loanDepot FAQ

Have questions about working at loanDepot? Read answers to frequently asked questions to help you make a choice before applying to a job or accepting a job offer.

Whether it's about compensation and benefits, culture and diversity, or you're curious to know more about the work environment, find out from employees what it's like to work at loanDepot.

All answers shown come directly from loanDepot Reviews and are not edited or altered.

62 English questions out of 62

August 23, 2021

What is paid time off like at loanDepot?

Pros

Great pay and good training

Cons

No work life balance hard to get time off

No work life balance hard to get time off

August 23, 2021

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June 9, 2021

Does loanDepot offer massages?

Pros

Got to use the bathroom and free water

Cons

They're all good benefits happy

Advice to Management

Great service

Got to use the bathroom and free water

June 9, 2021

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July 13, 2021

Does loanDepot offer relocation assistance?

Pros

Flexibility - While you have set hours during the day, management is very flexible when the need arises. For example, you can take an extended lunch for appointments and make up the time later in the day. Training - You are thrust right into the job starting the very first day, however the training program that is in place pairs you up with a senior member who teaches and advises you until you are ready to work independently. It is a very supportive system and allows individuals to grow/learn at the rate that works best for them. Management cares more to just see growth happen than how long it takes to grow or get up to speed for a position. Friendly- Company culture is fantastic. You get a great feeling of camaraderie from every level of management as well as coworkers in different departments. A few managers are difficult to deal with however for the most part, everyone is on the same page and is working together to get things done. Benefits - The benefits package is fairly good. Multiple health plans, an incredibly good dental, 401k, retirement. The company also contributes a fair share towards multiple benefits that are not typically offered by other employers that I have had. PTO is generously accrued over the course of the year and one floating holiday is allowed on top of that.

Cons

Work-Life Balance- It doesn't exist. When hired, they say that there is occasional overtime, however it would be more appropriate to say that there is occasionally no overtime. Be prepared to work 55-60 hour weeks with mandatory 12 hour OT every weekend during peak season, which lasts 3-4 months. If you tell management that you can't work OT, regardless of how legitimate a reason you have, it is severely frowned upon and held against you. This extends to time off as well. Unrealistic Performance Standards - While immediate management is stellar, they don't make the decisions regarding your individual performance. To the people who make the actual decisions, you are just a number. For example, in my department, we were required to review 25 files per day in a unit of 18 people. 25 files was easy to hit during busy times however during slow season we would receive between 288 - 360 new files per day. A quick calculation shows that this is between 16-20 files per person, yet we were still held accountable for the full 25 files. If you hit less than 25 enough times you would receive a warning from production executive management. Job Security - Blatantly put, there is none. Company executives will decide, at the first sign of business slowing down, to do mass layoffs to preserve the elevated income. Furthermore, they make these decisions based solely off numbers, without speaking with managers/team leads.

Advice to Management

My advise changes depending on how high you are talking. Immediate Managers - I have no advice, they are doing the best they can in the situation they are in. They are very understanding and do everything they can to help accommodate the overworked staff they are responsible for. Senior Executives - You need to take a step back and rethink how you are handling things. You are promoting a work environment that, while I'm sure helps your $$ quota and seems stable for you, is very unhealthy for the majority of your employees. You put up a front to show that you care for your employees, while simultaneously making decisions based solely on numbers. You preach how much the company is growing, yet your employees are being forced to work excessive hours to keep up. Then, the moment you hire enough people to effectively handle the workload, you put in place a hiring freeze and suddenly perform sweeping layoffs with absolutely no warning. I acknowledge that my opinion may be clouded by my experience, however I believe that these business practices are duplicitous and new hires should be aware before considering employment.

The benefits package is fairly good.

July 13, 2021

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February 10, 2021

Does loanDepot offer dental insurance?

Pros

Great benefits for medical and dental Lots of overtime

Cons

No HR department that cares No training Expect you to do more than your pay grade

Advice to Management

You are inviting fraud putting too much on processors. Closers should be doing more

Great benefits for medical and dental

February 10, 2021

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November 12, 2021

Does loanDepot offer family leave?

Pros

Pay rate was good They send you all the equipment

Cons

- No organization - Rules changing daily- days out of training we were told that a lot of the processes we were taught were incorrect. - Proper training not provided - No employee privacy (emails to HR are sent to all upper management) - They say closed for all bank holidays but they don't mean it- The CEO is all about veterans yet we had to work Veterans day & Memorial day - They expect you to do other departments jobs (even if you know nothing about it. Because customer advocate team (collections) is behind they stuck us in that queue - QA is way too hard- have to checking rvery 30 seconds when you put a customer on hold, get marked down for saying "Yep" - Was told when hired it was M-F only, suddenly we have to work Saturdays- cherry on top, the hours are different than weekdays so I have to get up at the buttcrack of dawn because everything is on CST - Other departments drop the ball on EVERYTHING- put in a ticket for tax or insurance not getting paid, if something is wrong with the account or the ticket was entered incorrectly, instead of reaching out to the customer or rep, they close the ticket. - They launched a bonus program and one of the parameters is taking 1,000 calls or more- there are days where I only take 20 calls. Last round of bonuses 2/150 people met the goal. - They harass new customers. The send out a welcome email and make us call them, if the don't answer call again the next day. And the voice-mail they say to leave is so crytic customers think there is something wrong. - Supposedly such a great company all about the employees, and they don't do paid maternity leave. - There is very little communication with managers, 1 or 2 word responses. - The scripts are ludicrous- "Thank you for calling loanDepot, to whom do I have the pleasure of speaking to?" "Thank you so much for being the best part of loanDepot." - Customers are given multiple account numbers which makes it confusing for them and us - Loans are transferred between contact centers which again is confusing

Advice to Management

Get your act together There has been numerous people who have given you ideas on how to make the contact center a better environment and easier on us and the customers, and nothing has been done. I wonder why there is such a high turn over rate. Your guidelines and expectations are ridiculous. 3,000 welcome calls in one day?

Supposedly such a great company all about the employees, and they don't do paid maternity leave.

November 12, 2021

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62 English questions out of 62

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