loanDepot - Upper Management is no more than a Good 'Ol Boys Club with no business savvy to run a large player in this industry | Glassdoor
There are newer employer reviews for loanDepot
There are newer employer reviews for loanDepot

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Helpful (12)

"Upper Management is no more than a Good 'Ol Boys Club with no business savvy to run a large player in this industry"

StarStarStarStarStar
  • 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
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

I have been working at loanDepot full-time (More than 3 years)

Pros

Loan Officers can make decent money as long as they keep their heads down and never, ever speak up.

Cons

Loan Depot is run by many executives that have little to no experience running a centralized mortgage platform. If anyone in the ranks or middle management has a solution it is quickly dismissed because of their ignorance, their typical "holier than thou" attitude or possibly fear of people with better ideas. The reality is most of these upper executives at the Vice President level and above would never be anything if they weren't suckling off of the CEO. Preferential treatment among the upper management or friends of the upper management is at comical levels.

Awards are numerous and always go to the same people, but these same people magically get the best leads. Their top performer in 2013 did the vast majority of his loans in California, but to everyone else in the company with over 200 loan officers licensed in California those leads are usually impossible to get, yet magically a select few get saturated with them.

The CEO is oblivious, and his upper Management keeps it that way, they in no way want anyone messing with their gravy train. Managers and VP's smoke pot behind the movie theater nearby and then get back to work. There are Vice President's that are abusive to a comical level, they get weeks off at a time for "leave" (aka "rehab") then just come back with no consequences like it never happened.

Other Vice President's and SVP's sit at their desk all day and just crack the e-mail whip at everyone else. The comical thing is they tell the middle managers, "get up out of your desk and leave a deposit with your bankers" but they never leave their desks, it's a running office joke.

If you want to work here as a Loan Officer feel free, but do not have aspirations of getting further unless you're part of the in crowd. If you get in the right crowd it's amazing. You can be late every day with no consequence, they will just doctor your time card for you, dress like a bum, be abusive to customers and they will cover for you, show people obscene pictures or sexually harass them and it's all good as long as you kiss ass to the right people.

Advice to Management

They do not listen, no point.

Other Employee Reviews for loanDepot

  1. "Amazing company with opportunity to grow."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Appraisal Coordinator II in Foothill Ranch, CA
    Former Employee - Appraisal Coordinator II in Foothill Ranch, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Fast growing company with great pay and benefits. The overtime is a major plus when you're looking to make 5 or 6 figures.

    Cons

    Long hours that significantly cut into your social life. The company is like high school in a way with lots of cliques and gossip. At the corporate office there is very little face to face contact with coworkers from different departments. And lastly, management does not let lower departments forget that they are expendable.

    Advice to Management

    Upper management needs to stop treating lower department employees as expendable.


  2. Helpful (9)

    "I wanted to get behind this company, but management let me down"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Manager in Foothill Ranch, CA
    Current Employee - Manager in Foothill Ranch, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at loanDepot full-time

    Pros

    Intelligent, hard working people. The middle managers and supervisors have a lot of industry experience.

    Cons

    I've researched the curriculum vitae of the top executives and am not impressed at all. Most worked in very small companies so executive titles were given out freely. I do not think this group of executives knows how to grow the company into a major player - they don't have the experience. The main originations system has flaws in it due to it being modified during the early years which had a domino affect on other programs connected to the system. There is no innovative thought from management (they actually fear people with innovative thinking), and certain things that they have done wrong either in processes or to the system are being shielded from Anthony - but you can't hid the bottom line stats for long. This company had THE WORST communications that I have ever experienced!

    Advice to Management

    You got rid of all of your innovative thinkers. This will be your downfall. Ask yourself why you continue to lose money and metrics are on the downward slide. You need process engineering instead of hiring more mortgage bankers. But I think this will fall on deaf ears. Best of luck to you when interest rates go up.

There are newer employer reviews for loanDepot
There are newer employer reviews for loanDepot

See Most Recent

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