loanDepot Reviews | Glassdoor

loanDepot Reviews

Updated April 29, 2017
580 reviews

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Full-time Part-time

4.1
Star Star Star Star Star
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
389 Ratings

580 Employee Reviews

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Pros
  • Loan Depot is the 2nd largest non banking institution in the Nation and has grown exponentially within 7 years (in 37 reviews)

  • This work environment allows you to win and compete (in 29 reviews)

Cons
  • Work/life balance is the biggest challenge with this position (in 32 reviews)

  • If you don't like working long hours or Saturdays, loanDepot isn't for you (in 49 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (6)

    "Amazing management and corporate culture"

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

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

    Pros

    Simply a fantastic company to work for. Its the corporate culture and management that make it a great place to work. I highly recommend the ACES program. The program gives you the tools necessary to be a successful mortgage banker. I have now been on the sales floor for over 1 month have done very well due to the support by ACES and the management. I highly recommend Loan Depot and the Mortgage Banker position.

    Cons

    This position requires a lot of time and dedication; however, if you're willing to put in the work, you will see the fruits of your labor ($$$)!

    Advice to Management

    Keep doing what you're doing. You're very supportive, helpful, and motivating.

    loanDepot Response

    Nov 23, 2016 – Director of Talent Acquisition

    Thank you for your feedback! We are happy to hear of your success here at loanDepot. ACES is an intense training program that teaches you mortgage from the ground up, once you graduate, the sky is ... More


  2. "if you want a work only life and lot of $$ this is your place"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Banker in Nashville, TN
    Current Employee - Mortgage Banker in Nashville, TN
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    great company and learning environment. they will teach you through their ACES program how to be a mortgage banker and pay you $8 and then commissions. you HAVE to want to work 60 hours a week. if not, don't even bother

    Cons

    long working hours and perform very well every month

    Advice to Management

    great work and loan depot is the best!


  3. Helpful (2)

    "We've got the tools and the talent"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Software Developer in Lake Forest, CA
    Current Employee - Senior Software Developer in Lake Forest, CA
    Positive Outlook
    Approves of CEO

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

    Pros

    Well known and growing national brand.
    Pay is pretty good.
    Some cutting edge technologies being used.
    Flexible work arrangements.
    401K matching.

    Cons

    Lake Forest office has horrible bathroom to employee ratio. Parking is bad (Foothill Ranch parking is absolutely terrible).

    There are tendencies to step on our own toes in IT and we often flub releases. This is possibly going to be a thing of the past now that we have gotten some key initiatives into production.

    Hard to know what is going on in IT unless you are an executive. Sometimes this makes it difficult to do more than just react.

    No bonuses or other incentives.

    There appear to be a couple of cliques that hold the power and information in IT. Lots of new hires are friends of those in the cliques. Hopefully, it will get better and information and opportunities will open up to those not from those.

    15 days off, but they're for vacation and sick days. But people try to save those days by coming into work...sick. Stay healthy!

    Advice to Management

    Keep dreaming big. I think that as bumpy a road as we've had in getting projects out the door, we have a chance to capitalize on these accomplishments.

    Get input and feedback from the IT team. There are way better ways to do things! We probably cannot afford to deliver products in such a haphazerd way now that we have these releases in production.

    Please give us more details about what is coming in IT!! We want to hear it from our IT leadership, not just the high altitude version from the CEO!!

    Figure out how to grow our IT talent. How do we develop our talent into smart, efficient, business minded technologists? Let's get away from people being mindless drones, just executing to get to a release date. When we do this, we miss dates, anyway and there is just chaos.

    Find more ways to make IT less IT and more high-technology! That will give us the chance to dominate in the lending industry and capitalize on our tech for fintech domination as a whole!


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  5. Helpful (1)

    "Licensed Lending Officer"

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

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

    Pros

    Highly recommend the ACES program. The program gives you the tools necessary to be a successful mortgage banker.

    Cons

    too many levels of management. Time to weed out the dead wood. Some managers are great at looking busy, but they really don't know what they are doing.

    Advice to Management

    Stop looking at the foot print, and have management give you a report on the LLO.


  6. Helpful (2)

    "Licensed Lending Officer"

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

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

    Pros

    Education, Management, Work environment, Technology, Perks, Perfect Saturday shift for making extra money, Secured buildings, Townhall meetings, loanDepot University, loanDepot Swag!

    Cons

    You make your own... It truly is about having the right attitude, Body language, and being "All In!" No time for negativity here.

    Advice to Management

    Management has been great! I have some previous experience in the industry and I've been humbled. The training environment by far is the best I've been apart of. Interacting with the group as you learn is a definite plus and kept me going throughout the ACES program. They show you the ropes, and take the time to help with anything you need. There's an investment on your end from a time standpoint, but you will be rewarded for your efforts! I don't know it all by any means and just having access to all the tools & management you need is helping me gain an edge. Thanks again loanDepot, looking forward to furthering my career here!


  7. Helpful (6)

    "Executive Management are incompetent"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Underwriter II in Scottsdale, AZ
    Former Employee - Underwriter II in Scottsdale, AZ
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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

    Pros

    Salary was good. Co workers were awesome. Just not good enough to overcome the cons

    Cons

    Upper management is a joke. In operations they treat staff and their front line managers poorly.
    Benefits and PTO are a joke for a company this size

    Advice to Management

    Promote executive managers that have actual people, team building and motivation skills. People who actually enjoy mentoring and letting employees thrive.
    And to the CEO: pay attention to your operations staff. Sales and tech are not the only important employees.

    loanDepot Response

    Apr 19, 2017 – Director of Talent Acquisition

    I am so sorry to hear about your experience, is there a way we can reach out to you to discuss further? If you are open to a discussion, please email us at wecare@loandepot.com The loanDepot Team


  8. Helpful (5)

    "It's great if you are one of the chosen people."

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

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

    Pros

    Benefits are good, people are nice.

    Cons

    If you are smarter than most of the people, watch your back, they say they like smart people, but they will find a way to get rid of you especially if you are smarter than your boss.

    Advice to Management

    Too many levels of management. Time to weed out the dead wood. Some managers are great at looking busy, but they really don't know what they are doing.


  9. Helpful (1)

    "Licensed Lending Officer"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Licensed Lending Officer in Foothill Ranch, CA
    Current Employee - Licensed Lending Officer in Foothill Ranch, CA
    Recommends
    Approves of CEO

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

    Pros

    Great training programs. Aces program leads to success. Trips and contests creates fun. Diversity and value throughout. Positive branding. If you are positive and are coach able this is the place for you.

    Cons

    Long hours but leads to unlimited income This review wants us to post 20 words for con I just can't think of any

    Advice to Management

    Continue education and town hall meetings great motivators.


  10. Helpful (1)

    "Best OPPORTUNITY I've had"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Lending Officer in Plano, TX
    Current Employee - Licensed Lending Officer in Plano, TX
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Income potential, Challenging Environment - Be prepared to push yourself harder than you ever have!, Team friendly atmosphere

    Cons

    Some people might complain about the hours, but I've always believed in working hard now to gain freedom later.


  11. Helpful (1)

    "ACES Program"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Mortgage Banker in Plano, TX
    Current Employee - Senior Mortgage Banker in Plano, TX
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great opportunity if you are willing to put in the work. Great benefits, paid training, and the opportunity to make a great living that can change your life, but you have to be willing to work hard and for long hours.

    Cons

    The cons depend on whatever your definition of Con is. At the end of the day if you aren't willing to work hard and put in the time to succeed this job is not for you.


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