loanDepot Reviews

Updated July 14, 2015
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4.4
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
17 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

25 Employee Reviews

Sort: Popular Rating Date
  1. 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.


  2. 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.


  3. 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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  5. Helpful (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.


  6. 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.


  7. 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.


  8. Helpful (1)

    loanDepot is a game changer

    • 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 (More than a year)

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

    Pros

    The caliber of talent within this company is among the best. The company works as hard for us as we do for them. They turn to people within the company for promotion first which creates an opportunity for people to get into the industry as well as exploring other functions within the company. I have no plans of leaving this place as I have never seen a company so dedicated to the culture and happiness of their employees. They realize that we are the true assets and we are compensated as such.

    Cons

    This is a company for driven, disciplined achievers so overtime is highly encouraged. This may be a con for some people.


  9. 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.


  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)

    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



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