loanDepot Reviews

Updated July 5, 2015
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4.2
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Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
16 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

21 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 (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.


  3. 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.


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  5. 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.


  6. 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


  7. 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


  8. Great Culture, Great Company! This place is great!

    • 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

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

    Pros

    Great culture, excellent compensation, supportive management, company is growing..... tremendous room for growth potential. I have been so happy since joining loanDepot. I enjoy coming to work every day! The people are great, the management is supportive, the pay is excellent. loanDepot gives you all the tools needed to be successful, all you need to bring is experience, determination and motivation. The comp has exceeded my expectations......

    Cons

    I have a really enjoyed working here and do not have any cons at the moment

    Advice to Management

    Keep up the good work!!


  9. Helpful (4)

    Right back to Highschool

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

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

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    You can make a lot of money if you don't have a personal life that is.

    Cons

    Horrible management. Just ask around

    Advice to Management

    die!


  10. Helpful (4)

    Underwriter !!! SAR VA

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

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

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

    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 Management

    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..

    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


  11. Helpful (6)

    No room for improvement or advancement.

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

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

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

    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 Management

    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".

    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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