loanDepot Reviews

Pros

Great training and pay scale

Cons

You will be working long hours

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.

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.

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…

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.

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

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

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.

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

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