loanDepot Reviews
Updated Jun 6, 2023
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Top Review Highlights by Sentiment
- "All I can say is that pay is good and warm transfer are decent if you are in a good pool." (in 136 reviews)
- "The company stride to be the leading direct lending company built on great customer service and culture for their employees" (in 88 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)
Ratings by Demographics
This rating reflects the overall rating of loanDepot and is not affected by filters.
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- Current Employee★★★★★
Great Income
Jun 5, 2023 - License Lending Officer in Foothill Ranch, CARecommendCEO ApprovalBusiness OutlookPros
Great training and pay scale
Cons
You will be working long hours
- Current Employee, more than 3 years★★★★★
Expect to work
May 8, 2023 - Licensed Lending Officer in Scottsdale, AZRecommendCEO ApprovalBusiness OutlookPros
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.
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.
- Former Employee★★★★★
Good community, unorganized system
Jun 2, 2023 - Application Support AnalystRecommendCEO ApprovalBusiness OutlookPros
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 - Former Employee, less than 1 year★★★★★
So bad I left 8k in commissions on the table..
May 22, 2023 - Licensed Lending OfficerRecommendCEO ApprovalBusiness OutlookPros
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 - Former Employee, more than 1 year★★★★★
Hopefully your team is great, cause the company is not
May 10, 2023 - Application Support Analyst in Irvine, CARecommendCEO ApprovalBusiness OutlookPros
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 readingloanDepot 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.
- 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, GARecommendCEO ApprovalBusiness OutlookPros
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
- Former Employee★★★★★
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
- Former Employee, more than 1 year★★★★★
Wonderful Training and Support
May 9, 2023 - Mortgage Loan Officer in Scottsdale, AZRecommendCEO ApprovalBusiness OutlookPros
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.
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.
- Current Employee, more than 5 years★★★★★
Overworked and Underpaid
May 18, 2023 - Loan Processing Manager in Saint Petersburg, FLRecommendCEO ApprovalBusiness OutlookPros
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 - Former Employee★★★★★
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
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.
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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