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loanDepot

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loanDepot

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loanDepot Employee Reviews about "loan depot"

Updated Oct 19, 2020

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Found 55 of over 1,528 reviews

3.8
68%
Recommend to a Friend
83%
Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
1,050 Ratings
Pros
  • "flexibility, pay, growth, opportunity , Good work environment(in 56 reviews)

  • "Loan Depot is Truly an amazing company to represent(in 42 reviews)

  • Cons
  • "You have to work long hours to build up a pipeline if you're new(in 80 reviews)

  • "work-life balance can be a little tough(in 68 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

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    Reviews about "loan depot"

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    1. 5.0
      Former Employee, more than 1 year

      Great Place compared to everyone else in the industry

      Oct 19, 2020 - Loan Originator in Southfield, MI
      Recommend
      CEO Approval
      Business Outlook

      Pros

      everyone at loan depot from the receptionist to management was like a family. They went above and beyond to make sure you succeeded in your job with all the right resources available at your hand. The work life balance was perfect compared to any place i have worked at. I had to leave due to personal Medical Reasons but they did not take that sourly like most employers. Management allowed me to step away to get things in order on a good note. I will be applying to get back into this amazing corporation as i am thankful to them for giving me a chance to better myself.

      Cons

      i would have to make one up and lie.

      Continue reading
      1 person found this review helpful

      loanDepot Response

      loanDepot

      We are delighted to hear that your experience with loanDepot was exceptional. Thank you for your review!

    2. 5.0
      Current Employee, more than 3 years

      Great place to start

      Feb 26, 2020 - Senior Loan Officer in Foothill Ranch, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Good training, good people, great energy and if you are just starting in the industry loan Depot will offer world class training and skill building that college couldn't teach you.

      Cons

      Not many considering the benefits of the place. Be ready to hustle and succeed

      1 person found this review helpful

      loanDepot Response

      loanDepot

      Thank you for the feedback. We are delighted to hear about your positive experience as a member of Team loanDepot. Our top priority is to provide a culture that allows our people the opportunity to grow.

    3. 1.0
      Former Freelancer

      Loan Depot Sucks

      Jul 17, 2019 - Real Estate Appraiser 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Loan Depot Sucks Big Time

      Cons

      Can't collect invoices after numerous phone calls

      Continue reading
      2 people found this review helpful
    4. 2.0
      Current Employee, more than 3 years

      I had to train myself to not care

      Apr 19, 2019 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      It could be worse. Some managers are helpful.

      Cons

      I understand people who are unhappy are more likely to write a review them those that are not. The happiest people I have found working at Loan depot would say that their job is “OK.”I am coming from one of the smaller companies that was bought by loan depot several years ago. Long gone are the days of using logic and common sense to get your job done. With loan depot it’s my way or the highway. Loan depot is run like a dictatorship, if the dictator was bipolar. Ever since the attempt at a merger about a year ago I have had four different bosses I have seen processes change countless number of times, software changes, I have seen project managers changed mid project then changed again. This has led to what seems like a never ending merger. To say they are disorganized would probably be an understatement. If you are one of the lucky ones your days are filled with pointless meetings and reports that are filed away into a folder into another folder that no one ever looks at. I find myself secretly plotting ways to break small rules so that important things can get done. For others the work loads are very heavy and more keeps getting piled on. Some of the processes seem completely useless and no one can explain why. Even managers and directors don’t know why we do things. The processes are set by someone higher up that we don’t even have the privilege of knowing who they are. To say that people are under appreciated may be an understatement. Loandepot is all about numbers. And it is quantity over quality for them. from my very first introduction to working with loan depot to current day I have basically been told how horrible it is going to be -and this is coming from managers. Turns out they were right.

      Continue reading
      13 people found this review helpful

      loanDepot Response

      loanDepot

      Thank you for your very thoughtful review. We see that you are still here with us, if you would like to talk with someone confidentially about your concerns, we're here to listen. Please email us at wecare@loandepot.com so that we can connect with you. In the meantime, we will share your review with the team.

    5. 3.0
      Former Employee, less than 1 year

      Sorry to see it go...

      Apr 30, 2019 - Sales Manager in Chicago, IL
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great on-boarding, training and mid-level management teams

      Cons

      Loan Depot took over total control and changed the entire culture

      Be the first to find this review helpful
    6. 5.0
      Current Employee

      Possibilities

      Jan 12, 2018 - Anonymous Employee in Plano, TX
      Recommend
      CEO Approval
      Business Outlook

      Pros

      The possibilities with a dynamic opportunity like this is unlimited in every conceivable way. I'm proud to be living the realisation of a prosperous career.

      Cons

      The only downside is the fact that many fellow Americans are not aware that Loan Depot exist for the greater good

      Be the first to find this review helpful

      loanDepot Response

      Employee Experience Team

      Thank you for your review!

    7. 5.0
      Current Employee, less than 1 year

      Licensed Lending Officer

      Dec 6, 2017 - Licensed Lending Officer in Franklin, TN
      Recommend
      CEO Approval
      Business Outlook

      Pros

      What to say about this amazing company. I've never work for a company that is so invested in it's employees. Loan Depot will literally do everything in it's power to make sure you succeed. The work environment is competitive and challenging in the best way possible. This truly is a career with no limits. Our office also has a starbucks machine so that is a huge pro! The management in the TN office is superb and I could not feel more blessed to work with such a supporting team.

      Cons

      Now in order to have a career with no limits you must prepare to put in the time to achieve your career and financial goals. The hours can be long but honestly well worth it.

      Be the first to find this review helpful

      loanDepot Response

      Employee Experience Team

      Thank you for taking the time to share your review!

    8. 1.0
      Current Employee, more than 1 year

      Toxic, backstabbing cowardly director and management in core development group. Stay away! Fair warning ;)

      Dec 22, 2017 - Software Developer in Lake Forest, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Absolutely None I can think of except that I want to leave. Just being honest and trying to help my fellow developers from making the same mistake I did.

      Cons

      Fair warning from a current developer in the loan depot core group. Stay where you are or find another company! Favoritism, backstabbing, cowardice, blame game, all from the VP level down to the director and managers. New developers must deal with extremely non-scaleable, non- generic unmaintainable code written by old timers in the company who have now been promoted to managers and directors. Worst if all, they are a little click who only watch out for themselves and try to protect the truth about the legacy crappy code they have left you to deal with. If you become their target, they will start assigning you high visibility or unsolvable tickets, then form and intimidating situation for you and most likely walk you out the door. I have seen many good people and developers get set up then fired just so the cowardly management can save themselves from their old crappy code. Also, developers must deal with the devops team to deploy their code. They are backstabbers and blamers to who will constantly make you look stupid for their deployment blunders. Since they have connections to other old timers in the company, in particular a much hated architect there, you don’t stand a chance at redemption. Bottom line, this is the worst culture and place i chose to work. Very toxic and its well known in outside circles and the recruiting industry as well. Stay away my friends! Just a fellow programmer trying to help out my fellow colleagues. Also the cold is old and your skillset will go backward in time. Fair warning ;)

      Continue reading
      11 people found this review helpful

      loanDepot Response

      Employee Experience Team

      We are sorry to hear about your experience with us. Prior to making any decisions we would like to invite you to a private and confidential conversation. If you are up to it, please email us at wecare@loandepot.com .

    9. 1.0
      Former Employee, less than 1 year

      Lots of empty promises

      Oct 25, 2017 - Loan Officer in Lake Forest, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Nice location, good looking office. This company is good to get your licenses, then look elsewhere, there are plenty mortgage companies out there that pay you more per loan, and you aren't expected to be a slave to the CEO Dont be fooled by the nice kitchen and a shiny new office.

      Cons

      Everything! My first day at starting with this company, flying across the country, I had a comp plan change sitting there waiting for me on my seat. For me to sign or resign from the company, on my first day! I was promised double commission for the first 90 days on all my closings, that was never given to me. Why?! VP and manager told me that becasue my licneses cost too much to reactivate, little did they know, you can pull up the costs on your NMLS. $1900 for license renewal, how is that too much? Forget about closing loans quickly, I had a pipeline of anywhere 30-50 loans, the average closing date was 60+ days. When I asked my manager why it took so long to close loans, her reply was "why do some banker originate 45 loans per month, and some only do 20 loans per month" Lets talk about Manager, never in my 10 year career did I have a more insecure hot-headed manager. The very first meeting that i had with my team, she already started preaching " its a privilege to work here, you don't have to work here, you can leave anytime " How does that motivate anyone to want to work? for the 10 months I was there, every meeting was about threatening to lose your job. I cant believe she is even a manager, she thought she was a know it all, and soon as you voice your opinion, she called the vp to threaten your job. Processors are glorified there, the banker does not mean anything to them. Comp plan was decent, only if you're closing 15+ loans per month, but if only the company could close the loans on time. They hold your closings based on what lead tier you are on, so if you want to close 12+ loan you have to be in the top tier. If not then they will close less than 10 loans for you which barely pays you $500 per loan. I was lied by the recruited, by the VP and my manager. about comp pay and the ability to originate loans. 80% of my leads were sub 80k loan amounts. I would get leads from lending tree with people specifically asking for a HELOC, they told us we had to sell them into getting a second mortgage or a personal loan. Loan depot did not offer HELOCS at that time. I did not come there to be snake salesman. Had to work from 9-7 every day, and if your 10 minutes late your written up. SOrry 10 min is not gonna make or break my career, and it sure as heck not going to make me write more laons per day. We had to average 6 hours of talk time per day, that is insanity! I was on a team with some of the top bankers that I worked with at the other largest lender in the country, the management was so bad that all us left within a year of working at Loan depot. We all had long careers in the industry and were very successful at the other lender.

      Continue reading
      12 people found this review helpful

      loanDepot Response

      Employee Experience Team

      Thank you for your candid and detailed review of your loanDpeot experience. At loanDepot we are truly striving to be the best company to work for, as we made improvement across of all our offices to really bring that mission to life. There are going to be instances where we will fall short of expectations, and judging by your review, this seems to be the case here. Your critique really opened our eyes to what we are doing right as a company, but also on some aspects where we can definitely improve. If you'd like to go into specifics about your tenure at loanDepot, please do not hesitate to reach out to us at wecare@loanDepot.com

    10. 2.0
      Former Employee, more than 3 years

      Missing the imortgage culture and people

      Sep 13, 2017 - Anonymous Employee in Scottsdale, AZ
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Location and facilities are nice.

      Cons

      Benefits and compensation are below industry standards. Change in culture and management since becoming Loan Depot from imortgage is the reason why many have left. It's not employee friendly anymore.

      7 people found this review helpful

      loanDepot Response

      Employee Experience Team

      Thank you for your candid review. While there has been a period of transition, rest assured that we hold true to our value of taking care of our people. We would like to hear more about your experience. Could you please reach out to us at wecare@loandepot.com?

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