loanDepot - Better companies out there | Glassdoor
There are newer employer reviews for loanDepot
There are newer employer reviews for loanDepot

See Most Recent

Helpful (5)

"Better companies out there"

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

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

Pros

Great co workers on the floor.

Cons

They try to paint that everyone is making tons of money and leads are plentiful in the initial interviews.... Truth is, you do get 15-20 leads a day.. The bad part, they are the worst agg leads I have ever received. It is very common to go days without a qualified lead to lock in.Most leads response when you talk to them is why r u calling me or I'm just looking for information. They have inexperience junior bankers transferring you calls..So plan on getting a lot of non qualified borrowers transferred to you..Never had so many appraisals come in low essentially killing the deal..Most bankers are making 4k or less. Processing is taking 60 days to close loans for clean deals and the dirtier deals processing doesn't work on... Favortism is rampant. They care about locks and talk time. People locking loans are submitting wood into the pipeline further causing the pipeline to be clogged. But they are treated better because they are locking loans and not looking at the fact that the loans aren't funding. My experience was with a newbie production manager who only seemed to push the LD reps veterans loans and the newer ones were left to make sure there pipelines moved. In 3 months, she pushed 1 loan in my pipeline and that was after a customer service issue caused by another associate. By far the least amount of money I have ever made..when mass hiring, they had no problem hitting me up for referrals.. Unfortunatley, I referred 4 people into the company and they are making peanuts as well. Needless to say, they are looking elsewhere.. When hit up for more referrals, I told my manager I won't refer anyone else until I make money. Best month was under 4 k. I Left a company making 13k a month for a company making under 4 k. They load u up with bottom of the barrel leads, log u in to force u to take them and than place u in tier 4 or 5 cause your numbers aren't inline. Once In Tier 5, the quality gets worse.. Top agents are fed the good leads and everyone else gets the scraps.. Agents constantly missing tier by 1 loan is very common here.. They commonly fired lo's 30 days on the floor or less cause they struggled getting deals in.. It is definately an adjustment. If you have lower quality state licenses, they will load you up with calls from those states.. They want you to spend a minimum of 15 minutes on every lead regardless of if they qualify for a loan. 5 hours talk time is minimum standards..50 percent credit pulls. A mass majority of the loan officers on the floor are out of the aces program.. This is for non experienced lo's learning the business.. These are the ones happy making 4k or less.

Advice to Management

Maybe get on the phones and see what the agents are getting for leads. Get processing and underwriting inline.. Initial underwrites shouldn't take 5-6 business days. Hold processing accountable as well for turn times..

loanDepot Response

Aug 11, 2014 – Director of Recruiting

We really appreciate you sharing comments and will be sure to forward them to the appropriate executive. We’re disappointed loanDepot was not able to meet your expectations as an employer.

Other Employee Reviews for loanDepot

  1. Helpful (7)

    "Sweat shop!! Stay away!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Underwriter in Plano, TX
    Former Employee - Underwriter in Plano, TX
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Pay is comparable to other mortgage companies. Great location.

    Cons

    They are good at painting a great picture when you start. You'll hear the place is about "culture" and everyone is "All In".. Don't let that fool you. That term "All In" will get thrown at you over and over again, like an abusive spouse.. If you're unable to work any of their "strongly suggested" overtime, you're not considered "All In". Processing runs the show there. Which a large number of the processors are new/green to the industry. Bottom line if processing says its ok, you better do it.. And if you don't, you're not "All In". Use caution if you're thinking of excepting employment at this company...

    loanDepot Response

    Aug 11, 2014 – Director of Recruiting

    Thank you for taking the time to share your feedback. It is very unfortunate that we were not a good fit for you as an employer.


  2. Helpful (8)

    "Nightmare if you're in Underwriting"

    Star Star Star Star Star
    • 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!


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

See Most Recent

Work at loanDepot? Share Your Experiences

loanDepot
  • Star
  • Star
  • Star
  • Star
  • Star
 
Click to Rate
or