loanDepot Reviews in Scottsdale, AZ

Updated September 1, 2014
Updated September 1, 2014
82 Reviews
2.7
82 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
63 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

12 Employee Reviews Back to all reviews

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  1. 2 people 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. 1 person found this helpful  

    Underwriter !!! SAR VA

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

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

    Pros

    Have lost trust...at first happy but it is not a good place...definitely a lie by management.

    Cons

    Would like to know what the other person who posted experienced in the underwriting department b/c mine was not good either...FHA and VA certifications could be in jeopardy...and on the list of returns from VA...watch it b/c they can tell you to do the loan BUT it is YOUR number that approves it... just remember that!! Don't fall prey to "It's Okay"...too bad there is NOT an underwriting union to protect underwriters!!! With the ATR we need it b/c management and leads say okay no problem but really it is NOT. How many loans got returns? ONE is too many.

    Advice to ManagementAdvice

    It is time to get rid of the ones who don't care ...esp about the NOV's...its not on them...just remember that. If I was the underwriter OR owner I would be investigating the underwriting leads and managers. One $1.00 is too much too loose and they think its okay to loose thousands. The Owners have no clue and maybe they dont care? Will be leaving don't want to loose my credibility with the VA as an underwriter..

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    loanDepot Response

    Sep 19, 2014Director of Recruiting

    We take our culture seriously and it’s disheartening to learn that you didn’t find it a positive work experience for you. We strive to build a culture that is based on ethics, accountability, forward ... More

  3. 4 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

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  5. 3 people found this helpful  

    Worst decision of my Life

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

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

    Pros

    I do not have 1 good thing to say about working at loaDepot.

    Cons

    This Co lies to people during their Interviews. They present this great opportunity stating they have Unlimited Leads, 45 hours a week, Contests, and unlimited Income potential. If you like working in a Sweat Shop with terrible Leads and extremely Low pay, like $3-4k/mo, for a Sr Banker Position, this is your place. Keep in mind you will be working from 7am- 7pm and every Sat for this Income. They have terrible leads, they do Limit them. They have rotten "Tiering" system, so if you take a few too many calls without Locking a Loan, you get knocked down to a Tier 4 or 5, and its very hard to dig out of. Management encourages staff to inflate Home Values to get better Pricing, then re-sell the Customer when the Appraisal comes in Low. Expect only Top Producers to get excessive Pricing Exceptions to make deal work. Don't plan on going on Vacation, when you come back you are for sure in Tier 4 leads. Account Managers and Underwriters are lazy, and love to kill your deal. Underwriters are terrible and add Loan Conditions every week. Rates/ Fee's are not Competitive at all. Don't expect Fair with their Contests. An Equal, Fair opportunity is unheard of at this Sweat Shop!

    Advice to ManagementAdvice

    Give a Fair and Equal opportunity to all. Quit with the excuses. Have normal hours for your Employees. Promote fairly. Your Loan Depot Yacht is repulsive, pay your Sales people!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Apr 22, 2014Director of Recruiting

    As a high-growth and fast-paced company, we all at times work long days. At the same time, we also encourage employees to take advantage of their 15 days of PTO and the fun activities we offer ... More

  6.  

    Great Place to Work For

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

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

    Pros

    Great place to work; great culture and co-workers; Management is willing to help and are flexible; good work-life balance

    Cons

    For those in Entry Level positions, it feels like there is a lot of red tape to go through to advance from a Junior Account Manager to a Senior Account Manager or even from a Loan Coordinator to Junior or Senior Account Manager. There is no plan of progession in place for that.

    Advice to ManagementAdvice

    Implement a cross-department training or on-job training for those in Entry Level positions looking to advance and turn processing into a career.

    Recommends
    Positive Outlook
    Approves of CEO
  7.  

    Great company! Pleasure to work here

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

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

    Pros

    Easy to make a very generous income. The attire is casual, and the location in the Scottsdale Airpark is perfect for commuters and going for lunch

    Cons

    Technology sometimes leaves more to be desired. Sometimes the systems can shut down.

    Advice to ManagementAdvice

    Look forward to being independent with our own server network, rather than utilize a citrix substitute.

    Opportunities for telecommuting could fix the capacity issue.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Oct 11, 2013VP Talent Management

    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!

    We're so glad that you've found our compensation structure easy to make a
    ... More

  8. 4 people found this helpful  

    Demands a lot but supports little

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

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

    Pros

    Worked there for 10 months, was great in the beginning. Company was very supportive and encouraging; we had parties all of the time. But the leadership had these grandiose vision of becoming a "major player" and to dethrone Quicken. In doing so they hired a number of executives fr

    Cons

    However, the leadership had these grandiose vision of becoming a "major player" and to dethrone Quicken. In doing so they hired a number of executives from other companies like Chase and Bank of America. These executive brought their ideas of how the business should run and threw out all of the process improvements that were in place. Nor would the management listen to any suggestions the employees put forth. What used to be a workplace of cooperation because an workplace of edicts handed down from upper management.

    Advice to ManagementAdvice

    remove the multiple layers of management. Hire project managers to facilitate improvments.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Oct 4, 2013VP Talent Management

    We appreciate feedback both constructive and positive, so thank you for taking the time to share your experience. We’re glad that you’ve enjoyed some of the fun events that we throw for our ... More

  9. 1 person found this helpful  

    Great place to work.

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

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

    Pros

    Management is amazing here. They give you the tools you need to do your job well. They are always doing things to award us for what we do. THey are always willing to listen to ideas we have.

    Cons

    A few more parking spots.

    Advice to ManagementAdvice

    Keep doing what you are doing.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Sep 6, 2013VP Talent Management

    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!

    It's so great to read about our fantastic management and leadership team. We
    ... More

  10. 1 person found this helpful  

    Senior Mortgage Banker in Scottsdale AZ

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

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

    Pros

    I was pretty hesitant coming over in April, I had heard about the comp plan but it was so far from other plans being offered in the valley I was skeptical. Since I've joined it's been an amazing experience. The management team is exceptional; they're transparent with what's going on now, what the plans are for building out in the coming years and positioning for when the market changes. The pay is nothing short of ridiculous, plenty of bankers earning well over $20k monthly with no signs of slowing down. Over the six months I've been here lead quality has actually improved drastically and the average # of loans closed per banker has increased significantly. We're growing like crazy and everyone in this place is literally smiling all the time. I've never been a 'company guy', but I've bought into loanDepot, drank the KoolAid and I couldn't be happier.

    Cons

    Wish I had some covered parking, and would love to see some kind of stock options, although the company isn't publicly traded. We work HARD. It's long hours, but with rates this low I don't mind spending extra time here. We don't all come in early and/or work late because they make us do it or expect us to, it's because the bankers and processors here are the best around and are self- (and money-) motivated.

    Advice to ManagementAdvice

    Advice, seriously? You guys rock. Keep up the great work and thank you so much for the opportunity. I couldn't be happier and hope we keep the culture intact as we grow. Cheers!

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Sep 6, 2013VP Talent Management

    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!

    We are so glad you "drank the kool-aid", I can relate! We are always
    ... More

  11.  

    Loan Processor

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

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

    Pros

    The company has a very upbeat and positive culture and they want you to succeed. A value of the company is an entrepenureal attitude. You own your job and they will help you to be sucessful.

    Cons

    There are high expectations but if you are willing to work hard and apply yourself, the sky is the limit.

    Recommends
    Positive Outlook
    Approves of CEO

    loanDepot Response

    Sep 6, 2013VP Talent Management

    Thank you for taking the time to write about your experience as an employee at loanDepot. We appreciate your feedback!

    We are happy you think our culture is upbeat and positive. One of our Core
    ... More

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