loanDepot - Nightmare if you're in Underwriting | Glassdoor
There are newer employer reviews for loanDepot
There are newer employer reviews for loanDepot

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Helpful (8)

"Nightmare if you're in Underwriting"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Underwriting in Foothill Ranch, CA
Current Employee - Underwriting in Foothill Ranch, CA
Doesn't Recommend
Neutral Outlook
No opinion of CEO

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

Pros

Potential to be a great place if we would commit to making necessary changes.
Well funded and innovative in building the business in a number of different ways

Cons

Processing runs the company and takes no prisoners. File issues are either Sales fault or Underwriting's. Rarely there's. Some are untouchable regardless of how ruthless, unethical or clueless they are and have the owner's ear at all times (which creates havoc since he takes no time to get the facts when they run to him complaining. If he did, he'd be mortified at what is actually happening). We've also lost senior leadership in UW that had brought a breath of fresh air with real experience and integrity. He totally had our backs but his hands were tied and couldn't get through to anyone regarding changes that everyone talks about and knows we need to make but can't get passed processing leadership. We are hard working, solid producers with great quality and a passion to protect the company. Unfortunately many of us feel beaten down and treated like second class citizens by our "partners" in processing. Strangest and most debilitating thing I've seen in the years I've been in this business. As much as I want things to change and get better, I cannot encourage people I know to seek UW employment here.

Advice to Management

I think the above speaks for itself.

loanDepot Response

Jul 25, 2014 – Director of Recruiting

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

Other Employee Reviews for loanDepot

  1. Helpful (8)

    "No room for improvement or advancement."

    StarStarStarStarStar
    • 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
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at loanDepot full-time (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 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, 2014 – Director 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


  2. Helpful (6)

    "Software Developer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Software Developer in Foothill Rnch, CA
    Former Employee - Software Developer in Foothill Rnch, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Great company. Benifits are good. CEO has good vision and Dynamic.

    Cons

    There are some useless managers at mid level in IT. They use third party software and lot of customization.
    They use some loan numbers( for all fields, entity) to manage all their core software. This throws all software checks built my microsoft (like compile time data type errors, hooks for run time code execution etc) out of the window. The software crashes at run time and needs too much testing at QA . Violates all modern software principles. Also all form generation code are compared byte by byte by the manager wasting everys ones time and discouraging developers.

    Too many analysts and few developers puts some stress.

    Some managers spend reviewing the code without doing any useful work!

    Advice to Management

    Consider rewring software based on modern software prriciples. If you use third party ask them to fix rather than your staff modifying their code without fully understanding what is going on.

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

See Most Recent

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