loanDepot Employee Reviews

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2.0
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Great company, poor management
Call Center Representative (Former Employee) –  Lake Forest, CAOctober 16, 2018
worked in the call center for a year and i have to say i don't know how i lasted that long, if your looking to work for a place that is going to completely break you down then this is the job for you. You are told that their is room for growth and promise upon completing a six month probation but their conversion rate for call center reps transferring to other departments is extremely low making it difficult for anyone to promote. They will come up with any excuse to keep you in the call center and will use you until you either quit or get let go,that is the main reason why they're always hiring new reps, they don't care about you because you can easily be replaced.The management is a joke there are 5 teams and they all have a team lead, and i must say they have absolutely no mortgage knowledge whats so ever,its pathetic and good luck trying to find one when you need help they are never at their desk, taking long lunches or outside together smoking, the team lead/ management role is more like babysitting with being able to do as they please. Consider before applying!!!
Pros
Friendly environment, good leads, advanced CRM
Cons
Micro Managed, every second of your day is accounted for, lack of communication
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3.0
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get to work on latest tech but this place is not long term
IT Architect (Current Employee) –  Orange County, CAOctober 16, 2018
Its ok if you like to work on new stuff but they do work you to death. Pay is good but they have more managers than engineers. Looks good on resume and location is nice
Pros
free food and drinks at times
Cons
keep hiring bad managers and too much politics
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Official response from loanDepot
October 16, 2018

We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience at loanDepot.
Our leaders care deeply about our company, and always urge us to be best in class. While we are a company that has high expectation, we also recognize that work/life balance is critical to employee happiness, retention and productivity.
We try to help everyone be successful and work hard to ensure people perform at their highest level. We’re sorry that loanDepot was not a good fit for you, and we wish you success in your next venture.

3.0
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Mortgage Master was a great company until they became loanDepot
Loan Onboarding Team Lead (Former Employee) –  Walpole, MAOctober 14, 2018
Once Mortgage Master was bought by the California company loanDepot they start to fire experienced managers and replace them with inexperienced managers in California. They also proudly state they don't believe in raises. The health care tripled and they cut the holiday time in half.

Prior to being purchased Mortgage Master was a great company.
Pros
They used to be great to work for.
Cons
They were bought by loanDepot
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1.0
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no
Mortgage Banker (Current Employee) –  Scottsdale, AZSeptember 27, 2018
really sad place to work, management wont support you on anyway
they dont really like girls working there, my last supervisor told me
"tell me if you want to be here, so i can stop making your life miserable" unprofessional
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4.0
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Good Work Place
Customer Lending Representative (Former Employee) –  Lake Forest, CASeptember 27, 2018
Loan Depot from the short amount of time i was there was a great job to be at in the beginning days then more so toward the middle and end became a dread and saddened work environment to attend colleagues were not in the mind set of the work ethic and nor were certain managers. but is a good company if mortgage is your line of field
Pros
pays well
Cons
cut throat
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3.0
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Overall, good company but can get very political. High turnover based on industry.
CISO-VP Enterprise Cyber Security (Former Employee) –  Foothill Ranch, CASeptember 20, 2018
As part of the management team, too many unnecessary meetings and not enough time to balance day to day operations with strategic initiatives. With turnover being very high due to burn out, pipeline of projects, and day to day responsibilities puts a heavy toll on staff to get the job done with depleted resources. Somehow, we continue to produce so leaders must get creative to keep morale high with quality output.
Pros
Many social celebrations to reward staff.
Cons
Long hours and weekends due to mismanaged PMO office.
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Official response from loanDepot
September 24, 2018

We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience at loanDepot.
Given the nature of our industry, long hours sometime are unavoidable. We appreciate you sharing your concerns and will share them with the team in our ongoing efforts to continually improve our work environment.

1.0
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Dont do it!!!
Customer Lending Representative (Former Employee) –  Lake Forest, CASeptember 17, 2018
My car was stolen in their parking lot. Gave my car info to company the day before and my car was stolen in broad daylight and security did nothing.
Pros
Free coffee and they are so happy about that (rolls eyes)
Cons
Everything, especially HR
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Official response from loanDepot
September 24, 2018

Hello! We’re sorry to hear about your experience with us. . We invite you to continue the conversation with us directly. Please feel to email us at wecare@loandepot.com so that we can set up a time to connect.

1.0
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Bias to young, nonexperience
Loan Officer II (Former Employee) –  Foothill Ranch, CASeptember 3, 2018
No fun here. Overworked they will ignore you and fire people just to bring in young kids so they can take advantage. Too many other great places then here. Stay away
Pros
Parking
Cons
Pay and no lifr
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Official response from loanDepot
September 10, 2018

Really sorry you did not succeed here.

Our leaders care deeply about our company, and always urge us to be best in class. While we are a company that has high expectation, we also recognize that work/life balance is critical to employee happiness, retention and productivity. It’s a fine balance

1.0
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Avoid this company
Customer Service Representative/Call Center (Former Employee) –  Lake Forest, CAAugust 30, 2018
I can honesty say that hands down this was the WORST Customer Service position I have ever held and I have been in the business for over 10 years. There is zero work to life balance and they couldn't care less. You are expected to work one weekend a month but literally every week an email went out looking for volunteers. Keep in mind you are already working 10 hour days and have already given up one weekend. Now, you get a threatening email saying that if more people don't volunteer the floor manager will randomly cherry pick who she didn't like and force you to give up ANOTHER one of your weekends. (This list for the unfortunate ones usually went out late on Thursday) I have never seen a company that allowed so much favoritism in my life. It was like being in High School and team leads went completely unchecked in their behaviour. AVOID THIS COMPANY!!!
Pros
health benefits and 401k
Cons
all of the above
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Official response from loanDepot
September 10, 2018

Our leaders care deeply about our company, and always urge us to be best in class. While we are a company that has high expectation, we also recognize that work/life balance is critical to employee happiness, retention and productivity. It’s a fine balance

4.0
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Productive
Call Center Representative (Current Employee) –  Lake Forest, CAAugust 29, 2018
It was a fun place to work, but not a lot of room for advancement. The work place was very fast paced and fun . I learned a lot about the mortgage industry and can use it for the future.
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3.0
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High School was better
Customer Lending Representative (Former Employee) –  Plano, TXAugust 19, 2018
Better hope you have no morals and like a "teachers pet" environment. Management plays favorites and gossips like 13 year olds. No advancement and the hours are horrible
Pros
Pretty decent insurance
Cons
Everything from coworkers to CEO...stay away
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Official response from loanDepot
September 10, 2018

Really sorry you did not succeed here.
Our leaders care deeply about our company, and always urge us to be best in class. While we are a company that has high expectation, we also recognize that work/life balance is critical to employee happiness, retention and productivity. I

3.0
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Decent at first, but has gone downhill
Loan Processor (Current Employee) –  Scottsdale, AZAugust 14, 2018
Used to work for iMortgage, but it was officially taken over by LoanDepot in 2017. The values of the company are not what they used to be. 100% money driven and don’t really care about employees anymore. Not a lot of help from management when other departments (loan officers) are being difficult or rude. Decent pay, but nothing crazy. They are on a hiring freeze for several positions after a mass firing took place, and it’s making doing our jobs much more difficult.
Pros
Decent pay, average time off
Cons
Company doesn’t really care about employees
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1.0
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Workplace with Toxic Culture
Licensed Lending Officer (Former Employee) –  Nashville, TNAugust 13, 2018
The culture is extremely toxic proven by the extremely high turnover (higher than other comparable mortgage companies). I had worked at the company for over 6 years. I enjoyed the majority of my time (mostly all) as the company benefits were great and gained an immense amount of knowledge through experience. I worked in many different roles. I would suggest using loanDepot as a springboard for your career. Almost all low level employees have short term tenures. Almost all top executives and employees that work the way up also have left after a year to join other companies. A large amount of top management at LD were hired from outside companies, or not promoted from within. Downsizing is first resort when times are tough. They do not invest in actual individual training or help on any individual mortgage app (only powerpoints created by trainers-who were also recently downsized). As low to mid level employee, this is one sign that the company has no character, heart, or loyalty. The company simply does not care. Further, there is no useful ongoing training. Sales is madness. The company closes 40%-50% of your files. 20%-30% is killed simply by processing being rude, bad customer service, lack of knowledge applied to help customers, attention to detail, etc. Sales, processing, and underwriting simply mess up all the time! Notice how many ACES or new to industry employees. Bankers, processors, and underwriters are all new (again ACES) as they ran off/ignored all talented and once loyal mortgage professionals. My daily tasks was to literally reach out to ALL  more... declined/cancelled files for any reason (20-25 per day). I was never asked for insight or advice from any party. They have clearly chosen quantity over quality. You should not expect to work happily for any number of months or years. The management staff that currently guides sales/processing, hasn't sold or processed a loan in years or ever at loandepot. They easily missed an opportunity to boost production 20% just by appropriately working a mortgage app. The company is trying to revolutionize the industry by spending millions on tech, innovation, advertising, etc., but they are far off from being competent on the basics (i.e. how to close a loan).

If you spend $1 dollar on a hook and used fishing line, what is the point of a $5000 rod and a million dollar boat?

The company has roots on the path to greatness. It has lost sign and has no core competency (both to attract new employers and to customers).
  less
Pros
benefits, potential
Cons
Loyalty, work/life/pay balance, fulfillment, character
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Official response from loanDepot
October 16, 2018

Hi! We’re sorry to hear about your experience with us.
At loanDepot, one of our core values is “taking care of our people.” We demonstrate our commitment to this in a number of ways. One example is by providing 15 days of PTO for all employees annually, or more, based on tenure. While we work hard and sometimes work long hours, it’s important for our employees to have an opportunity to enjoy down time. We believe that work/life balance is paramount to both productivity and employee happiness, and we understand your concerns.
We’re going to pass this along to our management team for inquiry. Thank you for sharing your experience with us.

5.0
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AMAZING company and trulyblessed
Loan Officer (Current Employee) –  Foothill Ranch, CAAugust 10, 2018
This is for sure the best company in the mortgage industry, I came from another compant with my spirit crushed and hopes down. Turn it around with these leads (10 a day min) and amazing processing.

Truly blessed to be making more than a doctor,, at my earlt 20s and debt free!! Loving life :)
Pros
paychecks, experience, growing, brand
Cons
long hours, traffic
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3.0
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Workplace
Mortgage Loan Officer (Current Employee) –  Tarrytown, NYJuly 23, 2018
A typical day at work is first checking my pipeline from all the loans that are active. These loans need to be reviewed daily to make sure they are going through the process for a closing in the future.

After lunch I work on new business such as pre-approvals and then submitting loans.

I end the day with making calls to new referral partners in trying to set up lunch meetings.
Pros
Growing relationships and helping homeownership
Cons
Poor workflow within the company to move loans to closing
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Official response from loanDepot
July 30, 2018

Thank you for sharing!


Our leaders care deeply about our company, and always urge us to be best in class. While we are a company that has high expectation, we also recognize that work/life balance is critical to employee happiness, retention and productivity. It’s a fine balance. We offer 15 days of PTO annually or more, based on tenure and for the most part, our employees are very happy with this benefit.

4.0
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Hard work pays off
Senior Loan Officer (Former Employee) –  Scottsdale, AZJuly 20, 2018
Management is great, always there for you for both work and personal life. Compensation could be better. Everyone that works there is a pleasure to be around.
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4.0
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A typical day at Losn Depot
Senior DE Mortgage Underwriter (Former Employee) –  Foothill Ranch, CAJuly 19, 2018
Sign off on conditions to get loans to docs, Underwrite FHA and conventional loans. Expected turn times for conditions was unreasonable when you received 10 to 15 a day. No time to underwrite. Management did not balance work queues very well. Should have been evenly spread out amongst underwriters. Upper management was not hands on. Only concerned about numbers. CEO should have been more hands on to see the pressure underwriters are under.
Pros
Good compensation, Close to home
Cons
No raises, unrealistic turn times, poor management
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Official response from loanDepot
July 30, 2018

We appreciate all comments, both positive and constructive, so thank you for taking the time to share your experience at loanDepot

At loanDepot we believe in having the right people in the right roles at all levels who are committed to our core values. It also means we remain responsive to the constant changes in the industry while also being strategic about our growth and mission. Sometimes this can result in unexpected organizational changes, while at the same time providing opportunities for employees to grow, learn and succeed.

5.0
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Enjoyed the casual atmosphere.
Help Desk Representative (Former Employee) –  Walpole, MAJuly 16, 2018
I have never worked for a company with a young CEO. His believe was that if people could dress comfortable you will get the best work out of them. It worked for many people.
Pros
Loved the location in Walpole.
Cons
If you didn't have a car could be challenging to get therel
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3.0
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Work/Life Balance is good
Learning and Development (Former Employee) –  Foothill Ranch, CAJuly 15, 2018
The work/life balance is fair. Compensation and benefits are decent. Job security and advancement are dependant on who you know and not what you know. Some leaders do not appreciate experience. The culture is okay. They try to sell themselves as a cool and hip company but, it is just like any other company. There isn't anything special in the culture that makes them stand out.
Pros
Work/life balance
Cons
Appreciate employees experience and be open to ideas
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1.0
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Layoffs months ago only to hire younger
LLO (Current Employee) –  Foothill Ranch, CAJuly 14, 2018
Had several rounds of lay offs just to hire the same positions they just laid off. Wasnt even 2 months ago. No longevity just another revolving door. The culture was the foundation of who loanDepot was, but its no longer the same. It really feels like you stepped into a college campus. You get excited because they sell you on the money but realistically you put 12 hours a day 6 days a week. Do the math it doesn't add up. all executives that were supposed to be "all in" left for a reason.
Pros
None
Cons
Hours, management
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Official response from loanDepot
July 30, 2018

Really sorry you did not succeed here.

Given the nature of our industry, long hours sometime are unavoidable. We do try to offset those extra-hours days with a variety of company-sponsored events, including quarterly employee appreciation lunches, Wednesday ice cream treats, and other company-sponsored contests. We appreciate you sharing your concerns and will share them with the team in our ongoing efforts to continually improve our work environment.

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Overall rating

3.3
Based on 237 reviews
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Diversity score

73out of 100

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