loanDepot Reviews | Glassdoor

loanDepot Reviews

Updated May 24, 2017
590 reviews

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Full-time Part-time

4.0
Star Star Star Star Star
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loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
393 Ratings

590 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 36 reviews)

  • This company is not only a great work environment, but I consider them family (in 29 reviews)

Cons
  • Work/life balance is the biggest challenge with this position (in 34 reviews)

  • If you don't like working long hours or Saturdays, loanDepot isn't for you (in 51 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. Helpful (1)

    "Love it, except for the PTO"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Underwriter in Scottsdale, AZ
    Current Employee - Underwriter in Scottsdale, AZ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at loanDepot full-time (More than 3 years)

    Pros

    Coworkers are friendly, office building is great, I enjoy the work I do, medical benefits are great, the environment is not stale - people always moving, trying to innovate or do things different. The CEO is engaged, and I feel like I generally have a good grasp on how the business is performing. My manager is very good and I think that makes the biggest difference at a job.

    Cons

    The PTO package is by far the worst I have had with any company in 15+ years. It really does not match with any of the other benefits. I worked with an acquired branch of the business and we had a PTO benefits package in line with the same old same old at every company. I have a disability and unfortunately losing a week of sick time (meaning I now take out of what used to be vacation time) has really impacted me. For normal healthy folks a 15 days PTO to include all Vaca/Sick may work well. I work very hard, and I work through whatever and my sick time was never taken to have a good time somewhere and having that safety net ripped away was hard.

    Advice to Management

    None really; I interact with a good group of cross department managers and they each have their personalities but are overall great. Please advertise your volunteer match program a bit more - I ended up informing folks I knew and for whatever reason none of us saw it come out. There are a ton of people who work at LD who are in to all kinds of volunteering and Id love if we could organize fundraisers or events in the Scottsdale office a little more.


  3. "Good place to work if you like money"

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

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

    Pros

    The entire sales floor makes BANK!!

    Cons

    Very strict with quota, a lot of hours


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. "Loan Officer"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Loan Officer in Phoenix, AZ
    Current Employee - Loan Officer in Phoenix, AZ
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Fast growing industry leader. Massive capital investment. On the technological vanguard of the industry. Will be best in class in 5 years or less

    Cons

    Growing pains. Closely held. Recent merger makes identity confusing. Must have individual state licensure

    Advice to Management

    Keep doing what you are doing. Improve the online reputation (Yelp). Close loans faster on the direct to consumer side, and not just for the top 20 producers.


  6. "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 Scottsdale, AZ
    Current Employee - Licensed Lending Officer in Scottsdale, AZ
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Company focuses on getting you paid. They really want you to succeed. They are about the bottom line but without micro managing the LLO. They let you feel like this is your own business

    Cons

    Market is slow right now, not LoanDepot fault but they still hold you accountable for you goals and if you don't hit your goals, they will let you go by the 2nd month you don't hit goal.

    Advice to Management

    Generally, I think almost everyone that employed at LoanDepot loves the company and has fun being at work.. I see this, as a career. Therefore i see myself being with LoanDepot for years to come. The only thing that i think is missing here is an improvement program to the LLO that are not doing good for a month or 2. Instead of getting let go, i wish there was a program to really get to the core why some LLO are struggling. :)


  7. "All In for thier people!"

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

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

    Pros

    One of the best compensation packages I have seen in this industry. Lead flow and warm transfers are great. Never hungry for another client to speak with. Processing has been improved to the point where many loans are closing in less than 25 days.

    Cons

    Some team members have a negative outlook and are a poor reflection of those that want to succeed.


  8. Helpful (8)

    "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 Rnch, CA
    Current Employee - Licensed Lending Officer in Foothill Rnch, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    The potential for a lot of money, if you can survive the cuts and constant fear of being let go if you don't "+1" daily.

    Cons

    Say goodbye to work balance, your kids, and physical health, and a life outside of the office. Managers pressure you to work late daily, Saturday's if you're not the top producer. Life balance is not an option in the first years for the company. Single? Straight out of college? Great job. Any outside responsibilities, better hope your spouse can handle it all... I've been here 2 years now and finally posting this.

    Advice to Management

    Instead of sending emails always pointing out that some people have lower production, spend the same amount of time evaluating why and ACTUALLY TRY to TEACH people. Very poor ongoing training. Sometimes, to move faster, you must first SLOW DOWN.


  9. Helpful (6)

    "Micro Management Good Processor does not mean Good Mgr"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Loan Processor in Scottsdale, AZ
    Current Employee - Mortgage Loan Processor in Scottsdale, AZ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Great people, nice facility, good location and competitive salary for Processors. Casual dress code Work load is average and you learn to balance work/life

    Cons

    People afraid to speak out. They don't want to loose jobs. Manager micro manages and no words of encouragement. Poor management and lacks respect for employees. I, along with 2 others on my team looking for new position elsewhere

    Advice to Management

    Micro Mgrs do not make a friendly work place. Re-evaluate your Mgrs.

    loanDepot Response

    May 5, 2017 – Director of Talent Acquisition

    We appreciate your feedback. It is unfortunate that you and your colleague are looking elsewhere. Retaliation is not in our DNA, and are concerned to hear this. Our employees have the ability to ... More


  10. Helpful (1)

    "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!

    loanDepot Response

    May 5, 2017 – Director of Talent Acquisition

    Thank you for taking the time to add your review about your experience here at loanDepot. We wish you much success! The loanDepot Team


  11. Helpful (2)

    "Knowledge"

    Star Star Star Star Star
    Former Employee - Anonymous Employee in Fremont, CA
    Former Employee - Anonymous Employee in Fremont, CA

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

    Pros

    Having knowledge is important and management lacks experience which means you need to know and research even more. Learn more.

    Cons

    Volume is low and attitude is high

    loanDepot Response

    May 5, 2017 – Director of Talent Acquisition

    Thank you for your review. With the ever changing market, new products and guidelines are always changing. This is why we mandate monthly LDU training where our employees and managers continue to ... More


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