, you could be amazing, but sadly, you don't keep those people around. Maybe because the incompetent SVP's don't want to be outed and need to blame their incompetence on them.


  8. If I have to be away from my family - I am happy it's here!

    • 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 3 years)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    I appreciate that management's flexibility working remotely when a personal situation calls for it. I am compensated well for my time, and rewarded for my efforts in bringing the company to their goals. I am not a number I am a person. My production goals are realistic and attainable. My career goals are supported and fostered by management.

    Cons

    I would like to see more 'family' functions - or including our families in the after hours activities. The benefits should be more liberal for including domestic partners and their children. When/If you have to take leave - any compensation received during this time away should be based on your actual earnings (base and commission) - not just your base pay.

    Advice to Management

    Know your employees - not just what they do for the company - but as people. It's great to recognize the Best of the Best month after month, but acknowledge those who are consistent month over month as well because while they may not be the All Star player month in and month out their performance and reliability is needed and should be appreciated.


  9. Helpful (1)

    Family Atmosphere

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Very positive environment and friendly staff. Upper management is very nice and I have never worked somewhere that takes such good care of their employees. This is a stressful industry but there are always people willing to help here and Loan Depot does a very good job mitigating the stress by treating their employees with respect and genuinely caring for them. When I first started and was in training the VP's already knew everyone in my class by name and made it very comfortable getting past the jitters. This company has an open door policy and this is definitely a career, not a job and I love it.

    Cons

    Sometimes I feel funding can have some added respnsibility but I also know they are handling thousdands of loans and I don't know how difficult it would be to handle additional responsibilities. This is not really much of a con but it could be for someone who comes into this position with wrong expectations but this job does require a lot of hours but it comes with high reward.

    Advice to Management

    My advice to management would be this.... Wherever the economy and challenges may take us never lose touch of where we are at right now. Having your employees bought in will make a huge difference operationally.


  10. Helpful (1)

    The Best Company in the World

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

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

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    By far the best company I've worked for in my lifetime. All the people that I know personally, I love like they're my own family. Starting with my co-workers on my team (The Foundation), my direct manager Austin as well as a few other managers Rip, Sonny, Povey, both of the VPs are very motivating/helpfull, and our new SVP has a huge heart where he has the employees best interests in mind first.. Everyone has the best attitude that's around me, and if you ever need anything, all the people mentioned above are there for you. Our office manager plans some of the funnest events and orders the best food for the building throughout the year. The front desk administrative assistant is the most helpful person I've had an opportunity to work with, as well as our processing and training department. Our CEO is by far the smartest and the brightest person I've had a chance to meet and listen to at the Town Hall Meeting. To give you an example, it was like listening to Steve Jobs unveiling the iPod/iPhone. This company has a bright future, and everyone working for it is very fortunate to be a part of it.

    Cons

    There's nothing bad to say about this place.

    Advice to Management

    Keep up the good work.


  11. Absolute Best Place to Work!!!!

    • 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 (More than a year)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Company has a very warm welcoming with management giving support in every way possible. #1 objective is employee development and getting you PAID...plain and simple. Excellent benefits 401k plan, med/den/vision benefits, bonus structure, bonus ramp up period, extreemly high quality leads, warm transfers 10-15-20 times per day (unlimited leads)!!! Rates are phenominal, company offers lifetime Loan Depot Guarentee for clients. When you put all of these items together along with a overall elite package for you as a mortgage banker.....your hardwork will definitely payoff!

    Cons

    The only real con at this company is that you are pushed to give a great performance (lazyness is nothing tolerated here we are only looking for people that want to make a 6 + figure living plain and simple). If hard work is something that your not used to doing then please do not apply. We hire the elite, the best of the best, the people looking to make $250k - $450k per year. FYI we have plenty of people probably top 30% of company making at least minimum $150k per year right now. We have added bonus incentives to keep you hungry wanting more and more. Not only do you get paid to be here but you get paid to close loans and you get paid an overtime bonus, commission bonus, hourly pay, quarterly bonus not including all of the benefits as well 100% matching 401k! There really are no cons unless you don't enjoy working hard and grinding for a massive paycheck then as I said you may want to look elsewhere.

    Advice to Management

    Keep doing what your doing.....its working continue the support and always mirror your employees hard work pays off for everyone!



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