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loanDepot

loanDepot

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loanDepot Reviews

Updated Jun 6, 2023

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Found 2,340 of over 2K reviews
3.1
43% Recommend to a Friend
loanDepot President and CEO Frank Martell
31% Approve of CEO

Found 2,341 of over 2K reviews

3.1
43%
Recommend to a Friend
31%
Approve of CEO
loanDepot President and CEO Frank Martell
Frank Martell
110 Ratings

What people are saying about loanDepot

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Top Review Highlights by Sentiment

Pros
  • "All I can say is that pay is good and warm transfer are decent if you are in a good pool.(in 136 reviews)
  • "Great benefits and(in 96 reviews)
  • "The company stride to be the leading direct lending company built on great customer service and culture for their employees(in 88 reviews)
  • "They offer great training and will pay for licensing(in 86 reviews)
  • "People are great and they make it a very fun place to work(in 74 reviews)
Cons
  • "Poor management is the crux of all that is wrong with this company.(in 113 reviews)
  • "You will have no work life balance and also can be let go very quickly.(in 112 reviews)
  • "Long hours to be successful and most clients have not heard of us so we need to build the brand name with clients.(in 100 reviews)
  • "The good managers were all let go.(in 57 reviews)
  • "Poor upper management.(in 47 reviews)
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

Ratings by Demographics

This rating reflects the overall rating of loanDepot and is not affected by filters.

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  1. 5.0
    Current Employee

    Great Income

    Jun 5, 2023 - License Lending Officer in Foothill Ranch, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great training and pay scale

    Cons

    You will be working long hours

    Be the first to find this review helpful
  2. 4.0
    Current Employee, more than 3 years

    Expect to work

    May 8, 2023 - Licensed Lending Officer in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    I have been in the industry a long time. You can make a lot of money here. Managers are not that bad. You may switch teams from time to time but as we ebb and flow so do the teams. You meet a lot of great people. You can use your PTO but you better manage your pipe cause no one is going to do it for you. They are considerate when you have life issues and will work with you. To an extent. If not there are benefits built in to assist you. They are good communicators and will train you and help you be a better sales person. The overall spirit of an office is good and happy. The IT team is amazing. If you work hard produce you can get remote time if doing your job.

    Cons

    You have no life. You eat sleep loandepot. But you are making money so you don't care. You are just a number. You can feel from time to time you are micromanaged. Loan products need to be more diverse. They need to update their systems, and benefits to fit modern day technology. they can and will let you go if you are not producing, bring negativity to the office or don't do what you are told.

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    loanDepot Response

    Talent Acquisition

    Thank you for your feedback. At loanDepot, we strive to create an environment that is caring, supportive, and lucrative and we're glad to hear that your experience aligns with what we were hoping to accomplish. We wish you continued success and we will be sure to share your feedback with our leadership team. For further discussion regarding your experience, please reach out directly to your HRBP or wecare@loandepot.com.

  3. Join the loanDepot team
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  4. 3.0
    Former Employee

    Good community, unorganized system

    Jun 2, 2023 - Application Support Analyst 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Good People "Room to grow" - if on the west coast Several Resources for assistance Exciting, fast paced environment

    Cons

    Disorganized system/folders/locations for resources FAVORS EMPLOYEES ON WEST COAST - (I worked 5 years, countless overtime, took responsibilities for roles where due to the time for those responsibilities and when they needed to be performed that no one else would do them, I led several projects, I worked for essentially 3/4 departments at one time) - never had my title updated after years of discussion, had to break an arm and a leg for a 4/5 percent raise each year after all of this work and dedication where employees who I was constantly fixing things for were being PROMOTED on the west coast.

    Continue reading
    Be the first to find this review helpful
  5. 1.0
    Former Employee, less than 1 year

    So bad I left 8k in commissions on the table..

    May 22, 2023 - Licensed Lending Officer 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Remote work, that’s it… seriously

    Cons

    My Production Manager would shame us if we didn’t volunteer to work on Saturdays. The expectation is to lock a loan 4/5 days a week or else you are out on notice. Things are so toxic there I left over $8,000 in commissions on the table so I wouldn’t have to deal with them anymore. Daily zoom calls and no fewer than 75 emails a day from management asking for more loans is standard. You get brainwashed into thinking that’s normal and acceptable. It’s not! We even got texted on Saturday by our manager berating our performance from the prior week. It’s toxic… You have been warned! Stay far away…

    Continue reading
    2 people found this review helpful
  6. 3.0
    Former Employee, more than 1 year

    Hopefully your team is great, cause the company is not

    May 10, 2023 - Application Support Analyst in Irvine, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Most of the individual employees are great and usually your own team will be great. The only saving point was my team.

    Cons

    Everything is siloed, each channel is for themselves to include most employees outside your time sometime inside your team. Management is nonexistent until it isn't then everything is on fire. There is a VP or SVP or C level somebody tagged in almost every email along with everyone else in the company. There is almost no cross channel communication or collaboration. Speaking from my position no one is trained to do their job effectively. You learn on the job just enough to get the work done and move on.

    Continue reading
    1 person found this review helpful

    loanDepot Response

    Talent Acquisition

    Thank you for your feedback. At loanDepot, we strive to create an environment that is communicative and supportive. Unfortunately, it does not sound like that has been your experience during your time at loanDepot. We would like to better understand your experience so please reach out directly to wecare@loandepot.com to discuss further.

  7. 4.0
    Former Employee, more than 1 year

    If you work for a local office/manager, it can be good.

    Jun 2, 2023 - MOrtgage Loan Originator in Atlanta, GA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Freedom and the ability to self motivate

    Cons

    The mortgage industry can be very volatile, so your earnings will be heavily impacted by the market

    Be the first to find this review helpful
  8. 5.0
    Former Employee

    IT Finance Analyst

    Jun 1, 2023 - IT Finance Analyst 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great Management team Multiple job tasks Working in the IT environment Great Pay and Benefits

    Cons

    Mortgage lender Job security heavily relies upon how the market does Too many lay-offs

    Be the first to find this review helpful
  9. 4.0
    Former Employee, more than 1 year

    Wonderful Training and Support

    May 9, 2023 - Mortgage Loan Officer in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    As a new LLO, I chose loanDepot for their ACES Training program. They pay for all of your licenses and provide leads.

    Cons

    When you take a vacation or time off the pto is horrible, they pay you only the hourly compensation and don't take your commissions into consideration. Your quality leads are based on a tiering system. You can leave with being in the best teir for qualified homeowners and come back to the worst tier and it's very difficult to work your way back up ending in frustration all around.

    Be the first to find this review helpful

    loanDepot Response

    Talent Acquisition

    Thank you for your feedback. We appreciate you sharing your experience regarding our ACES training program offered here at loanDepot! We will be sure to share your feedback with leadership and for further discussion regarding your experience, please reach out directly to wecare@loandepot.com.

  10. 2.0
    Current Employee, more than 5 years

    Overworked and Underpaid

    May 18, 2023 - Loan Processing Manager in Saint Petersburg, FL
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Remote Most people are great to work with

    Cons

    No healthy work-life balance. If you leave at your scheduled hours, work piles and fires happen. Management critiques and criticizes and you’re left feeling like you can never leave - for a night/weekend/day off No annual raises or even performance review incentives Upper management provides minimum support and seems disorganized The company talks a good game about core values, but they don’t practice what they preach

    Continue reading
    Be the first to find this review helpful
  11. 5.0
    Former Employee

    Great place

    May 22, 2023 - Loan Officer in Foothill Ranch, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great pay and comp and benefits

    Cons

    Management could use some work, and they should go back to working from home it was the best, and more productive time I’ve ever had in a company

    Be the first to find this review helpful
Viewing 1 - 10 of 2,341 Reviews
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loanDepot Reviews FAQs

loanDepot has an overall rating of 3.1 out of 5, based on over 2,366 reviews left anonymously by employees. 43% of employees would recommend working at loanDepot to a friend and 32% have a positive outlook for the business. This rating has decreased by -8% over the last 12 months.

According to anonymously submitted Glassdoor reviews, loanDepot employees rate their compensation and benefits as 3.4 out of 5. Find out more about salaries and benefits at loanDepot. This rating has decreased by -8% over the last 12 months.

43% of loanDepot employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated loanDepot 2.8 out of 5 for work life balance, 2.9 for culture and values and 3.0 for career opportunities.

According to reviews on Glassdoor, employees commonly mention the pros of working at loanDepot to be culture, benefits, career development and the cons to be senior leadership, work life balance, management.

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loanDepot Photos

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loanDepot photo of: Executive Chairman Anthony Hsieh and members of our leadership team showed President and CEO Frank Martell around our home away from home!
loanDepot photo of: Home Means Everything. loanDepot helps their partners at Habitat for Humanity International, helping a family build strength and stability in a home of their own!
loanDepot photo of: Honored to have some of our nation’s greatest heroes—our veterans—among our guests at loanDepot park who participated in a special Miami Marlins Opening Day presentation of the American flag!
loanDepot photo of: Team loanDepot is celebrating International Women's Day!
loanDepot photo of: Team loanDepot is celebrating International Women's Day!
loanDepot photo of: Team loanDepot supporting Second Harvest Food Bank of Orange County
loanDepot photo of: Retail Sales Leadership Summit
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Glassdoor has 2,366 loanDepot reviews submitted anonymously by loanDepot employees. Read employee reviews and ratings on Glassdoor to decide if loanDepot is right for you.