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loanDepot

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loanDepot

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loanDepot Employee Reviews about "loandepot"

Updated Nov 19, 2021

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Found 224 of over 1,825 reviews

3.5
61%
Recommend to a Friend
77%
Approve of CEO
loanDepot Founder and CEO Anthony Hsieh
Anthony Hsieh
1,178 Ratings

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Top Review Highlights by Sentiment

Pros
  • "Good pay in a growing organization with lots of fun events to celebrate the employees.(in 109 reviews)
  • "Great Benefits and Employee Appreciation(in 77 reviews)
  • "The company stride to be the leading direct lending company built on great customer service and culture for their employees(in 76 reviews)
  • "They offer great training and will pay for licensing(in 70 reviews)
  • "People are great and they make it a very fun place to work(in 55 reviews)
Cons
  • "Poor management is the crux of all that is wrong with this company.(in 86 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 83 reviews)
  • "You will have no work life balance and also can be let go very quickly.(in 82 reviews)
  • "generic unmaintainable code written by old timers in the company who have now been promoted to managers and directors.(in 42 reviews)
  • "Working long hours.(in 41 reviews)
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

Ratings by Demographics

This rating reflects the overall rating of loanDepot and is not affected by filters.

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Reviews about "loandepot"

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  1. 5.0
    Current Employee, more than 3 years

    Amazing Company Culture

    Nov 2, 2021 - Communications in Irvine, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    We have a thriving technology culture that is supportive, inclusive, diverse, and innovative. The Information Security team is phenomenal and the Human Resources function is the best I've ever experienced. I'm happy to be a part of such an inspiring group of individuals. At loanDepot, you'll find more than just a job, you'll find family.

    Cons

    No cons to report out.

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    loanDepot Response

    loanDepot

    We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

  2. 3.0
    Former Employee, more than 1 year

    I wish I could give this company 5 stars

    Nov 19, 2021 - Senior Account Manager II in Plano, TX
    Recommend
    CEO Approval
    Business Outlook

    Pros

    •The best money I've ever made in my life and the hardest I've ever worked in my life •very rewarding. •LoanDepot Swag was and continues to be useful things I use every day •I made several lifelong friends there and was able to completely change my career path. •my initial manager, Audra, was amazing •there are many opportunities growth and to expand your knowledge about the mortgage industry •amazing benefits •they hired me despite my criminal history (it's dumb anyways and should be legalized)

    Cons

    •no work life balance which I thought I wouldn't mind but it's actually pretty crippling •I believe all of the managers who were promoted around April/May of 2020 due to high turnovers need some sensitivity training. •I was never informed of the possibility of medical LOA until it was too late. •Needs to be more transparent with employees •managers play favorites and to be retrained as trainers •since Covid, they do not prepare their new hires for success. •communication between the different departments and management is awful.

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    4 people found this review helpful

    loanDepot Response

    Thank you for sharing your experience with us. In order to fully investigate the matter you raised, we need more information. Please consider reaching out to a member of our team at HumanResources@loandepot.com. Thank you

  3. 1.0
    Current Employee, less than 1 year

    Beware

    Nov 12, 2021 - Customer Service Representative 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Pay rate was good They send you all the equipment

    Cons

    - No organization - Rules changing daily- days out of training we were told that a lot of the processes we were taught were incorrect. - Proper training not provided - No employee privacy (emails to HR are sent to all upper management) - They say closed for all bank holidays but they don't mean it- The CEO is all about veterans yet we had to work Veterans day & Memorial day - They expect you to do other departments jobs (even if you know nothing about it. Because customer advocate team (collections) is behind they stuck us in that queue - QA is way too hard- have to checking rvery 30 seconds when you put a customer on hold, get marked down for saying "Yep" - Was told when hired it was M-F only, suddenly we have to work Saturdays- cherry on top, the hours are different than weekdays so I have to get up at the buttcrack of dawn because everything is on CST - Other departments drop the ball on EVERYTHING- put in a ticket for tax or insurance not getting paid, if something is wrong with the account or the ticket was entered incorrectly, instead of reaching out to the customer or rep, they close the ticket. - They launched a bonus program and one of the parameters is taking 1,000 calls or more- there are days where I only take 20 calls. Last round of bonuses 2/150 people met the goal. - They harass new customers. The send out a welcome email and make us call them, if the don't answer call again the next day. And the voice-mail they say to leave is so crytic customers think there is something wrong. - Supposedly such a great company all about the employees, and they don't do paid maternity leave. - There is very little communication with managers, 1 or 2 word responses. - The scripts are ludicrous- "Thank you for calling loanDepot, to whom do I have the pleasure of speaking to?" "Thank you so much for being the best part of loanDepot." - Customers are given multiple account numbers which makes it confusing for them and us - Loans are transferred between contact centers which again is confusing

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    loanDepot Response

    Thank you for sharing your feedback with us. We’d like to hear about your experience. Please reach out to us at HumanResources@loandepot.com

  4. 1.0
    Current Employee, more than 5 years

    Loan officer beware

    Nov 2, 2021 - Mortgage Loan Officer in Southfield, MI
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Competitive commission compared to QL/Rocket.

    Cons

    Loan Officer beware. Being in this industry for a very long time you see everything. For the most part mortgage companies have the same objective. However, LoanDepot is not an environment any human being should ever want to be in. There’s a lot of discrimination, especially against women, very unfair. And the moment you express your concerns things will only get worse for you. Things may start off to be great, but in time you start to see more and more from this company and the unethical practices that will make you sick by the end of the day. Aside for a little flexibility, this can be a very toxic environment...A lot of pressure and empty promises when you’re transitioning into different “roles” . What is promised is not what is delivered. Missing compensation during what loan depot calls a “transition period” for the work rendered when switching from one roll to the next (happens more often than one would think). When sharing concerns, you will be put in uncomfortable positions along with instability and compensation changes. returning back to banking from a management role only gets worse after sharing your concerns- with loans getting taken out of your name to declined loans being put in your name...micromanaged, retaliation, emotional distress, uncomfortable positions, high pressure, unpaid work, etc. in theory if they lived up to the standards they share upfront this would be a great company to work for. And it would be a great company for borrowers to refinance and purchase their homes through. But with high pressure “win at all costs sales tactics used” on borrowers please think twice. As a Christian, I believe in doing the right thing. Even if it means standing alone. I don’t believe in high- pressure tactics or putting borrowers in an unnecessary financial position to pad my pay check. As an LO I have a responsibility to the borrower to be upfront and honest. And managers, have a responsibility to make sure the LOs follow through on this as well.

    1 person found this review helpful
  5. 5.0
    Current Employee, more than 5 years

    The ACES Program Changed My Life

    Sep 24, 2021 - Anonymous Employee in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    The transparency in leadership is one of my favorite things about working at loanDepot. Do we work hard? Yes. Do we ever set any expectation other than hard work? No. The compensation plan is extremely lucrative. No Draws. No minimum volume requirements. True Hourly. True OT. True Overtime Commissions. The technology is second to none. It's never been easier to complete an application. The support is incredible. Learning mortgages is difficult and mortgages themselves are complex. loanDepot has the best teachers. Best Trainers. Best support structure there is.

    Cons

    You will be asked to work hard. You will be asked to try. You will be asked to have a good attitude in the face of adversity. You will be told "No" a lot.

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    loanDepot Response

    loanDepot

    We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

  6. 5.0
    Current Employee, less than 1 year

    Best Employer in the Nation!!!

    Sep 21, 2021 - Licensed Lending Officer in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    This company goes far and beyond to providing you all the necessary tools/resources you need to succeed in this career. I have never worked with a dedicated, ambitious, and caring company until I came to loanDepot. I have been here for about 4 months and by far the best decision I made! LoanDepot always goes the extra mile to take care of their employees mainly here in Arizona! The Vice President of Sales, Kyle Fleeger, is an amazing person who always gets out of his way to help you out! He has taught everyone so much and will be upfront with you in what you need to continue succeeding! Another great thing about the company is their marketing! They have so many marketing campaigns it’s amazing because everyone gets enough opportunities to make it happen! When it comes to $$$, they take care of you like no other!! First few months are tough but after that the money will come! All you have to do is come in with the right mindset and go all in to make it happen!!!

    Cons

    This is a challenging career but worth it! There are a lot of hours you will need to put in, but what doesn’t? Kobe did it, MJ put in the work, if you want to be the greatest you have to outwork everyone!

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    loanDepot Response

    loanDepot

    We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

  7. 5.0
    Current Employee, less than 1 year

    Incredible Place to Work

    Sep 21, 2021 - Loan Officer in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Positive environment. Plenty of room for growth within the company. Incredible pay structure Exceptional Management Have recommended to multiple friends and family members most of which are now employed with loandepot and love being here as much as I do.

    Cons

    I haven't experienced any flaws or cons within the company, management or process. My expectations were exceeded.

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    loanDepot Response

    loanDepot

    We are so happy to hear that your experience with loanDepot has been so positive. Thank you for your review!

  8. 5.0
    Current Employee

    Life changing

    Sep 21, 2021 - Training Specialist 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    loanDepot provides an amazing opportunity to all employees and positions. Unmatched earning potential. loanDepot is truly life changing

    Cons

    Not a con, but it is a demanding job. But you get what you put in, in spades.

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    loanDepot Response

    loanDepot

    Thank you for taking the time to share this review. We appreciate it! If at any time you would like to talk with someone further, please email us at wecare@loandepot.com.

  9. 5.0
    Current Employee, less than 1 year

    Amazing Team Environment & Training

    Sep 21, 2021 - Anonymous Employee in Scottsdale, AZ
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Started off not knowing much of anything about the industry and now 9 months in I can hold a few hour long conversations about mortgages and the industry. So with that being said loanDepot has an amazing training program that is basically never ending since there's always so much to learn. Leadership is always there for you. The team environment is encouraging and motivating. There is always room to grow with the company since we keep growing so rapidly every month and each year!

    Cons

    work and life home balance can be a juggle but over time you are able to figure it out. Staying organized is another struggle but that might be just me.

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  10. 5.0
    Current Employee, more than 5 years

    The best in the business

    Sep 21, 2021 - Executive Licensed Lending Officer in Foothill Ranch, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    loanDepot is the best company to work for in the mortgage industry, The company offers competitive compensation, unlimited leads, and great support to ensure that each one of its LLOs has an opportunity to succeed.

    Cons

    I've been with the company for over five years and my life has sincerely changed for the better. The job requires hard work and dedication, so if that's not something that appeals to you, this may not be the right fit

    Continue reading
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