loanDepot Reviews | Glassdoor

loanDepot Reviews

Updated October 17, 2018
859 reviews

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3.5
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
615 Ratings

859 Employee Reviews

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Pros
Cons
  • "All In" means you need to protect work/life balance; frequent burnout amid IT teams" (in 51 reviews)

  • "Long hours but leads to unlimited income This review wants us to post 20 words for con I just can't think of any" (in 66 reviews)

More Pros and Cons

  1. "Great company"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at loanDepot full-time

    Pros

    relaxed environment all of the time

    Cons

    pay could be a lot better

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

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


  2. "Glad I'm here"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Sales in Irvine, CA
    Current Employee - Sales in Irvine, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at loanDepot full-time (More than 5 years)

    Pros

    New technology is being deployed that is helping us
    Approachable leadership
    Great team environment

    Cons

    Tougher market but company is responding and making the right moves to make things easier

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

    Thank you for the great feedback.

  3. Helpful (4)

    "Not for everyone - but the money is there"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Lending Officer
    Current Employee - Licensed Lending Officer
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

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

    Pros

    Training to get licsenced up was great. I studied hard and got one of the highest scores in the company on the licensing test. It’s basically a college level course in 2 weeks.
    You really connect with your team as an LO and you meet some truly great people - it’s like being in a fraternity.
    My manager is fantastic and they seem to be really investing in my department.
    I’m on track to make 90k in my first year.
    There is money to be made if you put the time in and follow the play. I don’t drink the cool aide and I’ve gone to college and gotten degrees so I think I can see past some of the hive mentality that they do try to perpetuate, but the honest truth is that if you work hard, are patient, and can grind through the crappy customers, the sometimes frustrating operations department, and the constant barrage of stats and motivation that get pumped out every day, you can be successful, you just need to find a process that works for you and you will produce.

    Cons

    Not everyone makes the money, and not everyone sticks around. In my recruiting class only 50% have made it a year. Most have quit and a few have been let go. That’s how the industry is.

    This job is the definition of a grind. Phone sales is hard, and the industry is cutthroat you are literally fighting to put food on the table every day against another guy trying to put food on his table. You need to be able to connect with someone only using your voice and that’s menatlly draining. Plus 80% of people don’t qualify. The job is repetitive so you need to find ways to mix it up.
    I’ve heard mixed things about the health of the company and about certain management decisions. Which is concerning. But the company tries to paint a rosy picture. It’s impossible to know who to believe.

    Brutally long days in incubation. But it does prep you for the floor.

    Market is in a bad cycle right now - but phones ring.

    Lots of turnover, especially of high producers, I would think they would try a little harder to keep top people.

    Advice to Management

    We don’t have the best rates, but we buy the most competitive leads so we get beat out easily. Our match or beat is good but so is everyone else’s and some people don’t like the back and forth of shopping.

    If you lock 3+ purchases in a week you should get to take a paid half day Friday :)

    Transparency about layoffs when they happen. The hush hush thing just makes people talk and production goes down.

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

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

    At loanDepot, one of our core values is “taking care of our people... More


  4. Helpful (1)

    "Loan Officer"

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

    I worked at loanDepot full-time

    Pros

    They give you free snacks at Foothill Ranch location... it this is a Pros to you.

    Cons

    I had a good job and they convinced me with lots of promises.
    The worst decision of my life so far.

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

    We’re disappointed to hear about your experience with us.

    We wish you success in your next venture.


  5. "Senior Software Developer"

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

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

    Pros

    Nice office, relatively high pay.

    Cons

    Work is unexciting. Learning opportunities are scarce. Very little mentorship going on. Lots of conflict between coworkers, especially at the higher levels. Lots of negative personalities. Rapidly eroding trust between engineers and managers, as well as between managers and senior leadership. Leadership lacks the will and/or interest to address the maladies affecting the department. After losing most of the best people, the IT department is now more or less just of bunch of posturing, manipulative conmen and phony, annoying douchebags.

    Advice to Management

    Re-establish trust between managers and engineers. Act professionally. Stop the in-fighting. You're immature. All the good people at the company detest you and your antics and are planning to leave.

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

    • We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience at loanDepot.


  6. "Assembly Line"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Account Manager in Foothill Ranch, CA
    Current Employee - Account Manager in Foothill Ranch, CA
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great Culture and company success. Great Benefits and Employee Appreciation

    Cons

    Limited room to advance one career.

    Advice to Management

    N/A

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

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


  7. Helpful (4)

    "Toxic Atmosphere, No Loyalty or Appreciation for Good Employees"

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

    I worked at loanDepot full-time (More than 3 years)

    Pros

    Salary and benefits start good but there are no raises in certain departments. Supplies/work from home options (on occasion) are good.

    Cons

    Toxic atmosphere encouraged from top down. Not one person in my department received a raise or a promotion and I was there three years. The bonuses that were part of our compensation package at signing were a lie. Not one person (in dept.) received a bonus the entire time I was there.

    Executives were inexperienced and by all accounts, were encouraged to be demeaning and cruel to employees. They hired well and brought on many talented people but turnover was huge in our department with people leaving scarred, angry and miserable. Favorites were played constantly and once you fell out of favor (usually for an arbitrary reason), there was no redeeming yourself. You were on "the list."

    Approvals were used as a weapon. If you were on the "list," your requests for approvals would be ignored to the point that you missed deadlines. This prevented people from doing their jobs and power games resulted in nothing productive getting done. Team members were pitted against each other and given ultimatums by department head until forced to throw coworkers under the bus.

    Titles were manipulated to play people against each other as well. Men with less experience were paid more than women in at least one known situation.

    Advice to Management

    Hire experienced executives and encourage them to nurture their employees, not bully them. Toxic atmospheres benefit no one and undermine productivity. Make good on promises for bonuses and give raises.

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

    Thank you for sharing your recent experience. We’re disappointed to hear about your experience. We invite you to continue the conversation with us directly. Please feel to email us at... More

  8. Helpful (3)

    "mediocre company,"

    StarStarStarStarStar
    • 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
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    - If you get on the right team, the environment can be supportive and encouraging.
    - PTO is decent.
    - some employees can be pleasant.

    Cons

    - No yearly bonus or raise.
    - Employee moral is low, not much recognition or events for birthdays/holidays.

    Advice to Management

    Generally just needs to hire management that can effectively communicate with their employees and employees of other teams. Many managers lack charisma and interpersonal skills which can cause a confused and defensive environment.

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

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


  9. "Loan Depot Customer Lending Rep"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at loanDepot full-time

    Pros

    Family Oriented, Well Organized, Good Energy, Good pay for the experience required

    Cons

    Strict Time policies, kinda like a prison,

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

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

    At loanDepot, one of our core values is “taking care of our people... More


  10. "Growing gompany with entrepreneurial spirit"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at loanDepot full-time

    Pros

    Great company culture and technology. Strong leadership. Truly disruptive approach to the industry

    Cons

    No cons jump to mind

    loanDepot Response

    Oct 17, 2018 – Recruiting Manager

    Thank you for sharing!

    We wish you much success in your new venture.


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